Bridgewater Advisors Inc. (Bridgewater or BAI) is a SEC-registered investment adviser with its principal place of business located in New York City. Bridgewater began conducting its business in 1992. The firm's principal shareholder (those controlling 25% or more of this company) is:
• Leo Vincent Marzen, Managing Partner Bridgewater offers the following advisory services to our clients: INDIVIDUAL PORTFOLIO MANAGEMENT Our investment process begins with you — the client. We seek to understand your current and future needs, your experience and comfort with different types of investments, and the time period over which you plan to invest. As we learn about you, we also share our thinking on the markets and various investment ideas. Our goal is to help you understand how your portfolio may be expected to perform over time to serve your goals. Formulation of an appropriate asset allocation for your portfolio across traditional and alternative asset classes is a critical step in the investment process; it drives your portfolio's long-term risk characteristics and potential rewards. Once the strategic allocation for your portfolio is agreed upon, we determine the appropriate mix of strategies within each asset class to ensure proper diversification using both actively-managed and index- related styles, also considering any investment preferences you may have. We manage advisory accounts on a discretionary basis. Account supervision is guided by your stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Our investment recommendations are not limited to any specific product or service offered by any company and will generally include advice regarding the following securities:
• Publicly held securities
• Municipal securities
• Registered investment companies, including mutual funds and exchange traded funds (“ETs”)
• United States government securities
• Interests in partnerships as we may consider appropriate Because all investments involve certain degrees of risk, they will only be implemented or recommended when consistent with your stated investment objectives, tolerance for risk, liquidity needs and suitability. CONSULTING SERVICES Clients can also receive financial planning and wealth management advice. This may include advice on such concerns as estate planning, retirement planning, insurance, financing, or any other specific topic. Bridgewater does not charge additional fees for this advice. Thoughtful asset allocation, control of fees and expenses, and tax management are the keys to long-term investment success. With this in mind, we customize each client's portfolio to best meet their specific objectives, tolerance for risk, and unique circumstances. AMOUNT OF MANAGED ASSETS As of December 31, 2023, we are actively managing $1,904,071,683 of clients' assets on a discretionary basis. MISCELLANEOUS Limitations of Financial Planning and Non-Investment Consulting/Implementation Services. To the extent specifically requested, Bridgewater will generally provide planning and consulting services regarding non-investment related matters, such as tax and estate planning and insurance. Bridgewater does not serve as a law firm, accounting firm, or insurance agency, and no portion of our services should be construed as legal or accounting services. Accordingly, Bridgewater does not prepare legal documents or sell insurance products. To the extent requested by a client, we may recommend the services of other professionals for non-investment implementation purpose (e.g., attorneys, accountants, or insurance agents). As referenced below, we may recommend Bridgewater for tax preparation services. Neither Bridgewater nor its representatives assist clients with the implementation of any financial plan, unless they have agreed to do so in writing. The client is under no obligation to engage the services of any recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation from Bridgewater or its representatives. If the client engages any professional and a dispute arises, the client agrees to seek recourse exclusively from the engaged professional. At all times, the engaged licensed professional, and not Bridgewater, remains responsible for the services provided. In addition, Bridgewater does not monitor a client’s financial plan, and it is the client’s responsibility to revisit the financial plan with Bridgewater, if desired. Tax Preparation Services. To the extent requested to do so by a client, Bridgewater will provide tax preparation services for a separate fee per the terms and conditions of a separate written agreement. No client is under any obligation to engage Bridgewater for tax preparation services. Retirement Rollovers: A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If Bridgewater recommends that a client roll over their retirement plan assets into an account to be managed by Bridgewater, such a recommendation creates a conflict of interest if Bridgewater will earn new (or increase its current) compensation as a result of the rollover. No client is under any obligation to roll over retirement plan assets to an account managed by Bridgewater. Bridgewater’s Chief Compliance Officer, Thomas Smyth, remains available to address any questions that a client or prospective client may have regarding the potential for conflict of interest presented by such rollover recommendation. Private Investment Funds. Bridgewater also provides investment advice regarding private investment funds. Bridgewater, on a non-discretionary basis, may recommend that certain qualified clients consider an investment in private investment funds. Bridgewater’s role relative to unaffiliated private investment funds shall be limited to its initial and ongoing due

