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2025-12-31 pure iso4217:USD 2026-10-28 N-1A HC Capital Trust 2026-11-01 The U.S. Equity Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The U.S. Equity Portfolio is to provide capital appreciation, </span></p> with income as a secondary consideration. Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.06%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.07%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.02pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.13%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0006 0.0007 0.0013 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$13</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$42</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$73</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$166</span></p></td></tr> </table> 13 42 73 166 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 8% of the average value of its portfolio.</span></p> 0.08 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is a diversified investment company that is designed to provide broad exposure to the U.S. equity market. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in U.S. equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio will invest in equity securities of issuers of any capitalization. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including exchange-traded funds (“ETFs”), that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (“Specialist Manager”). The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. HC Capital Trust (the “Trust”) seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the Securities and Exchange Commission (“SEC”), certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in U.S. equity securities. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including exchange-traded funds (“ETFs”), that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Large Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Large-capitalization companies may adapt more slowly to new competitive challenges and changing market conditions than smaller capitalization companies. In addition, large-capitalization companies may be more mature and subject to more limited growth potential and consequently may underperform other segments of the equity market or the market as a whole.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-capitalization companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Sector Emphasis Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Portfolio will not concentrate its investments (i.e. invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of industries, the Portfolio may emphasize investments in one or more sectors. At times when the Portfolio emphasizes a particular sector, the value of its net assets will be more susceptible to the financial, market or economic events affecting that sector than would be the case for funds that do not emphasize investment in a particular sector. This may increase the risk of loss associated with an investment in the Portfolio. As of the date of this Prospectus, the Portfolio currently invests a significant portion of its assets in companies in the information technology sector, and therefore the performance of the Portfolio could be negatively impacted by events affecting this sector. Companies in the information technology sector are subject to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and increased competition.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.08pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.08pt; color:#231f20"> The chart and table below show how The U.S. Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. As of April 17, 2024, the Portfolio changed its investment strategies and certain investment policies. In view of these changes, the Portfolio’s performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The U.S. Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ca001.jpg" style="margin:0.39pt 0.5pt; width: 393.22px; height: 190.92px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 12.48%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">24.33%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">-18.57%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.1248 Best quarter: 2020-06-30 0.2433 Worst quarter: 2022-06-30 -0.1857 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The U.S. Equity Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">15.70</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.76</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">15.01</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">15.46</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.66</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">13.60</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.44</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.89</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.09</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI USA Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">17.75</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">13.87</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">14.79</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.157 0.1276 0.1501 0.1546 0.1166 0.136 0.0944 0.0989 0.1209 (reflects no deduction for fees, expenses or taxes) 0.1775 0.1387 0.1479 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Institutional U.S. Equity Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Institutional U.S. Equity Portfolio is to provide capital appreciation, </span></p> with income as a secondary consideration. Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.08%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.06%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Acquired Fund Fees and Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.04%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.02pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.18%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 63pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.09pt; color:#231f20">*</span></p></td><td style="min-width:224pt; max-width:224pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.09pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0008 0.0006 0.0004 0.0018 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$18</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$58</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$101</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$230</span></p></td></tr> </table> 18 58 101 230 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 42% of the average value of its portfolio.</span></p> 0.42 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is a diversified investment company that is designed to provide broad exposure to the U.S. equity market. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in U.S. equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio will invest in equity securities of issuers of any capitalization. The Portfolio will also invest in equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (“REITs”) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies. With respect to such real estate-related investments, the Portfolio’s permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock, and other fixed income securities, including mortgage-backed securities and high yield debt (“junk bonds”). These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process.</span></p><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. The Portfolio’s Specialist Managers may also use swaps. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in U.S. equity securities. The Portfolio will invest in equity securities of issuers of any capitalization. The Portfolio will also invest in equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (“REITs”) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies. With respect to such real estate-related investments, the Portfolio’s permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock, and other fixed income securities, including mortgage-backed securities and high yield debt (“junk bonds”). These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-capitalization companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Sector Emphasis Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Portfolio will not concentrate its investments (i.e. invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of industries, the Portfolio may emphasize investments in one or more sectors. At times when the Portfolio emphasizes a particular sector, the value of its net assets will be more susceptible to the financial, market or economic events affecting that sector than would be the case for funds that do not emphasize investment in a particular sector. This may increase the risk of loss associated with an investment in the Portfolio. As of the date of this Prospectus, the Portfolio currently invests a significant portion of its assets in companies in the information technology sector, and therefore the performance of the Portfolio could be negatively impacted by events affecting this sector. Companies in the information technology sector are subject to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and increased competition.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">sold at the quoted market price within a reasonable period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Asset-Backed/Mortgage-Backed Security Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">High Yield Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 119.75pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:117pt; max-width:117pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Real Estate Investing Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Real Estate Markets and REIT Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Certain investments in the Portfolio will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REIT prices may also fall because of the failure of borrowers to pay their loans and/or poor management. The value of real estate (and real estate securities) may also be affected by increases in property taxes and changes in tax laws and interest rates. The value of securities of companies that service the real estate industry may also be affected by such risks. To the extent that the Portfolio invests in REITs and real estate partnerships, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired REITs and real estate partnerships. Investments in REITs and real </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">estate partnerships (if any) may cause a greater portion of the Portfolio’s distributions to be taxable as ordinary income.