Sierra Investment Partners, Inc. (“Sierra”) is a privately held, employee owned, independent registered investment advisory firm. Sierra was founded in February 1996 and is registered through and regulated by the United States Securities and Exchange Commission (“SEC”). Sierra operates as an investment management boutique that is focused exclusively on the investment needs of Taft-Hartley plans. Sierra was founded by Bruce Dereschuk, who serves as the President and Chief Executive Officer, John Delissio Jr., who serves as the Senior Vice President, and James G. McGuire III, who serves as the Vice President. They have put together a team of individuals with over 100 years of combined experience in the Taft-Hartley industry. These team members are required to have a bachelor degree in a related field, five to ten years of investment-related experience or an equivalent combination of both. This team is committed to the observation of the highest ethical standards and the exercise of proper judgment in all aspects of their business dealings. Sierra is a manager of managers and has exclusive sub-advisory and marketing arrangements with six institutional investment firms. These sub-advisors manage the Client’s investment portfolios on behalf of Sierra. Sierra performs the marketing and Client servicing functions and monitors the investment process performed by the sub-advisors. Both Sierra and its sub-advisors function as a “Fiduciary”, as that term is defined in Section 3 (21) (A) of ERISA, and serve as discretionary investment managers as defined by ERISA 3(38), with respect to the Investment Management Services provided for the assets in Client accounts. Sierra is committed to forming partnerships with its Clients that are based on honesty, integrity and full disclosure. Sierra believes in the importance of ongoing communication with its Clients. Sierra provides Clients with ongoing communication through quarterly investment reports showing net-of-fee returns, periodic Client meetings, proxy voting consistent with AFL-CIO guidelines (with the exception of the Emerging Markets Debt exposure due to the unique nature of this market), and quarterly investment outlook newsletters. Sierra believes that by placing its Clients’ interests first, they add value to the investment management process and earn the Clients’ trust and respect. Services Sierra provides various investment management services exclusively for the Taft-Hartley marketplace. Sierra’s focus is on helping develop and execute plans that are designed to meet the investment objectives and requirements of the Clients’ Taft-Hartley plans. Sierra provides multiple products which are selected by the Client or consultant based on the individual needs of the Client or as established by the Client's investment policy. The products Sierra offers are as follows: Core and Intermediate Fixed Income, U.S. Large Cap Growth Equity, EAFE Plus Equity, Franklin Global Plus Equity, Franklin Templeton Collective Investment Trust (Sierra Franklin EAFE Plus Equity Trust – Commingled Fund), Non-U.S. Equity, Templeton Global Equity, Sierra/Templeton International Equity Trust (Commingled Fund), Large Cap Intrinsic Value Equity, Small Company Equity, High Yield Fixed Income, Fort Washington High Yield Investors II, LLC (Commingled Fund) and Fort Washington Core Plus Fixed Income. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 6 of 62 These are offered through Sierra’s exclusive sub-advisory and marketing arrangements with six institutional investment firms employed by Sierra to manage its Clients’ portfolios. The sub-advisors employed by Sierra are: StoneRidge PMG Advisors, LLC; Amundi Asset Management US, Inc.; Franklin Templeton Institutional, LLC; Templeton Investment Counsel, LLC; Todd Asset Management, LLC; and Fort Washington Investment Advisors, Inc. The portfolio managers with these sub-advisors have extensive experience. Each sub-advisor was chosen because of their experience with a specific portfolio. Accounts are typically managed in accordance with the sub-advisor’s overall investment style focused on an investment philosophy. However, Sierra and its sub-advisors comply with all standards of fiduciary responsibility as required by ERISA in managing Client accounts. The minimum account size for domestic individually managed accounts is $3-5 million depending upon the sub-adviser selected, although initial deposits of less than $3-5 million may be allowed and will be reviewed on a case-by-case basis. Global and international accounts have a minimum investment requirement of $50 million. Deposits of less than $10 million for initial funding are generally available to funds with less than $25 million in total assets. Exceptions may be allowed and will be reviewed on a case-by-case basis. As of 09/30/2023, Sierra provided investment management services for 110 accounts managing assets of $4,600,607,756.29. Assets under management are generally managed on a discretionary basis, which means the Client has given Sierra and its sub-advisors the authority to determine the following without their consent:
