Aon Investments USA Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”); a Commodity Pool Operator (“CPO”) and a Commodity Trading Advisor (“CTA”) registered with the Commodity Futures Trading Commission (“CFTC”); and is a member of the National Futures Association (“NFA”) with its principal place of business located in Chicago, Illinois. References to “we”, “us”, “our”, “the firm”, “AIUSA” and “Aon” refer to Aon Investments USA Inc. unless the context otherwise requires. We provide professional investment advisory and consulting services to institutional clients including, but not limited to, defined benefit and defined contribution plans (public and private), not-for-profit organizations, insurance companies, and registered investment advisers/wealth managers. Beginning in 2018, the firm began operating under the umbrella brand name, “Aon”. In March 2020, the firm changed its legal business name from Aon Hewitt Investment Consulting, Inc.to Aon Investments USA Inc. The firm is wholly owned by Aon Consulting, Inc. (“Aon Consulting”), an indirect subsidiary of its ultimate parent, Aon plc. Aon plc shares are listed on the New York Stock Exchange (symbol: AON). AIUSA is headquartered in Chicago, Illinois and has offices across the U.S. We provide discretionary investment management and non-discretionary investment advice and certain actuarial related services related to clients’ investment programs and operations, including: o Investment Policy Planning and Asset Allocation; o Wealth Management o Manager Evaluation and Selection; o Performance Review and Manager Monitoring; o Alternative Asset Advisory Services; o Outsourced Chief Investment Officer Services; o Pension Risk Management; o Direct Investment Funds; o Bespoke Services; and o Other Services. Additional information regarding each of the above services is provided below. In addition to the services listed, we offer related services including defined contribution services and asset transition services. Investment Policy Planning and Asset Allocation We help clients to: o Define and control risk for their specific requirements; o Diversify their investment portfolio(s); o Develop investment objectives and a statements of investment policy; o Meet cash flow needs; and o Conduct scenario analyses on their portfolio(s) as well as evaluate alternative portfolios. Our Investment Policy Services Team (“IPS Team”) Investment Manager Research (“IMR Team”) and Global Asset Allocation Team (“GAA Team”), collectively referred to in this section as the “Teams”, are composed of investment professionals with backgrounds in investment management, economics, and actuarial science. The Teams are responsible for maintaining our proprietary investment views and capital market assumptions. The Teams also provide timely, proactive advice and research to our investment consultants regarding the potential investment implications of changes in capital markets and our capital market assumptions. Additional responsibilities include coordinating with our investment consultants to provide clients with top- down, strategic investment advice; researching new investment strategies; and monitoring portfolio positions from an asset allocation perspective. Certain clients hire us to construct dynamic “de-risking” glide paths to help bring their pension plans to a fully funded status while reducing uncompensated risks, with the goal of reducing the economic cost of plan benefits. The dynamic “de-risking” glide path is directly incorporated into the client’s investment policy to formalize the strategy, permit execution, and seek to ensure the appropriate levels of oversight within the client’s governance structure. Wealth Management The Wealth Management Team provides non- discretionary model portfolios (“Model Portfolios”), manager selection, strategic asset allocation advice, and related advisory services to certain institutional and retail advisory firms not affiliated with Aon, including certain open-end mutual fund companies and wrap-fee program sponsors in connection with third-party wrap- fee programs. We do not sponsor any wrap-fee programs, but we may provide non-discretionary investment advisory services to sponsors of wrap-fee programs. Under such arrangements, we provide Model Portfolios containing our current investment recommendations based on clients’ model portfolio investment policy statements and strategic goals or other parameters as agreed to between Aon and such client. Although we provide recommendations, we do not have the authority to implement those recommendations. Ultimately, clients retain discretion and remain responsible for asset allocation determinations and securities selections. Clients also maintain responsibility for effecting all security transactions in connection with such asset allocation determinations and securities selections, which means a client’s portfolio(s) may materially diverge from the Model Portfolio created for such client. There may be differences between the Model Portfolio and the portfolios managed by our Wealth Management Team for other Aon clients. We receive a fee from our clients as an investment adviser for the services provided in these