History and Ownership Since 1986, Acadian has been continuously registered as an investment adviser with the U.S. Securities and Exchange Commission and providing investment management services to institutional clients. In November 2007, our predecessor firm, Acadian Asset Management, Inc. merged into Acadian Asset Management LLC. Acadian LLC assumed all of the assets and liabilities of our predecessor company. No change of control, investment philosophy, or day-to-day management of the firm resulted from this merger. Currently, Acadian has three wholly owned affiliates providing investment management services to clients: Acadian Asset Management (Singapore) Pte Ltd, Acadian Asset Management (UK) Limited, and Acadian Asset Management (Australia) Limited. While each of these affiliates is registered/licensed as appropriate by their local regulatory authority, Acadian Asset Management (Australia) Limited and Acadian Asset Management (Singapore) Pte Ltd are also registered with U.S. Securities and Exchange Commission as an investment adviser. BrightSphere Affiliate Holdings LLC, part of the BrightSphere group, owns 100% of the Class A (voting) interest of Acadian while an Acadian Key Employee Limited Partnership (“Acadian KELP LP”) owns 100% of the Class B interest which provides financial participation in the profitability of the firm. The Acadian KELP LP is comprised of senior staff and a majority of senior investment team members. BrightSphere Affiliate Holdings LLC is owned by BrightSphere Inc. which is owned by BrightSphere Investment Group Inc. (“BSIG”) (a publicly traded company). Acadian manages separate accounts with varying strategies on a discretionary and non-discretionary basis for institutional clients. Acadian also manages and/or sub-advises various commingled funds available via private placement including long-only and “hedge fund” type vehicles in which institutions, qualified and accredited investors, and certain eligible employees of Acadian may invest. Acadian also advises and sub-advises certain public funds including U.S. registered “mutual funds” and Collective Investment Trusts offered through a number of U.S. domiciled investment companies and Irish and Luxemburg registered UCITs funds. Retail investors, including Acadian employees, can and do invest in such funds. Acadian primarily utilizes systematic, quantitative investment processes to manage the investment strategies which are reflected in this Brochure. General Overview of Investment Process Acadian manages our strategies using a team-based approach and a systematic, quantitative investment process. This process relies extensively upon a number of proprietary computer driven models and extensive third-party data. It is overseen by our Chief Investment Officer and a team of researchers, portfolio managers, portfolio analytics and construction specialists, data managers, and IT professionals in an effort to ensure it operates as intended. Acadian’s systematic, quantitative investment process is flexible and easily tailored and coded to meet the specific needs of our clients including, for example, those with Environmental, Social or Governance (“ESG”) concerns. We manage each separate account in accordance with the terms and conditions of a written agreement negotiated with and agreed to by each client. As each client agreement results from a separate negotiation with the client, the terms and conditions of the investment relationship and the fees paid pursuant to the agreement may and do vary by client even within the same investment mandate or account composite. This includes, but is not limited to, client-imposed requirements and restrictions related to benchmark, individual security restrictions or “do not invest” lists, industry restrictions, country restrictions, ESG restrictions, investment types, investment universe, and risk targets. These client specific requirements, in addition to other timing issues, may cause performance dispersion between portfolios in the same composite over time. Client specific mandate restrictions are implemented and adhered to utilizing a number of systematic and manual checks. During the initial account set-up process and any subsequent changes thereafter, all client- specific restrictions are noted and may be coded by the investment team, along with any Acadian- or regulatory-specific restraints applicable to the mandate and underlying benchmark, into Acadian’s proprietary portfolio construction software. Pre-optimization coding can be as broad or narrow as required, typically including specific stocks, types of stocks (e.g., “sin lists”), countries, sectors, and ownership percentages. Further, each account and all client-specific restrictions are independently coded by our compliance team into an automated compliance monitoring system that allows for pre-trade, post- trade, and