FirmOwnership
Mondrian Investment Partners Limited (“Mondrian”), a limited company organized underthelawsofEngland&Wales,wasfoundedandSECregisteredin1990underthe nameDelawareInternationalAdvisersLtd,affiliatedwithDelawareInvestments.


In September 2004, senior management together with a minority investor purchased DelawareInternationalAdvisersLimited.Inconnectionwiththistransaction,Delaware International Advisers Limited’sname waschangedto MondrianInvestment Partners Limited. In July 2011, senior management purchased the minority investor’s investment and the business became employee owned through an employee partnership (Atlantic Value Investment Partnership LP) of approximately 100 of its senior employees, including the majority of investment professionals, senior client serviceofficers,andsenioroperationspersonnel;AVGPLimitedisitsgeneralpartner.


Mondrian Investment Partners (U.S.), Inc. (an indirectly owned subsidiary of Atlantic ValueInvestmentPartnershipLP),isaPennsylvaniaSecuritiesCommissionregistered investmentadvisorandistheentitythatcarriesoutthemarketingandclientservices activities for the Mondrian group in North America. Mondrian Investment Partners (U.S.),Inc.doesnotprovideinvestmentadvisoryservices.


Mondrian serves as investment adviser to a variety of separately managed accounts, unregistered pooled investment vehicles, registered investment companies and collectiveinvestmenttrusts.Mondrianalsoservesasinvestmentadvisertoeachfund of Mondrian Funds PLC, an open‐ended investment company registered with the Central Bank of Ireland pursuant to the European UCITS Directive. Additional informationonthetypesofclientsadvisedbyMondrianisincludedinthesectionofthis brochureentitled“TypesofClients.”
InvestmentAdvisoryServices
Mondrianprovidesinvestmentmanagementservicestoabroadbasedgroupofglobal institutionalinvestors.Thisgroupincludesretirementplanassetsofcorporateentities, retirement plan assets of government entities, trusts, foundations, endowments, charitable organizations, insurance companies and other institutional investors.
Mondrianalsoactsasinvestmentsub‐advisertoU.S.basedinvestmentcompaniesand as investment adviser or sub‐adviser to limited partnerships and other on‐shore and offshorepooledinvestmentvehiclesandothernon‐U.S.clients.


GenerallyMondrianwillmanageassetsonafullydiscretionarybasis.Securitieswillbe selectedonaglobalbasisincludingmarketablesecuritiesofissuersthataredomiciled in both developed and developing countries. Equity and fixed income securities are utilized(accordingtoclientinvestmentobjectives)inthemanagementofsuchaccounts.
As of December 31, 2019 firm discretionary assets under management totalled US$ 54,401,086,141.
PortfolioConsultingServices
Mondrian currently provides portfolio consulting services to certain clients. Under these types of arrangements, Mondrian provides investment recommendations to the sponsor in the form of a model portfolio and periodically provides model updates.
Underthesearrangements,itisusuallythesponsor’sresponsibilitytoexecutetrades.
The service provided is classified as non‐discretionary investment advice because Mondriandoesnothavecontroloverwhetherthetradesareexecutedinlinewiththe compositionofthemodelportfolio.Inthisscenario,underlyingmodelportfolioclients arereceivinginvestmentmanagementservicesfromtheprogramsponsorratherthan directly from Mondrian. Mondrian will typically have little information about the sponsor’sclients.

SecuritiesLitigationStatement
Assetsheldonbehalfofclientsmaygiverisetolegalproceedingsincludingshareholder action against the issuerof a security (“Securities Litigation”).These cantake various forms,suchasclassactionsandgroupactions.ThisStatementoutlinesthemannerin whichMondrianapproachesSecuritiesLitigation.


MondrianisnotaSecuritiesLitigationexpert,doesnotgiveadviceregardingSecurities Litigation and is not obligated to take any action on behalf of clients with respect to Securities Litigation. Mondrian does not investigate, initiate or monitor Securities Litigationonbehalfofclients.SecuritiesLitigationcanbecomplex,involvingmultiple parties and multiple concurrent cases and requirements differ in each jurisdiction.
Securities Litigation can require active participation of claimants and may require provision of legal documentation to enter the action, discovery documentation and witness statements. This information may include confidential or proprietary information of the client or Mondrian or both. Some cases come with a financial obligation, either to pay your own costs, potentially to pay the other side’s costs, or both.


In Mondrian’s experience, Securities Litigation often requires a significant amount of Mondrian’s senior investment professionals’ time, particularly to provide witness statements. Mondrian considers that the time commitment required of its senior investment professionals in supporting Securities Litigation on behalf of clients could haveanegativeimpactontheirabilitytomanageclients’assets.Mondriansuggeststhat clients first discuss potential cases with Mondrian before obligating themselves or Mondriantoprovidediscoverydocumentationorwitnessstatements.
Mondrian is not obligated to file proofs of claim or other documents related to SecuritiesLitigation.Mondriansuggeststhatclientscontractwiththeircustodianora thirdpartytoundertakethisservice.
ThisSecuritiesLitigationStatementisreviewedperiodically. please register to get more info

InstitutionalSeparateAccounts
FortheprovisionofInvestmentAdvisoryServicesMondrianchargesafeebasedona percentageoftheassetsundermanagement.Incertainlimitedinstances,Mondrianwill negotiate a portion of thefee calculatedon a percentage of performance basis,which maybegreaterorlessthanthestandardfeeschedule.


Whereaninvestmentfirmhasclientswithaperformancefeearrangement,thereisa riskthatthoseclientscouldbefavoredoverclientswithoutperformancefeesasthereis thepossibilitythatsuchfeesmayexceedthefeesearnedfromotheraccounts.
The potential conflict of interest arising from performance fee arrangements is addressed by Mondrian’s procedures for the allocation of aggregated trades among clients. Investment opportunities are allocated totally independently of fee arrangements.


Investment management fees for separately managed investment accounts are generallycalculatedandpayablequarterlyinarrears.Feesareproratedforaperiodof lessthanafullquarterandintheeventofaterminationoftheinvestmentmanagement contract.Generally,thefeeisbaseduponthemarketvalueoftheaccountasoftheend of each calendar quarter, unless the client requests a different method of calculation.
Mondrian’sclientsmaychoosefortheMondrianorcustodianmarketvaluetobeused asthebasisofthefeecalculations.


Mondrianprovidesinvoicestoallitsclientswhoareabletoeitherelectforthefeesto be deducted from their custodian account or may opt to pay Mondrian directly (as specifiedintheirInvestmentManagementAgreement).


Mondrian’s separate account clients will incur brokerage and other transaction costs.
Item 12 further describes the factors that Mondrian considers in selecting or recommending broker‐dealers for client transactions and determining the reasonablenessoftheircompensation(e.g.,commissions).


InadditiontopayingMondrianamanagementfee,clientswillincurotherexpensesin relationtotheaccount.Theseincludetransactioncostsinconnectionwithmanaging theaccountsuchasbrokeragecommissions,taxesandmarketcharges.


AsdescribedinItem15below,Mondriandoesnotactascustodianofseparateaccount clients’assets.Clientsareresponsiblefornegotiatingtheircustodyagreements.These agreements typically include ticket charges for each transaction Mondrian executes, Custodians charges will also be affected by the type and number of markets which Mondrianmayrequesttobeopenedforittoinvest.

LimitedPartnerships
The compensation paid to Mondrian for serving as investment adviser to a limited partnershipisanasset‐basedfeethatispaiddirectlybyeachlimitedpartnergenerally basedonthequarterendmarketvalueofthelimitedpartner’scapitalaccount.

MutualFundFeesandExpenses
In a limited number of circumstances, and generally at the client’s request, Mondrian mayinvestinmutualfundsonbehalfofclientsforwhichMondrianactsasadviseror sub‐adviser.IntheseinstancesMondrianensuresthatfeesarewaivedattheaccount level (not the mutual fund level) for any client assets that are invested in one of the mutualfundsmanagedbyMondrian.


Fees for pooled vehicles are included in the offering memorandum or the fund prospectus.
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Mondriangenerallychargesfeesasaproportionofassetsundermanagement.Inavery limited number of situations, in addition to this fee basis, certain accounts also pay a performancebasedfee.


TheInvestmentAdvisersActof1940,asamendedrestrictsthepaymentofperformance basedfees,suchastheperformancecompensation,toinvestmentadvisersregistered undersuchact.However,SECRule205‐3permitsthepaymentofperformancebased compensationtoregisteredinvestmentadvisersprovidedthattheclientsmeetcertain financialqualifications.


Whereaninvestmentfirmhasclientswithaperformancefeearrangement,thereisa riskthatthoseclientscouldbefavoredoverclientswithoutperformancefeesasthereis thepossibilitythatsuchfeesmayexceedthefeesearnedfromotheraccounts.
The potential conflict of interest arising from performance fee arrangements is addressed by Mondrian’s procedures for the allocation of aggregated trades among clients. Investment opportunities are allocated totally independently of fee arrangements.
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Mondrianprovidesinvestmentmanagementservicestoabroadbasedgroupofglobal institutionalinvestors.Thisgroupincludesretirementplanassetsofcorporateentities, retirement plan assets of government entities, trusts, foundations, endowments, charitable organizations, insurance companies and other institutional investors.
Mondrianalsoactsasinvestmentsub‐advisertoU.S.basedinvestmentcompaniesand as investment adviser or sub‐adviser to limited partnerships and other on‐shore and offshorepooledinvestmentvehiclesandothernon‐U.S.clients.
Mondrian has previously typically required a minimum account size of $25 – 100 million(thisvariesbyproducttype)forinstitutionalaccountsorthatminimumannual feesbepaidwhichwouldbeequivalenttothosepaidona$25–100millionaccount.It isexpectedthatfromtimetotimetheminimumaccountsizemayvarydependingon the country in which the client is located and the nature, circumstances and requirements of individual clients. The vast majority of Mondrian’s institutional accounts are over $100 million. Mondrian has, from time to time increased the minimum account size for U. S. institutional accounts to an amount in excess of $50 million.TheminimumaccountsizegenerallyimposedonU.S.institutionalaccountsis currently set at $100 million for equity accounts, and $50 million for fixed income accounts. Mondrian may determine from time to time to alter the minimum account size, but any such minimum is not expected to be reduced to an amount below $25 million,exceptinexceptionalcircumstances.InconnectionwithMondrian’sinvestment managementservicestolimitedpartnerships,lowerminimumaccountsizesapply.
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Mondrianusesafundamentalvalue‐orienteddefensivemanagementstyleacrossitstwo principalmethodologicalgroups,EquityandFixedIncomeaswellasSystematicEquity.


Thebroadinvestmentphilosophyofthemanagementofportfoliosisoutlinedbelow:
EquityPhilosophyandManagementApproach
With respect to its International and Global Equity advisory services, Mondrian will follow an approach which incorporates a macroeconomic or “Top Down” analysis as wellasanindividualsecurityselectionor“BottomUp”valuation.Anapproximatelong termvalueaddedweightingof40%isexpectedtobegivento“TopDown”analysiswith 60%theresultof“BottomUp”analysisforInternationalEquity.


MondrianbelievestheuseofourDividendDiscountModelwillhelpusto:  Provide a long‐term rate of return meaningfully greater than the client’s domesticrateofinflation.
 Provideratesofreturnthataremoreconsistentthanratesofreturnprovidedby anunmanagedindex,suchastheEAFEindex.
 Preservecapitalduringprotractedmarketdeclines

Mondrianinvestsinstockswhereadividenddiscountanalysisisolatesvalueintermsof thelongtermflowofdividends.Dividendsandexpectedfuturedividendgrowthplayan importantroleinthedecisionmakingprocessand,overtime,thedividendcomponent isexpectedtobeameaningfulportionofexpectedtotalreturn.Currencyanalysisisalso an important factor. Mondrian uses a long term oriented “purchasing power parity” analysis in evaluating the most likely impact currency translation will have on the client’sportfolioholdingswhenconvertedbacktotheclient’sdomesticcurrency.


