a) Background Morant Wright Management Limited (“MWM,” “we” or the “Firm”), was founded in 1999 by Stephen Morant and Ian Wright, the principal owners, and specializes in Japanese equities and equity related securities. The Firm provides investment advice to certain collective investment funds (the “Funds”) and segregated accounts for a range of clients. The Firm also manages the assets of several individually managed accounts comprised in part of US Foundations and other US corporate entities. The Firm also acts as a sub-adviser to the assets of other investment advisers. b) Advisory Services The Firm focuses its investment strategy on Japanese equities through a disciplined research-based approach to stock selection The Firm seeks to generate absolute returns by investing in undervalued Japanese companies that have strong balance sheets and/or business franchises. Stock selection is based on bottom up, fundamental analysis and starts with the balance sheet. Price to Book and Enterprise Value/Operating Profit ratios are given prominence. MWM are value investors with a keen interest in preserving capital. The Firm looks to identify companies whose share prices offer potential for significant appreciation over the longer term, but without undue risk. c) Tailored Advice and Client-Imposed Restrictions Each MWM Fund and Separate Account has its own investment objectives, strategies, and restrictions. MWM prepares offering materials with respect to each Fund that contains more detailed information, including a description of the investment objective and strategy or strategies employed and related

restrictions. These serve as a limitation on MWM’s management. Separate Account Clients can also impose restrictions on MWM’s management through client agreements, investment policy statements, investment guidelines or otherwise. While Separate Accounts may be reasonably tailored based on the individual needs of a client, as agreed with MWM, none of the Funds is tailored to the individualized investment needs of any particular investor (“Investor”). An investment in a MWM Fund does not create a client-adviser relationship between MWM and an Investor. Further discussion of the strategies, investments and risks associated with an MWM Fund or Separate Account is included in the relevant materials for each type of Client. Clients and Investors must consider whether a particular MWM Fund or advisory relationship is appropriate to their own circumstances based on all relevant factors including, but not limited to, the Client’s or Investor’s own investment objectives, liquidity requirements, tax situation and risk tolerance. Prospective Clients and Investors are strongly encouraged to undertake appropriate due diligence, including but not limited to a review of relevant offering materials for the Funds or the client agreements, investment policy statements, investment guidelines for Separate Accounts and the additional details about MWM’s investment strategies, methods of analysis and related risks in Item 8 of this Brochure, before making an investment decision. d) Wrap Fee Disclosure Not applicable. e) Assets Under Management As of July 31, 2023, MWM had $4,646,759,085 in assets under advisement (“AUM”).