• Securities to be bought or sold for Client’s account
• Amount of securities to be bought or sold for Client’s account
• Broker-dealer to be used for a purchase or sale of securities for Client’s account
• Commission rates to be paid to a broker-dealer for Client’s securities transaction The Client may have the ability to impose reasonable restrictions on the management of the account, including the ability to instruct Sierra or the sub-advisor not to purchase certain stocks or other securities. These restrictions may be a specific company security, industry sector, asset class, or any other restriction Clients request. Sierra also imposes the following purchasing restrictions on its sub-advisors:
• Labor sensitive company issues
• Risk-averse security selection
• Adherence to the AFL-CIO boycott list specifically for the Taft-Hartley marketplace (with the exception of the Emerging Markets Debt exposure due to the unique nature of this market) These purchasing restrictions reflect Sierra’s commitment to servicing its Clients who utilize Taft-Hartley plans to fulfill their employer responsibilities. Under certain conditions, securities from outside accounts may be transferred into the Client’s advisory account; however, it may be recommended that Clients sell any security if it is believed not to be suitable Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 7 of 62 for the current recommended investment strategy. Sierra does not provide tax advice or tax management services. Clients should always consult with their tax advisor for specific tax advice. Sub-Advisors Sierra’s sub-advisors are all registered with the SEC and manage investment portfolios for its Clients on its behalf. The Client determines which sub-advisor’s portfolios suit their investment needs, objectives and strategies. Each sub-advisor manages a particular portfolio(s) and has full discretion to manage these portfolios in accordance with their specific investment philosophy and process, within the Client’s guidelines. The sub-advisors selected for these programs have discretion to determine the securities to buy and sell within the account, subject to any reasonable restrictions imposed by the Client. Sierra shall provide its ADV upon hire, at the request of the Client and following material revisions. The sub-advisor’s ADV may also be provided upon Client request. StoneRidge PMG Advisors, LLC In the Fixed Income arena, Sierra chose StoneRidge PMG Advisors, LLC (“PMGA”) as its exclusive sub- advisor. PMGA is an investment management and advisory firm specializing in U.S. Dollar-denominated fixed income portfolios and is based in Radnor, Pennsylvania. PMGA has provided discretionary advisory services to institutional Clients and high net-worth individuals since 1996. Fixed Income Portfolio PMGA believes that superior returns can be consistently achieved by utilizing a conservative but active strategy of investing in high-quality U.S. intermediate securities or longer-term securities for total return accounts. PMGA actively manages portfolios comprised of U.S. Treasury, Agency, Mortgage Pass-Through, and Corporate Securities. PMGA applies a conservative, disciplined investment approach and seeks to outperform benchmark indices through a combination of ‘quantitative’ and ‘fundamental’ tools. PMGA offers four distinct products for Sierra’s Clients tailored to suit the needs of the jointly-managed marketplace. These investment programs are as follows:
• Fixed Income Core-Government/Credit
• Fixed Income Core-Aggregate
• Fixed Income Intermediate
• Fixed Income Short Government PMGA’s fixed income products are managed by their Investment Committee; however, each Client portfolio is assigned to a Managing Director to ensure adherence to specific Client guidelines. PMGA’s portfolios have a consistent track record and long-term performance record. PMGA’s portfolios are high quality, liquid and designed to be less volatile. PMGA’s portfolio management team has worked together for more than 25 years serving institutional investors and high net worth individuals. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 8 of 62 Amundi Asset Management US, Inc. Sierra chose Amundi Pioneer Institutional Asset Management, Inc., now known as Amundi Asset Management US, Inc. (“Amundi AM US”) as one of its exclusive sub-advisors. Amundi AM US specializes in providing products to the Taft-Hartley marketplace. Effective January 1, 2021, Amundi Pioneer Institutional Asset Management, Inc. merged with and into its affiliate, Amundi Pioneer Asset Management, Inc. (the “Merger”), and the surviving entity changed its name to Amundi Asset Management US, Inc. After the Merger, the investment advisory services previously provided by Amundi Pioneer Institutional Asset Management, Inc. are now provided through Amundi Asset Management US, Inc. There will be no material changes in the manner in which Amundi AM US provides investment management services, under the sub-advisory agreement, to Sierra and the Taft- Hartley client accounts. Amundi AM US offers U.S. Large Cap Growth Equity portfolios as part of its sub-advisory services to Sierra and its Clients. Amundi AM US provides investment advisory services to various entities such as state and local retirement boards, pension and profit-sharing plans, corporations and other businesses and institutional Clients. Advisory services only include portfolio management for businesses or institutional Clients. U.S. Large Cap Growth Equity Portfolio This portfolio’s investment process emphasizes high-quality companies that take advantage of business trends, demonstrate competitive strength, and have attractive returns on incremental invested capital. Amundi AM US believes that a concentrated portfolio of companies that exhibit dominant business franchise, strong long-term growth characteristics, and the ability to capitalize on secular trends will provide consistent, superior performance over time. Amundi AM US seeks companies with above average profitability, consistent return on invested capital, solid growth potential, attractive market position, and experienced management. Amundi AM US weighs each of these characteristics in its analysis of the balance sheet to identify companies that are selling at a significant discount to Amundi AM US’s estimation of their intrinsic value. Franklin Templeton Institutional, LLC Sierra chose Franklin Templeton Institutional, LLC (“FTILLC”) as its sub-advisor for EAFE Plus Equity, Global Plus Equity and Franklin/Templeton Collective Investment Trust (Sierra Franklin EAFE Plus Equity Trust – Commingled Fund). Founded in 1947, FTILLC has a team of over 70 investment professionals spread around the globe. Over 30 dedicated industry specialists, organized into sector teams, provide a robust research platform leveraged by the FTILLC portfolio teams. The firm is based in New York, New York. FTILLC is an affiliate of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. On July 31, 2020 Franklin Resources acquired Legg Mason, as well as Brandywine Global Investment Management®, Clarion Partners®, ClearBridge Investments®, Martin Currie®, QS Investors®, Royce® Investment Partners and Western Asset Management Company®. Franklin Templeton will preserve the autonomy of Legg Mason’s affiliates, ensuring that their investment philosophies, processes and brands remain unchanged. As with any Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 9 of 62 acquisition, the pending integration of Legg Mason’s parent company into Franklin Templeton’s, including the global distribution operations at the parent company level, will take time and only commence after careful and deliberate consideration. EAFE Plus Equity Portfolio FTILLC invests in listed equities of companies globally. FTILLC believes that by looking across a broad opportunity set, conducting in-depth research on individual companies, and selecting in a limited set of what they believe are the best opportunities; they can offer investors the opportunity to participate in faster growing regions or secular trends in the global economy. The investment teams focus on companies they believe have the ability to outperform peers over multiple years as a result of a strong competitive advantage, consistent free cash flow, a responsible management team and by not over-paying upon investment. FTILLC believes that a well-diversified international equity portfolio which focuses on regions and companies with significant earnings potential, managed within a disciplined process of active asset and sector allocation, will provide long-term capital appreciation. They begin with a top-down approach to regional, country, and currency analysis. This macro analysis is then used to develop sector and theme changes that highlight investment opportunities as well as issues selection. These issues must also pass the in-depth Sierra International Social Screening© process which eliminates those stocks that do not meet Sierra and FTILLC’s rigorous standards. These screens favor companies that protect human rights, workers’ safety, labor’s right to collectively bargain, ethical employment standards, and the creation of U.S. jobs through exports to the U.S. They also protect against ownership in companies that use child or prison labor, displace American products or workers or impose unfair trade barriers against