Fundamental research is conducted by Mondrian’s investment staff on a worldwide basis. Portfolio managers and analysts will typically conduct teleconferences, meet management or participate in company presentations with existing or potential investment opportunities. In‐house research will be augmented by use of research‐ orientedbrokeragehousesandconsultants,whichprovidesupplementalresearch.New ideascanalsobederivedfromtradejournals,financialnewspapers,magazinesandthe like. Corporate annual and financial reports are the main source of financial data, supplementedbyvariousmanualsanddatabasespublishedbyresearchservices.
International Equity client portfolios with similar investment objectives are managed usingacentralstrategy.Stocksareoftenheldforalongperiodoftimeandportfolio turnoverisexpectedtoapproximate10‐20%annually.EachInternationalEquityclient portfolio will normally have 35‐55 individual securities, except for focused portfolios, which normally have 30‐40 individual securities. By incorporating the US market, Global Portfolios would typically have 35‐50 securities and portfolio turnover is expected to approximate 20‐35% annually. The portfolio characteristics of a client portfoliomanagedbyMondriancanbeexpected,relativetootherinstitutionalportfolio managers,tonormallyexhibitthefollowingcharacteristics:  LowrelativePrice/Earningsratios.
 LowrelativePrice/Cashratios.
 HighrelativeDividendYield.


Mondrian’semergingmarketsequityinvestmentapproachisbroadlysimilartothe general equity style described above; however, in the emerging markets equity style “TopDown”and“BottomUp”analysiseachreceiveabouta50%weighting.Emerging markets portfolios contain approximately 45‐65 securities, except for focused portfolios,whichnormallyhaveapproximately40‐55securities.Turnoverisexpected toapproximate25‐40%peryear.


Mondrian’sinternationalsmallcapitalizationequityproduct’sinvestmentapproach is broadly similar to the general equity style described above; however, the international small capitalization product adopts an approximately 20%/80% “Top Down”/ “Bottom Up” allocation approach. The portfolios, while still relatively concentrated, contain about 70‐120 individual securities and turnover is expected to approximate20‐40%peryear.


Mondrian’s emerging markets small capitalization equity product’s investment approachisbroadlysimilartothegeneralequitystyledescribedabove;however,the emergingmarketssmallcapitalizationproductadoptsanapproximately(2/3rd/1/3rd) “Top Down”/ “Bottom Up” allocation approach. The portfolios, while still relatively concentrated,containabout70‐150individualsecuritiesandturnoverisanticipatedto approximate20‐40%peryear.


Mondrian’sUSsmallcapitalizationequityproduct’sinvestmentapproachisbroadly similartothegeneralequitystyledescribedabove;however,theUSsmallcapitalization product adopts an approximately 15%/85% “Top Down”/ “Bottom Up” allocation approach. The portfolios, while still relatively concentrated, contain about 30‐60 individualsecuritiesandturnoverisexpectedtobeapproximately20‐40%peryear.
Mondrian’s Global Infrastructure equity product’s investment approach is broadly similar to the general equity style described above, but more value is expected to be added from “bottom up” stock selection. Portfolios will typically contain 25‐40 individualsecuritiesandturnoverisexpectedtoapproximate20‐40%peryear.

SystematicEquityPhilosophyandManagementApproach
Mondrian’ssystematic equity portfolio construction methodology differs from the traditional Mondrian methodology, although it does isolate holdings from the investment universe that have typical Mondrian quality, earnings and value characteristics using a “Bottom Up” systematic approach. A diversified portfolio is constructedfromholdingsperceivedtobehighquality,valueanddefensive.Itinvests in a broad range of countries and sectors consistent with the core Mondrian equity philosophy. The portfolios typically contain more than 100 individual securities and turnoverisexpectedtotypicallyaverage45‐65%peryearoverthelong‐term.

FixedIncomePhilosophyandManagementApproach
With respect to its fixed income advisory services, Mondrian follows a broad‐based approachwhichincorporatesbothamacroeconomicor“TopDown”approach,aswell asanindividualsecurityselectionor“BottomUp”approach.Thethreeprimarygoalsin themanagementoffixedincomesecuritiesareto:  Providearateofreturnmeaningfullygreaterthantheclient’sdomesticrateof inflation.
 Structureclientportfoliosthatpreservecapitalduringprotractedinternational marketdeclines.
 Structureportfoliosthatperformbetterthananunmanagedindex,suchasthe FTSEWorldGovernmentBondindex.


Mondrian primarily uses a value‐oriented defensive management style. Mondrian’s investmentphilosophyisbasedonthebeliefthatinvestmentsneedtobeevaluatedin terms of their fundamental long‐term value. In the management of fixed income securities, Mondrian invests in securities where an inflation‐adjusted, discounted income stream analysis identifies value in terms of prospective real returns. This methodologyisappliedconsistentlyacrosscountries.


Mondrian uses medium term global inflation analysis to determine expected “real” returnsfromworldbondmarkets.Allocationstoglobalbondmarketsaremadeonthe basis of their real return potential in U.S. dollars (or in the currency of the client’s domicile,ifrequestedbytheclient).Thisisasinglemeasuretakingintoaccountboth Mondrian’smeasureofcurrencyvalueandlocalbondmarketvalue.Inthemanagement of globally oriented portfolios, currency analysis is often a critically important factor.
Mondrianuseslongtermorientedpurchasingpowerparityanalysissupplementedby real short term interest rate analysis in determining the most likely impact currency translation will have on the client’s portfolio holdings when converted back to the client’sdomesticcurrency.


Mondrian’sEmergingMarketDebtproducts’investmentapproachisbroadlysimilarto thegeneralfixedincomestyledescribedabove.Mondrianinvestsbothinlocalcurrency emergingmarketdebtinstruments,whereitusesarisk‐adjustedProspectiveRealYield methodology, and hard currency paper where it uses a Risk‐Adjusted Spread methodology that compares the spread over US treasuries against Mondrian’s assessmentoffundamentalcreditrisk.

GeneralInvestmentRisk
MarketRisk Mondrian is an active, long‐term value‐oriented investment manager. As with any investment approach, there is no guarantee of positive returns. There are numerous factorsthatcancausethevalueofaninvestmenttoincreaseordecrease,someofwhich aredescribedbelow.
InternationalInvesting Investinginsecuritiesofnon‐U.S.issuers,positionsinwhichgenerallyaredenominated inforeigncurrencies,andutilizationofforwardforeigncurrencycontracts,involveboth opportunitiesandrisksnottypicallyassociatedwithinvestinginU.S.securities.These include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from beingbroughtbacktotheUnitedStates.


EmergingMarketsRisk Thesecuritiesmarketsofemergingcountriesaresmaller,lessdeveloped,lessliquidand more volatile than the securities markets of the U.S. and other more developed countries.Disclosureandregulatorystandardsinmanyrespectsarelessstringentthan intheU.S.andothermajormarkets.Therealsomaybealowerlevelofmonitoringand regulation of the markets and the activities of investors in certain less developed countries,andenforcementofexistingregulationscanbeextremelylimited.


Assets maintained in certain emerging foreign countries also may be subject to other typesofrisksthateitherarenotpresentorlesspronouncedintheU.S.andothermore establishedmarkets,includingpoliticalandeconomicrisks(includingnationalizationof foreign bank deposits or other assets, and poor political and economic infrastructure and stability), commercial and credit risks (including poorly developed and regulated banksandfinancialsystems),liquidityrisks(includingrestrictionsonrepatriationand convertibility of currencies), legal and regulatory risks (including risks relating to evolving and/or undeveloped legal systems and regulatory frameworks) and operationalrisks(includingrisksrelatingtomaintenanceofshareholdertitle,clearing andsettlementproceduresandmarkettransparency).


InvestmentinInitialPublicOfferings,SecondaryOfferingsandNewIssues Mondrian may purchase the securities of issues during an initial public or secondary offeringofsecuritiesandnewissues.Thepricesofthesesecuritiesaretypicallymore volatileasaresultoftheshorttradinghistory.


RiskofNotMeetingFutureLiabilities To help clients ensure that they meet their future liabilities, analysis is conducted in inflation adjusted terms. Additionally equity analysis is considered under three scenarios:best,baseandworstcase.Thesescenariosarebasedonpolitical,economic, industry and on occasion company specific considerations. The range of returns betweenthecasesindicatestheriskinherentinamarketorsecurity.Iftherisksare considered significant, the firm will adjust allocation to a market or security accordingly. All portfolios are constructed to aim to maximize return consistent with eachclient’srisktolerance.Ifacountryisconsideredtoodangerousforthefirmtovisit from the perspective either of personal safety or of crime, Mondrian will not risk its clients’moneythereeither.
RisksCreatedbyDeviationfromanIndex Mondrianhasfoundthatconstraintsonminimum/maximumpercentageallocationscan control risk very effectively, without giving up return over a market cycle. These constraintsareafunctionofthesizeandliquidityofanyparticularcountryintheindex.
These minimum/maximum percentage allocations act as constraints on the degree of under/overweightingversusanindex.Substantialdeviationsfromtheindexwilloccur at times of extremes in valuation differences between countries. The firm does not believe that a low tracking error results in a meaningful reduction in absolute risk (standarddeviation),andtheportfoliosmaydivergesubstantiallyfromindexweightsif countriesorcompaniesdonotpresentuswithlongtermsustainableprospects.
CurrencyRisk Mondrianseekstocontrolcurrencyriskthroughdefensivecurrencyhedgingstrategy.
Mondriantypicallypurchasessecuritiesonanunhedgedbasis,asifamarketoffersgood value, the currency is likely to appreciate. However, if Mondrian believes that a currencyisextremelyovervalued,wemayinvestonahedgedbasis.Mondrianhedging strategyisbasedonrealexchangeratevaluationsfromproprietaryPurchasingPower Paritycurrencymodels.
Mondrian believes that in the medium to long term, currencies adjust to their purchasingpowerparities(PPP).Itisclear,however,thatcurrenciesdofluctuatequite significantlyaroundtheirpurchasingpowerfairvalue.Ourlongtermanalysisofvalue atthelocallevelisconvertedtotheclient'sbasecurrencyusingPPP.Inaddition,ifa currency is excessively overvalued, by more than two standard deviations, Mondrian may choose to participate in the value at the local level by purchasing assets in that currencyandhedgingthecurrencybackintoUSdollars.Thisisonlyusedasadefensive measuretoprotectrealreturns.Thislongtermapproachissupplementedbyashorter‐ term assessment of the key identifiable factors which result in deviations from purchasingpowerparity.


Inpractice,emergingmarketsequitycurrencyhedgingisofteneithertooexpensiveor notanavailabletool.Nevertheless,Mondrianmaybeabletoemployindirecthedgingof a vulnerable currency through individual stock investments. If a company earns a significantportionofitsrevenuesinUSdollars,forexample,anditscostsarebasedina currency that is expected to decline, its earnings would be positively geared to the falling domestic currency, rising even in US dollar terms. This “natural hedge” characteristic in many emerging market stocks, compared to stocks in developed markets,helpstocompensateforthedifficultyinhedging.


LiquidityRisk Liquidityriskistheriskassociatedwithalackofmarketabilityofsecuritieswhichmay makeitdifficulttosellaninvestmentatadesirabletimeorprice.