diligence and investment monitoring services. If a client determines to become an unaffiliated private fund investor, the amount of assets invested in the fund(s) shall be included as part of “assets under management” for purposes of Bridgewater calculating its investment advisory fee. Bridgewater’s clients are under absolutely no obligation to consider or make an investment in any private investment fund. Private investment funds generally involve various risk factors, including, but not limited to, potential for complete loss of principal, liquidity constraints and lack of transparency, a complete discussion of which is set forth in each fund’s offering documents, which will be provided to each client for review and consideration. Unlike liquid investments that a client may own, private investment funds do not provide daily liquidity or pricing. Each prospective client investor will be required to complete a Subscription Agreement, pursuant to which the client shall establish that he/she is qualified for investment in the fund, and acknowledges and accepts the various risk factors that are associated with such an investment. In the event that Bridgewater references private investment funds owned by the client on any supplemental account reports prepared by Bridgewater, the value(s) for all private investment funds owned by the client shall reflect the most recent valuation provided by the fund sponsor. However, if subsequent to purchase, the fund has not provided an updated valuation, the valuation shall reflect the initial purchase price. If subsequent to purchase, the fund provides an updated valuation, then the statement will reflect that updated value. The updated value will continue to be reflected on the report until the fund provides a further updated value. As result of the valuation process, if the valuation reflects initial purchase price or an updated value subsequent to purchase price, the current value(s) of an investor’s fund holding(s) could be significantly more or less than the value reflected on the report. Unless otherwise indicated, the client’s advisory fee shall be based upon the value reflected on the report. Fund Liquidity Constraints. Bridgewater may use mutual funds or ETFs that provide for limited liquidity. For example, some funds may only allow for redemptions on a quarterly basis. There is no guarantee that these funds will permit any redemption requests. If Bridgewater or a client determines to sell these securities, these securities may not be able to be sold or transferred immediately. The sale or transfer may be require to wait for the redemption period or longer. The eventual price recognized upon sale or transfer could be substantially different (positive or negative) than the value on the date that the sale was requested. In light of these enhanced risks/rewards, a client may direct Bridgewater, in writing, not to employ any or all such strategies for the client’s account. Use of Mutual and Exchange Traded Funds: Most mutual funds and exchange traded funds are available directly to the public. Thus, a prospective client can obtain many of the funds that may be utilized by Bridgewater independent of engaging Bridgewater as an investment advisor. However, if a prospective client determines to do so, he/she will not receive Bridgewater’s initial and ongoing investment advisory services. Use of DFA Mutual Funds: Bridgewater utilizes mutual funds issued by Dimensional Fund Advisors (“DFA”). DFA funds are generally only available through registered investment advisers approved by DFA. Thus, if the client was to terminate Bridgewater’s services, and transition to another adviser who has not been approved by DFA to utilize DFA funds, restrictions regarding additional purchases of, or reallocation among other DFA funds, will generally apply. In addition to Bridgewater’s investment advisory fee described below, and transaction and/or custodial fees discussed below, clients will also incur, relative to all mutual fund and exchange traded fund purchases, charges imposed at the fund level (e.g. management fees and other fund expenses). ANY QUESTIONS: Bridgewater’s Chief Compliance Officer, Thomas Smyth, remains available to address any questions that a client or prospective client may have regarding the above. Separate Account Managers. Bridgewater may allocate a portion of a client’s investment assets among unaffiliated independent investment managers in accordance with the client’s designated investment objective(s). In such situations, the Independent Manager[s] shall have day-to- day responsibility for the active discretionary management of the allocated assets. Bridgewater shall continue to render services to the client relative to the ongoing monitoring and review of account performance, asset allocation and client investment objectives. Factors that Bridgewater shall consider in recommending Independent Manager[s] include the client’s designated investment objective(s), management style, performance, reputation, financial strength, reporting, pricing, and research. The investment management fee charged by the separate account manager is separate from, and in addition to, Bridgewater’s advisory fee as set forth in the fee schedule at Item 5 below. Portfolio Activity. As part of its investment advisory services, Bridgewater will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, fund manager tenure, style drift, account additions/withdrawals, and/or a change in the client’s investment objective. Based upon these factors, there may be extended periods of time when Bridgewater determines that changes to a client’s portfolio are neither necessary nor prudent. Of course, as indicated below, there can be no assurance that investment decisions made by Bridgewater will be profitable or equal any specific performance level(s). Client Obligations. In performing our services, Bridgewater shall not be required to verify any information received from the client or from the client’s other professionals, and is expressly authorized to rely thereon. Moreover, it remains each client’s responsibility to promptly notify Bridgewater if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.