ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

Firm Overview We are a discretionary institutional global asset manager registered as an investment adviser with the SEC under the U.S. Investment Advisers Act of 1940, as amended (referred to in this brochure as the Advisers Act). Our principal place of business is located at 200 Clarendon Street, 30th Floor, Boston, Massachusetts. We were founded in 1999. Ownership Structure and Leadership We are organized as a Massachusetts limited partnership whose general partner is Arrowstreet Capital GP LLC (a Delaware limited liability company) and whose sole limited partner is Arrowstreet Capital Holding LLC (a Delaware limited liability company), the ultimate owner of our firm. Arrowstreet Capital Holding LLC is the sole member of, and wholly-owns, Arrowstreet Capital GP LLC. Arrowstreet Capital Holding LLC is wholly-owned and controlled by our senior management team and non-executive directors. No member of Arrowstreet Capital Holding LLC owns more than 25% of its voting membership interests. Our management team consists of Messrs. Brandon J. Hall, Chief Executive Officer, and Derek A. Vance, Chief Investment Officer. Our board of directors currently consists of three executive directors, Brandon J. Hall, Peter L. Rathjens and Derek A. Vance, and six non-executive directors, John Y. Campbell, Bruce E. Clarke, Helen Crossen, Sarah Fromson, Anthony W. Ryan and Tuomo O. Vuolteenaho. Effective July 1, 2026, Peter L. Rathjens will transition from an executive director to a non-executive director in connection with his retirement from a part-time position within our investment team. Description of Advisory Services Overview. We offer institutional investors a select range of equity investment strategies managed as follows:

Long-Only – seek to outperform equity benchmarks with long-only portfolios.

Alpha Extension – seek to outperform equity benchmarks by relaxing the short-sale constraint to specified limits, which involves economic leverage (various implementations of this investment approach are offered to investors, whereby such implementations vary by either the equity benchmark, investible universe and/or net and gross equity exposure).

Beta Neutral – seek to produce absolute returns and outperform short-term cash benchmarks.

Our investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into our proprietary return, risk and transaction cost models. Our investment approach involves creating diversified equity portfolios. We utilize a structured investment process that attempts to add value relative to a client portfolio specific benchmark. This involves identifying opportunities across companies, sectors, countries and currencies by evaluating a diverse set of fundamental and market-based predictive factors. Client portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Depending on the client portfolio, we transact in a variety of instruments, including global equity securities (including common stock, preferred stock, rights, warrants, exchange traded funds, closed-end funds, depositary receipts, real estate investment trusts, collective investment funds and other pooled vehicles), equity swaps, spot and forward foreign exchange contracts, exchange traded equity index futures contracts and other derivatives. We effect transactions in derivatives pursuant to the terms customarily set forth in established legal frameworks, such as the International Swaps and Derivatives Association form (ISDA Master Agreement) and the International Foreign Exchange Master Agreement form (IFEMA) and, where applicable, negotiated agreements with futures commission merchants or other financial intermediaries. Our research focuses on identifying, testing, and incorporating investment signals into our quantitative return and risk models. We incorporate what we believe to be the best investment insights into our clients’ portfolios with the objective to deliver sustainable alpha on a risk-controlled basis.

-4October 2026

Responsible Investing Considerations. All alpha and risk signals, including those associated with environmental, social and corporate governance (ESG) information, are evaluated in a systematic and rigorous manner prior to inclusion in our process. We have found that some of our existing expected return signals are correlated with ESG measures. The most conspicuous examples are our quality signals, which tend to be somewhat correlated with the “G” (Governance) component of ESG. We also include signals derived from ESG characteristics and carbon information in our risk model. Any potential signal associated with ESG characteristics will be evaluated in a manner consistent with other signals prior to inclusion in our investment process. When directed to do so by clients, we can also employ exclusionary screens, group restrictions, continuous penalties, ESG-tilted benchmarks, or a combination of these approaches to accommodate a variety of client-specific responsible investment considerations. We manage a number of portfolios that use these approaches to help satisfy clients’ ESG-related objectives. We have a Responsible Investing Committee that meets periodically to discuss our approach to various ESG-related matters, both in our investment process and in our internal business practices. We are a signatory to the Principles for Responsible Investment for client reporting purposes. Tax Considerations. Although our investment process may seek to selectively incorporate certain approximate tax information, such as information relating to stamp duties and/or estimated dividend withholding taxes, we do not aim to comprehensively reflect tax information in portfolio construction. Additional information pertaining to taxrelated risks and other certain material risks that are related to our investment strategies is included within Item 8. Separately Managed Portfolios and Pooled Investment Funds Prospective clients may, depending on their desired investment strategy and funds available for investment, choose to have a separately managed portfolio or invest through a pooled investment fund for which we are the promoter and the investment adviser (referred to in this brochure as the Arrowstreet Sponsored Funds). We do not invest the assets of separately managed portfolios in Arrowstreet Sponsored Funds; however, clients can choose to invest directly in an Arrowstreet Sponsored Fund while at the same time maintaining a separately managed portfolio. Please refer to Item 7 for a discussion of the types of institutional clients for which we serve as investment adviser. Separately Managed Portfolios. A separately managed portfolio is a client-specific portfolio individually managed according to one of our offered equity investment strategies. Separately managed portfolio clients grant us discretionary authority to manage and invest client assets allocated to their specific portfolio, subject to the clients’ stated investment objectives and investment guidelines. Each separately managed portfolio is subject to the terms of an investment management agreement or other similar agreement between us and the relevant client. While we generally do not customize advisory services to the individual needs of our clients, clients may impose restrictions on investing in certain securities, instruments, or derivatives (or types of securities, instruments, or derivatives) or other limitations. Please refer to Item 16 for more information regarding our investment discretion over client portfolios. Pooled Investment Funds. We are the investment adviser to, and promoter of, the Arrowstreet Sponsored Funds. Each Arrowstreet Sponsored Fund is managed according to one of our offered equity investment strategies. Certain of the Arrowstreet Sponsored Funds are structured, from a legal and regulatory perspective, to take into consideration the domicile and certain tax and/or regulatory characteristics of the likely potential investors. A brief description of each Arrowstreet Sponsored Fund is as follows: Arrowstreet Collective Investment Trust A group trust under Internal Revenue Service Revenue Ruling 81-100 organized under the laws of the State of Maine and designed to permit U.S.-based defined benefit and defined contribution plans to commingle assets for investment purposes on a tax-exempt basis. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered equity investment strategies. Arrowstreet U.S. Group Trust A group trust under Internal Revenue Service Revenue Ruling 81-100 organized under the laws of the State of New York and designed to permit U.S.-based employee benefit plans and certain governmental plans to commingle assets for investment purposes on a tax-exempt basis. This fund family has an umbrella structure with multiple investment

-5October 2026

funds, each utilizing one of our offered equity investment strategies. Arrowstreet Investment Trust A trust organized in series under the laws of the State of New Hampshire and designed to permit institutional investors to commingle assets for investment purposes on a tax-transparent basis. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered equity investment strategies. Arrowstreet Canadian Pooled Funds A unit trust formed under the laws of Manitoba and designed for Canadian investors such as pensions or charities to commingle assets for investment purposes in a separate pool and for Canadian investors which are not pensions or charities to commingle assets for investment purposes in a separate pool. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered equity investment strategies. Arrowstreet Common Contractual Fund A common contractual fund organized under the laws of Ireland and established as a UCITS (an undertaking for collective investment in transferable securities) pursuant to the European Communities (UCITS) Regulations, 2011, designed for non-U.S. institutional investors generally. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered equity investment strategies. Arrowstreet Capital Global Equity Long/Short Fund Limited Arrowstreet Capital Global Equity Long/Short Fund (Feeder) Limited Each is a Cayman Islands exempted company with limited liability. This fund has a master-feeder structure with the feeder fund designed for U.S. and non-U.S. institutional investors generally. The master fund has a global beta neutral equity strategy. Arrowstreet Capital Brattle (US Feeder) II L.P. A Delaware limited partnership that is a feeder fund for Arrowstreet Capital Global Equity Long/Short Fund Limited and which is designed for U.S. and non-U.S. institutional investors. Arrowstreet Capital ESG Global Equity Long/Short Fund Limited Arrowstreet Capital Global Equity Long/Short Greenway Fund Limited Each is a Cayman Islands exempted company with limited liability. This fund has a master-feeder structure with the feeder fund designed for U.S. and non-U.S. institutional investors generally. The master fund has a global beta neutral equity strategy. Arrowstreet Capital Global Equity Alpha Extension Fund Limited Arrowstreet Capital Global All Country Alpha Extension Fund (Cayman) Limited Arrowstreet World Small Cap Equity Alpha Extension Fund (Cayman) Limited Arrowstreet ACWI Alpha Extension Fund III (Cayman) Limited Arrowstreet ACWI Alpha Extension Fund V (Cayman) Limited Arrowstreet Capital Newbury Fund Limited Arrowstreet Developed Markets Alpha Extension Fund (Cayman) Limited Each is a Cayman Islands exempted company with limited liability, designed for U.S. institutional investors and nonU.S. institutional investors generally. Each fund has an alpha extension equity strategy which seeks to outperform an equity benchmark more efficiently than a long-only portfolio by relaxing the short-sale constraint to specified limits, which involves economic leverage. Arrowstreet Capital Global Equity Alpha Extension Fund (US Feeder) L.P. A Delaware limited partnership that is a feeder fund for Arrowstreet Capital Global Equity Alpha Extension Fund Limited and which is designed for U.S. and non-U.S. institutional investors generally. Arrowstreet Capital Copley Fund Limited Arrowstreet Capital Copley Fund (Feeder) Limited

