A. General Description of Advisory Firm SECOR Investment Advisors, LP (“SIA”) was established in 2010 and has offices in New York, New York. SECOR is a wholly-owned subsidiary of SECOR Asset Management, LP (“SAM”). Duen Li (Tony) Kao holds a majority stake in SECOR Asset Management, LP and is deemed to be the principal owner. Refer to Item 10 for a further description of SECOR Asset Management, LP and SECOR’s industry affiliations. SECOR Investment Advisors (UK), LLP (“SIA UK” and, together with SIA, “SECOR”), was established in 2011. SIA UK, which is indirectly owned by SAM, is a limited liability partnership formed in the United Kingdom that is authorized and regulated by the United Kingdom Financial Conduct Authority (FCA) and registered with the SEC as a relying adviser under umbrella registration with SIA. SIA UK provides investment management services similar to those provided by SIA. SAM owns SECOR Partners (UK), Ltd., the controlling parent entity of SIA (UK). SECOR Partners, LLC is the governing entity of SAM. Its sole managing member is Tony Kao. B. Description of Advisory Services SECOR offers discretionary and non-discretionary investment advisory services to U.S. and non-U.S. institutional clients, including employee pension and benefit plans, endowments and foundations, and pooled investment vehicles. With the exception of two clients and two “fund of funds”, SECOR generally does not have discretionary authority over its clients’ portfolios. As of December 31, 2023, SECOR has $13 billion in non-discretionary regulatory assets under management and $291.7 million in discretionary regulatory assets under management. SECOR provides non-discretionary investment advisory services to two pooled investment vehicles offered only to certain affiliated non-U.S. pension plans that are existing clients of SECOR. Both non-discretionary pooled investment vehicles are “funds of funds”. SECOR also provides discretionary investment advisory services to two pooled investment vehicles that are “funds-of-one”. The discretionary pooled investment vehicles are also “funds of funds”. The SECOR team includes experienced practitioners from investment and actuarial consulting firms, global investment banks, and buy-side asset managers. By bringing together individuals with decades of “hands on” experience, we are able to offer clients access to sophisticated investment strategies and cutting-edge capabilities – all in one nimble, client-centric boutique. We provide a menu of non-discretionary investment advisory services provided to our clients on an a la carte or bundled basis. ➢ Establishing Strategic Investment Policy - We believe the establishment of an appropriate strategic policy portfolio is the key determinant in an institutional plan’s success. With this recognition, SECOR believes a highly customizable approach in conducting asset allocation studies is essential

to developing sound long-term investment policies:
• Asset allocation
• Active risk budgeting and asset allocation
• Dynamic policy management
• Asset class portfolio and mandate structuring ➢ Investment Manager Research and Selection – Investment manager selection is another key component to the implementation of the strategic policy portfolio. SECOR’s team possesses many years of portfolio management and investment manager research experience. The combination of these experiences sets SECOR apart from its competitors. SECOR’s investment manager selection due diligence process includes rigorous evaluation of both quantitative and qualitative attributes. ➢ Investment Risk Monitoring - Risk management is at the heart of SECOR’s investment philosophy. SECOR believes risk management is a continuous process. SECOR uses its proprietary tools to evaluate current market scenarios or stress-test under any historical scenario to sensitivity to macroeconomic factors and capital market valuations impacts on client portfolios.
• Policy risk
• Active risk vs. policy
• Asset mix vs. targets
• Investment guidelines compliance
• Manager benchmarking, operational assessment
• On-going Plan Management - At SECOR, we work closely with clients to determine our optimal method and cycle of communication employing a suite of customized reporting to monitor portfolio exposures.
• Tactical Asset Allocation Advice
• Transition management
• Quarterly Performance and exposure reporting
• Investment risk reporting
• Customized client education programs ➢ Investment Administration
• Custodian bank (& securities lending) oversight
• Investment manager fee validation
• Performance measurement
• Securities lending
• Proxy voting
• Overall compliance monitoring ➢ Implementation / Portfolio Solutions - At SECOR, academic research and theory are married with decades of practical experience to assist clients in developing asset allocation strategies that maximize asset efficiency. We strive to develop strategies that are innovative, cost-effective, and practical.
• Equity Hedging - Tail Risk Hedging, Custom Option Strategies
• Custom Plan Management – Asset Mix Management, Currency Hedging, Asset Allocation Tilts
• Collateral management C. Availability of Customized Solutions for Clients SECOR’s advisory services emphasize the customization of solutions for each client. D. Wrap Fee Programs As of the date of this Brochure, SECOR is not advising clients to participate in any wrap fee programs and is not itself serving as a manager in any wrap fee program. E. Assets Under Management As of December 31, 2023, SECOR has $13,012,106,529 in non-discretionary regulatory assets under management and $291,748,533 in discretionary regulatory assets under management.