programs. Manager Evaluation and Selection We rely on investment research generated by the Investment Manager Research Team (“IMR Team”). The IMR Team is primarily focused on researching and evaluating non-affiliated investment managers worldwide and consists of investment professionals from AIUSA and its global investment advisory affiliates. Our IMR Team monitors and rates non-affiliated investment managers’ strategies. Certain of the investment managers the IMR Team reviews may participate in the Aon Wealth Insights Series Conferences or similar Aon hosted events (collectively, the “AWIS Conferences”), which are sponsored by Aon Consulting and further described below. Participation in the AWIS Conferences is not and may not be considered in the IMR Team’s investment manager evaluation and selection process. Please see “Other Services” below for additional detail and Item 5 – Fees and Compensation for information related to indirect compensation AIUSA and/or its affiliates may receive in relation to the AWIS Conferences. The IMR Team identifies and evaluates investment managers and strategies across various asset classes, including equities, fixed income, real estate equity and debt, private equity and debt, and alternative asset classes. Qualitative ongoing periodic due diligence is then conducted on buy-rated and certain qualified-rated managers. (A discussion of AIUSA’s manager ratings is contained in the section below entitled “Performance Review and Manager Monitoring”.) The IMR Team also conducts periodic quantitative screens on its manager universe, including investment managers that are not currently classified as buy-rated or qualified-rated managers. As part of its evaluation of an investment manager, the IMR Team has an agreement with Aon’s operational risk consulting practice, the Operational Risk Solutions and Analytics (“ORSA”) Group of Aon Consulting to provide due diligence reviews assessing an investment manager’s non-investment risks relating to its business structure, activities, operations, and compliance practices. The IMR Team includes several former investment fund managers, which we believe provides further insight into investment managers. The research generated by the IMR Team is shared among Aon’s investment advisory affiliates. The IMR Team establishes model building block portfolios to guide our investment professionals in reviewing the number and types of managers, funds, and separate account strategies used by clients. The IMR Team building block portfolios take into consideration an analysis of factors such as efficiency, costs, and management oversight. Further, the IMR Team’s due diligence process is leveraged by our discretionary and non-discretionary investment advisory teams to screen, interview, and select manager candidates that meet each client’s needs. Performance Review and Manager Monitoring Our manager research efforts are driven by several factors including, but not limited to, efforts to identify new investment strategies or approaches, monitor investment strategies to which we have assigned a rating, and monitor strategies in which clients invest. We conduct both qualitative and quantitative research and screening on investment strategies. Qualitative research includes ongoing discussions and periodic due diligence meetings with investment managers to assess investment strategies offered by the relevant firm. Qualitative research is performed on strategies in which we assign a “buy” recommendation. Qualitative research also is performed on select “qualified”, “not recommended”, or “sell” rated strategies depending on client requirements or at the IMR Team’s discretion. For those strategies rated with our quantitative process, including “not recommended” rated strategies held in client portfolios, the quantitative assessment is updated quarterly and serves as a monitoring tool and information source for our researchers, consultants, and/or clients that may utilize the strategies in their portfolio(s). In certain instances, the quantitative assessment may be updated less frequently than quarterly due to factors outside of our control. These factors include but are not limited to insufficient or incomplete data provided by third parties. Assessments, whether qualitative or quantitative, focus on a firm’s overall business/organization, staffing, investment process, risk management, operational considerations, performance, and terms and conditions, (as they relate to use of a firm’s strategies or pooled fund offerings). When evaluating investment strategies for a client, the IMR Team also considers the prospective investment in the context of the client’s investment objectives and guidelines. We inform clients of important developments and, when appropriate, may recommend changing investment managers, investment strategies, or the asset allocation to such investment managers or strategies. Certain investments with liquidity constraints (which generally include private funds and closed-end funds) are monitored by the IMR Team by reviewing manager quarterly reporting and financial statements, and to the extent necessary, periodic calls to ensure that the manager continues to adhere to