Someofthemarkets,exchangesorsecuritiesinwhichaMondrianmayinvestmaybe illiquidandpricesmaybehighlyvolatilefromtimetotime.Certaininvestmentsmaybe illiquid or thinly traded at the time of purchase or may subsequently become illiquid.Thismayaffectthepriceandtimeperiodinwhichholdingsmaybesold.
When building positions in illiquid securities or trading generally in such securities, Mondrian may be able to access liquidity via broker placements or block trades. In thesecircumstances,thenumberofsharesMondriantradescansignificantlyexceeda security’stypicaldailytradingvolume ForwardContractsonForeignCurrencies;ForeignExchange Mondrian may engage in interbank spot and forward contract markets for foreign currencies.
There is relatively little regulation with respect to trading of foreign exchange or entering into foreign exchange forward contracts. There are generally no margin requirements and generally no limitation on price movements of forward contracts.
Foreigncurrenciesandrelatedforwardcontractsarenottradedonexchanges;rather,a bankordealerwillactasagentorasprincipalinordertomakeortakedeliveryorin thecaseofaforwardcontract,futuredelivery,ofaspecifiedlotofaparticularcurrency for the portfolio. Such investments are subject to the risk of a principal's failure or inabilityorrefusaltoperformwithrespecttosuchcontracts.


Certain emerging market currencies have restrictions and controls over pricing and how they can be traded. These restrictions and controls may be put in place by the government of the relevant country but also result from the trading processes of custodians (and their sub‐custodians) which can make it, on a practical level, very difficult to trade with anyone but the custodian. Restricted currency trades are therefore managed through the portfolio’s custodian and are sometimes executed throughasub‐custodianbasedintherelevantcountry.Theexchangeratesaregenerally not negotiable so there is no flexibility in the rates achieved for trades in restricted marketcurrenciesandtheyarecostlierthanfornon‐restrictedcurrencies.


DerivativesRisk Althoughnotexpectedtorepresentamaterialportionofanoverallportfolio,Mondrian may use derivatives, which are financial contracts whose value depends on, or is derivedfrom,thevalueofanunderlyingasset,referencerate,orindex.Mondrianwill use derivatives to gain market exposure in certain emerging markets where direct investmentwouldbeburdensome,economicallyunviableorrestricted.TheInvestment Managermayusederivativesasdirectinvestmentstoearnincome,enhanceyieldand broaden diversification. In addition to the credit risk of the counterparty, derivatives involvetheriskofdifficultiesinpricingandvaluationandtheriskthatchangesinthe value of the derivative may not correlate perfectly with relevant underlying assets, rates,orindices.
NoFormalDiversificationPolicies Mondrianhasnotadoptedfixedguidelinesfordiversificationofitsinvestmentsamong issuers, industries, instruments, currencies or markets and may be heavily concentrated,atanytime,inalimitednumberofpositions.Inattemptingtomaximizea portfolio’s returns, Mondrian may concentrate the portfolio’s holdings in those industries,companies,instruments,currenciesormarketswhich,initssolejudgment, provide the best profit opportunity in view of a portfolio’s investment objectives. In addition,anyattemptstodiversifywillnecessarilybelimitedbytheinvestmentstrategy oftheportfolio.
CybersecurityRisk Mondriananditsserviceproviders’abilitytotransactonbehalfoftheportfolio,maybe negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents.Cybersecurityincidentsmayallowanunauthorizedpersontogainaccessto client assets, customer data, or proprietary information, or cause Mondrian or its serviceproviders,aswellasthesecuritiestradingvenuesandtheirserviceproviders,to sufferdatacorruptionorloseoperationalfunctionality.Acybersecurityincidentcould, among other things, result in the loss or theft of client or Mondrian data, employees being unable to access electronic systems (“denial of services”), loss or theft of proprietaryinformationorcorporatedata,physicaldamagetoacomputerornetwork system,orremediationcostsassociatedwithsystemrepairs.Anyoftheseresultscould haveasubstantialadverseimpacttoclientsandtheirrespectiveportfolios.


While Mondrian has established business continuity plans and risk management systemsseekingtoaddresstheseproblems,thereareinherentlimitationsinsuchplans andsystems,anditisnotpossibleforMondriantoidentifyallofthecybersecurityor otheroperational risks thatoccur or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which Mondrian invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which Mondrian invests, leading to significantlossofvalue.


ReclamationofForeignWithholdingTax Mondrian,withtheassistanceoftheCustodianand/orotherthirdparties,maychoose toattempttoreclaimwithholdingtaxesinalimitednumberofmarkets.Mondrianisnot obligatedtopursuewithholdingtaxreclaimsinanymarketandthereisnoguarantee any amounts can or will be reclaimed. Changes in law, treaty rates, tax status, filing obligations,anddeadlinesfortaxsubmissioncanallaffecttheamountofanytaxesthat canbereclaimedonbehalfofclients.


AttributionAnalysis Wealsolookatportfolioattributionanalysisindetailonamonthlybasisasanhistorical measureusingtheSylvanandFactsetattributionsoftware.Theattributionanalysisof portfoliosuccessesandfailurescanindicateareasrequiringmoreattentiontoachieve continuingimprovementintheproduct.

EquityInvestments
InvestmentsinEquitySecuritiesGenerally Common stock and similar equity securities generally represent the most junior position in an issuer's capital structure and, as such, generally entitle holders to an interestintheassetsoftheissuer,ifany,remainingafterallmoreseniorclaimstosuch assetshavebeensatisfied.Holdersofcommonstockgenerallyareentitledtodividends onlyifandtotheextentdeclaredbythegoverningbodyoftheissueroutofincomeor otherassetsavailableaftermakinginterest,dividendandanyotherrequiredpayments onmoreseniorsecuritiesoftheissuer.
SmallCompanyRisk Stocks of small cap companies tend to be more volatile and less liquid than stocks of largercompanies.Smallcapcompanies,ascomparedtolargercompanies,mayhavea shorterhistoryofoperations,maynothaveasgreatanabilitytoraiseadditionalcapital, may have a less diversified product line making them susceptible to market pressure andmayhaveasmallerpublicmarketfortheirshares.
InvestinginDepositoryReceiptsthrough"sponsored"or"unsponsored"facilities Asponsoredfacilityisestablishedjointlybytheissueroftheunderlyingsecurityanda depository, whereas a depository may establish an unsponsored facility without participationbytheissuerofthedepositedsecurity.HoldersofunsponsoredDepository Receipts generally bear all the costs of such facilities and the depository of an unsponsored facility frequently is under no obligation to distribute shareholder communicationsreceivedfromtheissuerofthedepositedsecurityortopassthrough votingrightstotheholdersofsuchreceiptsinrespectofthedepositedsecurities.


RisksRelatingtoSuspensionofStockMarkets CertainexchangesonwhichMondrianmayinvestcanhavetherighttosuspendorlimit trading in any security traded on the relevant exchange. In particular, trading band limitsareimposedbythestockexchangesonChinaAShares,wherebytradinginany ChinaASharesontherelevantstockexchangemaybesuspendedifthetradingpriceof the security fluctuates beyond the trading band limit. Such a suspension would make any dealing with the existing positions impossible and would potentially expose investmentstolosses.
InfrastructureCompanyRisk

Infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, difficultyinraisingcapitalinadequateamountsonreasonabletermsinperiodsofhigh inflation or unsettled capital markets, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies,service interruption due toenvironmental,operationalorother mishaps, and other factors. Additionally, infrastructure entities may be subject to regulation by various governmental authorities and may also be affected by governmentalregulationofrateschargedtocustomers;theimpositionofspecialtariffs andchangesintaxlaws,regulatorypoliciesandaccountingstandards;nationalization; andgeneralchangesinmarketsentimenttowardsinfrastructureassets.
MarketAccessProducts Mondrianmayinvestinvariousformsofmarketaccessproducts(MAPs).MAPscanbe structured in different forms, including participatory notes. MAPs issued by banks or broker‐dealersaredesignedtoreplicatetheperformanceofcertainnon‐U.S.companies tradedonanon‐U.S.exchange.
MAPsareatypeofequity‐linkedderivativethatgenerallyaretradedover‐the‐counter.
Even though a MAP is intended to reflect the performance of the underlying equity securitiesonaone‐to‐onebasissothatinvestorswillnotnormallygainorlosemorein absolutetermsthantheywouldhavemadeorlosthadtheyinvestedintheunderlying securities directly, the performance results of MAPs will not replicate exactly the performanceoftheissuersormarketsthatthenotesseektoreplicateduetotransaction costsandotherexpenses.Moreover,MAPsmaybeclassifiedinavarietyofwaysbythe counterparty, including as a debt instrument, even though the underlying security is common stock or another form of equity security. Investments in MAPs involve risks normallyassociatedwithadirectinvestmentintheunderlyingsecurities.Inaddition, MAPs are subject to currency risk and counterparty risk, which is the risk that the broker‐dealerorbankthatissuestheinstrumentwillnotfulfilitscontractualobligation to complete the transaction. MAPs may constitute general unsecured, unsubordinated contractualobligationsofthebanksorbrokerdealersthatissuethem,andMondrianis relyingonthecreditworthinessofsuchbanksorbroker‐dealersandmayhavenorights underaMAPagainsttheissuersofthesecuritiesunderlyingsuchMAP.Therecanbeno assurancethatthetradingpriceorvalueofMAPswillequalthevalueoftheunderlying valueoftheequitysecuritiestheyseektoreplicate.


ProxyVoting Local practices in foreign markets (such as a requirement to be physically present in order to vote, a need for foreign language translation of voting materials or complex shareregistrationprocedures)maymakeproxyvotingmoredifficultand/orcostlyin foreignmarkets.Unlessotherwiserequiredbylaworregulation,Mondrianmayrefrain fromvotingparticularproxiesifitbelievesthecostofvotingmayexceedtheexpected benefit of voting. In addition, it may be more difficult to exercise proxy voting rights with respect to Depository Receipts, especially if a portfolio holds the Depository Receipts through an "unsponsored" facility that is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.SeeItem17belowforfurtherinformationonproxyvoting RealEstateIndustryandREITRisks Mondrianmayholdsecuritiesissuedbycompaniesintherealestateindustry,including REITs, and, therefore, may be subject to risks associated with the ownership of real estate,suchasdecreasesinrealestatevalues,overbuilding,increasedcompetition,and other risks related to local or general economic conditions. The value of securities issued by companies in the real estate industry also may be affected by increases in propertyoperatingcostsandpropertytaxes,changesinrespectofzoninglaws,casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, and fluctuations in rental income. The ability to trade REITS and property companiesinthesecondarymarketalsocanbemorelimitedthanothersecurities.The liquidityofREITSandpropertycompaniesonthemajorstockexchangesisonaverage lessthanthetypicalstockquotedonaparticularindexonanexchange.Thismayalsobe thecaseinjurisdictionsotherthantheU.S.Inaddition,thevalueofaREITisaffectedby changesinthevalueofthepropertiesownedbytheREITormortgageloansheldbythe REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged,thereforeincreasingtheirrisk.
RisksAssociatedwithaSystematicStrategy Such strategies use a systematic methodology to select securities. The systematic methodology is generally backward‐looking using historical data to evaluate prospective investments or to generate forecasts which may not be predictive of a security’svalue.Inaddition,characteristicsthataffectasecurity’svaluecanchangeover time, and these changes may not be reflected in the systematic methodology. The systematicmethodologyincludesthejudgementanddiscretionofMondrianwhomay incorporate other issues and criteria to select securities. There is no guarantee that Mondrian’s use of the systematic methodology, or incorporation of other issues or criteria,willresultineffectiveinvestmentdecisions.
Mondrian regularly evaluates, adjusts and adapts the systematic methodology while seekingtoachievetheportfolio’sinvestmentobjective,including,withoutlimitation,to enhance or improve the data analysis, incorporate ongoing research, account for changestosecurities,marketsoreconomicconditions.