daily compliance monitoring of all accounts. Acadian’s portfolio managers typically do not select specific stocks to buy or sell. In addition to contributing to the research process to enhance our overall quantitative investment process, portfolio managers aim to ensure that the investment process is operating as intended and that each client account is being managed consistent with the client’s investment objectives and in compliance with the client’s contractual requirements. Acadian’s quantitative investment process is supported by extensive proprietary computer code. Acadian’s researchers, software developers, and IT teams follow structured design, development, testing, change control, and review processes during the development of its systems and the implementation within our investment process. We have control systems and processes that are intended to identify in a timely manner any errors that could have a material impact on the investment process. The majority of these controls and their effectiveness are subject to regular internal and external audits including a SOC audit. However, despite these extensive controls it is possible that errors may occur in coding and within the investment process, as is the case with any complex software or data-driven model, and no guarantee or warranty can be provided that any quantitative investment model is completely free of errors. Any such errors could have a negative impact on investment results. Acadian primarily utilizes five investment processes to manage client accounts: Core-Equity which includes extension and enhanced strategies, Managed Volatility which includes alpha plus strategies, Alternative, Systematic Credit, and Multi-Asset Class. The material distinctions between each are addressed in below. While there are differences, each share commonality as described above in the general investment process overview. Overview of Core Equity Investment Process The Core Equity investment process is primarily used to manage long-only, extension, and enhanced strategies. Our structured and disciplined assessment methodology seeks to identify stocks with active return potential by evaluating them across a multitude of stock characteristics that Acadian considers to be informative. The process uses both top-down and bottom-up signals that encompass not only fundamental valuation factors but also measures of earnings trends, price movements, quality metrics and other factors. Inputs to our investment process are drawn from a proprietary database that contains detailed fundamental and other information on more than 40,000 securities globally. The database is continually enriched with information feeds obtained from leading industry vendors. The data that is fed into our investment process is updated at least daily. These data feeds, coupled with our extensive factor-based analysis, form the basis of the alpha forecasts that we generate daily for all stocks in our universe. Acadian’s portfolio management and investment selection processes are quantitative and use models to rank the relative attractiveness of stocks across a number of factors. The process generates an expected return for each stock in our investment universe several times per day. When all components are scaled and combined, Acadian’s stock valuation system creates a top-to-bottom ranking of each stock in the investment universe, from most to least attractive. From this universe, an optimal portfolio is constructed using third party optimization software and other proprietary tools taking into account estimated transaction costs, the client benchmark, client mandate restrictions, the desired risk level, and other factors as determined by Acadian and/or the client. The goal for these strategies is to maximize post-transaction cost alpha subject to client or Acadian specified constraints. The portfolio’s current holdings with their risk and expected return characteristics are compared to the available investment universe. The optimizer identifies less attractive securities for potential sale or shorts, attractive securities as potential buys or covers, and suggests trades whose round- trip expected cost is below the expected value (alpha) gained from the trade, subject to applied constraints. At times, certain transactions may also occur for risk reduction reasons despite the trade not contributing to overall alpha. The following strategy composites represent Acadian’s Core/Extension/Enhanced strategies: ADR Non-U.S. Equity Enhanced U.S. Equity Non-U.S. All-Cap Equity ex-Tobacco Enhanced Global Equity European Equity Non-U.S. All-Cap Equity Hedged to USD Non-U.S. All-Cap Equity European Equity ex-U.K. Non-U.S. Equity All-Country World ex-U.S. 130/30 Long/Short Equity World ex-U.S. Social Values Equity Non-U.S. Focused Alpha Equity All-Country World ex-U.S. Equity Eurozone Equity