-6October 2026

Read the rest in the brochure

Advisory Fees Advisory fees are structured as asset-based fees or as performance-based fees/incentive allocations (which also have an asset-based fee component), depending on the client portfolio. We generally invoice advisory fees for separately managed portfolios on a quarterly basis, typically in arrears. Depending on the Arrowstreet Sponsored Fund, advisory fees may be paid directly by the investor in such fund to our firm under a separately negotiated fee agreement, or by the applicable fund to our firm in accordance with the terms of such fund’s offering documents. Where advisory fees are paid directly by the Arrowstreet Sponsored Fund investor to our firm, such fees are typically invoiced on a quarterly basis, in arrears. Where advisory fees are paid by the applicable Arrowstreet Sponsored Fund to our firm, such fees are paid in accordance with the terms of such fund’s offering document. If requested by a client, advisory fees may be charged in advance (generally not to exceed one quarter) of investment advisory services performed. We do not request, knowingly accept or exercise the authority to deduct, or instruct the deduction of, advisory fees

-8October 2026

from client portfolios managed by us (including Arrowstreet Sponsored Funds). While advisory fees are generally negotiable and the investment amount is a non-exclusive, non-binding factor that is considered when establishing the advisory fee, our current standard annual advisory fees for each investment strategy, whether managed as a separately managed portfolio or with respect to an investment in an Arrowstreet Sponsored Fund, are described below. Investment Strategy*

Separately Managed Portfolio Advisory Fees (in USD)**

Arrowstreet Sponsored Fund Advisory Fees (in USD)**

0.80% first $500 million 0.70% thereafter

0.80% for investments up to $75 million 0.73% for investments of $75 - $125 million 0.66% for investments of $125 - $200 million 0.62% for investments of $200 - $275 million 0.57% for investments of $275 - $375 million 0.53% for investments exceeding $375 million

0.24% first $500 million 0.22% on the next $500 million 0.20% thereafter

Not currently offered via Arrowstreet Sponsored Fund

0.80% first $500 million 0.70% thereafter

Not currently offered via Arrowstreet Sponsored Fund

0.80% first $500 million 0.70% thereafter

0.90% for investments up to $75 million 0.82% for investments of $75 - $125 million 0.75% for investments of $125 - $200 million 0.72% for investments exceeding $200 million

Offered via Arrowstreet Sponsored Fund

0.90% for investments up to $75 million 0.85% for investments of $75 - $125 million 0.80% for investments of $125 - $200 million 0.75% for investments of $200 - $275 million 0.70% for investments of $275-$375 million 0.68% for investments exceeding $375 million

0.35% first $250 million 0.30% thereafter

0.45% for investments up to $75 million 0.40% for investments of $75 - $125 million 0.35% for investments of $125 - $200 million 0.30% for investments of $200 - $275 million 0.25% for investments of $275 - $375 million 0.20% for investments exceeding $375 million

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of:

Long-Only ACWI ACWI ex U.S. EAFE World (Closed to new investment) Global Low Active Risk (Closed to new investment) Global Minimum Volatility (Closed to new investment) Global Small Cap (Closed to new investment) Emerging Markets (Closed to new investment)

U.S.

Alpha Extension ACWI 130-30 World 130-30 Global Minimum Volatility 130-30

0.35% for investments up to $100 million 0.30% for investments of $100 - $250 million 0.25% for investments of $250 - $500 million 0.20% for investments exceeding $500 million ACWI ex U.S. 130-30 EAFE 130-30

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of:

(Closed to new investment)

0.35% for investments up to $100 million 0.30% for investments of $100 - $250 million 0.25% for investments of $250 - $500 million 0.20% for investments exceeding $500 million

-9October 2026

Investment Strategy* Global Small Cap 130-30 (Closed to new investment)

Separately Managed Portfolio Advisory Fees (in USD)** Offered via Arrowstreet Sponsored Fund

Arrowstreet Sponsored Fund Advisory Fees (in USD)** An annual performance fee that is typically 20% plus an asset-based fee of: 0.35% for investments up to $100 million 0.30% for investments of $100 - $250 million 0.25% for investments of $250 - $500 million 0.22% for investments exceeding $500 million

ACWI 140-40 World 140-40

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 0.40% for investments up to $100 million 0.35% for investments of $100 - $250 million 0.30% for investments of $250 - $500 million 0.25% for investments exceeding $500 million

ACWI 150-50 World 150-50

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 0.45% for investments up to $100 million 0.40% for investments of $100 - $250 million 0.35% for investments $250 - $500 million 0.30% for investments exceeding $500 million

ACWI ex U.S. 250-150

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 1.25% for investments up $50 million 1.10% for investments of $50 - $100 million 1.00% for investments exceeding $100 million

EAFE + Canada 140-40

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of:

(Closed to new investment)

EAFE 150-50 Emerging Markets 150-50

0.40% for investments up to $100 million 0.35% for investments of $100 - $250 million 0.30% for investments of $250 - $500 million 0.25% for investments exceeding $500 million Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of:

(Closed to new investment)

Emerging Markets 250-150

0.55% for investments up to $100 million 0.50% for investments of $100 - $250 million 0.45% for investments of $250 - $500 million 0.40% for investments exceeding $500 million Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 1.35% for investments up $50 million 1.20% for investments of $50 - $100 million 1.10% for investments exceeding $100 million

-10October 2026

Investment Strategy* U.S. 130-30

Separately Managed Portfolio Advisory Fees (in USD)** Offered via Arrowstreet Sponsored Fund

Arrowstreet Sponsored Fund Advisory Fees (in USD)** An annual performance fee that is typically 20% plus an asset-based fee of: 0.25% for investments up to $100 million 0.20% for investments of $100 - $250 million 0.15% for investments of $250 - $500 million 0.10% for investments exceeding $500 million

U.S. Small Cap 130-30

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 0.30% for investments up to $100 million 0.25% for investments of $100 - $250 million 0.20% for investments of $250 - $500 million 0.15% for investments exceeding $500 million

U.S. 150-50

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 0.35% for investments up to $100 million 0.30% for investments of $100 - $250 million 0.25% for investments of $250 - $500 million 0.20% for investments exceeding $500 million

U.S. 250-150

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 1.25% for investments up $50 million 1.10% for investments of $50 - $100 million 1.00% for investments exceeding $100 million

Beta Neutral Global Beta Neutral

Offered via Arrowstreet Sponsored Fund

An annual performance fee that is typically 20% plus an asset-based fee of: 1.25% for investments up $50 million 1.10% for investments of $50 - $100 million 1.00% for investments exceeding $100 million