the U.S. FTILLC’s team searches for companies with sustainable business models across all industry groups, and invests primarily in companies that have higher expected revenue and earnings growth than their peers. The focus on return on equity, free cash flow, and the creation of shareholder value underpins the search for quality. FTILLC’s comprehensive global investment platform encompasses a broad range of investment disciplines. FTILLC’s experienced portfolio managers apply proven investment philosophies within a defined framework of risk control and oversight. Their specialist portfolio managers benefit from the perspective gained through collaboration among diverse investment teams. Franklin Global Plus Equity FTILLC offers a broad range of strategies that vary according to investment style, market capitalization and geography. FTILLC’s portfolio managers and analysts apply a disciplined, bottom-up approach to selecting stocks. FTILLC employs a team approach to managing the portfolio, which includes a team approach to buy and sell decisions. The strategies are managed in accordance with FTILLC’s investment philosophy and approach, which are based on three tenets: value, patience, and bottom-up stock selection. Combining time-proven fundamental analysis with original research, FTILLC looks for companies that meet their criteria of quality and valuation. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 10 of 62 Based on these research results, managers construct portfolios within established parameters for diversification. Portfolio managers review portfolios to assess sector and industry risk exposure in response to changing market conditions. The highly disciplined selling strategy is designed to pursue capital appreciation opportunities. Franklin Templeton Collective Investment Trust (Sierra Franklin EAFE Plus Equity Trust – Commingled Fund) The Franklin International Equity approach utilizes fundamental research analysis to construct a concentrated, yet diversified portfolio of companies that meet the team’s growth, quality and valuation investment criteria. The investment team believes in in-depth research and a carefully chosen portfolio of companies has the ability to generate consistent returns for investors, while diversification of earnings drivers among those companies helps maintain reasonable risk levels. They focus on absolute value and long-term appreciation. Country and industry weightings are the residual of the stock selection process; they do not drive it. An integral part of the process is the in-depth Sierra International Social Screening© process that eliminates those stocks that do not meet Sierra and Franklin’s rigorous standards. These screens favor companies that protect human rights, workers’ safety, labor’s right to collectively bargain, ethical employment standards, and the creation of U.S. jobs through exports to the U.S. They also protect against ownership in companies that use child or prison labor, displace American products or workers, or impose unfair trade barriers against the U.S. Templeton Investment Counsel, LLC Sierra chose Templeton Investment Counsel, LLC (“TIC”) as its sub-advisor for the International Value and Global Equity strategies and the Sierra/Templeton International Equity Trust (Commingled Fund). TIC has one of the longest global investment track records in the world and is based in Fort Lauderdale, Florida. For more than 70 years, TIC has been managing assets globally with portfolio managers and analysts strategically located in offices throughout the world. The depth, experience and analytical capabilities of the global research team are key to the Templeton process. TIC’s global equity portfolio management team has an average of more than 18 years investment experience. The TIC investment products follow the investment management principles established by its founder and former chairman, Sir John Templeton, who is no longer affiliated with the Templeton organization, and has not been since 1992. TIC is an affiliate of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. TIC provides both equity and fixed income investment advisory services to large tax-exempt institutional accounts, primarily pension and profit-sharing plans, endowment funds, foundations, commingled trusts, investment companies registered with the SEC pursuant to the Investment Company Act of 1940 (the “1940 Act”), pooled investment vehicles that are exempt from registration under the 1940 Act and separate accounts. TIC’s management services primarily offer a long-term approach to value-oriented global, international and emerging markets’ investing by focusing on fundamental analysis and “bottom-up” selection of securities issued by companies around the world. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 11 of 62 Non-U.S. Equity TIC’s equity management services primarily offer a long-term approach to value-oriented global, international and emerging markets investing by focusing on fundamental analysis and “bottom-up” selection of securities issued by companies around the world. TIC seeks companies that are trading at a discount to what the research indicates the company may be worth. Security prices can fluctuate more widely than underlying security values, but market efficiencies should recognize and correct these security prices over time. They identify value through rigorous fundamental analysis of a company’s business to determine what its economic worth is based on future earnings, cash flow or asset value potential. The investment manager may also consider a company’s price/ earnings ratio, profit margins and liquidation value in their analysis. Templeton Global Equity The Templeton Global Equity Group (“GEG”) manages all global, regional and single country equity products. GEG is comprised of senior management personnel, including the Chief Investment Officer, Director of Portfolio Management and Director of Research. Each of these representatives is supported by the resources of the entire GEG with all members of GEG contributing research ideas and critical feedback. Generally, the CIO is responsible for all aspects of GEG while the Director of Portfolio Management coordinates the global portfolio management activities and the Director of Research oversees the equity research process. TIC also offers multi asset strategies, which may combine strategies from various advisers within Franklin Templeton Investments or be outcome oriented in nature. The Global Equity strategy provides an investment opportunity utilizing a time-tested approach to investing with origins dating back over 60 years. Templeton’s industry recognition has been built upon a philosophy that seeks value in all corners of the world using a global industry focus and long-term investment horizon. The investment process is founded on three tenets: Value, Patience, and Bottom-up stock selection. Sierra/Templeton International Equity Trust (Commingled Fund) The international value equity investment approach, which focuses on absolute value and long-term appreciation, distinguishes this portfolio from others. TIC believes international diversification provides investors with greater opportunity and may reduce overall portfolio risk. TIC seeks value wherever it can be found. Country and industry weightings are residuals of the stock selection process; they do not drive it. This enables the incorporation of the best ideas into every portfolio, subject only to its specific geographic mandate and investment guidelines, which includes the in-depth Sierra International Social Screening© process that eliminates those stocks that do not meet Sierra and TIC‘s rigorous standards. These screens favor companies that protect human rights, workers’ safety, labor’s right to collectively bargain, ethical employment standards, and the creation of U.S. jobs through exports to the U.S. They also protect against ownership in companies that use child or prison labor, displace American products or workers, or impose unfair trade barriers against the U.S. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 12 of 62 Todd Asset Management, LLC Sierra chose Todd Asset Management, LLC (“TAM”), as its exclusive sub-advisor to offer the Large Cap Intrinsic Value Equity product to the Taft-Hartley marketplace. TAM, based in Louisville, Kentucky, is one of the region's oldest and largest money management firms. Todd Asset Management LLC, formerly Todd- Veredus Asset Management LLC began operations on June 1, 1998 as Veredus Asset Management LLC (“VAM”). Effective May 1, 2009, VAM combined with Todd Investment Advisors, Inc. (“TIA”) through a series of transactions in which VAM acquired substantially all of the assets and identified liabilities of TIA in exchange for 45% of the equity units of VAM. TIA (and its predecessors) was founded in 1967 by Bosworth M. Todd. Upon the combination of VAM and TIA in 2009, Veredus Asset Management LLC changed its name to Todd-Veredus Asset Management LLC (TVAM). On February 28, 2013, TVAM redeemed ownership units held by individuals who supported the growth products founded under VAM. Prior to the redemption, investment operations of these products ceased. Subsequent to this redemption, TVAM changed its name to Todd Asset Management, LLC (“TAM”). TAM will continue to offer the same products and strategies managed by the same individuals and process founded under TIA. Sierra did not use TVAM for their growth strategies so this does not affect Sierra’s Clients or their portfolios. The intrinsic value philosophy is managed by investment professionals from TAM. TAM’s portfolio managers have an average of over 20 