There is no guarantee that Mondrian’s evaluation, adjustments, adaptations, enhancementsorimprovementswillbesuccessfullyimplementedorhavethedesired effect.
The systematic methodology can be impacted by a variety of technical issues, both intentional and unintentional, such as the quality of data utilized, data being current, use of internet, technology and information networks and systems, cybersecurity breaches,strengthofpasswordandaccesscodes,datacorruption,physicaldamageto hardware, software or hardware bugs / malware, coding issues and contamination.
Thereisnoguaranteethatthesystematicmethodologywillbeabletoaverttechnical issuesandifimpacted,beabletorecoverfromthetechnicalissues.

Fixed‐IncomeInvestments
FixedIncomeRiskControl Althoughriskmaybedefinedinanumberofways(e.g.meanvariance,deviationfrom index),andvariousscenarioscanbeevaluated,MondriantypicallyusesTrackingError asourprimaryriskassessmentforfixedincomeportfolios.


Mondrianseekstocontroltrackingerrorrisk(deviationfromindex)usingaproprietary optimization program, which minimizes tracking error risk for a given target Prospective Real Yield, subject to minimum/maximum country allocation weightings.
Thoseweightingsdependontherelativesizeoftheparticularmarketintheindexand effectively constrain the degree of over/underweighting versus the index. Mondrian estimatesexantetrackingerrorusinghistoricco‐variancesofbondreturns,currencies anddurations.Mondrianconsidersmanydifferentscenarios,varyingourassumptions onwhathistoricdataMondrianuse.


CreditRisk Creditriskrelatestotheabilityoftheissuerofasecuritytomakeinterestandprincipal payments on the security as they become due. If the issuer fails to pay interest, a portfolio’sincomemightbereducedandiftheissuerfailstorepayprincipal,thevalue ofthatsecuritymightbereduced.
Mondrian seeks to control credit risk by employing strict diversification rules for sector/individual security allocations in the corporate bond arena. Mondrian constantlymonitorsportfoliocreditrisktoensurethatallocationsareprudent.
InterestRateRisk Debt securities also are subject to interest rate risk. Debt securities will increase or decreaseinvaluebasedonchangesininterestrates.Ifinterestratesincrease,thevalue oftheinvestmentsgenerallydeclines.Ontheotherhand,ifinterestratesfall,thevalue oftheinvestmentsgenerallyincreases.Securitieswithgreaterinterestratesensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, changes in the value of fixed income securities will not affectcashgenerated,butmayaffecttheperformanceoftheinvestment.
Mondrian seeks to control interest rate risk through our duration/maturity strategy.
Wewillemployahighduration/maturitystrategyinmarketsthathaverelativelyhigh Prospective Real Yields, to maximize the advantage. Similarly, Mondrian will adopt a low duration/maturity stance where Prospective Real Yields are relatively low, as a defensivemove.


CreditRatings Potentialinvestorsareadvisedthatratingsappliedtodebtsecuritiesarenotabsolute measuresofcreditqualityanddonotreflectallpotentialmarketrisks.Ratingsagencies mayfailtotimelyreflectchangesinanissuer'sunderlyingfinancialcondition.


InvestmentinLowerRatedSecurities Mondrian may invest in debt securities that are unrated or rated the lowest rating categorybyrecognizedratingsservicessuchasStandard&Poor'sorMoody's.Allsuch obligations,althoughhighyielding,canbecharacterizedbyacorrespondinglygreater riskofdefault.Inaddition,Mondrianmayhavedifficultydisposingoflowerqualitydebt securitiesbecausetheremaybeathintradingmarketforsuchdebtsecurities.Thelack ofaliquidsecondarymarketalsomayhaveanadverseimpactonmarketpricesofsuch instruments and may make it more difficult for accurate market quotations to be obtainedforpurposesofvaluingitsportfoliosecurities.Adversepublicityandinvestor perceptions, whether or not based on fundamental analysis, also may decrease the valuesandliquidityoflowerrateddebtsecurities,especiallyinathinlytradedmarket.


InvestmentinChinaInterbankBondMarket InvestmentsinChinesefixedincomesecuritiescanbeachievedthroughBondConnect, whichinvolvesuniquerisks.TheBondConnectProgramisrelativelynewandthereis no guarantee that this will continue. Investments in Bond Connect are subject to Chinese law and the relevant rules and regulations which govern this program are relativelyuntestedandsubjecttochangeatanytime.Thepotentiallackofliquiditydue tolowtradingvolumeofcertainbondsintheChinaInterbankBondMarketaswellas marketvolatilitycouldcausepricestofluctuatematerially.SettlementofBondConnect tradesisintheChinarenminbi(knownasRMB),whichisarestrictedcurrencyandnot freelyconvertible.Thiscreatescurrencyrisk,andusersofBondConnectmaynotbe able to access RMB. In addition, investments made through the Bond Connect are subject to comparatively untested trading, clearance and settlement procedures. An account’s ownership interest in bonds traded through Bond Connect will not be reflecteddirectly,andthusanaccountmayhavetorelyonathirdpartytoenforceits rights.Chinesetaxrulesareuncertainandcouldalsoresultinunexpectedtaxliabilities.
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Registeredinvestmentadvisersarerequiredtodiscloseallmaterialfactsregardingany legal or disciplinaryeventsthatwould bematerial to your evaluationof Mondrianor theintegrityofMondrian’smanagement.
MondrianhasnoinformationapplicabletothisItem.
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Mondrian and its affiliate, Mondrian Investment Partners (U.S.), Inc., a Pennsylvania Securities Commission registered investment advisor, are indirect wholly‐owned subsidiariesofAtlanticValueInvestmentPartnershipL.P.,anemployeeownedlimited partnership.RefertoItem4forfurtherdetailsonMondrianownership.


Mondrian is not registered, nor does it have an application pending to register, as a broker dealer. Mondrian is affiliated with Mondrian Investment Partners (U.S.), Inc.
(“MIP(U.S.)”.MIP(U.S.)doesnotprovideinvestmentadvisoryservices.MIP(U.S.)’ssole activityistocarryoutthemarketingandclientservicesactivitiesforMondrianinNorth America.MIP(U.S.)’ssoleclientisMondrian.


A number of MIP(U.S.)’s personnel are registered representatives of Foreside Fund Services, LLC (“Foreside”), a third‐party broker‐dealer registered with the SEC and a memberoftheFinancialIndustryRegulatoryAssociation,Inc.MIP(U.S.)hasenteredinto anagreementwithForesidepursuanttowhichsuchregisteredrepresentativesshallbe permittedtoofferandsellcertainFundsintheUnitedStates.


MondrianisanaffiliateofMondrianInvestmentGroup(U.S.),Inc.whichservesasthe generalpartnerforprivateinvestmentfunds.


MondrianservesastheappointedInvestmentManagerandisanaffiliateoftheGeneral Partner,MondrianInvestmentGroup(U.S.),Inc.forthefollowinglimitedpartnerships:

 MondrianAll‐CountriesWorldEx‐USEquityFund,L.P.
 MondrianBlendedCurrencyEmergingMarketsDebtFund,L.P.
 MondrianChinaConcentratedEquityFund,L.P.
 MondrianEmergingMarketsEquityFund,L.P.
 MondrianEmergingMarketsSmallCapEquityFund,L.P.
 MondrianEmergingMarketsWealthEquityFund,L.P.
 MondrianFocusedEmergingMarketsEquityFund,L.P.
 MondrianGlobalDebtOpportunitiesFund,L.P.
 MondrianGlobalEquityESGFund,L.P  MondrianGlobalEquityFund,L.P.
 MondrianGlobalFixedIncomeFund,L.P.
 MondrianGlobalInflation‐LinkedBondsFund,L.P.
 MondrianGlobalAggregateFixedIncomeFund,L.P.
 MondrianGlobalAllCountriesWorldEquityFund,L.P.
 MondrianHardCurrencyEmergingMarketsDebtFund,L.P.
 MondrianInternationalAggregateFixedIncomeFund,L.P.
 MondrianInternationalEquityESGFund,L.P.
 MondrianInternationalEquityFund,L.P.
 MondrianInternationalSmallCapEquityFund,L.P.
 MondrianLocalCurrencyEmergingMarketsDebtFund,L.P.
 MondrianU.S.EquityFund,L.P.
 MondrianUSSmallCapEquityFund,L.P.
 RothkoAllCountriesWorldEx‐USEquityFund,L.P  RothkoBroadInternationalSmallCapEquityFund,L.P.
 RothkoEmergingMarketsAllCapEquityFund,L.P.
 RothkoEmergingMarketsSmallCapEquityFund,L.P.
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TransactionsandPersonalTrading
Mondrian has a written Code of Ethics (“Code”) and Market Abuse Policy which all Mondrianstaffarerequiredtoadhereto.TheCodesetsstandardsthatshouldensure ethicalbehaviourwhereMondrianstaffhavepotentialconflictsofinterestinrelationto theirdutytoMondrian’sclientse.g.whereMondrianstaffengageinpersonalaccount tradingactivity,areofferedgiftsorentertainmentfrombusinesscontacts,haveoutside business interests or directorships and make personal political contributions. This CodeisdesignedtoadheretothestandardsofethicalconductsetbybothofMondrian’s regulators,theSECandUKFCA,andspecifically,Rule17j‐1undertheU.S.Investment CompanyActof1940andRule204A‐1oftheU.S.AsanInvestmentManagerMondrian maycomeintocontactwithinformationaboutacompanythatisnotgenerallyavailable totheinvestingpublic.Mondrian’spolicyandproceduresforhandlinganyconflictsof interest arising from access to non‐public information are set out in the Mondrian Investment Partners Limited Market Abuse Policy. All Mondrian staff are required to comply with the Code and Policy and Mondrian’s Compliance team is responsible for monitoringcompliancewithit.


Additionally, in the course of its normal investment management business activities, andas stated above, thereareother conflicts ofinterest that can arise that Mondrian needstomanageinordertoensurethatallclientsaretreatedfairlyandequitably.The following is a list of some of these potential conflicts and a summary of Mondrian’s policy for managing the conflict. These conflicts are not specifically addressed in Mondrian’sCodebutaredealtwithinotherpoliciesandprocedureswhichallstaffare requiredtocomplywith,includingMondrian’sConflictofInterestPolicy.
Mondrianhasafiduciarydutytoitsclientsandassuchmustidentifyandtakestepsto mitigatepotentialconflictsofinterest.ThisisoutlinedinitsConflictofInterestPolicy.
Someofthekeyconflictsfollowthroughoutthisdocument.

Dealingininvestmentsasprincipalinconnectionswiththeprovisionofseed
capital
Aconflictofinterestexistswhenaportfoliomanagementfirmmanagesitsownmoney alongsideclientmoney.
Mondrian generally does not trade for its own account. However, Mondrian and its affiliateshaveprovidedtheseedcapitaltocertaininvestmentvehiclesthathavebeen establishedbyMondriangroupentities.Mondrianservesastheinvestmentmanagerto theseinvestmentvehicles.
Mondrianoperatesdealingpoliciesdesignedtoensurethefairandequaltreatmentof all clients e.g. the allocation of aggregated trades among clients and products with different strategies that may be trading in opposing directions. These policies ensure that any portfolios in which Mondrian has an investment interest do not receive favorabletreatmentrelativetootherclientportfolios.