__________________________________ * Descriptions of our equity investment strategies and the risks related to such strategies are set forth in Item 8. ** The performance fees described in this table are applicable for clients meeting the requirements of Rule 2053 under the Advisers Act and are typically calculated on cumulative long-term performance over an agreed upon benchmark net of certain fees and may also be subject to a high-watermark provision. Our investment management agreements generally allow either party to terminate our discretion over the applicable client portfolio upon prior written notice to the other party. The required notice period for termination varies across client agreements. If a client portfolio terminates on a date other than the end of the specified period used to determine the market value of the client portfolio for the purpose of calculating our advisory fee, such amounts payable to us will be calculated in accordance with the applicable fee agreement or offering document. In cases where the fee is based upon the value of assets under management, such fee will typically be prorated. In cases where the fee is based upon performance of the assets under management (typically as compared to the applicable designated benchmark), such fee will be calculated in accordance with the requirements set forth in the applicable fee agreement or offering document. Similarly, in the event a client portfolio is terminated where advisory fees have been paid in advance, a refund will be processed such that fees for the period are prorated in accordance with the applicable fee agreement or offering document. For billing purposes, the market value of a client portfolio is

-11October 2026

determined using records maintained by the applicable client custodian or administrator (or in the case of Arrowstreet Sponsored Funds, the applicable fund administrator) unless we and the client agree otherwise (and in such case, the records of our middle-office service provider are used). Other Fee Arrangements From time to time, we negotiate special fee arrangements with clients, including performance fee arrangements meeting the requirements of Rule 205-3 under the Advisers Act. Please refer to Item 6 below for additional information regarding performance fees. Fee information regarding Arrowstreet Sponsored Funds is set forth in the offering documents of the applicable Arrowstreet Sponsored Funds. Depending on the Arrowstreet Sponsored Fund, advisory fees may be paid directly by the investor in such fund to our firm under a separately negotiated fee agreement, or by the applicable fund to our firm in accordance with the terms of such fund’s offering documents. Copies of the offering documents can be obtained by select, qualified investors upon written request. Prospective investors are required to demonstrate their potential eligibility prior to investing in the applicable Arrowstreet Sponsored Funds. Third-Party Fees and Expenses In addition to advisory fees paid to us, separately managed portfolios and Arrowstreet Sponsored Funds pay other fees, costs and expenses to third parties in connection with the management of their portfolios. Clients are generally responsible for all fees, costs and expenses external to us relating to the management of the applicable client portfolio. Such fees, costs and expenses include brokerage commissions and spreads (including spreads on foreign exchange transactions) incurred on behalf of the client portfolio by us, as agent (please refer to Item 12 for more information relating to our brokerage practices). Fees, costs and expenses can also include amounts incurred directly by separately managed portfolio clients or indirectly by investors in Arrowstreet Sponsored Funds, such as:

custody fees, which may include overdraft charges;

administrator fees;

transaction fees and other related costs;

transfer fees and other related transaction costs;

clearinghouse fees; and

taxes (including stamp, duty and transfer taxes).

Arrowstreet Sponsored Funds are also subject to certain additional fees and expenses, which include, depending on the particular fund, audit fees, legal fees, regulatory compliance fees, director fees, insurance fees, fees for investment management, administration, trustee, custodial, tax and related services, including external pricing, subscription and redemption fees, other third-party professional fees, as well as private placement or other fees paid to local regulators (e.g., with respect to investors from certain Canadian provinces). In addition, separately managed portfolios and Arrowstreet Sponsored Funds will be charged advisory fees and other expenses by third-party pooled investment funds (such as exchange traded funds, mutual funds and closed-end funds) in which the client portfolio is invested. These fees and expenses are described in the disclosure documents of such pooled investment funds. Investments in these third-party pooled funds are only made if allowable under the investment guidelines of the applicable client portfolio or the offering documents of the applicable Arrowstreet Sponsored Fund. As noted above, we do not invest the assets of separately managed portfolios in any Arrowstreet Sponsored Fund; however, clients can choose to invest directly in an Arrowstreet Sponsored Fund while at the same time maintaining a separately managed portfolio. Please refer to the offering documents of the applicable Arrowstreet Sponsored Fund for additional information regarding fees and expenses in connection with an investment in that fund.

-12October 2026

Read the rest in the brochure

Investment Process and Strategies We offer institutional investors a select range of equity investment strategies as described below. Investing in these strategies involves a risk of loss of capital as markets can be volatile and can go down. Risks relating to our equity investment strategies are more fully described below in this Item 8. Our investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into our proprietary return, risk and transaction cost models. Our investment approach involves creating diversified equity portfolios. We utilize a structured investment process that attempts to add value relative to a client portfolio specific benchmark. This involves identifying opportunities across companies, sectors, countries and currencies by

-13October 2026

evaluating a diverse set of fundamental and market-based predictive factors. Client portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. We use the same general investment process for each of our equity strategies, varying the implementation according to client benchmark, restrictions, investment objectives and investment guidelines. We offer the following equity investment strategies to clients through separately managed portfolios and/or the Arrowstreet Sponsored Funds: Long-Only Strategies:

Global* – a global equity strategy which seeks to outperform benchmarks such as the MSCI All Country World Investable Market Index, MSCI World Investable Market Index, or other diversified global equity indices.

Global Low Active Risk* – a global equity strategy which seeks to outperform benchmarks such as the MSCI All Country World Investable Market Index or other diversified global equity indices, but with lower expected tracking error and value add targets than the Global strategy.

Global Minimum Volatility* – a global equity strategy which seeks to both provide lower systematic risk than a capitalization weighted equity benchmark and to outperform minimum volatility global equity benchmarks, such as the MSCI World Minimum Volatility Investable Market Index, MSCI All Country World Minimum Volatility Investable Market Index or other diversified minimum volatility global equity index, which are constructed with the objective of minimizing volatility risk.

Global Small Cap* - a small cap global equity strategy which seeks to outperform benchmarks such as the MSCI All Country World Small Cap Index, MSCI World Small Cap Index or other diversified global small cap equity indices.

Emerging Markets* – an emerging market equity strategy which seeks to outperform benchmarks such as the MSCI Emerging Market Investable Market Index or other diversified emerging market equity indices.

International* – an international equity strategy which seeks to outperform benchmarks such as the MSCI All Country World ex U.S. Investable Market Index, MSCI EAFE Investable Market Index or other diversified international equity indices.

U.S. – a U.S. equity strategy which seeks to outperform broad U.S. benchmarks, such as the Russell 3000 Index.

Alpha Extension Strategies:

Global – a global equity strategy which seeks to outperform benchmarks such as the MSCI All Country World Investable Market Index, MSCI World Investable Market Index or other diversified global equity indices more efficiently than long-only portfolios by relaxing the short-sale constraint to specified limits.

Global Minimum Volatility – a global equity strategy which seeks to (i) provide lower systematic risk than a capitalization weighted equity benchmark; (ii) outperform minimum volatility global equity benchmarks, such as the MSCI World Minimum Volatility Investable Market Index, MSCI All Country World Minimum Volatility Investable Market Index or other diversified minimum volatility global equity indices, and (iii) outperform global benchmarks more efficiently than long-only portfolios by relaxing the short-sale constraint to specified limits.

Global Small Cap* - a small cap global equity strategy which seeks to outperform benchmarks such as the MSCI All Country World Small Cap Index, MSCI World Small Cap Index or other diversified global small cap equity indices more efficiently than long-only portfolios by relaxing the short-sale constraint to specified limits.

Emerging Markets* – an emerging market equity strategy which seeks to outperform benchmarks such as the MSCI Emerging Market Investable Market Index or other diversified emerging market equity indices more efficiently than long-only portfolios by relaxing the short-sale constraint to specified limits.

-14October 2026

International* – an international equity strategy which seeks to outperform benchmarks such as the MSCI All Country World ex U.S. Investable Market Index, MSCI EAFE Investable Market Index, MSCI World ex US Investable Market Index or other diversified international equity indices more efficiently than long-only portfolios by relaxing the short-sale constraint to specified limits.

U.S. – a U.S. equity strategy which seeks to outperform broad U.S. benchmarks such as the Russell 2000 Index, Russell 3000 Index, S&P 500 Index or other broad U.S. index more efficiently than long-only portfolios by relaxing the short-sale constraint to specified limits.

Beta Neutral Strategy:

Global Beta Neutral – a global beta neutral equity strategy which seeks to produce absolute returns and outperform short-term cash benchmarks (e.g., FTSE 3-Month Treasury Bill Index). * Denotes strategies that are currently closed to new investment with the exception of certain international alpha extension strategies (i.e. ACWI ex U.S. 250-150) and certain emerging market alpha extension strategies (i.e. Emerging Markets 250-150) which remain open for new investment.