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Swaps Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 181.75pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:55pt; max-width:55pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Other Risks</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Institutional U.S. Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Institutional U.S. Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ca002.jpg" style="margin:0.39pt 0.5pt; width: 393.22px; height: 190.92px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 8.95%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">24.10%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">-17.84%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.0895 Best quarter: 2020-06-30 0.241 Worst quarter: 2020-03-31 -0.1784 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Institutional U.S. Equity Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">16.88</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.81</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">14.78</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.78</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.15</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.02</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.08</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.07</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.04</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI USA Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">17.75</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">13.87</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">14.79</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.1688 0.1181 0.1478 0.1178 0.0715 0.1102 0.1208 0.0807 0.1104 (reflects no deduction for fees, expenses or taxes) 0.1775 0.1387 0.1479 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The ESG Capital Growth Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The ESG Capital Growth Portfolio seeks to maximize total return while emphasizing environmental, social and governance (“ESG”) focused investments.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.11%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.17%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.02pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.28%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0011 0.0017 0.0028 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$29</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$90</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$157</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$356</span></p></td></tr> </table> 29 90 157 356 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 6% of the average value of its portfolio.</span></p> 0.06 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in securities that are classified in the top three rating classifications as determined by the MSCI ESG ratings. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including ETFs and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. Further, under the supervision of the Adviser, environmental, social and governance criteria (“ESG Factors) will be integrated into the Portfolio’s security selection process. In some cases, this will be accomplished through the application of non-financial criteria (“ESG Screens”). The ESG Screens used by the Portfolio are determined with the use of third party data, primarily provided by MSCI, and ESG rating agencies which take into account a company’s performance around environmental, social and corporate governance practices. These may include (but are not limited to) such themes as climate change, resource efficiency, labor standards, product and service safety, community engagement, board policies, and corporate structure. The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues as measured by the ESG Screens. Additionally, the Portfolio’s ESG Screens may not necessarily be applied to investments in derivatives, certain fixed income investments and other investments where, in the Adviser’s opinion, ESG Factors are not applicable or it is not possible to implement them. The ESG Screens will be applied by the Specialist Managers that manage the Portfolio under the direction of the Adviser. The ESG Screens used by each Specialist Manager may differ from one another.</span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may also invest without limitation in fixed income securities of all types and without regard to maturity, duration or investment ratings. Fixed income investments may include corporate debt, including high yield or “junk bonds,” structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in securities that are classified in the top three rating classifications as determined by the MSCI ESG ratings. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including ETFs and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. Further, under the supervision of the Adviser, environmental, social and governance criteria (“ESG Factors) will be integrated into the Portfolio’s security selection process. In some cases, this will be accomplished through the application of non-financial criteria (“ESG Screens”). The ESG Screens used by the Portfolio are determined with the use of third party data, primarily provided by MSCI, and ESG rating agencies which take into account a company’s performance around environmental, social and corporate governance practices. These may include (but are not limited to) such themes as climate change, resource efficiency, labor standards, product and service safety, community engagement, board policies, and corporate structure. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">ESG Investing Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. The Portfolio’s use of ESG Factors in making investment decisions may include the following risks.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risk of Excluding Performing Companies –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio’s ESG policy may cause it to perform differently than funds that do not have an ESG focus. The Portfolio’s ESG focus may result in the Portfolio </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">foregoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Information Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The ESG Screens used by the Portfolio are determined in part through the use of third party data and ESG rating agencies. Information relating to the ESG performance of the companies in which the Portfolio may invest may not be complete, accurate or readily available. This fact may negatively impact the effectiveness of the ESG Screens.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers “emerging markets” countries to be those included in the MSCI Emerging Markets Index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">High Yield Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Asset-Backed/Mortgage-Backed Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Thinly traded Securities.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio may invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Valuation Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures, options on futures and swaps. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Swaps Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate, and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Futures.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks.</span></p></td></tr> </table><div style="display:table-cell; min-width:256.25pt; max-width:256.25pt; vertical-align:top"><p style="margin:0pt; text-align:justify; padding:0pt 0pt 0pt 18pt; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the futures contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to </span></p> </div><p style="margin:0pt; text-align:justify; padding:0pt 0pt 0pt 18pt; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The ESG Capital Growth Portfolio (formerly, The ESG Growth Portfolio) has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The ESG Capital Growth Portfolio (formerly, The ESG Growth Portfolio) has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ca003.jpg" style="margin:0.39pt 0.5pt; width: 393.22px; height: 190.92px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 11.61%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">20.32%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">-20.53%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.1161 Best quarter: 2020-06-30 0.2032 Worst quarter: 2020-03-31 -0.2053 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The ESG Capital Growth Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">21.63</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.25</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">11.47</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">15.92</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.63</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">10.13</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">16.57</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.77</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.23</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI World Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">21.60</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.66</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.74</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.2163 0.1125 0.1147 0.1592 0.0963 0.1013 0.1657 0.0877 0.0923 (reflects no deduction for fees, expenses or taxes) 0.216 0.1266 0.1274 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Catholic SRI Capital Growth Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Catholic SRI Capital Growth Portfolio seeks to maximize total return subject to emphasizing socially responsible investments.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.10%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.20%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.02pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.30%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.001 0.002 0.003 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; text-decoration:underline; text-decoration-skip-ink:none; text-decoration-thickness:0.75pt; text-underline-offset:2.5pt">  </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$31</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$97</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$169</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$381</span></p></td></tr> </table> 31 97 169 381 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 40% of the average value of its portfolio.