Clientorderpriority–Advisory
Mondrian’s objective is to manage similar mandates and different mandates with overlapping securities trading in the same direction in a manner that is fair and equitable to all clients. Mondrian provides this service to both discretionary portfolio managementandportfolioconsultingclients.Mondrianhasaprocessinplacetocontrol how investment opportunities are allocated between participating clients in these differentclienttypes.


Mondrian’s discretionary portfolio management trades are executed by the Mondrian centralizedtradingdesk,whereasthetradesforitsportfolioconsultingserviceclients are executed externally through the trading desk of those clients. Trading activity is coordinated to avoid these separate trading desks competing with each other in the market and potentially impacting the share price. Additionally it is important to minimize information leakage into the wider market given several trading desks and severalcounterpartiesarepotentiallyinvolved.

Clientorderpriority–tradingacrossmandates
Clients could be advantaged or disadvantaged relative to other clients by the priority the execution of their trade is given in the sequence of trades to implement an investmentdecision.


Whilst Mondrian will endeavour to aggregate all client orders in the same security acrossallmandates,situationscanarisewheremandatespecificfactorsmayaffectthe timing of the implementation of investment opportunities for different mandates e.g.
cashavailability,differentinvestmentcommittees,orcontingenttrades.


So that all clients are treated equitably in these situations, Mondrian has developed procedurestoensurethatwhenclientsfromdifferentmandatesjoinexistingorders,all clientsarehandledfairlybasedonorderpriority.

Allocationofinvestmentopportunities
Mondrian is an investment manager of multiple client portfolios. As such, it has to ensure that investment opportunities are allocated fairly between clients. There is a potential risk that Mondrian may favor one client over another client in making allocationsofinvestmentopportunities.
Mondrian makes security selection decisions at committee level. Those securities identified as investment opportunities are added to a list of approved securities; portfolioswillholdonlysuchapprovedsecurities.
All portfolios governed by the same or a similar mandate will be structured similarly (that is, will hold the same or comparable stocks), and will exhibit similar characteristics. Sale and purchase opportunities identified at regular investment meetingswillbeappliedtoportfoliosacrosstheboard,subjecttotherequirementsof individualclientmandates.

Allocationofaggregatedtrades
Mondrianmayfromtimetotimeaggregatetradesforanumberofitsclients.Inthevast majorityofsituationsatradewillbeproratedacrossallparticipatingaccounts.There are a small number of situations where a different allocation model is applied. For example, for equities when the amounts involved are too small to be evenly proportionedinacostefficientmanner;forbondswhereaminimumlotsizeand/ora minimumtradingsizedonotpermitaprorataallocation.ForthesesituationsMondrian appliesanallocationmodelthattakesaccountofthesizeoftheindividualorders.


Mondrian’s policy requires that all allocations of aggregated trades must be fair betweenclients.Mondrianmonitorstheeffectivenessofitsallocationprocesstoensure thatclientsarebeingtreatedfairlyoveragivenperiod(usuallyannually)andtoremain satisfied that the process is fair. In addition Mondrian performs periodic reviews of portfolio performance dispersion to confirm that clients with the same or similar investmentmandateshavebeenfairlytreated.

Allocationofnewissueopportunities
New issues, including “IPO’s” present a potential conflict of interest when they are priced at a discount to the anticipated secondary market price and the issuer has restricted or scaled back its allocation due to market demand. In such instances, the newissueallocationcouldbeallocatedtoselectedclientswithothersnotreceivingthe allocationtheywouldotherwisebeentitledto.


Mondrianclientswithrelevantmandatesaregivenanequalopportunity,proportionate tothesizeoftheirportfolio,toparticipateinnewissuetrades.Allnewissuepurchases areallocatedonastrictpro‐ratabasis.

Dualagency
Dual Agency (also known as Cross Trading) concerns those transactions where Mondrianmayactasagentforboththebuyerandseller.Insuchcircumstancesthereis a potential conflict of interest as it may be possible to favor one client over another whenestablishingtheexecutionpriceand/orcommissionrate.
Although it rarely does so, Mondrian may act as agent for both buying and selling partieswithrespecttotransactionsininvestments.IfMondrianproposestoactinsuch capacity, the Portfolio Manager will first obtain approval from the Chief Compliance Officer.TheCCOhasanobligationtoensurethatbothpartiesaretreatedfairlyinany suchtrade.

InvestmentinsharesissuedbyCompanieswhoareclientsofMondrian
Mondrianhasclientrelationshipswithanumberofentitieswhichareassociatedwith companies that issue securities in which Mondrian could invest client assets. This resultsinapotentialconflictofinterest.
Mondrianmakesstockselectiondecisionsatacommitteelevel.Ifasecurityisidentified as offering a good investment opportunity it is added to Mondrian’s list of approved securities. All portfolios governed by the same or a similar mandate are structured similarly,thatis,willholdthesameorcomparablesecurities.


Mondrianwouldnotconsiderclientrelationshipswhenanalyzingsecuritiesandwould not add a holding to, or remove one from, the approved list because of a client relationship.

Dealing in investments as agent for more than one party
Conflicts of interest exist when a portfolio management firm manages multiple client portfolios.


Mondrianaddressesthesepotentialconflictsthroughtheoperationofdealingpolicies designed to ensure the fair and equal treatment of all clients e.g. the allocation of aggregatedtradesamongclients.
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BestExecution
It is Mondrian’s policy to take all sufficient steps to achieve on a consistent basis the bestpossibleresultforclientswhenexecutingtrades(“bestexecution”).Bestexecution referstomanyfactors,includingthefollowing:  Price  Cost  Size  Liquidity  Speed  Likelihoodofexecutionandsettlement  Nature  Anyotherconsiderationrelevanttotheexecutionoftheorder Foreachtrade,Mondrianwillappraisethemosteffectiveexecutionmethodandvenue withtheobjectiveofachievingbestexecutionasoutlinedabove.
The relative importance of each of the above factors will differ depending on the characteristics of the order, the financial instrument and the characteristics of the executionvenuetowhichthetrademaybedirected.
Thechoiceofthevenueforexecutionwillalsobedependentuponthecharacteristicsof the financial instrument underlying the order and the functional capabilities of the broker/dealerorvenue.
In most circumstances, price will be the most important executionfactor; howeverin somecircumstancesMondrianmaydeterminethatotherexecutionfactors,forexample liquidity,havegreaterimportanceinachievingthebestpossibleresultforclients.


Mondrian’s policy with regard to best execution is to endeavor to exercise the same standardsandoperatethesameprocessesacrossallthedifferentmarketsandfinancial instruments.However,thediversityinmarkets,sizeoftradeordersandtheviabilityof tradingplatformsforcertaintradesandfinancialinstrumentsmaymeanthatdifferent factorswillhavetobetakenintoaccountinthecontextofspecifictrades.Forexample, insomemarkets,pricevolatilitymaymeanthatthetimelinessofexecutionisapriority, whereas, in other markets that have low liquidity, the fact of execution may itself constitutebestexecution.Inothercases,thechoiceofvenueorexecutionmethodmay belimitedbecauseofthenatureoftheorder.Forexample,inthecaseofalargeequity tradeoraprogramtradeacrossanumberofmarkets,itmaynotbepracticaltousea directmarketaccessvenueoramultilateraltradingfacility.Timelinesstogetherwith depthofliquiditymaybetheoverridingfactorsinsuchcasesandthereforeMondrian mayselectabroker/dealertoexecutesuchtradeseitheronaprincipaloragencybasis.
Mondrianitselfdoesnotengageinprincipaltrades.

SecurityTradingMethods
Mondrianusesarangeofexecutionmethodsandvenuestoexecuteequitytradeswhich mayinclude:  Broker/dealerexecutiononanagencybasis  Broker/dealerexecutiononaprincipalbasis  Execution through broker/dealers that trade on an organized frequent and systematic basis buying and selling off their own books outside a regulated market but for which continuous quotes must be provided. Firms that provide this category of trading are known under the MiFID (the Markets in Financial InstrumentsDirective) regulationsas“systematicinternalisers”.
 Algorithmic trading where we give brokers specific instructions to execute ordersinlinewithcertainparameterse.g.apercentageofdailyvolume  Directmarketaccess  Multilateral trading facilities (“MTFs”) e.g. crossing networks or matching engines

Broker/dealersmayexecutetradesonanagencyorprincipalbasisandtheymayalso actasasystematicinternaliser,asdescribedabove,wheretheyare,ineffect,actingas the execution venue. Mondrian is not always notified of the capacity that the broker/dealerisactinginwhenittrades.
Mondrianhasselectedvenuesbasedontheirabilitytoofferthebestpossibleexecution resultforeachinstrumentbeingtraded.

FixedIncome
Fixed income orders are traded by the Trading Desk by either placement with broker/dealersforexecutionorexecuteddirectlyonaMTF.
Whenplacingorders,Mondrianwilltypicallyaskthreetofiverelevantbroker/dealers to quote before executing at the best price. For less liquid or larger orders where market impact or certainty of execution is deemed more important, we may only ask onebroker/dealertopricethetrade,subjecttoportfoliomanagerapproval.


Whereliquidity,sizeormarketcoverageisnotanissue,Mondrianwilltypicallyexecute orders over an MTF after requesting quotes from the relevant broker/dealers on our approvedlist.

DerivativeTrading
Mondrian’sderivativesexposurewithinportfoliosconsistsalmostentirelyofdefensive forward currency contracts and non‐deliverable forwards (NDF’s) used in an unleveragedandfullycoveredmanner.CurrencyforwardsandNDF’saretradedusing currencyvenuesandtradingapproachesasoutlinedbelow.


Derivative securities, such as futures and options may be used if client guidelines permit.


IninstanceswhereMondriantradesinfuturesandoptions,arangeofexecutionvenues maybeusedandthesemayinclude:  Broker/dealerexecutiononanagencyorprincipalbasis  Directmarketaccess

Mondrian has the ability to collateralize derivative broker/dealer exposure where appropriate e.g. to comply with regulatory requirements. In such circumstances, Mondrian will ensure that the appropriate legal broker/dealer documentation is in placepriortoexecutinganyrelevanttrades.

ForeignExchangeTrading
Theforeignexchangetradingmarketisgenerallylarge,highlyefficientandveryliquid.
Thereisnormallyonlyasmalldifferencebetweenthequalityofserviceandexecution receivedfromdifferentcounterparties(notethatcertainemergingmarketscurrencies arequitedifferent,asdescribedbelow).


Mondrian has the system capability to execute foreign exchange with counterparties otherthantheclient’scustodian.Itcanbedifficulttodeterminewhetheritisbetterto tradeforeign exchange competitively, which could potentially marginally improve the price achieved or with the client’s custodian which minimizes counterparty risk, improves availability of funds and reduces transaction fees. However, in order to ensure that competitive rates of execution are achieved, foreign exchange trade executionwithallapprovedcounterpartiesisactivelymanagedbyMondrian’sTrading DeskandexecutionqualityismonitoredbytheBestExecutionandTradingOversight Committeeonaposttradebasis.Mondrian’sTradersmonitormarketratesusinglive datasources(e.g.Reuters)andtargetexecutionasclosetothemarketaspossibletaking intoaccountsizeoforder,liquidityofthecurrencypairreflectedinbid‐offerspreadand othervariables.TheTraderswillchallengecounterpartypricesonindividualtradesif theyarenotsatisfiedwiththerateonoffer.
Whendeterminingwhetherornottotradeawayfromaclient’scustodianonindividual trades, Mondrian will consider the impact of the fee that custodians may levy for processing such transactions. Unless Mondrian has been notified otherwise, a reasonableestimateofthatfeewillbeapplied.


Trading in foreign exchange markets is generally executed competitively after requestingmultiplequotesviaanMTF(FXConnect).TheTradermaytransmitarequest for a quote via an MTF or directly to a single broker/dealer based on the size of the order,marketdataorwheretheTraderdeemsitappropriatetodoso.