Depending on the client portfolio, we transact in a variety of instruments, including global equity securities (including common stock, preferred stock, rights, warrants, exchange traded funds, closed-end funds, depositary receipts, real estate investment trusts, collective investment funds and other pooled vehicles), equity swaps, spot and forward foreign exchange contracts, exchange traded equity index futures contracts and other derivatives. We effect transactions in derivatives pursuant to the terms customarily set forth in established legal frameworks such as the International Swaps and Derivatives Association form (ISDA Master Agreement) and the International Foreign Exchange Master Agreement form (IFEMA) or, where applicable, negotiated agreements with futures commission merchants or other financial intermediaries. As a global asset manager, we generally implement our trading programs through regularly scheduled rebalance sessions that involve trading client portfolios across multiple time zones, and in markets with varying trade settlement cycles. As a result, the timing of implementation of such rebalance sessions and other operational considerations may cause a client’s portfolio to experience short term economic leverage and/or custodial account cash overdrafts. There can be no assurance that the objectives associated with any strategies described above will be met. At any time, we may add strategies, remove strategies, or modify any of the strategies we employ, and this includes any of the strategies discussed above. Risks Related to Our Investment Strategies Our equity investment strategies involve the risks of investing in equities and currencies globally. In addition, our alpha extension strategies and beta neutral strategies involve the risk of shorting equities and leverage. Clients and prospective clients should be aware of, among others, the following material risks associated with our strategies. Risks Generally Applicable to Equity Strategies Investment Risk. Our investment approach (which is more fully described above) involves establishing a diversified equity portfolio for each client, taking into consideration the underlying portfolio terms, including any investment guidelines provided by the client. There can be no assurance that a client’s specific investment objectives will be achieved or that income or profits will be guaranteed. We make no representation that a client portfolio will be profitable or that losses will be avoided. Our past performance is not indicative of future results. As noted above, our investment process incorporates varying client benchmark preferences, restrictions, investment objectives and investment guidelines. These different considerations will likely result in investment positions or actions taken for one client portfolio which differ or directly contradict those taken for another client portfolio. For example, we may cause one client portfolio to take a short position in (or underweight) a security or instrument that is at that time owned or being purchased long (or overweight) by another client portfolio, or we may cause one client portfolio to purchase shares of preferred stock of an issuer while at the same time causing another client portfolio to purchase common stock of the same issuer. These positions and actions will sometimes adversely affect

-15October 2026

Read the rest in the brochure

We provide investment advisory services to a global institutional client base. Our clients consist of a broad range of institutional clients, including corporate pension plans, charitable institutions, foundations, endowments, state and municipal government entities, sovereign wealth funds, U.S. private funds and registered funds (such as U.S. registered investment companies), non-U.S. private funds and registered funds (such as UCITS), insurance companies and other U.S. and non-U.S. institutions. Please refer to Item 5 for information relating to minimum investment amounts for purposes of establishing a separately managed portfolio or for investing in an Arrowstreet Sponsored Fund.

Our advisory fees are typically calculated as a percentage of assets under management as more fully described above in Item 5. We enter into performance-based fee arrangements from time to time with qualified clients meeting the requirements of Rule 205-3 under the Advisers Act. Such arrangements are negotiated on a case-by-case basis with the particular client. While such arrangements will vary from client to client, they typically provide for a base fee based on the market value of the applicable client portfolio at specified periods, plus a performance fee based on the client portfolio return over an agreed upon trailing period which may be relative to a designated benchmark or customized index return and may also be subject to a high-watermark provision. Performance-based fees paid to investment advisers may be higher than the asset-based fees. Accordingly, certain performance-based fee arrangements create an incentive for us to recommend portfolio investments that are riskier or more speculative than those which would be recommended under a different fee arrangement. Such fee arrangements also create an incentive to favor higher fee-paying client portfolios over other client portfolios in the allocation of investment opportunities. However, our investment process and operational procedures are designed and implemented, in part, to ensure that clients are treated in a fair and equitable manner over time, including with respect to the allocation of investment opportunities. For more information about our investment process, please refer to Item 8. For more information about other potential conflicts, please refer to Item 11.

Broker, Dealer, Commodity Registrations We are registered as a commodity trading advisor and commodity pool operator with the U.S. Commodity Futures Trading Commission (CFTC), and we have management personnel that are registered as “approved principals,” “associated persons” and/or “swap associated persons” of a commodity trading advisor and a commodity pool operator with the CFTC. We are also an approved “swap firm” with the National Futures Association (NFA). Neither we nor any of our personnel are registered (or have a registration application pending) as:

a broker-dealer;

a registered representative of a broker dealer;

a futures commission merchant; or

an associated person of a futures commission merchant.

Other Material Relationships Arrowstreet serves as investment adviser to each Arrowstreet Sponsored Fund. Arrowstreet also has an active oversight role with regard to the Arrowstreet U.S. Group Trust and Arrowstreet Investment Trust. Members of our management team serve on the board of directors of each of the following Arrowstreet Sponsored Funds: Arrowstreet Capital Global Equity Long/Short Fund Limited, Arrowstreet Capital Global Equity Long/Short Fund (Feeder) Limited, Arrowstreet Capital Global Equity Alpha Extension Fund Limited, Arrowstreet Capital Global All Country Alpha Extension Fund Limited (a fund no longer offered to investors), Arrowstreet Capital Global All Country Alpha Extension Fund (Cayman) Limited, Arrowstreet World Small Cap Equity Alpha Extension Fund (Cayman) Limited, Arrowstreet ACWI Alpha Extension Fund III (Cayman) Limited, Arrowstreet ACWI Alpha Extension Fund V (Cayman) Limited, Arrowstreet Capital Global Equity Long/Short Greenway Fund Limited, and Arrowstreet Capital ESG Global Equity Long/Short Fund Limited, Arrowstreet Capital Copley Fund Limited, Arrowstreet Capital Copley Fund (Feeder) Limited, Arrowstreet Capital Newbury Fund Limited, Arrowstreet Developed Markets Alpha Extension Fund (Cayman) Limited, Arrowstreet Capital Exeter Fund Limited and Arrowstreet Capital Exeter Fund (Feeder) Limited. Arrowstreet Capital Brattle GP LLC is wholly owned by Arrowstreet Capital Holding LLC and is the general partner of Arrowstreet Capital Brattle (US Feeder) II L.P., Arrowstreet Capital Global Equity Alpha Extension Fund (US Feeder) L.P., Arrowstreet (Delaware) Alpha Extension Fund L.P., Arrowstreet EMK Alpha Extension Fund L.P., Arrowstreet International Equity EAFE Alpha Extension Fund L.P., Arrowstreet (Delaware) L/S Fund L.P and Arrowstreet (Delaware) Custom Alpha Extension Fund Q L.P.. Please refer to Item 4 for information relating to our corporate affiliates. Select, qualified investors may, upon written request to Arrowstreet, obtain copies of the offering documents relating to an Arrowstreet Sponsored Fund. Prospective investors are required to demonstrate their eligibility to invest in the applicable Arrowstreet Sponsored Fund prior to receiving such offering documents.

Overview of Code of Ethics We maintain a Code of Ethics that establishes fundamental standards of conduct for our firm and our personnel. Our fiduciary duties of loyalty and care require that we act at all times in good faith and in the best interests of our clients and place client interests first, avoiding conflicts of interest between personal and firm or client matters through effective management (or elimination) of such conflicts. Our Code of Ethics requires that we treat our clients fairly and equitably, and we must not systematically favor the interests of one client over another.

-31October 2026

We seek to foster a reputation of integrity and professionalism. The confidence and trust placed in our firm by our clients must be respected valued and protected. Upon joining our firm, personnel must read and acknowledge that they understand our Code of Ethics. Our personnel must also affirm their compliance with the Code of Ethics on a quarterly and annual basis. The Code of Ethics is designed to deter inappropriate behavior and promote honest and ethical conduct, including full, fair and accurate disclosure, compliance with applicable rules and regulations and reporting of Code of Ethics violations. Specifically, the Code of Ethics addresses, among other things:

nondisclosure of confidential firm, client and employee information, subject to applicable law (including whistleblower rules);

compliance with applicable law and regulations;

prohibition on insider trading and reporting and escalation procedures should firm personnel come into possession of material nonpublic information;

prohibition on market manipulation;

explanation of fiduciary obligations;

additional responsibilities for investment personnel including compliance with the CFA Institute’s Code of Ethics (when applicable);

restrictions and prohibitions relating to the giving and receiving of gifts and other inducements;

reporting and approval requirements for certain outside business activities;

restrictions on personal security trading and related preclearance procedures;

duty to report, and accountability for, violations of the Code of Ethics;

internal and external reporting requirements; and

record keeping.