</span></p> 0.40 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in the securities of companies that fall within the principles contained in the United States Conference of Catholic Bishops’ (“USCCB”) Socially Responsible Investing Guidelines (“Social Guidelines”). In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In addition to equity and fixed income securities, the Portfolio may invest in other instruments, including, but not limited to, derivatives. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds (“ETFs”) and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Further, under the supervision of the Adviser, the Portfolio screens out securities with exposure to a range of social and moral concerns during its security selection process. These concerns include protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment; and encouraging corporate responsibility. This screening will be accomplished with reference to the principles contained in the Social Guidelines. Potential investments for the Portfolio are selected for financial soundness and all such investments are evaluated according to the Portfolio’s social criteria.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or “junk bonds,” structured </span></p><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is not authorized or sponsored by the Roman Catholic Church or the USCCB. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in line with the Portfolio’s benchmark over time.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in the securities of companies that fall within the principles contained in the United States Conference of Catholic Bishops’ (“USCCB”) Socially Responsible Investing Guidelines (“Social Guidelines”). In addition to equity and fixed income securities, the Portfolio may invest in other instruments, including, but not limited to, derivatives. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds (“ETFs”) and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk – </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Socially Responsible Investing Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio considers the Social Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Social Guidelines. This means that the Portfolio may underperform other similar funds that do not consider the Social Guidelines when making investment decisions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers “emerging markets” countries to be those included in the MSCI Emerging Markets Index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">High Yield Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">decreases in price, during certain market conditions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Asset-Backed/Mortgage-Backed Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Thinly traded Securities.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio may invest in securities, including privately placed and structured securities and derivatives, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">Valuation Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.98pt 0pt 0pt 18pt"><td style="min-width:236.75pt; max-width:236.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.18; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">including options, futures, options on futures and swaps. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.98pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.18; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Swaps Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.98pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.18; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Futures.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; padding:0pt 0pt 0pt 18pt; font-size:10pt; line-height:1.18; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Catholic SRI Capital Growth Portfolio (formerly, The Catholic SRI Growth Portfolio) has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on January 12, 2016. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Catholic SRI Capital Growth Portfolio (formerly, The Catholic SRI Growth Portfolio) has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on January 12, 2016. 2016-01-12 Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ca004.jpg" style="margin:0.39pt 0.5pt; width: 393.22px; height: 190.92px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 12.10%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">20.82%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑21.96%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.121 Best quarter: 2020-06-30 0.2082 Worst quarter: 2020-03-31 -0.2196 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:203.92pt; border-spacing: 0px;"><tr><td style="min-width:74pt; max-width:74pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:48.92pt; max-width:48.92pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Since <br/>January 12,<br/>2016</span></p> </td></tr> <tr><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Catholic SRI Capital Growth Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:35.92pt; max-width:35.92pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:13pt; max-width:13pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:62pt; max-width:62pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">20.87</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.32</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:35.92pt; max-width:35.92pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.83</span></p> </td><td style="min-width:13pt; max-width:13pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:62pt; max-width:62pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">20.45</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">10.11</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:35.92pt; max-width:35.92pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">10.91</span></p> </td><td style="min-width:13pt; max-width:13pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:62pt; max-width:62pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.58</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.26</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:35.92pt; max-width:35.92pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.99</span></p> </td><td style="min-width:13pt; max-width:13pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI World Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">21.60</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">12.66</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:35.92pt; max-width:35.92pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">13.49</span></p> </td><td style="min-width:13pt; max-width:13pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.2087 0.1232 0.1283 0.2045 0.1011 0.1091 0.1258 0.0926 0.0999 (reflects no deduction for fees, expenses or taxes) 0.216 0.1266 0.1349 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The International Equity Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The International Equity Portfolio is to maximize total return.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.06%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.09%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.15%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0006 0.0009 0.0015 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$15</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$48</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$85</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$192</span></p></td></tr> </table> 15 48 85 192 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 13% of the average value of its portfolio.</span></p> 0.13 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio’s net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of issuers located in non-U.S. countries.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in foreign currencies and to hedge against fluctuations in the relative value of the currencies in which securities held by the Portfolio are denominated. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio’s net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of issuers located in non-U.S. countries. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Sector Emphasis Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund will not concentrate its investments (i.e. invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of industries, the Fund may emphasize investments in one or more sectors. At times when the Fund emphasizes a particular sector, the value of its net assets will be more susceptible to the financial, market or economic events affecting that sector than would be the case for funds that do not emphasize investment in a particular sector. This may increase the risk of </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:236.75pt; max-width:236.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">loss associated with an investment in the Fund. As of the date of this Prospectus, the Fund currently invests a significant portion of its assets in companies in the information technology sector, and therefore the performance of the Portfolio could be negatively impacted by events affecting this sector. Companies in the information technology sector are subject to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and increased competition.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-capitalization companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:236.75pt; max-width:236.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">present the same risks, and those instruments may not closely track the index. </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Swaps Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_cc001.jpg" style="margin:0.39pt 0.5pt; width: 393.22px; height: 190.92px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 10.84%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4th Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">18.33%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑23.30%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.1084 Best quarter: 2022-12-31 0.1833 Worst quarter: 2020-03-31 -0.233 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:203.86pt; border-spacing: 0px;"><tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:28.66pt; max-width:28.66pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 7pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 5pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The International <br/>Equity Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">31.45</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.75</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.61</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">31.06</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.15</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.04</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">19.27</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.73</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.99</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI EAFE Index </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">(reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">31.89</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.47</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.72</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.3145 0.0975 0.0861 0.3106 0.0915 0.0804 0.1927 0.0773 0.0699 (reflects no deduction for fees, expenses or taxes) 0.3189 0.0947 0.0872 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Institutional International Equity Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Institutional International Equity Portfolio is to maximize total return.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.12%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.08%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Acquired Fund Fees and Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.24%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.44%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0012 0.0008 0.0024 0.0044 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$45</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$141</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$246</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$555</span></p></td></tr> </table> 45 141 246 555 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 54% of the average value of its portfolio.</span></p> 0.54 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio’s net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in equity securities of issuers located in non-U.S. countries.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in a foreign currency and to hedge against fluctuations in the relative value of the currencies in which securities held by the Portfolio are denominated. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio’s net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in equity securities of issuers located in non-U.S. countries. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-capitalization companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Sector Emphasis Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Portfolio will not concentrate its investments (i.e. invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of industries, the Portfolio may emphasize investments in one or more sectors. At times when the Portfolio emphasizes a particular sector, the value of its net assets will be more susceptible to the financial, market or economic events affecting that sector than would be the case for funds that do not emphasize investment in a particular sector. This may increase the risk of loss associated with an investment in the Portfolio. As of the date of this Prospectus, the Portfolio currently invests a significant portion of its assets in companies in the information technology sector, and therefore the performance of the Portfolio could be negatively impacted by events affecting this sector. Companies in the information technology sector are subject to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and increased competition.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. I The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Swaps Risks</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_cc002.jpg" style="margin:0.39pt 0.5pt; width: 393.22px; height: 190.92px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 6.72%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4th Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">18.31%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑25.17%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.0672 Best quarter: 2022-12-31 0.1831 Worst quarter: 2020-03-31 -0.2517 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:203.86pt; border-spacing: 0px;"><tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:28.66pt; max-width:28.66pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 7pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 5pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Institutional International Equity Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">31.50</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.69</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.04</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions </span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">26.19</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.70</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.54</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">19.89</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.25</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.06</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI EAFE Index </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">(reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">31.89</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">9.47</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.72</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.315 0.0869 0.0804 0.2619 0.067 0.0654 0.1989 0.0625 0.0606 (reflects no deduction for fees, expenses or taxes) 0.3189 0.0947 0.0872 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Emerging Markets Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Emerging Markets Portfolio is to provide maximum total return, primarily through capital appreciation.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.24%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.18%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Acquired Fund Fees and Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.21%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.63%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0024 0.0018 0.0021 0.0063 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$64</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$202</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$351</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$786</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td colspan="2" style="min-width:169pt; max-width:169pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20"> </span></p></td></tr> </table> 64 202 351 786 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 14% of the average value of its portfolio.</span></p> 0.14 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in securities of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business (for example, deriving at least 50% of their revenue) in countries determined by the Specialist Manager to have a developing or emerging economy or securities market. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Typically 80% of the Portfolio’s net assets will be invested in equity securities, equity swaps, structured equity notes, equity linked notes and depositary receipts of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in emerging market countries. The Portfolio, a diversified investment company, invests primarily in the Morgan Stanley Capital International</span><span style="font-family:Times New Roman, Times, serif; font-size:5.83pt; vertical-align:baseline; position:relative; top:-3.33pt; color:#231f20">®</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Emerging Markets Index (“MSCI EM Index”) countries. As the MSCI EM Index introduces new emerging market countries, the Portfolio may include those countries among the countries in which it may invest. In determining securities in which to invest, the Portfolio’s management team will evaluate the countries’ economic and political climates with prospects for sustained macro and micro economic growth. The Portfolio may invest more in China than certain other emerging markets countries. The Portfolio’s management team will take into account traditional securities valuation methods, including (but not limited to) an analysis of price in relation to assets, earnings, cash flows, projected earnings growth, inflation and interest rates. Liquidity and transaction costs will also be considered. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in securities issued by companies domiciled or deemed to be doing material amounts of business </span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">in countries that have a developing or emerging economy or securities market. The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in securities of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business (for example, deriving at least 50% of their revenue) in countries determined by the Specialist Manager to have a developing or emerging economy or securities market. Typically 80% of the Portfolio’s net assets will be invested in equity securities, equity swaps, structured equity notes, equity linked notes and depositary receipts of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in emerging market countries. The Portfolio, a diversified investment company, invests primarily in the Morgan Stanley Capital International<span style="font-family:Times New Roman, Times, serif; font-size:5.83pt; vertical-align:baseline; position:relative; top:-3.33pt; color:#231f20">®</span> Emerging Markets Index (“MSCI EM Index”) countries. As the MSCI EM Index introduces new emerging market countries, the Portfolio may include those countries among the countries in which it may invest. In determining securities in which to invest, the Portfolio’s management team will evaluate the countries’ economic and political climates with prospects for sustained macro and micro economic growth. The Portfolio may invest more in China than certain other emerging markets countries. The Portfolio’s management team will take into account traditional securities valuation methods, including (but not limited to) an analysis of price in relation to assets, earnings, cash flows, projected earnings growth, inflation and interest rates. Liquidity and transaction costs will also be considered. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in securities issued by companies domiciled or deemed to be doing material amounts of business <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">in countries that have a developing or emerging economy or securities market. The Portfolio may be managed using an “active” investment approach and/or a “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio’s assets at any given time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in equity securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">China Risk</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> – </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">In addition to the risks listed above under “Emerging Market Securities,” investing in China presents additional risks including confiscatory taxation, nationalization, exchange control regulations (including currency blockage) and differing legal standards. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. Chinese authorities may intervene in the China securities market and halt or suspend trading of securities for short or even longer periods of time. Recently, the China securities market has experienced considerable volatility and been subject to relatively frequent and extensive trading halts and suspensions. These trading halts and suspensions have, among other things, contributed to uncertainty in the markets and reduced the liquidity of the securities subject to such trading halts and suspensions, which could include securities held by a Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Securities Risk</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Currency Risk</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to currency conversion costs and foreign exchange may be incurred in connection with the purchase and sale of foreign securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:236.75pt; max-width:236.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">or capital or as short-term or long-term, (ii) accelerate</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20"> </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_cc003.jpg" style="margin:0.38pt 0.51pt; width: 393.22px; height: 190.93px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was 20.76%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">18.11%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑23.62%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 0.2076 Best quarter: 2020-06-30 0.1811 Worst quarter: 2020-03-31 -0.2362 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:203.86pt; border-spacing: 0px;"><tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.4pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:28.66pt; max-width:28.66pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 7pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 5pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Emerging Markets Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">33.73</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.48</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.92</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">31.67</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.65</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.29</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:82.5pt; max-width:82.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">20.64</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.33</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.38</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:94.5pt; max-width:94.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">MSCI Emerging Markets Index </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">(reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">34.36</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:19.66pt; max-width:19.66pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.67</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:7.35pt; max-width:7.35pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.86</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.3373 0.0448 0.0792 0.3167 0.0365 0.0729 0.2064 0.0333 0.0638 (reflects no deduction for fees, expenses or taxes) 0.3436 0.0467 0.0886 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Core Fixed Income Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.06%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.09%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Acquired Fund Fees and Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.03%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.18%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0006 0.0009 0.0003 0.0018 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$18</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$58</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$101</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$230</span></p></td></tr> </table> 18 58 101 230 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 23% of the average value of its portfolio.</span></p> 0.23 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in fixed income securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio, under normal circumstances, invests predominantly in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies (“Baa” or higher by Moody’s Investors Service, “BBB” or higher by S&amp;P Global Ratings) or are, in the view of the Specialist Manager, deemed to be of comparable quality. Securities in the fourth highest rating category may have speculative characteristics. From time to time, a substantial portion of the Portfolio, a diversified investment company, may be invested in any of the following: (1) investment grade mortgage-backed or asset-backed securities; (2) securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities (“junk bonds”) as well as cash or money market instruments in order to maintain liquidity, or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average </span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">portfolio maturity in the Bloomberg U.S. Aggregate Bond Index, which range, as of June 30, 2026, was between 0 and 96 years. The weighted average maturity of the Bloomberg U.S. Aggregate Bond Index as of June 30, 2026 was 8.33 years. The Portfolio may engage in transactions involving instruments such as option or futures contracts, in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio’s policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in fixed income securities. The Portfolio, under normal circumstances, invests predominantly in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies (“Baa” or higher by Moody’s Investors Service, “BBB” or higher by S&amp;P Global Ratings) or are, in the view of the Specialist Manager, deemed to be of comparable quality. Securities in the fourth highest rating category may have speculative characteristics. From time to time, a substantial portion of the Portfolio, a diversified investment company, may be invested in any of the following: (1) investment grade mortgage-backed or asset-backed securities; (2) securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities (“junk bonds”) as well as cash or money market instruments in order to maintain liquidity, or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Passive Investing Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Asset-Backed/Mortgage-Backed Security Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Municipal Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Portfolio’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. Portfolio dividends derived from certain “private activity” municipal securities generally will constitute an item of tax preference includable in alternative minimum taxable income for both corporate and non-corporate taxpayers.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">High Yield Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">or capital or as short-term or long-term, (ii) accelerate</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. I The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_cc004.jpg" style="margin:0.09pt 0.58pt 0.56pt 0.18pt; width: 393.55px; height: 191.09px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was ‑3.70%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4th Qtr. 2023</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.61%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑6.31%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 -0.037 Best quarter: 2023-12-31 0.0561 Worst quarter: 2022-03-31 -0.0631 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:97.5pt; max-width:97.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 7pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:97.5pt; max-width:97.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Core Fixed Income Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:97.5pt; max-width:97.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:85.5pt; max-width:85.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.03</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑0.62</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.96</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.5pt; max-width:97.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:85.5pt; max-width:85.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.49</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑1.88</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.77</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.5pt; max-width:97.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:85.5pt; max-width:85.5pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.14</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">-0.99</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.01</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.5pt; max-width:97.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">(reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.30</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑0.36</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.01</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.0703 -0.0062 0.0196 0.0549 -0.0188 0.0077 0.0414 -0.0099 0.0101 (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Corporate Opportunities Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Corporate Opportunities Portfolio is to achieve above-average total return by investing in high yield securities commonly referred to as “junk bonds.”