Non-U.S. Micro-Cap Equity All-Country World ex-U.S. Value Equity Frontier Markets Equity Non-U.S. Small-Cap 130/30 Long/Short Equity Australian 130/30 Long/Short Equity Enhanced Non-U.S. Equity Non-U.S. Small-Cap Equity Australian Equity Global Dividend Non-U.S. Small-Cap Equity Hedged to USD Australian Small-Cap Equity Global 130/30 Long/Short Equity Non-U.S. Small-Cap Value Equity Australian Small-Mid-Cap Equity Global Equity Non-U.S. Smid-Cap Equity China A-Shares Equity Global Equity Hedged to CAD Sustainable Australian Equity Custom Enhanced U.S. Equity Global Equity Hedged to GBP Sustainable Emerging Markets Equity Liquid Multi-Alpha Global Health Care Islamic Equity Sustainable European Equity Emerging Markets Equity Global Islamic Equity Sustainable Global Equity Emerging Markets ex-China Equity Global Small-Cap Equity Sustainable Multi-Factor Equity Emerging Markets Focused Alpha Equity Global Targeted Momentum Equity Sustainable Multi-Factor Momentum Equity Emerging Markets Fossil Fuel Free Equity Global Targeted Quality Equity Sustainable Multi-Factor Quality Equity Emerging Markets Islamic Equity Broad Global Targeted Value Equity Broad Sustainable Multi-Factor Value Equity Emerging Markets Micro-Cap Equity U.S. Value Equity U.S. Micro-Cap Equity Emerging Markets Small-Cap Equity Japanese Equity U.S. Small-Cap Equity Enhanced Australian Equity Overview Equity Alternative Strategies Investment Processes (“EA”) Some of Acadian’s EA strategies use return forecasts that share the same underpinnings as the core strategies, but the overall return forecast has been reformulated in an effort to better meet the needs of our strategies. The underlying investment process uses the same disciplined and research-oriented approach as the other core strategies. Some EA strategies are specialized in nature and may not use the same return forecast as other EA strategies. Some of the EA strategies use a different formulation of our core return forecasts, a different optimizer, and different portfolio construction techniques. The underlying investment process builds on Acadian’s disciplined and research-oriented approach. It is at its core a systematic process that is designed to convert, in a rigorous manner, fundamental inputs into portfolio positions. This process and all portfolio decisions are overseen by the EA investment team under the authority of the Director of Equity Alternative Strategies. The EA team is further supported by

the greater Acadian team as a whole. The majority of the EA portfolios are constructed much like the aforementioned core strategies. Return and risk forecasts are combined with transaction cost estimates for use in a portfolio optimization engine. Some EA products do not rely on an explicit alpha forecast, and instead focus on risk reduction as a primary objective during portfolio construction. The EA strategies investment process draws heavily from the core investment processes, but EA strategies may use an expected return forecast that is tailored to a given fund’s objectives. This customization may include, but not be limited to, the duration of the stock forecast, selection of the factors used in the construction of the forecast, the inclusion of new factors that are not fully adopted by Acadian’s overall investment process, and proprietary metrics for transaction costs and liquidity. Some of Acadian’s EA strategies may not explicitly use a return forecast at all, and instead may achieve their return and risk targets through a proprietary aggregation of third-party data and bespoke risk management processes. Acadian’s EA strategies may use various instruments, including but not limited to, total return swaps, leverage, and exchange traded products (ETPs) to manage risk, gain access to liquidity, and achieve advantageous financing rates. Generally, the EA strategies borrow funds in order to increase expected return. Although the strategies may use significant leverage, such leverage complies with all applicable margin and other limits. Borrowed funds are collateralized by the Fund’s securities and other assets. At any given time, the strategies may be highly leveraged as accommodated by the prime brokers or other lenders. The following strategy composites represent Acadian’s Equity Alternative strategies: Acadian Defensive Income Australian Market Neutral Equity GP Equity Global Multi-Strategy Global Equity Absolute Return Global Multi-Strategy Aggregate Overview of Managed Volatility Investment Process The Managed Volatility investment process is primarily used to manage managed volatility and alpha- plus strategies. Acadian’s managed volatility strategies seek to exploit a mispricing of risk within equities. For decades, equilibrium models in finance have championed the connection between risk and return. While there is some evidence of this pattern at the