A. Description of the Advisory Firm Whittier Advisors, LLC (“Whittier” or the “Firm”), a Delaware limited liability company, is an investment management firm with offices in California. The Firm is a wholly owned subsidiary of Whittier Holdings, Inc., a privately held corporation (the “Holding Company”). The Firm was formed on November 15, 2021. B. Types of Advisory Services Whittier provides investment management services on both a discretionary and non- discretionary basis, as agreed to with the client. Whittier primarily provides discretionary investment management to open-end investment companies (i.e., mutual funds). Whittier also offers discretionary investment management services to high net worth individuals and trusts. In addition, Whittier offers discretionary fixed income investment management to Whittier Trust Company (“WTC”) and The Whittier Trust Company of Nevada, Inc. (“WTCNV”), each of which is an affiliate of Whittier, for the benefit of their respective clients pursuant to subadvisory agreements with WTC and WTCNV. Whittier also provides non-discretionary research analysis, reports, recommendations and other investment advice including, without limitation, fixed income and equity securities, industry and sector analysis, and related asset due diligence to WTC and WTCNV pursuant to these subadvisory agreements. WTC is a California state-chartered trust company, and WTCNV is a Nevada state-chartered trust company, both of which offer investment, wealth management, fiduciary, family office and philanthropic services to high net-worth families and foundations. All companies are wholly owned subsidiaries of the Holding Company. Registered Investment Companies. The Firm is the investment adviser to the Ambrus Tax-Conscious National Bond Fund, the Ambrus Core Bond Fund and the Ambrus Tax-Conscious California Bond Fund (each, a “Fund” and collectively, the “Funds”) and provides investment advice based on the investment objectives and restrictions as set forth in each Fund’s prospectus and statement of additional information. Separate Account Management. Typically, when providing investment management services, Whittier has discretion to select securities to buy and sell for a client’s account, subject to certain restrictions, limitations or other requirements clients may impose with respect to their individual accounts. Overall investment strategies recommended to clients emphasize long-term ownership of a diversified portfolio of investments that seeks to provide superior long-term, after-tax risk- adjusted returns. Whittier generally recommends broad diversification via a long- term asset allocation strategy, diversified across asset classes, sectors, and individual securities. Whittier may recommend various asset classes, market capitalizations, market styles, and geographic regions to provide diversification. Client portfolios with similar investment objectives may own different securities and investments. The Whittier Advisors, LLC | 2 client’s portfolio size, tax sensitivity, risk tolerance, investment preferences, and time horizon all influence Whittier's investment recommendations. Fixed Income Separate Account Management for the Benefit of WTC and WTCNV Clients. Pursuant to sub-advisory agreements, the Firm will provide discretionary investment management for certain fixed income portfolios of WTC’s and WTCNV’s trust and agency clients through a suite of model-driven fixed income portfolios (the “FI Strategies”) subject to reasonable restrictions that WTC’s and WTCNV’s clients may impose on how the applicable FI Strategy will be managed in the applicable portion of the client’s portfolio. The Firm offers three separate fixed income investment strategies through the FI Strategies, each of which is also offered through corresponding Funds for which the Firm serves

as the investment adviser. Whittier also makes available fixed income strategies based on reasonable client requests. These strategies generally take the form of laddered treasury portfolios (e.g., 1-5 year laddered U.S. treasury bonds), short term municipal bond portfolios (e.g., 1-2 year California municipal bonds), high quality corporate bond portfolios (e.g., A+ rated or better 1-3 year U.S. corporate bonds) or similar common fixed income strategies. Services for separately managed accounts will include some or all of the following:
• Assisting the client in developing and modifying investment objectives, guidelines and restrictions for fixed income investments.
• Implementing the client’s fixed income investment strategy through the purchase and sale of securities and other financial instruments, the exercise of options, warrants, and subscription rights, and the investment and re-investment of cash balances for the account based on the FI Strategy selected.
• Providing information and instructions to the client or its custodian (or trustee) so that transactions for the account are settled in an accurate and timely manner.
• Reconciling its records with those of the client or its custodian (or trustee) on a periodic basis.
• Reviewing each account’s respective portfolio holdings so that the account’s portfolio remains consistent with the client’s investment strategy, as well as the client’s investment objectives, guidelines and restrictions.
• Furnishing reports to the client on a periodic basis concerning account activity and performance. WTC and WTCNV pay the Firm a portion of the fees it receives as compensation for these services, as described in the agreement between such companies and the Firm. Non-Discretionary Research and Analysis. Pursuant to a services agreement, the Firm will furnish its affiliates, WTC and WTCNV, with non-discretionary research Whittier Advisors, LLC | 3 analysis/reports, recommendations and other investment advice including, without limitation, fixed income and equity securities, industry and sector analysis, and related alternative asset due diligence. WTC and WTCNV pay the Firm a portion of the fees it receives as compensation for these services, as described in the agreement between WTC and the Firm. The Firm provides investment advisory and management services to the Funds and other clients through a written Investment Advisory Agreement (the “Agreement”) executed by both the Firm and the client. C. Client Tailored Services and Client Imposed Restrictions Advisory services are tailored to achieve the clients’ investment objectives. With respect to the Funds, Whittier has the authority to select which and how many securities and other instruments to buy or sell without consultation with the Funds or their investors. With respect to separate accounts and the FI Strategies, clients will typically provide the Firm with specific investment parameters in the form of investment guidelines, or in the case of the Funds, the prospectus and related offering documents. The investment guidelines may include, for example, restrictions on investing in certain assets, such as product types, issuers or securities or transaction types with certain attributes. The investment guidelines form a part of the Firm’s management agreement with a client and Whittier will manage the accounts within these confines. Clients should be aware, however, that certain restrictions can limit the Firm’s ability to act and as a result, the account’s performance may differ from that of other accounts that have not limited the Firm’s discretion. D. Wrap Fee Programs The Firm does not participate in wrap fee programs. E. Amounts Under Management As of February 29, 2024, Whittier has approximately $862 million of regulatory assets under management on a discretionary basis and $0 on a non-discretionary basis.