</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.14%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.11%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Acquired Fund Fees and Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.30%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.02pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.55%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0014 0.0011 0.003 0.0055 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.1pt; color:#231f20">Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$56</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$176</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$307</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$689</span></p></td></tr> </table> 56 176 307 689 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 17% of the average value of its portfolio.</span></p> 0.17 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio invests in a mix of equity and fixed income securities issued by corporations. A principal investment strategy of the Portfolio is to invest in high yield securities including “junk bonds.” These securities are fixed income securities that are rated below the fourth highest category assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Such securities may include: corporate bonds, collateralized loan obligations (CLOs), publicly traded equities, stock index futures, agency and non-agency mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities and asset-backed securities, REITs, foreign fixed income securities, including emerging market debt, convertible bonds, preferred stocks, treasury inflation protected securities, loan participations, swaps and fixed and floating rate loans. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in fixed income securities. Notwithstanding the above, when such securities are not available at prices that adequately reflect the underlying risks, the Portfolio will hold a mixture of equity and investment-grade fixed income securities that most closely approximates the risks of such high-yield securities. The Portfolio will invest in equity securities of issuers of any capitalization.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio may invest in U.S. government securities, including but not limited to treasuries, agencies and commercial paper. The Portfolio may also hold a portion of its assets in cash or money market instruments in order to maintain liquidity or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase.</span></p><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Consistent with its investment policies, the Portfolio may purchase and sell high yield securities. Purchases and sales of securities may be effected without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities and may be of any maturity. The Portfolio may engage in transactions involving instruments such as option or futures contracts, in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio’s policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The performance benchmark for this Portfolio is the Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index, an unmanaged index of high yield securities that is widely recognized as an indicator of the performance of such securities. The Specialist Managers actively manage the interest rate risk of the fixed income portion of the Portfolio relative to this benchmark.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Asset-Backed/Mortgage-Backed Security Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> These securities are also subject to the risk that payment on the loans underlying the </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Floating Rate Loans Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The risks associated with floating rate loans are similar to the risks of below investment grade securities. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. The sale and purchase of a bank loan are subject to the requirements of the underlying credit agreement governing such bank loan. These requirements may limit the eligible pool of potential bank loan holders by placing conditions or restrictions on sales and purchases of bank loans. Further, bank loans are not traded on an exchange and purchasers and sellers of bank loans rely on market makers, usually the administrative agent for a particular bank loan, to trade bank loans. These factors, in addition to overall market volatility, may negatively impact the liquidity of loans. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender. Coupon rates on floating rate loans are tied to a benchmark lending rate such as the Secured Overnight Funding Rate (“SOFR”). The Federal Reserve Bank of New York began publishing the SOFR in April 2018. SOFR, which is a broad measure of the cost of overnight borrowing of cash collateralized by Treasury securities, is intended to serve as a reference rate for U.S. dollar-based debt and derivatives.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Loan Participation Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Loan participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Portfolio will assume the </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">credit risk of both the borrower and the lender that is selling the participation. A Portfolio may have difficulty disposing of loan participations as the market for such instruments is not highly liquid.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">High Yield Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Equity Market Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The market value of an equity security and the equity markets in general can be volatile.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign Investment Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investment in foreign securities involves the following risks:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Small/Mid Cap Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; letter-spacing:-0.11pt; color:#231f20">Foreign Securities Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.11pt; color:#231f20"> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging Markets Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Risks associated with foreign investments, including option and futures contracts, may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s 
</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Swaps Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 181.75pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:55pt; max-width:55pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Other Risks</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">REIT Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> REIT prices may fall because of the failure of borrowers to pay their loans and/or poor management. The value of REITs may also be affected by increases in property taxes and changes in tax laws and interest rates.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Corporate Opportunities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. In addition, the Portfolio, prior to August 17, 2020 when it changed its name and primary investment strategy, invested primarily in fixed income securities including at least 50% in high yield securities. The Portfolio’s performance information prior to August 17, 2020 relates only to the Portfolio’s former principal investment strategies.</span></p> The chart and table below show how The Corporate Opportunities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ce001.jpg" style="margin:0.38pt 0.51pt; width: 393.22px; height: 190.93px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was ‑1.08%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2020</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.05%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2nd Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑7.26%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 -0.0108 Best quarter: 2020-06-30 0.0705 Worst quarter: 2022-06-30 -0.0726 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.25pt; max-width:31.25pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 7pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 3pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Corporate Opportunities Portfolio*</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:85.75pt; max-width:85.75pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.80</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.89</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.63</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:85.75pt; max-width:85.75pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.40</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.81</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.56</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:85.75pt; max-width:85.75pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.02</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.88</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.26</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">(reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">8.78</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.11</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">6.15</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:97.75pt; max-width:97.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">7.30</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑0.36</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.01</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.4pt 0pt 0pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:192pt; max-width:192pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.16pt; color:#231f20">Effective at the close of business August 17, 2020, the Portfolio changed its principal investment strategy to invest in a mix of equity and fixed income securities issued by corporations. See “About Benchmarks and Index Investing” for a description of the indexes.</span></p></td></tr> </table> 0.068 0.0489 0.0663 0.054 0.0281 0.0456 0.0402 0.0288 0.0426 (reflects no deduction for fees, expenses or taxes) 0.0878 0.0411 0.0615 0.073 -0.0036 0.0201 <p style="margin:12pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Short-Term Municipal Bond Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Short-Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.13%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.17%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.02pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.30%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0013 0.0017 0.003 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$31</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$97</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$169</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$381</span></p></td></tr> </table> 31 97 169 381 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 34% of the average value of its portfolio.