years’ experience each. Large Cap Intrinsic Value Equity The Large Cap Intrinsic Value strategy has a high-quality, large-cap core domestic portfolio of 40-65 stocks, balanced across economic sectors. The portfolio is constructed using a fundamentals-based, bottom-up process to identify stocks with an attractive valuation, positive and improving fundamentals and market acceptance of these factors. The strategy is built upon TAM's Price/Intrinsic Value ("P/IV") philosophy, which is the basis for all of TAM’s strategies, and utilizes a proprietary multi-factor ranking process to identify stocks they believe are most likely to outperform. TAM’s intrinsic value approach identifies stocks selling at significant discounts or premiums to their intrinsic value. Diversification across sectors, industries, and individual securities combined with an emphasis on quality give the portfolio attractive risk characteristics. TAM believes that company-specific fundamental prospects signaling improvement in a company’s prospects and positive change in investor expectations should lead to higher returns. Sierra chose Fort Washington Investment Advisors, Inc. (“Fort Washington”) as its exclusive sub-advisor to offer High Yield Fixed Income, Fort Washington High Yield Investors II, LLC (Commingled Fund), Small Company Equity and Core Plus Fixed Income products to the Taft-Hartley marketplace. Fort Washington Investment Advisors, Inc. based in Cincinnati, Ohio, is a registered investment adviser and the primary investment arm of Western & Southern Financial Group, Inc. and their insurance affiliates. As sub-advisor, Fort Washington is responsible for developing, constructing, and monitoring the portfolios in compliance with mandates established by the Client. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 13 of 62 High Yield Fixed Income Fort Washington believes that the most appropriate risk-return scenario within the High Yield market exists in the higher quality, less volatile segments. Further, they believe that focus on these segments can also produce attractive absolute returns. They believe these results are best achieved by focusing on higher quality credits with lower default risk and mature sectors that can weather a full market cycle. They look to outperform over a full market cycle by protecting principal and providing a stable level of income with a favorable upside and downside capture experience. Fort Washington High Yield Investors II, LLC (Commingled Fund) Sierra invests the assets of the Client’s Account in the Fort Washington High Yield Investors II, LLC investment in accordance with the Private Placement Memorandum provided to the Client. This is for Clients who wish to work with one provider for public equities, fixed income, and alternative assets. All of the public equity, fixed income and private equity strategies are available through commingled funds. Related persons of Fort Washington act as a managing member of these funds. Certain of Fort Washington’s employees may have a direct or indirect investment interest in the commingled funds. Small Company Equity Sierra invests the assets of the Client’s Account in the Fort Washington Small Company Equity strategy. The Small Company Equity team believes that equity investments experience a four-stage investment cycle (Low Expectations, Rising Expectations, High Expectations, Falling Expectations). The research focus and goal is differentiated for each stage of the investment cycle. Stock selection is focused on four critical business model factors: revenue growth, profit margins, free cash flow conversion, and capital deployment. The team seeks to invest in a diversified portfolio of 70-90 companies. The starting universe typically consists of securities with a market capitalization less than $5 billion and with adequate liquidity. Core Plus Fixed Income Sierra Invests the assets of the Client’s Account in the Fort Washington Core Plus Fixed Income strategy. The strategy seeks to outperform the Bloomberg Barclays U.S. Aggregate over a full market cycle by covering the global fixed income universe while tactically adjusting risk exposure within a relative value framework. The strategy team believes that in order to consistently generate attractive risk-adjusted long- term outperformance, they need to:
• Adjust risk through the cycle
• Efficiently allocate risk on a relative value basis with an emphasis on downside protection
• Drive security selection decisions down to analyst level – “Sector PMs”
• Avoid outsized positions in rates The investment universe includes U.S. Government, agencies, asset-backed securities, mortgage-backed securities, investment grade credit, high yield credit, emerging markets debt, non-USD, and preferred stock. Sierra Investment Partners, Inc. ADV Part 2A December 2023 Page 14 of 62