InordertohelpreducesettlementriskwhenexecutingFXawayfromtheclient’sown custodian, Mondrian’s panel of FX counterparties typically use the Continuous Linked Settlement(“CLS”)systemwhereavailableforthatparticularcurrencypairandwhere the client has signed the relevant paperwork. The CLS system aims to eliminate settlement risk and is run by CLS Bank International (“CLS Bank”), a special purpose bankownedbyapproximately70financialinstitutionsanddedicatedtosettlingforeign exchangetrades.AlleligibleFXtransactionsforclientsthatallowtheuseofCLSsettle throughCLSBankonapaymentversuspaymentbasis.


Certain emerging market currencies have restrictions and controls over pricing and how they can be traded. These restrictions and controls may be put in place by the government of the relevant country but also result from the trading processes of custodians (and their sub‐custodians) which can make it, on a practical level, very difficult to trade with anyone but the custodian. Restricted currency trades are thereforenormallymanagedthroughtheclient’scustodianandaresometimesexecuted through a sub‐custodian based in the relevant country. The exchange rates are generally not negotiable so there is no flexibility in the rates achieved for trades in restricted market currencies and they are more costly than for non‐restricted currencies.


Mondrian continues to investigate the services of certain third party execution platformstoassesswhethertheycanimprovetransparencyandreduceexecutioncosts incertainrestrictedcurrencytrades.Mondriantakesintoconsiderationthecostsaving benefitsandrelativeriskswhendeterminingifandwhereitisappropriatetousethese services. Where it is deemed favorable to execute trades through a third party platform, Mondrian will typically discuss the risks and seek client approval prior to onboardingaccountstothethirdpartyplatform,unlessitisconsideredthattheclient wouldpreferMondriantomakethesedecisionsontheirbehalf.Mondriancontinuesto monitor and analyze execution rates in these restricted markets to ensure that we achievecompetitiveratesonarisk‐assessedbasis.

BrokerSelection
EstablishingandMaintainingMondrianApprovedCounterpartyList
Mondrian selects broker/dealers to execute transactions based upon a judgment of their professional capability to provide the service. Mondrian maintains an Approved Counterparty List of broker/dealers and other counterparties. In order to add a broker/dealer to the Approved Counterparty List, an approval and due diligence process needs to be completed. All new broker/dealers require the approval by the Chairman of the Best Execution & Trading Oversight Committee and the Chief ComplianceOfficer.


TheApprovedCounterpartyListissubjecttocontinualreview,andbroker/dealerson thelistwillbeeithersuspendedorremovedfromthelistifMondrianfeelsthattheyare notprovidingagoodserviceorifMondrianbelievesthattheyrepresentanincreased levelofcounterpartyrisk.Thisreviewprocesstakesanumberofforms:

 On a daily basis Mondrian monitors credit ratings for those derivative counterparties where this market information is available. Mondrian identifies whether the credit rating may indicate an unacceptable risk threshold. If a counterparty breaches one of these tolerances, Mondrian will consider reducing exposure to the counterparty or suspending trading, depending on the threshold reached,untiltherisklevelhasreduced.
 AregularTradingDeskmeetingwillreviewbroker/dealerperformanceandother broker/dealerservicelevelfactors.
 Mondrian’sCompliance&Riskteamperformsongoingduediligencereviewsofthe ApprovedCounterpartyListtoensurethattheapprovedbroker/dealerscontinueto meetMondrian’sstandards.
 Credit analysts in Mondrian’s Global Fixed Income team perform reviews of the creditworthinessofcompaniesaspartoftheirinvestmentresearch.Thesereviews includeanumberofthekeycounterpartiesusedbyMondrian.


Where any of the above reviews identify a weakness that may impact Mondrian’s counterpartyriskexposure,thisishighlightedtotheChairmanoftheBestExecution& TradingOversightCommitteeandtheChiefComplianceOfficerwhowillconsiderifitis appropriatetosuspendtradingwiththatcounterparty.


BestExecutionandTradingOversightCommittee
Senior investment staff, the Chief Operating Officer, the Chief Compliance Officer and HeadofTradingmeetformallytoreviewMondrian’sbestexecutionarrangements.The Committee is responsible for identifying any enhancements or correcting potential weaknessesinMondrian’stradingarrangements.
Equitycommissionratesaresetbyproductandmarket.Mondriangenerallynegotiates competitive execution‐only commission rates in advance. As part of the committee’s responsibility, commission rates are reviewed periodically and compared to industry averages.Byconcentratingbusinessthroughalimitednumberofbroker/dealersand takingaccountofthesizeofMondrian’stradingvolumes,Mondrianbelievesitisableto negotiatecompetitivecommissionterms.

AllocationofTradestoBroker/Dealers
The primary consideration of the Trading Desk is to execute all transactions at best execution.Workingwiththeapprovedlistofcounterpartiesandwithintheguidelines setoutbytheBestExecutionandTradingOversightCommitteeandanyclient‐specific requirements,theTradingDeskwillselect,initsopinion,themostappropriatetrading venue, trading strategy and counterparty to execute each trade. The final decision regarding trading venue and executing broker/dealer (if applicable) is the responsibilityoftheTradingDesk.


TheTradingDeskisveryawarethatthereisanimpactoneachclientportfolio'sability to achieve its return objective every time a trade is made. Therefore, every effort is madebytheTradingDesktominimizethecostofeachtrade.Inconsideringtheunit costofanytrades,theTradingDeskassessestherateofcommissionpaidaswellasthe market'spread'andanymarketimpact.

Post‐TradeReviewofExecutionQuality
ThequalityoftradeexecutionsatMondrianisevaluatedthroughavarietyofmethods:
TradingDeskReview
AlltradeexecutionswillinitiallybereviewedbytheTradingDesktoseethat theymeettherequirementsofbestexecution.

BestExecutionandTradingOversightCommittee
Asdiscussedpreviously,Seniorinvestmentstaff,theChiefOperatingOfficer,the Chief Compliance Officer and Head of Trading meet formally to review trading volumes, execution quality and overall service levels. In monitoring security execution quality, this committee relies on the work of third‐party‐provider Elkins McSherry whom Mondrian has commissioned to complete post trade execution analysis. Trades which are not included in the Elkins McSherry reports (e.g. FX executions) are monitored in‐house and post trade execution analysisisprovidedtotheCommittee.


The Committee is responsible for reviewing the execution reports and metrics published by Mondrian’s approved broker/dealers and venues and making changes as required in order to ensure clients achieve best execution on a consistentbasis.


ComplianceMonitoring
Mondrian’sCompliance&Riskteamperformsanumberofperiodicreviewsof trading activity to test execution quality and to review broker/dealer due diligence and broker/dealer allocation procedures. These reviews cover trades inallassetclasses.

Post‐ExecutionMonitoring
Mondrian’s Investment Support Services team performs a daily check on execution prices comparing market data against the actual execution rate obtained. Prices varying by more than a set tolerance level are identified and investigatedwiththeTradingDesk.

BrokerServiceLevelReviews
When necessary, Trading Desk and Operations representatives meet broker/dealercounterpartiestoreviewthequalityofservicesreceived.
Inmeasuringtotalexecutioncost,Mondrianlooksatthepricepaidforasecurity,the spread, any commission charged by the broker/dealer and any market impact. The objective of the Trading Desk is to aim to minimize overall costs during the life of a tradeandacrossallclientsparticipatinginthattrade.TheTradingDeskalsotakesinto accountthesizeofthetrade,aswellasthemarketabilityoftheissueinvolvedincoming to trading decisions. 'Package' or 'program' trades are one example of a cost saving mechanism used by the Trading Desk to benefit the client when a large amount of securitiesistraded.


Broker/DealerReviews
Whennecessary,theTradingDeskandOperationsrepresentativesmeetwithindividual broker/dealers to review broker/dealer service levels. The review includes: commission levels, execution quality, ability to settle trades and responsiveness. The results of the meetings are presented to the Best Execution and Trading Oversight Committee. This process will continue on an informal basis throughout the year, as necessary, and should any issues arise prior to a scheduled meeting, it would be expectedthattheywouldbeaddressedastheyoccur.


As part of Mondrian’s review of broker/dealer service levels, commission rates are reviewed with the objective of negotiating the lowest possible rates for clients in relation to the service level provided. Also, as part of Mondrian’s ongoing execution monitoring, commission rates are compared against other broker/dealers and fund management firms through the third party trade cost analysis reports which are detailedabove.


ResearchRelatedServices
Mondrianhaselectedtopaybroker/dealersseparatelyforanyresearchandadvisory services that they provide to Mondrian, so that clients are not paying for bundled researchservices.

ExecutionRelatedServices
Executionrelatedservicesinclude:  Tradinginformation–liquidityandmarketinformationusedtoassistexecution  Tradeexecution
RatesofCommission
Generally trading commissions are paid on equity trades only. Normally fixed income trading is done on a principal basis with the broker/dealer or directly through multilateral trading facilities so it should be expected that no commissions would be paidonthesetrades.Certainminimaltradingvenue/platformfeesmaybechargeable whereapplicable.
Normally equity commission rates will be negotiated in advance annually or more frequently if necessary, and Mondrian will typically agree a single flat rate of commissionforeachmarketwitheachbroker/dealer.Thiswilltakeaccountofthesize ofMondrian’stradingvolumes,andasaresult,Mondrianbelievesitisabletonegotiate competitivecommissionrates.Inthisnegotiationprocess,Mondrianwillconsiderthe benefits of execution services provided relative to the costs charged by the counterparty. Mondrian may agree a higher rate of commission with certain counterpartieswhereMondrianbelievesthatthequalityoftheexecutionjustifiesthe additionalcost.
Mondrian negotiates an execution‐only rate of commission. Generally, in developed equitymarkets,Mondrianpaysfourbasispointsofcommission.Asthecostsoftrading and settling emerging market securities are higher than developed markets, the executionratesgenerallyrangefromseventoninebasispoints.


Inspecialcircumstances(i.e.dependingonliquidityandthesizeofthetrade),Mondrian may undertake to negotiate a commission rate suitable to the nature of a particular trade. This rate may be higher or lower than the previously negotiated standard commissionrate.WhereconfidentialityislessofanissueMondrianmayplacespecific tradesouttotender.


Normallycommissionsarenotpaidonforeignexchangetrades(includingthirdparty foreignexchangetrades).

DirectedCommissions/CommissionRecapture
Mondrian does not enter into any directed commission or commission recapture programsforitsownbenefitorthebenefitofitsaffiliates.Mondrianmaybedirectedby clients to use named brokerage services with respect to securities transactions generatedbytheirportfolios,aspracticable.


Certain US based Mondrian clients have an obligation to direct a portion of the commissions paid by their portfolio to minority‐, disabled veteran‐ and/or women‐ owned broker/dealer businesses. Where possible, Mondrian will endeavor to meet these client requirements. Any such trades will be disaggregated from the trades for other Mondrian clients and executed separately with the directed broker. In this situation,Mondrianoperatesatraderotationpolicytoensureequitabletreatmentofall clients.


Mondrianbelievesthatthereisverylittletobegainedfromclientssettinguptheirown commissionrecapturearrangements.Inordertotakepartinsuchaprogramthetrade wouldneedtobedisaggregatedfromthemainblockandtradedafterotherclients.


Werequestthatanyclientwishingtoundertakeadirectedprogramspeakdirectlywith theirPortfolioManagerorClientServicesOfficertodiscussthefeasibilityofmeetingthe program’sobjectives.Anysuchrequestsaresubjecttobestexecutionasdefinedabove, andMondriandiscouragesclientsfromdirectingmaterialportionsoftotalcommissions asthiscouldimpairMondrian’sabilitytoachievebestexecution.

