Our Organisation Maj Invest is a public limited company incorporated under the laws of Denmark, with its principal office and place of business in Copenhagen. Maj Invest is a wholly-owned subsidiary of Maj Invest Holding A/S (“Maj Invest Holding”) and a part of the Maj Invest group. The Maj Invest group was established in 2005. Today management and employees own approximately 94% (including treasury shares) and one outside investor owns approximately 6% of Maj Invest indirectly through Maj Invest Holding. Jeppe Christiansen, CEO of Maj Invest, indirectly owns 30% or more of the economic interests in Maj Invest. As of December 31, 2023, worldwide Maj Invest managed $9,802,323,575 in client assets on a discretionary basis and $1,922,178,629 in client assets on a non-discretionary basis. Maj Invest is affiliated with (among others) Maj Invest Holding A/S, Maj Bank A/S, Maj Invest Equity A/S, Maj Invest South America S.A., and MJIC Consultancy Private Limited. The latter two are related to Maj Invest’s private equity activity and are not currently involved in Maj Invest’s activities with respect to U.S. clients. Our Advisory Services Maj Invest offers discretionary and non-discretionary investment management globally to institutional and professional clients on a separate account and pooled investment fund basis. Maj Invest may act either as the adviser or as the sub- adviser to its clients’ investment portfolios. As of the date of this brochure, the only pooled investment vehicles offered to U.S. investors is an open-end investment management company (mutual fund) registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), for which we have entered into an agreement to serve as sub-adviser; a private fund; and a collective investment trust, the latter two both of which are only available to certain sophisticated and qualified U.S. investors. Throughout this brochure we refer to the investment activity of and advisory services provided by Maj Invest. The reader of this brochure should understand any reference to these activities and services provided by Maj Invest to include activities and services provided to clients globally, except when a statement in this brochure explicitly relates only to those activities and services provided for clients to whom we provide this brochure or clients within the U.S.; or when a statement in this brochure explicitly relates only to services provided to clients not within the U.S. We may agree with a client to tailor our investment management services to the individual needs of that client. We will work with our clients to tailor a specific investment mandate based on their specific needs. This tailoring may include restrictions on investing in certain securities or types of securities at the request of a client. This includes, but is not limited to:
• benchmark targets;
• investment restrictions;
• liquidity issues;
• types of securities traded. Global Value Equity As of this date of this disclosure brochure, the only investment strategy we offer to clients to whom we provide this brochure is our global value equity strategy. A “value” style of investing emphasizes investing in companies that currently have low or depressed valuations, but which also have the prospect of achieving improved valuations in the future. Maj Invest seeks to achieve minimum long-term rate of return by investing in securities priced at a discount to its estimates

of the securities’ intrinsic value. A portfolio managed using this strategy will generally be comprised of securities identified through an individual security selection process based on fundamental research. The team’s value-oriented philosophy is described in greater detail under Item 8 (“Methods of Analysis, Investment Strategies and Risk of Loss”) below. Maj Invest’s global value equity strategy operates by investing in a range of securities and asset classes from markets around the world. The strategy’s geographic focus is both securities of issuers from developing countries and securities of issuers from developed countries. Asset classes may include publicly- listed common and preferred equities, including ADRs, GDRs and EDRs. The strategy may invest in securities denominated in U.S. dollars or in foreign currencies. This strategy does not invest in derivatives and other financial instruments. Investment Management Portfolios and Pooled Investment Funds Maj Invest currently acts as adviser for several pooled investment vehicles not offered in the United States, including two fund complexes registered for public offer under the European Union’s Undertakings for Collective Investment in Transferable Securities directive (UCITS), one registered in Denmark, and one registered in Luxembourg. Each of these UCITS funds offers multiple sub-funds to non-U.S. investors. Maj Invest currently also advises other pooled investment vehicles that are not offered in the United States at present, and which pursue other investment strategies. Client Accounts Maj Invest globally manages client accounts on both a discretionary and non-discretionary basis. Maj Invest manages each fund or sub-fund in accordance with its written investment objectives, strategies and guidelines, as disclosed in such fund’s offering memorandum or other disclosure document. Maj Invest manages other advisory clients’ assets based on the individual needs of the client, which the written investment objectives and guidelines set forth in the client’s advisory agreement or other agreement will state. Maj Invest cannot guarantee or assure clients that their investment objective(s) will be achieved. Maj Invest does not guarantee the future performance of any client’s account, or any specific level of performance, or the success of any investment decision or strategy that it may use, or the success of the overall management of any account. Maj Invest does not guarantee any client portfolio against loss. The investment decisions that Maj Invest makes for client accounts are subject to various market, currency, economic, political and business risks, and the risk that investment decisions will not always be profitable. Many of those risks are discussed in Item 8 (“Methods of Analysis, Investment Strategies and Risk of Loss”), which all prospective investors should review carefully before deciding to engage Maj Invest’s services. Since Maj Invest’s investment services focus on securities markets globally, including emerging markets, the services may not constitute a complete or balanced investment program. They should represent only part of an investor’s portfolio. Maj Invest provides limited market and portfolio information and commentaries on its website. These materials are not intended to constitute investment advice. Maj Invest does not currently participate in wrap fee programs, but may do so in the future.