A copy of our Code of Ethics is available to any client or prospective client upon request. Purchase of Securities for Own Account; Pre-Clearance We do not engage in securities transactions for our own account other than for internal corporate treasury cash management purposes. In addition, in order to accommodate tax or other regulatory purposes, Arrowstreet Capital Holding LLC has invested (and may invest in the future) a modest amount in certain of the Arrowstreet Sponsored Funds. Our personnel and affiliates may enter into transactions for their own account that are also recommended to, or purchased for, our clients, subject to the personal trading rules set forth in our Code of Ethics, including strict preclearance procedures and reporting requirements. For example, certain investment funds of the Arrowstreet Collective Investment Trust are available as investment options under the firm’s sponsored 401(k) plan. The expectation is that some 401(k) plan participants, including current employees, will invest in one or more of such investment funds (and such contributions would be subject to the employer “match” by the firm, as applicable under the terms of the plan). In addition, members and former members of Arrowstreet Capital Holding LLC (and their estate-planning vehicles) may invest in Arrowstreet Capital Brattle (US Feeder) II L.P, Arrowstreet Capital Copley Fund Limited, Arrowstreet Capital Exeter Fund Limited and Arrowstreet Capital Newbury Fund Limited, in each case, indirectly through investment vehicles created for such purpose. As a general rule, firm personnel (other than non-executive directors of our parent company and its affiliates) must obtain written pre-clearance from the Chief Compliance Officer (or their delegate) prior to effecting a transaction in most securities (defined broadly in our Code of Ethics). Pre-clearance for a transaction in a security is granted in certain limited cases in accordance with the pre-clearance rules set forth in our Code of Ethics. The Chief Compliance Officer (or their delegate) may deny or impose conditions on pre-clearance of any proposed trade if such trade would

-32October 2026

be, or would appear to be, inconsistent with applicable legal or fiduciary obligations. Firm personnel are required to report all personal securities transactions that have not otherwise been exempted from reporting to the Chief Compliance Officer (or their delegate) on a quarterly basis. Advisory Services We provide investment advisory services to many institutional clients. We give advice and take action with respect to certain client portfolios which might differ from the advice made or recommended or actions taken with respect to other client portfolios even though the investment objectives of such client portfolios may be the same or similar. We are not obligated to purchase or sell, or to recommend for purchase or sale, for a client portfolio any security which we may purchase or sell for a portfolio of any other client. Our other clients may at any time hold, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired or disposed of for another client. It is possible that we may cause a client to engage in short sales of, or take a short position (or underweight) in, an investment that is at that time owned or being purchased (or overweight) by other client portfolios managed by our firm, or vice versa. These positions and actions may adversely affect or benefit different clients at different times. In addition, purchases or sales of the same investment may be made for two or more client portfolios on the same date in the same or opposing directions. In effecting such transactions, it may not be possible, or consistent with the investment objectives of our various client portfolios, to purchase or sell securities at the same time or at the same prices. Aggregation of Trades; Trade Allocation Our investment process is designed to generate trade orders at the individual client portfolio level and then, at the time of order placement, to aggregate and execute as an aggregated (bunched) order those trade orders in the same security or contract, in the same direction, for multiple client portfolios. As described further in Item 12, there are limited instances where trades will not be executed as an aggregated (bunched) order. Where we allocate an investment opportunity among two or more clients, we act in good faith and endeavor to ensure that such allocation is fair and equitable to such clients. Please refer to Item 12 for additional information about our trade aggregation and allocation policies.

Best Execution Trade Execution Committee We maintain a Trade Execution Committee that meets quarterly to review and discuss execution matters, such as additions to and withdrawals from our approved broker, counterparty, futures commission merchant and futures execution broker trading list; performance and scorecard rankings for broker-dealers and counterparties; commission rates; allocation of order flow, broker/counterparty/futures commission merchant/futures execution broker operational issues and changes to our broker/counterparty/futures commission merchant/futures execution broker selection or execution monitoring processes, if any. A copy of our best execution policy is available to clients and prospective clients upon request. Broker and Counterparty Selection and Monitoring We select brokers, dealers, counterparties and futures commission merchants in accordance with the terms of our best execution policy. Our best execution policy acknowledges our fiduciary responsibility to take prudent steps to ensure that best execution is obtained on behalf of clients. Our determination of best execution is not based necessarily on lowest commission rates (or other direct costs), but more broadly on whether transactions as a whole represent the best qualitative and quantitative execution for the client portfolio. Securities Broker-Dealer Selection. Portfolio Management performs extensive due diligence regarding broker-dealer selection,

-33October 2026

usage, monitoring and evaluation by considering the full range and quality of a broker’s services. These considerations may include:

Execution capability, reliability and familiarity with specific markets

Integrity

Current and historical responsiveness

Historical effectiveness in executing orders

Commission rates

Transparency relative to order routing and venue execution

Financial condition

Brokerage and research services (as permitted under Section 28(e))

Operational capabilities

Ability to handle a high volume of transactions

Technology infrastructure

When a new executing broker is being considered for addition to our approved list of broker-dealers, Portfolio Management evaluates the broker’s expertise and capabilities and presents the information to the Investment Committee for review and approval. We communicate our trading processes and requirements to each broker-dealer. These requirements include, among other things, the format of our trade communications, the specific processes by which trades are communicated, our established parameters for trading, data requirements to support our post-trade transaction cost analysis and a list of persons authorized to communicate trades. Broker-Dealer Execution and Monitoring. On a monthly basis, Portfolio Management prepares post-trade analysis reports on the costs of implementing trading strategies. These post-trade analytics allow portfolio managers and other investment personnel to monitor broker-dealer performance against various execution benchmarks. These analyses consider such topics as how trading strategies performed during a specified period, overall trading costs in various markets, the costs associated with the delay in getting trades to the markets and the ability of broker-dealers to execute trades while minimizing market impact. These analyses are discussed with the Investment Committee and with the Trade Execution Committee. Scorecards that evaluate each broker-dealer are prepared by Portfolio Management. The scorecard results are shared with the relevant broker-dealers as part of a periodic evaluation process that ranks brokers and determines their allocation of order flow for the subsequent period. Through reference to the scorecard results, when necessary, broker-dealers are temporarily suspended and, if their performance does not subsequently improve, they are removed from the list of approved broker-dealers. The results of these scorecards and broker-dealer suspension measures are discussed periodically with the Trade Execution Committee. Broker-Dealer Restrictions. There may be instances where trading may be limited to the use of a single broker-dealer, or comparatively fewer broker-dealers than otherwise would be prescribed by our customary trading practices. For instance, there may be restrictions imposed by clients (or clients may explicitly direct us to use certain broker-dealers in trading the applicable portfolio), by local market rules or custom or by applicable laws and regulations. As a result, there may be fewer eligible broker-dealers available for trading and best execution may be more difficult to achieve under these circumstances. In cases of client-imposed limitations, which, we may not be able to accommodate in all instances, we will discuss the potential impact of such limitations with the client, including, as applicable, limitations on our ability to ensure the quality of executions. Exchange Traded Futures Contracts Subject to a client’s investment guidelines, we may trade exchange traded futures contracts for client portfolios. The

