MARQUETTE ASSOCIATES, INC.

Marquette Associates, Inc. (“MAI”) is an investment adviser registered with the Securities and Exchange Commission. MAI’s primary service is to provide investment consulting services to institutions, individuals, families, family offices, registered investment advisors, trusts, and charitable organizations or other business entities. The firm was founded and began providing investment advice in 1986 under the same name. MAI is headquartered at 180 N. LaSalle Street, Suite 3500, Chicago, IL 60601 and has additional offices located in Baltimore, Maryland, St. Louis, Missouri, and Milwaukee, Wisconsin. MAI has one wholly-owned subsidiary adviser: Peirce Park Group, Inc. (“PPG”) located in West Chester, Pennsylvania. MAI is 100% employee owned; the firm is owned by 24 partners. There are no individuals that own 25% or more of the firm, but Brian Wrubel is the majority shareholder.

Investment Consulting Services

MAI offers both non-discretionary and discretionary investment consulting services, although MAI provides primarily non-discretionary consulting services. These services include:

▪ Asset allocation modeling / asset-liability studies

▪ Manager search, selection, and oversight

▪ Performance reporting and attribution analysis

▪ Firm-conducted research and educational training for clients

▪ Investment policy development and oversight

▪ Fee negotiation and cost advisement

▪ Custom benchmark development and peer comparison

▪ Review and selection of custodial bank

MAI provides customized services to its clients and no two investment programs are alike. Our consultants take into consideration factors such as the client’s risk tolerance, forecasted liability, and return expectations when making recommendations. Clients are allowed to designate reasonable restrictions on their accounts.

In addition, MAI will provide fiduciary services which allows MAI to have the discretionary authority to rebalance accounts and hire and fire third party managers. Lastly, MAI may also work on special projects for prospective clients wherein MAI is retained to provide certain, discrete consulting services.

MAI does not participate in wrap fee programs or accept soft dollar payments for its services.

QPAM Services/Consulting

In addition to MAI’s investment consulting business, MAI serves as a consultant to various pension plans and as a Qualified Professional Asset Manager (“QPAM”) under the Employee Retirement Income Act of 1974, as amended (“ERISA”) with regard to various matters in which the services of a QPAM are required. This service may be outsourced to a third-party. Such services include:

▪ Reviewing and advising on the client’s proposed real estate transactions

▪ Evaluating and advising on conflicts of interest in real estate related transactions

▪ Providing oversight of the development of real estate construction projects

▪ Conducting due diligence for potential real estate investments

▪ Providing analysis of various strategic decisions associated with leases investments, development, dispositions and evaluation of investment decisions

▪ Evaluating real estate investments which have been completed to determine whether they meet various industry and fiduciary standards

▪ Overseeing the operations of two real estate properties

Investment Supervisory Services

MAI provides investment supervisory services in the direct management of client portfolios to institutions, individuals, families, family offices, registered investment advisors, trusts, and charitable organizations or other business entities on a discretionary basis.

Prior to engaging MAI to provide any of the foregoing investment advisory services, the client will be required to enter into one or more written agreements with MAI setting forth the terms and conditions under which MAI shall render its services. Likewise, MAI will use certain investment tools to determine the clients’ risk parameters, time horizon and investment objectives. These include in person meetings, a risk profile, client questionnaire and other documentation.

MAI’s clients are advised to properly notify MAI if there are ever any changes in their financial situation or investment objectives or if they wish to impose any reasonable restrictions upon MAI’s management services. In general, MAI does permit restrictions upon the type of security or particular security that the client requests.

Assets Under Management and Assets under Advisement

As of December 31, 2025, Marquette had $29,520,628,869 in client assets under management on a discretionary basis and $17,537,902,981 in client assets under management on a non-discretionary basis and as of the same date, Marquette provided traditional investment consulting services to $371,333,329,109 in client assets under advisement.”