BNP PARIBAS ASSET MANAGEMENT USA, Inc. was founded in the U.S. in 1972 as Fischer Francis Trees & Watts, Inc. (“FFTW”). On July 31, 2015, FFTW’s affiliated U.S. registered investment adviser, BNP Paribas Asset Management, Inc., was merged into FFTW. On June 1, 2017, FFTW was re-branded as BNP PARIBAS ASSET MANAGEMENT USA, Inc. BNPP AM USA is a New York corporation registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser. This brochure outlines the products and services offered by BNPP AM USA, which has two offices: New York and Boston. BNPP AM USA is part of BNP PARIBAS ASSET MANAGEMENT (“BNPP AM”), the asset management arm of BNP Paribas (“BNPP”). BNPP AM is part of BNPP’s Investment & Protection Services division. BNPP AM is one of the major players in the investment management industry with assets under management totaling $596 billion (as of December 31, 2023), comprised of over 3,200 employees in more than 30 countries (including joint ventures). As of December 31, 2023, BNPP AM USA managed $41.8 billion in assets with $41.6 billion managed on a discretionary basis and $182 million on a non-discretionary basis. The Firm may provide customized investment management services to institutional clients, including but not limited to, central banks, official institutions, supranational organizations, public funds, employee pension funds, insurance companies, endowments, foundations, hospitals, corporations, commercial banks, multinational investment banks, financial services companies, mutual funds registered under the Investment Company Act of 1940, private funds and Luxembourg-domiciled Reserved Alternative Investment Funds (RAIFs), including SICAVs, of an affiliate. While part of a global investment management business, the focus of this brochure is limited to the activities of BNPP AM USA. BNPP AM USA uses the services of various capable individuals (“Associated Persons,” as used by the SEC in the Unibanco No-Action letter of July 28, 1992, the ABN AMRO NV No-Action letter of July 1, 1997 and the Royal Bank of Canada No-Action letter of June 3, 1998) who are employed by BNP PARIBAS ASSET MANAGEMENT Europe including its Netherlands branch (“BNPP AM Europe”). These individuals may also provide services to clients of BNPP AM Europe or other BNPP AM affiliates, which trade a strategy similar to a U.S. client. Like the Firm, BNPP AM Europe is owned indirectly by BNP Paribas. For more information

regarding BNPP AM USA’s Unibanco arrangement, including information about its affiliates, please see the section entitled “Other Financial Industry Activities and Affiliations”. BNPP AM USA does not sponsor or manage any wrap fee programs. As illustrated in the organizational chart below, BNPP AM USA is a direct wholly-owned subsidiary of BNP PARIBAS ASSET MANAGEMENT USA Holdings, Inc., a New York Corporation, which is in turn wholly owned by BNP Paribas US Wholesale Holdings, Corp. BNP Paribas USA, Inc. owns 100% of BNP Paribas US Wholesale Holdings, Corp., and is wholly owned by BNP Paribas. BNPP is a publicly owned bank organized in France that engages in global financial activities. BNPP AM USA is part of BNPP AM, within BNPP’s Investment & Protection Services division. BNPP AM USA operates as an investment center including the following support and operational functions: Finance, Tax, Compliance, Risk Investment Monitoring & Control, Legal, Secretarial, Human Resources, Facilities, Business Continuity, IT, Risk, and Operational Risk. Certain Human Resources, Tax, Business Continuity and IT functions are coordinated with the Firm’s U.S. affiliates. BNPP AM USA manages fixed income, multi-currency and equity portfolios. BNPP AM USA offers a variety of fee schedules for its investment products, as detailed below, which may include both management and performance fees, where appropriate. For each investment product, clients receive individualized investment advisory services tailored to their particular investment objectives and guidelines. BNP PARIBAS 100% Direct Owner BNP PARIBAS USA, INC. 100% Direct Owner BNP PARIBAS ASSET MANAGEMENT USA Holdings, Inc. 100% Direct Owner BNP PARIBAS ASSET MANAGEMENT USA, Inc. BNP PARIBAS US WHOLESALE HOLDINGS, CORP. 100% Direct Owner Clients complete an investment management agreement, or similar agreement depending upon the nature of the services to be provided, which explains the investment services they will receive and the fees charged for such services. Clients should carefully examine this agreement and particularly the fee schedule. Investment management services provided may be available from other registered investment advisers for lesser fees. Clients have the opportunity to place reasonable restrictions or constraints on the way their account is managed.