-34October 2026

selection and monitoring of executing brokers for futures transactions generally follows the same principles described above under “Broker-Dealer Selection” and “Broker-Dealer Execution and Monitoring” and is subject to monitoring reviews, scorecards and suspension and termination protocols. We currently utilize multiple futures execution brokers. There may be instances where we may be limited by local exchange rules to using a single futures execution broker based on the contract being traded for a client portfolio. For example, this would be the case for any exchange traded futures contract trading on a “non-give up” exchange. In such circumstances, the trade must be executed with the applicable futures commission merchant’s affiliated execution broker; such limitation may negatively impact our ability to ensure the quality of executions. Equity Swaps Subject to a client’s investment guidelines, we may trade equity swap contracts for client portfolios. The selection and monitoring of executing brokers for equity swap transactions generally follows the principles described above under “Broker-Dealer Selection” and “Broker-Dealer Execution and Monitoring” and is subject to monitoring reviews, scorecards and suspension and termination protocols. We may utilize multiple equity swap execution brokers. There may be instances where local exchange rules limit us to using only a single equity swap execution broker based on the contract being traded for a client portfolio. For example, this would be the case for any equity swap contract trading in a “non-give up” market in which case the trade must be executed with the applicable counterparty’s affiliated equity swap execution broker; such limitations may negatively impact our ability to ensure the quality of executions. Foreign Currency Foreign Currency Trading with Third-Party Counterparties Selected by Arrowstreet. Our practice with regard to foreign exchange trading (other than with respect to certain currencies described below) is to execute the majority of client portfolio trades through third-party counterparties that are selected on a case-by-case basis in accordance with the applicable “Broker-Dealer Selection” principles described above. Because foreign exchange trading is conducted on a principal/counterparty basis, the creditworthiness of a counterparty is an additional criterion in the selection process and is monitored by Portfolio Management on a regular basis. We believe that the discretion to utilize multiple third-party counterparties allows us more opportunity to improve execution quality for client portfolios than if we were limited to a single counterparty or if we delegated currency trading to client custodians. In proposing foreign exchange trades, Portfolio Management utilizes a proprietary optimization tool that considers, among other things, client portfolio holdings of foreign exchange contracts and where such data is available, counterparty credit risk, current price quotations and historical execution quality from our selected counterparties and finally, our forecasted transaction costs. We also periodically review price quotations received on an ongoing basis to evaluate the overall competitiveness of each counterparty’s pricing, per currency. As certain of these considerations vary across client portfolios, particularly as it relates to client portfolio holdings, on a given day we may trade foreign exchange contracts for the same currency, with the same maturity date, with different counterparties between client portfolios. Scorecards that analyze and evaluate counterparty competitiveness are prepared by members of the Portfolio Management team. The scorecard results are shared with the relevant counterparties as part of a periodic evaluation process and to provide post execution feedback to the counterparties. The results of these scorecards are discussed periodically with the Trade Execution Committee. There may be instances where trading may be limited to the use of a single counterparty or comparatively fewer counterparties than otherwise would be prescribed by our customary trading practices. For instance, there may be restrictions imposed by clients (or clients may explicitly direct us to use certain counterparties in trading the applicable portfolio) including as it relates to counterparty credit eligibility standards or other counterparty usage restrictions. In cases of client-imposed limitations, we will discuss the potential impact of such limitations with the client, including, as applicable, limitations on our ability to negotiate rates or otherwise ensure the quality of executions. In addition, due to operational considerations, foreign exchange trading related to margin-maintenance of non-United States dollar futures contracts may be conducted entirely with the futures commission merchant with which the futures trade is held.

-35October 2026

Foreign Currency Trading through Client Custodians. Certain emerging market currencies are executed through custodians chosen by our separately managed account clients to facilitate trade settlement or for cash management purposes. This limited usage of separately managed account clients’ custodians for trading such currencies is primarily due to:

country level exchange controls that restrict, or preclude, cross-border currency movements; and/or

the custodian’s ability to reduce operational risks associated with trading these currencies.

Read the rest in the brochure

We maintain in-house client relationship and business development personnel. We do not compensate third-parties such as finders and placement agents for client referrals. As described in Item 12 above, one or more Arrowstreet Sponsored Funds may utilize the capital introduction services of prime brokers to one or more Arrowstreet Sponsored Funds so long as no cash or other compensation is paid by the firm (or anyone acting on behalf of the firm) in connection with such services.

-40October 2026

There are no legal or disciplinary events that are material to a client’s or prospective client’s evaluation of our investment advisory business or the integrity of our management.

-30October 2026

We do not assign client portfolios to individual portfolio managers. Rather, client portfolios are reviewed on a regular basis by investment professionals and compliance professionals for investment performance purposes as well as for conformity with a client portfolio’s investment guidelines. Client portfolio records are reviewed on a daily basis in order to support trading activity and on at least a monthly basis in order to compare our portfolio records to those of the clients’ custodians or administrators and to support client reporting. Unless a client specifies otherwise, we provide each client with written monthly reports consisting of a portfolio holdings statement (including an investor-level statement for Arrowstreet Sponsored Fund Investors) and a comparison of the client’s portfolio with records of the client’s custodian and / or administrator (for separately managed portfolios). In addition, each client receives monthly and quarterly letters describing recent portfolio performance, account positioning and the market environment.

Separately Managed Portfolios Separately managed portfolio clients select and contract with custodians, prime brokers and futures commission merchants, as applicable, of their choice to maintain the assets that they appoint us to manage. Our authority with respect to such assets under the applicable investment management agreements is typically limited to issuing instructions to the custodians, prime brokers and futures commission merchants, as applicable, to effect or settle trades (and other matters relating thereto). As such, we generally do not have possession, or the authority to obtain possession, of assets held in such portfolios in our role as investment manager. We do, however, maintain certain controls to seek to protect against unauthorized access to such assets. For example, we maintain access controls around the systems used by Portfolio Management and Trade Compliance to execute and approve trades, in order to ensure that trades are authorized. We also reconcile our records of client assets to the records provided by client custodians, prime brokers, futures commission merchants and administrators, as applicable. We urge each client to carefully review such statements and compare such official custodial records to any portfolio statements that we may provide, noting that our statements may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies applicable to certain client assets. Arrowstreet Sponsored Fund Assets The Arrowstreet Sponsored Funds maintain their assets at third-party custodians, prime brokers and futures commission merchants, as applicable. The selection of such third-parties is ultimately determined by the governing body of the applicable Arrowstreet Sponsored Fund (e.g., the board of directors or other governing body of the applicable fund), and in many cases our firm or a member of our management team is a part of such governing body. Please refer to “Other Material Relationships” in Item 10 for more information in this regard. As a result of our relationship with the Arrowstreet Sponsored Funds, we seek to ensure that certain measures are taken to safeguard these assets. We seek to ensure that each Arrowstreet Sponsored Fund maintains its assets with a custodian, prime broker or futures commission merchant (as applicable) that meets the requirements of a “qualified custodian” for purposes of the Advisers Act, that each Arrowstreet Sponsored Fund (and underlying investment fund, as applicable) is audited on an annual basis and that investors receive audited financial statements within 120 days of the end of the relevant Arrowstreet Sponsored Fund’s fiscal year.

We accept authority to manage a client’s assets on a discretionary basis pursuant to a written investment advisory agreement, including the authority to determine the securities or other assets to be bought or sold and the total amount of securities or other assets to be bought or sold, subject in some cases to restrictions agreed with the client in advance and set forth in the applicable investment advisory agreement or supplemental policies applicable to the client. We will accept reasonable limitations on our authority through client portfolio investment guideline restrictions, provided that such restrictions are generally consistent with our investment process and investment objectives. Typical contract provisions include:

restrictions relating to what constitutes a permissible or authorized investment;

restrictions relating to borrowing, leverage, short selling, currency hedging and use of derivatives;

the client’s ability to provide written instructions to us regarding the management of the client portfolio (generally subject to our right to object to such instructions); and

selected exposure limits relative to the client’s chosen benchmark for the client portfolio.

We also have discretion in most cases to select broker-dealers, counterparties and futures commission merchants used to execute securities transactions and other transactions for our clients’ portfolios. Please refer to Item 12 for information relating to our broker-dealer/counterparty selection process.

-41October 2026

We also have discretion to restrict client portfolios from investing in certain securities for our own compliance purposes, which may include global regulatory sanctions (e.g., issuer or country-based sanctions) and management of conflicts of interest.

When given discretionary voting authority by a client, we vote securities held in client portfolios (including the Arrowstreet Sponsored Funds) consistent with our fiduciary duty of care and loyalty and in a manner consistent with the best interest of our clients, and, in the case of benefit plans subject to ERISA, in the best interest of their plan participants and beneficiaries. We may, in limited circumstances, accept client voting directions or guidelines for separately managed accounts. In most cases, we typically do not expect to receive directions or guidelines from clients regarding the voting of securities in client portfolios. As it relates to Arrowstreet Sponsored Funds, we do not accept voting directions or guidelines on an investor-by-investor basis. The authority to vote securities is typically set forth in the client’s investment management agreement or other written client communication. If such authority is vested in our firm, we engage an independent third-party proxy voting service to provide proxy voting services to the client portfolio. We have retained a leading global proxy service provider to provide proxy voting services to the client portfolios that we manage. Services provided include:

global monitoring of corporate voting events and public information affecting such events that affect the issuers of securities held in client portfolios as required to cast informed votes;

voting client portfolio securities, consistent with the service provider’s relevant voting policies and guidelines, in a timely manner; and

maintaining certain records concerning the foregoing required by applicable law, rule or regulation, including requirements under regulations adopted by the SEC and the DOL.

We believe that engaging a third-party proxy voting service provider is in the best interest of our clients because the service provider has a demonstrated comparative advantage relative to our firm’s resources and expertise in this area. In particular, the service provider has:

a large, dedicated team of experts, researchers and thought leaders in corporate governance matters utilizing both subject-matter and local market expertise;

global monitoring capabilities to identify corporate voting events, and public information related to such events, affecting issuers of securities held by client portfolios (including issuer proxy materials and updates thereto);

wide-ranging benchmark proxy voting guidelines developed using its internal experience and expertise, as well as input from institutional investors and global issuers, supporting well-researched and informed votes;

established proxy voting technology and operational platforms; and

appropriate compliance policies and procedures, including procedures for addressing material conflicts of interest in its business.

Further, we believe engaging a third-party service provider for proxy voting services is in the best interests of our clients because corporate matters subject to shareholder votes tend to be less impactful to our investment process and our stated risk adjusted return objectives for our client portfolios. Our investment process utilizes quantitative methods that identify and incorporate investment signals into proprietary return, risk and transaction cost models. Our investment professionals do not typically engage in traditional equity asset management activities, such as researching individual companies, systematically reviewing or analyzing individual regulatory filings (such as annual and quarterly reports and proxy materials) or engaging directly with company executives. Our third-party service provider has a demonstrated comparative expertise in this area. We utilize the service provider’s automated voting process, through which the service provider generally completes and submits our client portfolios’ proxy votes in accordance with agreed upon voting policies without the votes being

-42October 2026

reviewed in advance by us. Since the service provider submits votes without our prior review, we do not analyze soliciting materials released by an issuer between the time the service provider makes its voting recommendation and the time the votes are submitted (and we do not have any particular comparative advantage in this area relative to the service provider’s established capabilities and processes). We do, however, assess (typically on an annual basis) the service provider’s procedures for reviewing such soliciting materials released by issuers, and we have instructed the service provider to cast votes as close to the voting deadline as is reasonably practicable, so that the service provider can take soliciting materials released by an issuer after the service provider has made its voting recommendation into account before finalizing voting decisions. Our service provider maintains a set of benchmark proxy voting policies that are published on its official website. These policies are typically updated annually through its internal review process which considers feedback from the institutional investor community and global issuers on corporate and governance best practices. We review these policies on an annual basis to determine whether we believe such policies are consistent with the objective of maximizing shareholder value and, as applicable, consistent with our obligations under ERISA. Unless instructed otherwise by a client (which is not typical among our clients), we apply the service provider’s benchmark proxy voting policies uniformly across all client portfolios for which we have discretionary voting authority. We believe a uniform set of guidelines is appropriate because we apply the same uniform investment process across all client portfolios with the same uniform investment objective of maximizing risk adjusted returns for our client portfolios. For client portfolios that require a more customized policy (e.g., to address client specific policy matters), we will seek to collaborate with such client and the service provider to apply an existing specialty policy or to implement a custom policy to address such requirements, consistent with our investment process. With respect to Arrowstreet Sponsored Funds, proxy voting policies are applied only at the fund level and different voting policies are not applied on an investor-by-investor basis. Certain ESG voting matters are taken into account in our service provider’s standard benchmark proxy voting policies. In addition, upon the request of a client, we can implement (through the third-party service provider) enhanced ESG specific voting procedures with respect to the securities held in such client’s portfolio. For such clients, we contract with the service provider to cast votes based on a mutually agreed service provider specialized proxy voting policy. The service provider then monitors events affecting the issuers of securities, as required, to make decisions on voting securities, cast informed votes and maintain necessary records on the votes cast. As disclosed in the applicable Arrowstreet Sponsored Fund’s offering documents, ESG specific voting procedures have been implemented in certain Arrowstreet Sponsored Funds that orient their portfolios on the basis of certain ESG factors. We do not expect to add ESG specific voting procedures to our other Arrowstreet Sponsored Funds. We pay for the cost of our service provider’s proxy voting services, except in the case of individually tailored proxy voting guidelines, in which case the cost of such service may be negotiated with the client. We or our proxy voting service provider may determine that voting any particular security is not in a client’s best interest, or voting may be subject to other limitations and, as a result, the proxy voting service provider may refrain from voting certain securities. The following are some limitations on the ability to vote proxies, or for votes to be registered, on behalf of client portfolios. This is not intended to be an exhaustive list.

Shareblocking. We may, in certain cases, refrain from voting if voting could potentially restrict our ability to sell a particular security for a certain duration. This is often the case in markets that follow the practice of “shareblocking” for certain matters. Since voting rights or trading rights can be affected when securities are subject to shareblocking, we generally instruct our proxy service provider to refrain from voting in matters requiring shareblocking.

Securities Lending. Certain clients engage in securities lending programs, under which shares of an issuer could be on loan while that issuer is conducting a proxy solicitation. As part of the securities lending program, if the securities are on loan at the record date, the client portfolio lending the security cannot vote that proxy.

Prime Broker Rehypothecation. Certain client portfolios whose securities held at a prime broker may be subject to rehypothecation. Shares of an issuer could be rehypothecated while that issuer is conducting a proxy solicitation. If securities are rehypothecated at the record date, the proxy for that security cannot be

-43October 2026

voted.

Costs of Voting Proxies; Powers of Attorney and Other Documentation. Our ability to vote proxies on behalf of client portfolios is dependent on the specific requirements within each jurisdiction being satisfied. If we determine that the monetary and/or nonmonetary costs of voting in a particular case are likely to exceed the expected economic benefits of voting, our proxy service provider may not vote. This is likely to occur, for example, in cases where particular documentation, a registration or a power of attorney is required for proxy voting in certain markets or specific meetings and such documents have been provided (or facilitated). As neither we nor our proxy service provider is privy to the specific client/custodian arrangements, it is the responsibility of the client and/or the client custodian to ensure the necessary documentation is in place for voting purposes.

Timely Communication of Proxies by Custodian. Our ability to vote proxies on behalf of the client portfolios that we manage is dependent, in part, on the effective and timely communication of proxies and related materials from the client’s custodian to our proxy service provider. We may be unable to vote client proxies if such proxies and related materials are not received or are received too late to act thereon. It is the responsibility of the applicable client custodian to vote proxies in accordance with instructions received from our proxy service provider.

Portfolio Termination. In the event of a portfolio termination, we will manage proxies for any meeting having a record date on or prior to the effective date of such termination (which includes voting proxies for meetings occurring after such effective date, if the meeting record date occurred prior to termination). Reporting on such proxy votes following a portfolio termination is available upon request.

As a result of utilizing a third-party proxy voting service provider, we believe conflicts of interest between our firm and a client in the proxy voting context will be rare. In the event such conflicts of interest arise, such as if the proxy service provider notifies us of a conflict of interest involving a proxy recommendation, we will exercise discretion as to whether following the proxy service provider is in the best interests of our clients. We provide clients with monthly reports of votes cast on securities in their client portfolios. Clients can also contact Regulatory Compliance by calling 617-919-0000 or via email at regcompliance@arrowstreetcapital.com to obtain a copy of our proxy voting policy, the proxy voting guidelines of our service provider or to obtain a record of how proxies were voted for their client portfolios.

We are not aware of any financial condition that is reasonably likely to impair our ability to meet contractual commitments to our clients. We have not been the subject of a bankruptcy petition at any time. *

*

*

-44October 2026

200 Clarendon Street, Boston MA 02116 617-919-0000 www.arrowstreetcapital.com

Form ADV Part 2B Brochure Supplement October 9, 2026

This brochure supplement to the Form ADV Part 2A Brochure provides information about supervised persons of Arrowstreet Capital, Limited Partnership (Arrowstreet). If you have any questions about the contents of this brochure supplement or would like an additional copy of Arrowstreet’s Form ADV Part 2A Brochure, you may contact Kimberly Kelley, Arrowstreet’s Chief Compliance Officer, by telephone at 617-919-0000 or by electronic mail at regcompliance@arrowstreetcapital.com.