asset-class level, there is no support within equities themselves. In long-term histories of U.S. data and in the available global histories, risk goes uncompensated in the cross-section of equity returns. In other words, total returns of lower-risk equities may match, or even exceed, those of average-risk equities and higher-risk equities. Accordingly, Acadian attempts to benefit its clients by building lower-risk portfolios that hold predominantly less risky stocks. Acadian uses information on the correlation structure of equities in order to further attenuate risk via diversification. Resulting portfolios generally are biased toward lower-risk, small- and mid-cap stocks and favor sectors usually identified as less risky, such as consumer staples, utilities and healthcare. The typical portfolio is well diversified. Our goal is to achieve an absolute return similar to or better than that of a cap-weighted equity index, but with lower volatility over the long term. Absolute risk is expected to be 20-35% less than a corresponding cap-weighted benchmark, with a long-term portfolio beta typically between 0.6 and 0.8, depending on implementation. Portfolio tracking error versus the appropriate cap-weighted index is not a consideration of the optimization and may appear quite high over a market cycle, on the order of 8-10%. The stock forecasts for risk, return, trading cost, and liquidity all flow into a portfolio optimization system, which also incorporates any additional client- and strategy-specific constraints and objectives. The buy and sell decisions are an objective result of this process and are driven by changes in expected risk and expected return. Stocks that are expected to reduce risk or add return (net of costs) are purchased, while less diversifying and riskier stocks with lower expected return are sold. The following strategy composites represent Acadian’s Managed Volatility and Alpha Plus strategies: All-Country Asia Pacific ex-Japan Managed Volatility Equity Australian Managed Volatility Equity Global Managed Volatility Equity All-Country Managed Volatility Equity EAFE + Canada Managed Volatility Equity Custom Kokusai Managed Volatility Equity All-Country Managed Volatility Islamic Equity EAFE Managed Volatility Equity Broad Sustainable Global Managed Volatility Equity All-Country World ex-U.S. Managed Volatility Equity Emerging Markets Managed Volatility Equity U.S. Managed Volatility Equity All-Country Alpha Plus Equity All-Country World ex-U.S. Alpha Plus Equity Emerging Markets Alpha Plus Equity Global Alpha Plus Equity Custom International Extension Plus Equity European Equity Plus Global Overview of Multi-Asset Investment Process (“MACS”) Acadian’s Multi-Asset Absolute Return strategies seek to exploit mispricings across and within broad asset classes, including (without limitation): equities, fixed income, currencies, commodities and volatility. The underlying investment process builds on Acadian’s disciplined and research-oriented approach. It is at its core a systematic process that is designed to convert, in a rigorous manner, fundamental inputs into portfolio positions. This process and all portfolio decisions are overseen by the MACS investment team under the authority of the Director of MACS and with oversight from Acadian CIO. The MACS team includes portfolio managers, analysts, traders, and operations staff. The MACS team is further supported by the greater Acadian team as a whole. Systematic Approach Acadian believes in a systematic investment process, which aims to maximize portfolio returns and minimize uncompensated risks. The systematic toolset at the core of the MACS investment process is expected to generate recommended portfolio allocations on a daily basis. MACS PMs generate and approve all trades based on this systematic process. MACS PMs with the approval of Director of MACS and with oversight from Acadian CIO have the ability to reduce risk in MACS portfolios. For the majority of asset classes, the systematic process is made up of four key components, which taken together translate fundamental data into tradeable portfolios:
• Factor-Based Return Forecasts
• Adaptive Risk Model
• Portfolio Construction