SoftDollarPolicy
Mondriandoesnotuseclientcommissionstopayforanysoftdollarservices,including those services permitted by the “Safe Harbor” in Section 28(e) of the US Securities Exchange Act of 1934, such as proprietary research. As described elsewhere in this policy,clientcommissionsaresolelyusedtocompensatethebroker/dealerforthecost ofexecutingthetrade.

TransactionswithAffiliatedBrokers
Mondriandoesnothaveanyaffiliatedbrokers.
Further details of Mondrian’s brokerage practices and trading arrangements can be found in Mondrian’s Trade Execution Policy and Procedures document which is availablefromMondrianonrequest.Thisdocumentissenttoexistingclientsannually.

PortfolioConsultingServices
Mondrian’s discretionary portfolio management trades are executed by the Mondrian centralisedtradingdesk,whereasthetradesforitsportfolioconsultingserviceclients are executed externally through the trading desk of those clients. Trading activity is coordinated to avoid these separate trading desks competing with each other in the market and potentially impacting the share price. Additionally it is important to minimise information leakage into the wider market given several trading desks and severalcounterpartiesarepotentiallyinvolved.

TradeSequencing
To achieve these objectives, it is Mondrian’s policy to operate a three stage trade rotationpolicy.
1. Mondrianwillfirstexecutetransactionsforitsdiscretionaryportfolioswherethe tradesareexecutedbytheMondriancentralisedtradingdesk.


Withinthediscretionaryclientgroup,Mondrianwilluseanalgorithm(described below)toallocatetradestoindividualclients.Whereclientshavespecifictrading directions, it may be necessary to sequence trades for certain discretionary clients,inanequitablemanner,inordertopreventdifferentbrokerscompeting inthemarket(seebelowfordetails).


2. OncompletionoftradingbytheMondriancentralisedtradingdesk,theproposed tradewillbereviewedandifapproved,theorderwillthenpasstoMondrian’s directlymanagedportfolioconsultingserviceclientsforexecution.Mondrian willuseanautomatedrandomselectiontodeterminethetradeorderpriority amongsttheseclientstoensurethatalldirectlymanagedportfolioconsulting serviceclientsaretreatedequitably.Shouldtwoormoreclientshavean aggregatedtradesizeestimatedtoapproximate10%orlessoftheexpecteddaily tradedvolumeinthatstockthentheycanbeblockedtogetherintherandom rotationalgorithmandplacedsimultaneouslywiththeirrespectiveexternal dealingdesksintheorderdeterminedbythealgorithm(subjecttothe judgementoftheMondriancentralisedtradingdesk)sinceMondrianbelieves tradesofthismagnitudeareunlikelytohaveamaterialmarketimpact.
3. FollowingcompletionbyMondrian’sdirectportfolioconsultingclients,the proposedorderwillbereviewedandifapprovedthenpassedtoMondrian’s indirectly/non‐directlymanagedportfolioconsultingserviceclientsfor executioninlinewiththethirdparty’stradeorderrotationpolicy.
Ifatanypointduringthistradingsequence,theexternaltradingdeskauthorisedtogo ahead is unable to trade due to holidays, short term technical delays, or portfolio management trading constraints (e.g. price is outside a limit for a security tradeable duringLondonbusinesshours),Mondrianmayusethisopportunitytoaccessliquidity for its discretionary accounts (at the Mondrian centralised trading desk’s discretion).
Once the external desk is able to proceed, Mondrian will cease trading for its discretionaryaccountsandthetradesequencewillreverttotheoriginalrotation.
If at any point during this trading sequence a discretionary portfolio management productoraccounttradedbytheMondriancentralisedtradingdeskthatisnotpartof the specific rotation wishes to trade in the same security while the trades are with external executors, they can be allowed to proceed simultaneously (subject to the judgement of the Mondrian centralised trading desk) if the ongoing trades placed externallyareestimatedtoapproximate10%orlessoftheexpectedaggregateequity dailyvolumeinthatissuer.

LiquidityEvents
Shouldaspecificliquidityeventoccurinasecurityontradingrotation,itwillbeatthe judgementoftheMondriancentralisedtradingdesktoassesswhetherthatliquiditycan beaccessedoutsidetheongoingtraderotation.Inmakingitsassessment,theMondrian centralisedtradingdeskwillconsidertheabilityofothertradingdesksintherotationto accessthatliquidityaswellasthepotentialimpactonallpartiesinthetradingrotation.

CashFlows
In the event that any discretionary and non‐discretionary clients of Mondrian experience cash flows within their portfolios in the normal course of business, it is expectedthattherelevanttradingdeskwilltradesuchcashflowsastheyarisetobring the client in line with the current investment model subject to the judgement of the relevanttradingdeskandexpectedmarketliquidity.
Inordertoensurethatthetradesarecompletedwiththeminimumpossibledisruption totheshareprice,itislikelythatthetradesforonetypeofclientwilltakeanumberof days, or possibly weeks, to complete. As a result, due to movements in the market duringthatperiod,whenthetradingbeginsforthesecondtypeofclienttheshareprice could be materially different to the price at the time that trading commenced for the first type of client. It is possible that client(s) in the latter series of trades, and in particularclientswhohaveagreedtobenotifiedlasttheorder,willbedisadvantagedby anegativepricemovement;conversely,thepricecouldalsomoveintheirfavorduring thatperiod.

TradeExecutionAllocation
Mondrian generally aggregates trades for a number of its clients. Mondrian’s policy requires that all allocations of aggregated trades must be fair between clients.
Transactionsinvolvingcommingledordersareallocatedinamannerdeemedequitable toeachaccount.ThekeyelementsofMondrian’stradeallocationpolicyare:  Whenacombinedorderisexecutedinaseriesoftransactions,atdifferentprices, eachaccountparticipatingintheordermaybeallocatedanaverageprice obtainedfromthebroker/dealer.
 Whenapartialtradecanbeallocatedinacostefficientmannertakinginto accountfixedtransactioncostssuchasmarketrelatedcustodialcharges, Mondrian’sallocationmodelwillassignthesecuritiesproportionatelyacrossall accountsbasedonthenumberofeligiblesecuritiestraded.Eligiblesecuritiesare calculatedbasedontheoriginalquantityorderedlesssecuritiespreviously allocated.
 Insituationswheretheproratedsecurityamountsaretoosmalltobe proportionatelyallocatedinacostefficientmannerforitsclients,Mondrianmay randomlyallocatepurchasesorsales.Ingeneral,thissituationismorelikelyto occurforsmalleraccountswhereaslargerclientportfolios,normallyrequiring largerallocations,willusuallyreceiveaprorataallocationofeachday’s transactions.MondrianusespresetEconomicLotSizes(“ELS”)todeterminethe cut‐offpointwhenanindividualclientorderwilleitherbeproratedorrandomly allocated.TheELS’saredesignedtoidentifythepointwherethefixed transactioncosts(e.g.custodycharges)inagivenmarketbecomeamaterial portionofthetotaltradingcosts.Ifthesecurityallocationforanindividual accountistoosmallwhenusingaproratamethodology,arandomallocation algorithmwillbeappliedtoallaccountsaffected.Ifanaccounthasbeen randomlyallocatedandunallocatedsecuritiesremain,thenthealgorithmselects randomlyanotheraccount,untilallunallocatedsecuritieshavebeenprocessed.
Thenumberofsecuritiesforasinglerandomallocationisequaltothevalueof theELSintherelevantmarket.Whenarandomallocationmethodisusedrather thanaproratamethod,thenumberoftransactionsforeachparticipating accountisreduced,therebyreducingthenumberoffixedtransactioncosts.In additionifatransactionisaswitchoutofonesecurityintoanother,Mondrianis lookingintotheabilitytoadjusttheallocationalgorithmsothatwecouldlink thetwotradesandthereforetheclientreceivingasaleorderwillautomatically receiveanypossibleallocationofthebuyorder.Thiswouldbebeneficialtoall clientsbecauseitwouldallowportfoliostobemorefullyinvestedandmay reduceFXcoveragecosts.ELS’sarecalculatedbyMondrianandarereviewed periodicallybytheBestExecutionandTradingOversightCommitteetoensure thatthecriteriaapproximatelyreflectcurrentestimatesoffixedtransaction costs.
 Insituationswherethereisaminimumtradesizethatmaybecompletedinthe market,Mondrianusesanalgorithmtodetermineafairallocationthatwillallow theorderstobefilledandattemptstominimisethedifferencefromtheaverage allocation.
 Mondrianmonitorstheeffectivenessofthisallocationprocesstoensurethat clientsarebeingtreatedfairlyoveragivenperiod(usuallyannually)andto remainsatisfiedthattheprocessisfair.

AccesstoandallocationofInitialPublicOfferings(“IPO”)
Clientswithrelevantmandateswillbegivenanequalopportunity,proportionatetothe sizeoftheirportfolio,toparticipateinIPOtrades.AllIPOpurchasesareallocatedona strictpro‐ratabasis.Thesameprocessappliestoothersimilarofferings,e.g.placements orsecondaryofferings.

CrossorDualAgencyTrades
Mondrian may act as agent for both buying and selling parties with respect to transactionsininvestments.IfMondrianproposestoactinsuchcapacity,theportfolio manager will first obtain approval from the Chief Compliance Officer. The Chief ComplianceOfficerhasanobligationtoensurethatbothpartiesaretreatedfairlyinany suchtrade.
Cross trades are executed at the independent current market priceof the security, as determinedbyreferencetoindependentthirdpartysources.Forequities,thecurrent market price will typically be the exchange closing price. This will be determined accordingtothespecifictradingconventionsoftherelevantmarket.Themechanisms aregenerallyasfollows:  Lastprintedpriceoftheday  Closingauction  AverageVWAPprecedingtheclose

AllMondrianemployeesarerequiredtoinformtheCompliance&Riskteam immediatelyofanyeventthatmayconstituteanerror.TheChiefComplianceOfficeris responsibleforensuringthaterrorsareappropriatelyclassified,investigatedand addressedinaccordancewithMondrian’sErrorCorrectionPolicy.Allerrorsare reviewedtoidentifythefactorsthatcausedthemandtoensurethattheywere remediedsothatclientswerenotdisadvantaged.


ItisMondrian’spolicytoensurethatanyclientportfoliothatsuffersasaresultofan errorisputbackintothepositiontheywouldhavebeeninhadtheerrornotoccurred.If atradingerrorhasledtoafinanciallossforaclient,Mondrianwillnotifytheclientand anappropriateresolutionwillbeagreed.Ifaftercorrectiontheerrorresultsinagain totheclient,thegainwillberetainedbytheclient.
Examplesofthetypesofincidentsthatwouldbeclassifiedasanerrorincludebutare not limited to: breaches of clients’ investment guidelines or restrictions, breaches of regulatoryguidelines,tradingofanincorrectsecurity.
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EachproducthasarelevantStrategy/InvestmentCommitteewhichmeetsregularlyand determinesthestrategyfortheproduct.
IfaninvestmentdecisionisacceptedbytherelevantStrategyCommittee,itisentered intothetradingsystemandcheckedagainstclientguidelinestobeimplementedinall relevant client portfolios. Asset allocation and currency hedging decisions are also finalizedatthestrategymeetingsand,afterbeingfinalized,areimplementedacrossall clientportfolios.


Intheabsenceofclient‐imposedrestriction,allclientportfolioswiththesametypeof mandatearemanagedtobeassimilaraspossible.Asallinvestmentdecisionsaremade bytheStrategyCommitteesthereisverylittlediscretionallowedtoindividualportfolio managers.