Form ADV Part 2B Brochure Supplement

October 2026

Item 1 – Cover Page Derek A. Vance 200 Clarendon Street, Boston MA 02116 617-919-0000 www.arrowstreetcapital.com October 9, 2026 Item 2 – Educational Background and Business Experience Mr. Vance (born 1985) currently serves as Arrowstreet’s Chief Investment Officer and chairs the firm’s Investment Committee. He has been with the firm since April 2008. Prior to Arrowstreet, Mr. Vance worked for Goldman Sachs Asset Management from July 2007 to April 2008 as an analyst in the quantitative investment strategies group. Mr. Vance holds an A.B. from Harvard College and is a CFA charterholder. Arrowstreet is registered as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Arrowstreet is also an Approved Swap Firm (ASF) with the NFA. Mr. Vance is an NFA “approved principal”, an NFA “associate member” and an NFA “registered associated person” of Arrowstreet in its capacity as a CTA and CPO. Mr. Vance is also a “swap associated person” of Arrowstreet in its capacity as an ASF. Additional information can be found on the NFA’s website (www.nfa.futures.org). Item 3 – Disciplinary Information Not applicable. Item 4 – Other Business Activities Not applicable. Item 5 – Additional Compensation Not applicable. Item 6 – Supervision Arrowstreet’s investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into its proprietary return, risk and transaction cost models. Portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Trading programs are generally implemented into client portfolios through scheduled rebalance sessions. Arrowstreet utilizes a team approach to the implementation of its investment process and the management of client portfolios. Mr. Vance is the firm’s Chief Investment Officer and is responsible for the investment advisory activities of the firm and its team of investment professionals. Mr. Vance reports to the firm’s board of directors.

Form ADV Part 2B Brochure Supplement

-2October 2026

Item 1 – Cover Page Christopher J. Malloy 200 Clarendon Street, Boston MA 02116 617-919-0000 www.arrowstreetcapital.com October 9, 2026 Item 2 – Educational Background and Business Experience Mr. Malloy (born 1974) currently serves as the Head of Research and is a member of the firm’s Investment Committee. He has been with the firm since September 2019. Prior to Arrowstreet, Mr. Malloy was the Sylvan C. Coleman Chaired Professor of Financial Management at Harvard Business School from July 2007 to September 2019. Mr. Malloy holds a B.A. in Economics from Yale University, and an M.B.A. and Ph.D. in Finance from University of Chicago. Arrowstreet is registered as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Arrowstreet is also an Approved Swap Firm (ASF) with the NFA. Mr. Malloy is an NFA “associate member” and an NFA “registered associated person” of Arrowstreet in its capacity as a CTA and CPO. Mr. Malloy is also a “swap associated person” of Arrowstreet in its capacity as an ASF. Additional information can be found on the NFA’s website (www.nfa.futures.org). Item 3 – Disciplinary Information Not applicable. Item 4 – Other Business Activities Not applicable. Item 5 – Additional Compensation Not applicable. Item 6 – Supervision Arrowstreet’s investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into its proprietary return, risk and transaction cost models. Portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Trading programs are generally implemented into client portfolios through scheduled rebalance sessions. Arrowstreet utilizes a team approach to the implementation of its investment process and the management of client portfolios. The firm’s Chief Investment Officer, Derek A. Vance, is responsible for the investment advisory activities of the firm and its team of investment professionals. Mr. Vance reports to the firm’s board of directors.

-3October 2026

Item 1 – Cover Page Julia Yuan 200 Clarendon Street, Boston MA 02116 617-919-0000 www.arrowstreetcapital.com October 9, 2026 Item 2 – Educational Background and Business Experience

Ms. Yuan (born 1989) currently serves as the Head of Alpha Development in our Research group and is a member of the firm’s Investment Committee. She has been with the firm since July 2012. Ms. Yuan holds a B.A. in economics and in finance from Guanghua School of Management, Peking University, a Master of Finance from Massachusetts Institute of Technology and is a CFA charterholder. Arrowstreet is registered as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Arrowstreet is also an Approved Swap Firm (ASF) with the NFA. Additional information can be found on the NFA’s website (www.nfa.futures.org). Ms. Yuan is an NFA “associate member” and an NFA “registered associated person” of Arrowstreet in its capacity as a CTA and CPO. Ms. Yuan is also a “swap associated person” of Arrowstreet in its capacity as an ASF. Additional information can be found on the NFA’s website (www.nfa.futures.org). Item 3 – Disciplinary Information Not applicable. Item 4 – Other Business Activities Not applicable. Item 5 – Additional Compensation Not applicable. Item 6 – Supervision Arrowstreet’s investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into its proprietary return, risk and transaction cost models. Portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Trading programs are generally implemented into client portfolios through scheduled rebalance sessions. Arrowstreet utilizes a team approach to the implementation of its investment process and the management of client portfolios. The firm’s Chief Investment Officer, Derek A. Vance, is responsible for the investment advisory activities of the firm and its team of investment professionals. Mr. Vance reports to the firm’s board of directors.

-4October 2026

Item 1 – Cover Page Brandon Berger 200 Clarendon Street, Boston MA 02116 617-919-0000 www.arrowstreetcapital.com October 9, 2026 Item 2 – Educational Background and Business Experience

Mr. Berger (born 1989) currently serves as Arrowstreet’s Head of Portfolio Management and is a member of the firm’s Investment Committee. He has been with the firm since June 2013. Prior to Arrowstreet, Mr. Berger served as a derivatives trader at ABR Management LLC from January 2011 through May 2013 and at Toro Trading LLC from January 2010 through December 2010. Mr. Berger holds an MBA in finance from the Fordham Gabelli School of Business and a B.S. in business administration, finance and international business from Fordham University. Arrowstreet is registered as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Arrowstreet is also an Approved Swap Firm (ASF) with the NFA. Mr. Berger is an NFA “associate member” and an NFA “registered associated person” of Arrowstreet in its capacity as a CTA and CPO. Mr. Berger is also a “swap associated person” of Arrowstreet in its capacity as an ASF. Additional information can be found on the NFA’s website (www.nfa.futures.org). Item 3 – Disciplinary Information Not applicable. Item 4 – Other Business Activities Not applicable. Item 5 – Additional Compensation Not applicable. Item 6 – Supervision Arrowstreet’s investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into its proprietary return, risk and transaction cost models. Portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Trading programs are generally implemented into client portfolios through scheduled rebalance sessions. Arrowstreet utilizes a team approach to the implementation of its investment process and the management of client portfolios. The firm’s Chief Investment Officer, Derek A. Vance, is responsible for the investment advisory activities of the firm and its team of investment professionals. Mr. Vance reports to the firm’s board of directors.

Form ADV Part 2B Brochure Supplement

-5October 2026

Item 1 – Cover Page Samuel B. Thompson 200 Clarendon Street, Boston MA 02116 617-919-0000 www.arrowstreetcapital.com October 9, 2026 Item 2 – Educational Background and Business Experience

Mr. Thompson (born 1972) currently serves as Arrowstreet’s Head of Investment Processes and is a member of the firm’s Investment Committee. He has been with the firm since June 2006. Prior to Arrowstreet, Mr. Thompson served as an Associate Professor of Economics at Harvard University. Mr. Thompson holds a Ph.D. in economics and a M.A. in statistics from the University of California, Berkeley, and a B.A. in economics from Yale University. Arrowstreet is registered as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Arrowstreet is also an Approved Swap Firm (ASF) with the NFA. Mr. Thompson is an NFA “associate member” and an NFA “registered associated person” of Arrowstreet in its capacity as a CTA and CPO. Mr. Thompson is also a “swap associated person” of Arrowstreet in its capacity as an ASF. Additional information can be found on the NFA’s website (www.nfa.futures.org). Item 3 – Disciplinary Information Not applicable. Item 4 – Other Business Activities Not applicable. Item 5 – Additional Compensation Not applicable. Item 6 – Supervision Arrowstreet’s investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into its proprietary return, risk and transaction cost models. Portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Trading programs are generally implemented into client portfolios through scheduled rebalance sessions. Arrowstreet utilizes a team approach to the implementation of its investment process and the management of client portfolios. The firm’s Chief Investment Officer, Derek A. Vance, is responsible for the investment advisory activities of the firm and its team of investment professionals. Mr. Vance reports to the firm’s board of directors.

Form ADV Part 2B Brochure Supplement

-6October 2026