the strategy. Alternative Asset Advisory Services Our Global Liquid Alternatives (Hedge Funds), Private Equity, and Real Estate Teams (collectively the “Global Alternatives Team”) are sub-groups of the IMR Team discussed above in the section entitled “Manager Evaluation and Selection”. Members of the Real Estate Team are dual-hatted colleagues who provide services to both AIUSA and The Townsend Group (“TTG”), a separately registered investment advisory affiliate of AIUSA. The Global Alternatives Team is responsible for maintaining qualitative assessments on buy-rated alternative asset manager strategies and keeping abreast of the conditions in these markets. We provide both discretionary and non-discretionary investment advisory services on strategies such as private equity, real estate, venture capital arrangements, hedge funds, leveraged buyout funds, and distressed securities funds. With the exception of mutual funds, exchange-traded funds, and non-public securities, we do not typically provide advice or recommendations on specific securities investments. In designing a client’s investment policy, we will typically consider various types of investments unless directed by the client in writing to exclude or limit specific investments. Our investment recommendations are not limited to any specific product or service offered by any particular broker-dealer, insurance company, or asset manager. Because some types of alternative investments involve an additional degree of risk, alternative investment strategies will only be recommended to qualified clients when such recommendation is consistent with the client's stated investment objectives, including its tolerance for risk, liquidity, and suitability. Hedge Fund Advisory Services We develop and monitor a client’s asset allocation structure(s) in liquid alternatives or opportunistic strategies (e.g., real and absolute return, global tactical asset allocation, long/short equity including market neutral and 130/30 style funds, commodities, convertible arbitrage, and funds-of-funds). We seek to integrate our understanding of each client’s goals, risk tolerances, and risk qualities of existing portfolios with our manager research and monitoring capabilities. We take a broad perspective on this opportunity set, covering not only a wide variety of hedge funds, but also those strategies that use “hedge fund like” approaches to investing. We typically conduct on-site and/or virtual manager meetings annually on buy-rated strategies with a due diligence process that includes an examination of investment strategy, fund leadership/management, performance, and other factors. Operational due diligence is conducted by ORSA in order for a strategy to receive a buy rating. Private Equity Advisory Services We review and develop a client’s private equity investment policy, asset allocation, and portfolio design. We conduct global private equity fund selection and due diligence reviews within each relevant sub-sector. We provide clients with performance reporting, portfolio analysis, and comprehensive portfolio company review. We educate clients on secondary sale processes and evaluate their portfolio construction decisions. We provide private equity education and market analysis, including commentary on current issues. We recommend commingled private equity investment funds as well as separate accounts that are structured and classified to meet client needs. From time to time, we may engage external counsel to assist in conducting due diligence on private equity funds on behalf of clients. We may also assist the client in the negotiation of business terms for private equity funds. We do not provide legal, accounting, valuation, or tax advice to clients under any circumstances in connection with these services. Clients are responsible for obtaining their own legal, accounting and tax advice. On occasion, we assist clients in hiring a secondary broker, evaluating secondary bids and coordinating administrative collection of documents. Under no circumstances does Aon act as a Secondary broker nor contact any potential buyers. From time-to-time clients may request a list of service providers that can assist them in conducting due diligence; Aon may provide list(s) of service providers upon request as a courtesy but does not recommend or advise on the suitability of such service providers. Additionally, Aon is not compensated by service providers for inclusion on any such list. Real Estate Advisory Services We leverage our real estate research, which is conducted by TTG to consult with clients on the development, implementation, and monitoring of their real estate portfolio investment objectives, programs, and policies and to select managers for our real estate funds. Our real estate investment strategic planning and implementation services include: o Investment pacing, size, and strategy diversification; o Investment vehicle analysis and planning; o Property and portfolio leverage planning; o Manager search, selection, and monitoring; o Performance measurement and attribution analysis; o Topical real estate research and market analysis; and o Transition structure and terms modeling, analysis, and