Mondrian’s clients are normally supplied with a monthly or quarterly statement (as determinedbytheclients’needs)whichincludesalistingofholdingstogetherwiththe amount,cost,marketpriceandmarketvalueforequityaccountsofeachholdingand, upon request, the current dividend yield. A performance page highlights the performanceoftheaccountforthelatestmonth,thelastthreemonths(onrequest),the year‐to‐date and since accountinception. These performance results are compared to theresultsforthesameperiodsforrelevantindices.Bondreportsareissuedwhichare similar in nature but which also provide a maturity breakdown and, upon request, a quality breakdown. In addition, each client is furnished with a complete listing of the past month’s or quarter’s trading activities (as appropriate) and, if requested for an equity account, a commission report which lists the broker’s name and amount of commission received by each broker receiving business in the past month. Once a quarter, the client report will be expanded to include written remarks covering Mondrian’s economic views and investment strategy and a detailed report supplementingthecountry‐by‐countryinvestmentinventory.Thistypicallyincludesan industry breakdown but with the same general data as provided in the geographical listing.


Theremaybeotherspecialreportspreparedtoindividualclientspecifications.
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Mondriandoesnotreceiveanyeconomicbenefitsfromsomeonewhoisnotaclientfor providinginvestmentadviceorotheradvisoryservicestoourclients.
Mondrianmayenterintowrittenarrangementswithcertainpersons,includingbutnot necessarilylimitedto,officers,employeesandagentsofMondrianInvestmentPartners (U.S.), Inc. and its affiliates, providing for the payment of a solicitation fee to such personsinconnectionwiththeintroductionofclientaccounts.Thesearrangementswill notbeundertakenwithanypersonwhoisafiduciaryunderERISAoftheclientaccount.
Mondrianmaypaysolicitationfeesforclientreferrals.Inordertoreceiveareferralfee from Mondrian, solicitors must comply with the requirements of the jurisdictions in which they operate. Specifically, with respect to soliciting US‐domiciled prospective clients,anycashreferralfeepaidtoanunaffiliatedsolicitorwillbepursuanttoawritten agreement between the solicitor and Mondrian. The written agreement will be structured to comply with 206(4)‐3 under the Investment Advisors Act of 1940, includingadescriptionoftheactivitiesthesolicitorwillperformonbehalfofMondrian and any compensation payable. If clients are referred to Mondrian by a solicitor, Mondrian will require the solicitor to provide an appropriate disclosure statement to theclientregardingthatarrangementatthetimeofthereferral.
Investment consultants typically provide advisory services to Mondrian’s clients and Mondrianoccasionallypurchasesservicesfromtheseconsultants.However,Mondrian willtakecaretoensurethatanyservicesitpurchasesfromsuchfirmsareappropriate andwouldnotreasonablybeconsideredtobeaninducementtothatfirm.Wheresuch aconflictisidentified,Mondriandocumentstherelevantactionundertakentoresolve theconflict.


Mondriancanenterintoarrangementswith,and/ormakepaymentsfromitsownassets to certain intermediaries to enable access to Mondrian funds on platforms made available by such intermediaries. Certain of those parties are engaged in, or have affiliates engaged in, the business of providing investment consulting services. These feearrangementsmaycreateanincentiveforsuchpartiestopromoteorrecommend theFunds.
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Mondriandoesnotactascustodianofseparateaccountclients’assets;neitherdoesit hold custody ofassets. Separate account client assetsmanagedby Mondrian shall be held at a third party custodian under the client’s name pursuant to an agreement between the client and the third party custodian. Mondrian does not appoint or recommendtheappointmentofcustodianstoholdcustodyassetsforseparateaccount clients.Theseparateaccountclientswillappointtheirowncustodian.WhilstMondrian mayprovideitsclientswithperiodicstatementsatapre‐agreedfrequencyasdescribed above, as the client appointed custodianistheofficialbookof records, any statement receivedfromMondrianshouldbereconciledtothatofthequalifiedcustodian.Note that with respect to commingled vehicles sponsored by an affiliate of Mondrian, the affiliate does appoint the custodian for the commingled vehicle with Mondrian input.
The custodian for such commingled vehicles is a third party to Mondrian and its affiliates.
From time to time, Mondrian receives class action claims forwarded by client custodians.WhereMondrianbelievesthatitiscosteffective,Mondrianwillworkwith the client’s custodian to pursue the claim. Mondrian does not actively participate in classactionsandwouldnotengagecounseltopursueclassactionclaims.
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Mondrian will receive discretionary authority from the client at the outset of an advisory relationship to select the identity and amount of securities to be bought or sold.Inallcases,however,suchdiscretionistobeexercisedinamannerconsistentwith thestatedinvestmentobjectivesfortheparticularclientaccount.


Whenselectingsecuritiesanddeterminingamounts,Mondrianobservestheinvestment policies, limitations and restrictions of the clients for which it advises. For registered investmentcompanies,Mondrian’sauthoritytotradesecuritiesmayalsobelimitedby certain federal securities and tax laws that require diversification of investments and favortheholdingofinvestmentsoncemade.


InvestmentguidelinesandrestrictionsmustbeprovidedtoMondrianinwriting.
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ClientsmayobtainacopyofMondrian’scompleteproxyvotingpoliciesandprocedures uponrequest.ClientsmayalsoobtaininformationfromMondrianabouthowMondrian votedanyproxiesonbehalfoftheiraccount(s).

ApplicationofProxyVotingGuidelines
Mondrian’s client agreements define the scope of its authority and responsibilities to voteproxiesonbehalfofeachclient.


Thesetypicallyfallintofourcategories:

1. Clients that delegate full discretion to Mondrian to vote proxies on their behalf 2. Clients that vary the scope of Mondrian’s voting authority by imposing specificguidelines 3. Clients that receive proxy voting advice from Mondrian in specific circumstancesbutundertakevotingthemselves 4. Clientsthatundertaketovoteproxiesthemselves

Mondrian’s proxy voting procedures apply to all clients who grant discretion to vote proxies on their behalf. Where clients have adopted specific proxy voting policies, Mondrian will assess the extent to which they are consistent with its adopted guidelines. Where a client’s own proxy voting policy diverges significantly from Mondrian’sownguidelines,thatclient’spolicywillbeconsideredseparatelyinorderto votethoseclient’sproxiespursuanttotheirindividualguidelines.
MondrianhasestablishedaProxyVotingCommittee(“theCommittee”)tooverseethe proxyvotingprocessandensureclientproxiesarevotedaccordingtotheProcedures.
TheCommitteereviewsandapprovestheProceduresonayearlybasis.TheProcedures arereviewedduringthefirstquarteroftheyearandmaybereviewedatothertimesas necessary. When reviewing the Procedures, the Committee seeks to establish if the Proceduresareconsistentwiththegoalofvotinginthebestinterestsofallclientsand maximizing the value of the underlying shares. The Committee will also review the ProcedurestoensurecompliancewithrulespromulgatedbytheSECandotherrelevant regulatorybodies.AftertheProceduresareapprovedbytheCommittee,Mondrianwill voteproxiesorgiveadviceonvotingproxiesinaccordancewithsuchProcedures.
Mondrian has appointed Institutional Shareholder Services (“ISS”) as its Proxy Voting Adviserin2020.DetailsoftheProxyAdviser’svotingguidelinesarepublishedontheir website.


Foractiveequityproducts,proxyvotingitemsareforwardedtotheinvestmentteams when they are received. Each motion is reviewed by a portfolio manager from the investmentteamresponsibleforresearchcoverageofthatstock.
Where Mondrian’s analysis indicates that it is in the client’s best interests to vote contrarytotheProxyAdviser’srecommendation,theproxymotionwillbereferredto the Committee. The Committee will review the recommendations of the portfolio managerandtheproxyvotingadviserandconductsuchfurtherresearchandanalysis as may be necessary to determine the vote that is most consistent with Mondrian’s Procedures.


Mondrian’ssystematicequityportfolioswillgenerallyfollowtheProxyVotingAdviser’s recommendation.Periodicsamplingoftheirrecommendationsisconductedtoensure the recommendations are based on accurate information and are in clients’ best interests

Mondrianwillattempttovoteeveryproxywhichtheyortheiragentsreceivewherewe haveauthoritytodoso.However,therearesituationsinwhichMondrianmaynotbe abletoprocessaproxy.Forexample,Mondrianmaynothavesufficienttimetoprocess avotebecauseitoritsagentsreceivedaproxystatementinanuntimelymanner.Useof aproxyvotingserviceandrelationshipswithmultiplecustodianshelpavoidasituation whereMondrianisunabletovoteaproxy.

ConflictsofInterest
Mondrianhasestablishedtheproceduresbelowtomanagematerialconflictsofinterest arisingfromproxyvotingissues.


Where Mondrian is considering voting a proxy contrary to the Proxy Adviser’s recommendation, the Committee will assess the issue to see if there is any possible conflictofinterestinvolvingMondrian.Ifthereisnoconflictofinterest,theCommittee will vote the proxy according to the process described in “Procedures for Voting Proxies”. If at least one member of the Committee identifies a conflict of interest, the Committeewillnormallyuseanotherindependentanalysttodoadditionalresearchon the particular issue in order to make a recommendation to the Committee on how to vote the proxy in the best interests of the client. The Committee will then review the proxyvotingmaterialsandrecommendationprovidedbytheproxyvotingadviserand any independent analyst to determine how to vote the issue in a manner which the Committee believes is consistent with Mondrian’s Procedures. In these instances, the Committeemustcometoamajoritydecisionregardinghowtovotetheproxyorthey will be required to vote the proxy in accordance with the proxy voting adviser’s recommendation.

AvailabilityofProxyVotingInformationandRecordkeeping
InaccordancewiththeEuropeanShareholderRightsDirectiveII,Mondrianwilldisclose annuallyonitswebsitehowithascastvotesingeneralmeetingsduringthereporting period.Clientsmayrequestinformationonhowtheirproxieswerevotedfrom Mondrianatanytime.


Shareblocking
InanumberofcountriesinwhichMondrianinvestsclientassetslocallawsrequirethe imposition of a trading block on shareholders once they have voted their proxies in relationtocompaniesregisteredinthatcountry.Thesetradingblocksareusuallyfora defined period and can be for a number of weeks. Mondrian believes that in certain circumstancesitisintheclient’sgreaterinteresttoretaintheabilitytoselltheshares ratherthantoparticipateintheproxyvote.Insuchcountries,providedthatthecriteria setoutbelowaremet,neitherregistrationtovoteforaspecificproxynortheapproval oftheProxyVotingCommitteefora“novote”decisionwillberequired.Thefollowing criteriamustbemetbeforea“novote”decisionmaybemade:

 theMondriananalystdoesnotconsidertheproxyitemstobematerial  a“novote”decisionbyMondrianwouldbeunlikelytoimpacttheoutcomeof thevote  theMondriananalystisnotawareofanyconflictsofinterestindecidingnot tovote  there is a possibility that Mondrian will wish to sell the shares in the near future  theMondriananalystissatisfiedthatbynotvotingtheclientswouldnotbe disadvantagedrelativetotheriskofnotbeingabletosellthesharesduring theshareblockingperiod,and  arecordismadejustifyingthedecision

Qatar
Qatar’scommercialcodenowstatesthatvotingmustbedoneinpersonattheAGM,this limitsMondrian’sabilitytovoteinthisregion.
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Registered investment advisers are required in this Item to provide you with certain financialinformationordisclosuresabouttheirfinancialcondition.
Mondrianhasnofinancialcommitmentthatimpairsitsabilitytomeetcontractualand fiduciary commitments to clients, and has not been the subject of a bankruptcy proceeding. please register to get more info