• Implementation Factor-Based Return Forecasts MACS’ views are expressed via a set of return forecasts for all assets within the MACS universe. To obtain these return forecasts, the MACS investment team has designed a number of models based on a variety of factors. The models are used to look at assets from different perspectives, such as value, momentum, carry, etc. Factors fall into two broad categories: a first group of factors is designed to capture market or macro conditions, which are exogenous to a given asset; while a second set of factors capture intrinsic characteristics of a particular asset, such as yield curve dynamics for fixed income assets. Individual factors are then combined to generate the aggregate return forecast for each asset. Adaptive Risk Model To move from a set of return forecasts to a robust portfolio requires an understanding of the risks associated with the underlying assets, and of the correlations across these risks. MACS uses a proprietary risk forecasting tool that takes into account recent asset dynamics as well as longer-term historical risk metrics. Portfolio Construction Portfolio construction starts with return and risk forecasts, in conjunction with applicable constraints and objectives, to arrive at an optimized mix of exposures seeking to maximize return and minimize uncompensated risk. Implementation To build a portfolio of tradeable instruments, the asset exposures from the portfolio construction step are translated to tradable instruments. A specific mapping system aims to match asset exposures and tradable securities in a manner that minimizes the basis risk between the two and reduces trading costs. The following strategy composites represent Acadian’s Multi-Asset Class strategies: Commodities Absolute Return Strategy Multi-Asset Absolute Return 6v UCITS Strategy Multi-Asset Absolute Return Major Markets Strategy Multi-Asset Absolute Return 6v Aggregate Strategy Multi-Asset Absolute Return 6v Strategy Overview of Systematic Credit Investment Process Acadian’s Systematic Credit strategies are designed to capture alpha by exploiting mispricings within and across developed market corporate bond markets. We leverage state-of-the-art technology and data analysis to forecast returns, risk, and transaction costs for bonds globally and build portfolios that seek to deliver superior risk-adjusted returns for our investors. Acadian’s investable universe starts with a benchmark definition of available bonds and filters this universe to ensure suitability for a systematic investment process by assessing liquidity and removing distressed bonds. Acadian generates daily issuer and issue-specific return forecasts for all bonds in our coverage universe. Issues and issuers are evaluated across a wide range of signals by synthesizing qualitative and quantitative information. The output from each of these signals is combined to arrive at a holistic return forecast for each bond. We update these views continuously, enabling us to construct portfolios from our real-time and objective views on global bonds. These predictive signals are continually enhanced and improved through Acadian’s research. We then utilize a proprietary portfolio optimization system to combine return, transaction costs, and risk forecasts with the objective of producing a portfolio with the highest expected returns relative to risk, net of transaction costs. During this process we seek to match the credit, interest rate, and currency risks of the benchmark by trading a basket of derivatives (i.e., a completion portfolio). Prior to trading, all portfolios are independently reviewed by a member of both the Portfolio Management and Portfolio Construction and Trading teams to confirm that each portfolio meets its specific investment objectives and risk parameters. The Compliance team also performs a separate pre-trade compliance review. Subsequent to these approvals, we utilize a systematic allocation process to build trading programs that efficiently source liquidity and limit our market footprint. The following strategy composites represent Acadian’s Systematic Credit strategies: U.S. High Yield There is no performance guarantee associated with investing in any investment strategy. Investing in securities involves risk of loss of principal that clients should be prepared to bear. Acadian negotiates with each client the terms and conditions under which we will manage their account. This will result in clients within the same investment composites assuming different types and levels of risk, as well as different performance results. Acadian encourages clients to reference strategy-specific risk descriptions (contained in the prospectus and/or private placement memorandum, as appropriate to fund structure) for any of the strategies that we manage. As of December 31, 2023, Acadian managed $101,096,209,762 total assets for our clients on a discretionary basis, $561,132,090 on a non-discretionary basis, provided advice in the form of model portfolios, where we do not have trading responsibilities, totaling $726,923,457. Wrap Fee Program Acadian does not sponsor any wrap fee programs. We have been engaged to provide model portfolios to wrap fee sponsors who may then offer the model to their clients. Acadian does not execute the trades for the recommendations in these models. We further have no legal agreements in place, knowledge of, or contact with, any of the sponsor’s clients who may choose to invest in the model portfolio through the sponsor.