fee negotiations. We will not consult or make recommendations to clients related to investment solutions offered by TTG. Outsourced Chief Investment Officer (“OCIO”) We design and manage clients’ investment portfolios through our OCIO solutions. For these client relationships, we are delegated the authority to hire investment managers, terminate the services of investment managers, select investments, and rebalance portfolio assets subject to the client's investment policy statement and other terms outlined in the investment management agreement. Please see Item 16 for more information about our OCIO solutions. Our OCIO solutions are dedicated to the development, implementation, and execution of solutions for our clients within the guidelines of each client and its Investment Policy Statement (or other investment guidelines). These solutions also generally utilize investment strategies designated as “buy-rated” by the IMR Team. (A discussion of AIUSA’s manager ratings is contained in the section above entitled “Performance Review and Manager Monitoring”.) The OCIO solutions team utilizes a variety of investment managers and investment vehicles. Our Portfolio Implementation team leverages the expertise of individuals with backgrounds in investment management and actuarial science. The team is responsible for managing portfolio risk in general, including performing asset-liability analyses, monitoring portfolio positions from an asset-liability perspective, and designing custom interest rate risk management portfolios utilizing derivative strategies. Certain clients that receive non-discretionary investment advisory services may also have a portion of their portfolio(s) managed by our OCIO team. In such cases, we provide non-discretionary (ERISA Section 3(21)) advisory services and exercise discretionary management authority (ERISA Section 3(38) with respect to the portion of the client’s portfolio(s) for which such client delegates investment discretion to AIUSA. AIUSA qualifies as a “Qualified Professional Asset Manager” under the U.S. Department of Labor (“DOL”) Prohibited Transaction Class Exemption 84-14. As part of our OCIO solutions, clients may delegate to AIUSA the authority to invest in funds for which AIUSA or an affiliate serves as fund sponsor or investment adviser (“Aon Funds”) if such funds are suitable for the client. Client authorization to utilize Aon Funds is not required as part of our OCIO solutions, and we believe that we can offer scaled pricing to clients investing in Aon Funds that may not otherwise be available to such clients. Aon Funds consistently reflect our investment beliefs in terms of managers and portfolio structure. For clients that do not want to utilize Aon Funds (as a part of their OCIO solution) they should notify AIUSA in writing. Our non-discretionary investment advisory services do not include any advice or recommendation as to the prudence of using AIUSA’s OCIO solutions or other AIUSA services or products. Bespoke Services Some clients elect to customize their investment portfolios to reflect unique and specific needs and goals, such as by imposing reasonable investment restrictions on certain securities, industries, or sectors or managing a portfolio to a tax-efficient mandate. Certain clients may also contract with AIUSA for consulting services related to responsible investing. Investment strategies focused on responsible investing may seek to, among other objectives, achieve sustainability-related outcomes, achieve exposure to particular responsible investing characteristics or themes, and/or screen out certain companies and industries. Responsible investing services may be utilized through non-discretionary investment services, OCIO services, and/or in limited circumstances as a stand-alone offering. Other Services AIUSA, in conjunction with certain of its global affiliates participates in the AWIS Conferences. The AWIS Conferences provide educational meetings and events. AIUSA also uses the AWIS Conferences as a format to identify prospective clients. These meetings and events may be attended by both prospective and current AIUSA clients, as well as investment management firms and investment service providers. AIUSA Regulatory Assets Under Management As of December 31, 2023, we had approximately $118.5 billion of regulatory assets under management. Assets Under Advisement (“AUA”) may appear in client and sales materials in addition to AIUSA’s regulatory Assets Under Management (“AUM”). AUA is presented when, due to the nature of the contractual agreements with certain clients, we provide consultative advice to our clients in a non-discretionary capacity and do not maintain discretionary authority over the clients’ portfolio(s). In such relationships, the clients maintain the ability and authority to manage and allocate assets within their own portfolio(s) independent of our advice. Therefore, these clients are not reflected within regulatory assets under management. Instead, these engagements are represented as part of AIUSA’s AUA. In the instance that AUA is listed in client or sales materials it will be accompanied by relevant disclosure indicating how AUA has been calculated.