</span></p> 0.34 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in municipal bonds. The policy stated in the foregoing sentence is a fundamental policy and may not be changed without shareholder approval. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay “exempt-interest dividends” (“Municipal Securities”). The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of no longer than three years. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization (“Baa” or higher by Moody’s Investors Service, Inc., “BBB” or higher by S&amp;P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio does not currently intend to invest in obligations, the interest on which is a preference item for purposes of the Federal alternative minimum tax. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal bonds.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in municipal bonds. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay “exempt-interest dividends” (“Municipal Securities”). The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of no longer than three years. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization (“Baa” or higher by Moody’s Investors Service, Inc., “BBB” or higher by S&amp;P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio does not currently intend to invest in obligations, the interest on which is a preference item for purposes of the Federal alternative minimum tax. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal bonds. <span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span> There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Municipal Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Portfolio’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:10pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ce002.jpg" style="margin:0.38pt 0.51pt; width: 393.22px; height: 190.93px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was ‑1.06%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4th Qtr. 2023</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.22%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑2.95%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 -0.0106 Best quarter: 2023-12-31 0.0322 Worst quarter: 2022-03-31 -0.0295 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.25pt; max-width:31.25pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 3pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Short-Term Municipal Bond Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:83.25pt; max-width:83.25pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.59</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.04</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.26</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:83.25pt; max-width:83.25pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.56</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.00</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.23</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:83.25pt; max-width:83.25pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.17</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.18</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.29</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg 1‑3 Year Municipal Bond Index </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">(reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.66</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.17</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.58</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg Municipal Bond Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.25</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.88</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.34</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> 0.0359 0.0104 0.0126 0.0356 0.01 0.0123 0.0317 0.0118 0.0129 (reflects no deduction for fees, expenses or taxes) 0.0366 0.0317 0.0158 0.0425 0.0388 0.0234 <p style="margin:10.1pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. The Intermediate Term Municipal Bond Portfolio Investment Objective <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The investment objective of The Intermediate Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.</span></p> Fees and Expenses <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.</span></p> Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Sales Charges</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> <tr style="display:block; margin:0pt 60pt 0pt 0pt"><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Maximum Redemption Fee</span></p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">None</span></p></td></tr> </table> 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; padding-left:12pt; text-indent:-12pt; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Management Fees (based on asset allocations <br/>among Specialist Managers as of June 30, <br/>2026, see “Advisory Services – Specialist <br/>Managers”)</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.19%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.08%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Acquired Fund Fees and Expenses</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.29%</span></p></td></tr> <tr style="display:block; margin:0pt 56pt 0pt 0pt"><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.14pt; color:#231f20">Total Annual Portfolio Operating Expenses*</span></p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">0.56%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 67pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:220pt; max-width:220pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026.</span></p></td></tr> </table> 0.0019 0.0008 0.0029 0.0056 Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio, that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. </span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.08pt; color:#231f20">Although your actual cost may be higher or lower, based on these assumptions, your cost would be:</span></p> Example: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">1 Year</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$57</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">3 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$179</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">5 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$313</span></p></td></tr> <tr style="display:block; margin:0pt 15pt 0pt 20pt"><td style="min-width:145pt; max-width:145pt; vertical-align:bottom"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">10 Years</span></p></td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">$701</span></p></td></tr> </table> 57 179 313 701 Portfolio Turnover <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 19% of the average value of its portfolio.</span></p> 0.19 Principal Investment Strategies <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of net assets) in municipal bonds. The policy stated in the foregoing sentence is a fundamental policy of the Portfolio and may not be changed without shareholder approval. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization (“Baa” or higher by Moody’s Investors Service, Inc., “BBB” or higher by S&amp;P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay “exempt-interest dividends” (“Municipal Securities”). Municipal Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg 3‑10 Year Blend (2‑12) Total Return Index, currently 1 to 12 years. The Portfolio’s actual average maturity was 6.92 years as of June 30, 2026. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio is also authorized to invest in securities issued by other investment companies, such as ETFs and closed-end funds, that invest in Municipal Securities. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive </span></p> <p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are “out of the money” at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio’s policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.</span></p> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.</span></p> Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of net assets) in municipal bonds. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization (“Baa” or higher by Moody’s Investors Service, Inc., “BBB” or higher by S&amp;P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay “exempt-interest dividends” (“Municipal Securities”). Municipal Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg 3‑10 Year Blend (2‑12) Total Return Index, currently 1 to 12 years. The Portfolio’s actual average maturity was 6.92 years as of June 30, 2026. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio is also authorized to invest in securities issued by other investment companies, such as ETFs and closed-end funds, that invest in Municipal Securities. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Multi-Manager Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Fixed Income Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">  Investments in fixed income securities may involve the following risks, depending on the instrument involved:</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Credit Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Interest Rate Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Call/Prepayment Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Extension Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">High Yield Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. The prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health. Change in market interest rates will also affect prices. </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Municipal Bond Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Portfolio’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:236.75pt; max-width:236.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Investment in Other Investment Companies Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Exchange-Traded Funds Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 30.75pt 0pt 0pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:206pt; max-width:206pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Risks Associated with Investments in Derivatives</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">General Derivative Risks –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Derivatives may be volatile and may involve significant risks. The Portfolio’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected, and hedging positions may not correlate closely with the instruments or exposures being hedged. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio’s losses and reducing the Portfolio’s opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Counterparty Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives Tax Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Compared to other types of investments, derivatives may be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio’s use of certain derivative instruments, which could make the </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio’s securities. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> Purchasing and writing put and call options are specialized activities that may entail greater-than-ordinary investment risks and are considered speculative. An option gives the purchaser, in exchange for a premium, the right, but not the obligation, to buy (a “call option”) or sell (a “put option”) an underlying security or futures contract – or receive a cash settlement based on an underlying asset, rate or index – at a specified price during a specified period or on a specified date. When the Portfolio writes an option, it retains the premium if the option expires unexercised but may incur a net loss if the cost of satisfying its obligations exceeds the premium received. A written call option exposes the Portfolio to the risk that it will be required to sell the underlying instrument below its market value, while a written put option exposes the Portfolio to the risk that it will be required to purchase the underlying instrument above its market value. When the Portfolio purchases an option, it may lose some or all of the premium if the underlying instrument does not move sufficiently in the anticipated </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt 36pt"><td style="min-width:218.75pt; max-width:218.75pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:10pt; line-height:1.2; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">direction, including the entire premium if the option expires without being sold or exercised. Options written on instruments intended to replicate an index present the same risks, and those instruments may not closely track the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Options Writing Strategy Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the Portfolio may write options on index substitutes, which are subject to the same risks as index options. The value of the index substitute is subject to change as the values of the component securities fluctuate and the performance of the index substitute may not exactly match the performance of the index.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:10pt 0pt 0pt 18pt"><td style="min-width:18pt; max-width:18pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.01,0,0,1.01,0,0); max-width:99.01%; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:218.75pt; max-width:218.75pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Futures Risk –</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.</span></p></td></tr> </table> Performance Bar Chart and Table <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Performance.</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.</span></p> The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. Year-by-Year Total Returns as of 12/31* <div style="margin:13pt 0pt 0pt; text-align:justify; word-wrap:break-word"><span style="display:inline-block; width:296pt; height:144pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26224842_ce003.jpg" style="margin:0.38pt 0.51pt; width: 393.22px; height: 190.93px;"/></span></div> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:299pt; max-width:299pt; text-align:justify; vertical-align:top"><p style="text-align:justify; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.05,0,0,1,0,0); max-width:95.24%; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:8pt; color:#231f20">* Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.</span></p></td></tr> </table> <p style="margin:10pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">The Portfolio’s before-tax return for the period from January 1, 2026 through September 30, 2026 (non-annualized) was ‑3.63%.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:3.9pt 0pt 0pt; width:298.5pt; border-spacing: 0px;"><tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Best quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4th Qtr. 2023</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.80%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:92.5pt; max-width:92.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Worst quarter:</span></p> </td><td style="min-width:14.5pt; max-width:14.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:59pt; max-width:59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1st Qtr. 2022</span></p> </td><td style="min-width:86.5pt; max-width:86.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.9pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:10pt; line-height:1.4"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">‑5.26%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> before-tax return 2026-09-30 -0.0363 Best quarter: 2023-12-31 0.058 Worst quarter: 2022-03-31 -0.0526 Average Annual Total Returns (for the periods ended 12/31/25) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:204pt; border-spacing: 0px;"><tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">One Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.25pt; max-width:31.25pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 4pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Five Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; box-sizing:border-box; text-align:center; padding:0pt 3pt 0.4pt 0pt"><p style="margin:0pt; text-align:center; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Ten Year</span></p><div style="margin:0.76pt 0pt 0pt; height:0.75pt; text-align: center;"><div style="min-width:19.43pt; max-width:19.43pt; height:0.75pt; background-color:#231f20; margin-left: auto; margin-right: auto;"></div></div> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:3.9pt 0pt 0pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">The Intermediate Term Municipal Bond Portfolio</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:83.25pt; max-width:83.25pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">Before Taxes</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.43</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.23</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.96</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:83.25pt; max-width:83.25pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.43</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.22</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.94</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><div style="margin:-2.1pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:12pt; max-width:12pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">–</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:83.25pt; max-width:83.25pt"><div style="font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After Taxes on Distributions and Sale of Portfolio Shares</span></div></div></div> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.44</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.44</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.98</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg 3‑10 Year Blend (2‑12) Total Return Index Unhedged</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)*</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">5.31</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1.13</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.14</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:95.25pt; max-width:95.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:10pt; color:#231f20">Bloomberg Municipal Bond Index</span><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20"> (reflects no deduction for fees, expenses or taxes)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">4.25</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">3.88</span></p> </td><td style="min-width:8.75pt; max-width:8.75pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:22.5pt; max-width:22.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:right; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:10pt; line-height:1.2"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">2.34</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:1.4pt 0pt 0.4pt"><p style="margin:0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">%</span></p> </td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 7pt 0pt 0pt"><td style="min-width:12pt; max-width:12pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">*</span></p></td><td style="min-width:185pt; max-width:185pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; text-align:justify; margin:0"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">See “About Benchmarks and Index Investing” for a description of the indexes.</span></p></td></tr> </table> 0.0543 0.0123 0.0196 0.0543 0.0122 0.0194 0.0444 0.0144 0.0198 (reflects no deduction for fees, expenses or taxes) 0.0531 0.0113 0.0214 0.0425 0.0388 0.0234 <p style="margin:12pt 0pt 0pt; text-align:justify; font-size:10pt; line-height:1.2; word-wrap:break-word"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.</span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans. 0.0620 0.2746 -0.0036 0.3163 0.2513 0.2562 -0.2393 0.3157 0.2534 0.1570 0.0682 0.2717 -0.0036 0.3213 0.2699 0.2476 -0.2139 0.2491 0.2207 0.1688 0.0785 0.2222 -0.0839 0.2164 0.1837 0.2118 -0.1890 0.2102 0.1779 0.2163 0.2249 -0.0978 0.2321 0.1724 0.2231 -0.2043 0.2671 0.1995 0.2087 0.0391 0.2510 -0.1494 0.2214 0.0623 0.1370 -0.1240 0.1762 0.0338 0.3145 0.0446 0.2457 -0.1428 0.2103 0.0582 0.1203 -0.1523 0.1697 0.0383 0.3150 0.1418 0.2834 -0.1430 0.1832 0.1587 -0.0158 -0.2034 0.1105 0.0691 0.3373 0.0324 0.0361 -0.0061 0.0920 0.0788 -0.0176 -0.1343 0.0523 0.0121 0.0703 0.1028 0.0897 0.0025 0.1120 0.1171 0.0837 -0.1114 0.1370 0.0856 0.0680 -0.0006 0.0086 0.0145 0.0301 0.0218 -0.0015 -0.0277 0.0307 0.0160 0.0359 -0.0029 0.0287 0.0090 0.0637 0.0371 0.0061 -0.0527 0.0439 0.0137 0.0543 485BPOS 0000934563 false Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Effective at the close of business August 17, 2020, the Portfolio changed its principal investment strategy to invest in a mix of equity and fixed income securities issued by corporations. See “About Benchmarks and Index Investing” for a description of the indexes. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, 2026. See “About Benchmarks and Index Investing” for a description of the indexes.