A. Overview
This brochure relates to the investment advisory services offered by Aegon USA Investment Management, LLC,
a US-based investment adviser registered with the Securities and Exchange Commission (“SEC”). Aegon USA
Investment Management, LLC, utilizes the primary business name Aegon Asset Management US, or Aegon AM
US, to market its asset management products and services. Aegon AM US is a limited liability company formed
in 2001 under the laws of the State of Iowa. And it is a wholly owned subsidiary of Aegon USA Asset Management
Holding, LLC (“AUAM Holding”) and an indirect wholly owned subsidiary of Aegon Ltd.
Aegon AM US is part of a broader investment firm using the brand name Aegon Asset Management. References
to Aegon Asset Management include various affiliated investment advisory, operational and distribution
business units, including Aegon USA Realty Advisors, LLC (“Aegon Real Assets US”) and Aegon Asset
Management UK plc (“Aegon AM UK”) (formerly known as Kames Capital plc), each an SEC-registered
investment adviser, and various unregistered foreign affiliates (and joint ventures), including Aegon Asset
Management Pan-Europe B.V., Aegon Asset Management Hungary B.V., Aegon España S.A.U. de Seguros y
Reaseguros (“Aegon España”), Aegon Industrial Fund Management Co., LTD, Aegon Investment Management
B.V. (“Aegon AM NL”), and La Banque Postale Asset Management S.A.
Though legally distinct, the Aegon Asset Management affiliates function as a global business. Through the use
of distinct investment platforms, Aegon AM US collaborates with various Aegon Asset Management affiliates to
deliver products and services globally. Aegon AM US believes that this structure helps it better serve its clients’
needs.
For additional information regarding Aegon AM US’ legal and governance structures, refer to Item 10, Other
Financial Industry Activities and Affiliations. Aegon AM US’ principal office is in Cedar Rapids, Iowa, with other
offices in Chicago, Illinois, and Baltimore, Maryland.
Certain Aegon Asset Management affiliates share global macroeconomic research and jointly participate in a
Global Research
Platform. Aegon AM US partners with Aegon AM NL through participating affiliate
arrangements; for more information see Item 8.B, Methods of Analysis, Investment Strategies and Risk of Loss
- Methods of Analysis and Item 10.B.1, Other Financial Industry Activities and Affiliations - Relationships with
Related Persons: Participating Affiliate Arrangement and Global Research Platform.
B. Advisory Services
Aegon AM US provides discretionary and non-discretionary investment management products and services in
similar and different investment strategies to affiliated and unaffiliated institutional clients. These services are
offered through a variety of investment vehicles, structures, and arrangements which vary by investment
strategy including, but not limited to, separately managed accounts, foreign or domestic open-end mutual funds
and UCITS (Undertakings for Collective Investment in Transferable Securities) funds, collective investment trusts
(“CITs”), and private funds. Aegon AM US also provides non-discretionary research services.
Aegon AM US began as a manager of fixed income portfolios and today provides active management of
portfolios that invest primarily in fixed income asset classes, but also may utilize equities, loans, and derivatives.
Additionally, Aegon AM US provides customized investment solutions for insurance companies and pension
plans.
Aegon AM US engages sub-advisers to manage certain investment strategies on behalf of affiliated and non-
affiliated clients.
Aegon AM US tailors its advice to serve the needs of each particular client and, before beginning investment
activities, generally requires mutually agreed upon, written investment guidelines or instructions for the client’s
account(s). Client guidelines can impose reasonable restrictions on investments in certain securities or types of
securities.
Additional information about Aegon AM US’ investment strategies and services can be found in Item 8, Methods
of Analysis, Investment Strategies and Risk of Loss.
C. Assets Under Management
As of December 31, 2023, Aegon AM US had assets under management as follows: