NEPC, LLC

NEPC is a full-service investment consulting firm. NEPC has been providing financial consulting services as its sole line of business since 1986, based on providing proactive advice to help our clients meet or assist with exceeding their goals and objectives, and service our clients with seasoned professionals.

Our Mission Statement is simple: We help our clients achieve their goals.

As of January 2, 2025, Hightower Holding, LLC is the principal owner of NEPC. NEPC provides advice on both traditional and alternative assets. Services generally include the following:

• -The development and/or refinement of investment policies, objectives and guidelines and their periodic review
• -Asset-based asset allocation studies
• -Liability-based asset allocation studies every three to five years
• -Manager and custodian searches
• -Quarterly investment performance reports and accompanying executive summaries
• -Monthly flash reports
• -Invitation to our annual investment conference
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In general, NEPC does not provide investment management services in the context of managing a portfolio of individual stocks, bonds or other instruments; rather, NEPC provides customized investment advice, which often includes recommendations of specific third-party investment managers. For most clients, NEPC serves as a fiduciary under Section 3(21) of the Employee Retirement Income Security Act of 1974 (ERISA). NEPC does not serve as an attorney, accountant, tax advisor or insurance agent.

In addition to traditional advisory consulting services, NEPC provides some clients with discretionary or Outsourced Chief Investment Officer (OCIO) consulting services, which typically include the services listed above along with additional discretionary services described in Item 16 of this brochure. For discretionary clients subject to ERISA, NEPC serves as a fiduciary under Section 3(21) as well as an investment manager under Section 3(38) of ERISA.

NEPC has created investment funds (Access Vehicles) to allow discretionary clients to benefit from our scale through potentially lower investment manager fees and administrative costs. Because NEPC aggregates assets from multiple discretionary clients, these clients can potentially pay lower fees to the underlying managers. They may also qualify for vehicles that have a higher minimum asset requirement than these clients would have on their own. And because these vehicles do not directly generate revenue for NEPC, NEPC is not incented to use them except to benefit clients. NEPC typically invests clients in an Access Vehicle within NEPC's discretionary OCIO capacity with the client, and NEPC will select underlying managers for the Access Vehicle that meet NEPC's objectives for a specific investment strategy on behalf of all discretionary clients invested in that Access Vehicle. All NEPC clients investing through an Access Vehicle are invested under the same conditions and subject to the same underlying managers' investment objectives and guidelines.

NEPC outsources administration, custody and annual audits to third party service providers, but NEPC acts as the investment adviser to each Access Vehicle in a discretionary capacity. In the Fall of 2023, NEPC U.K. LTD was established and headquartered in London. The main purpose of this office is for certain members of NEPC, LLC's research team to facilitate their research predominantly into United Kingdom- and Continental Europe-based fund management firms and those firms' fund products. NEPC U.K. LTD is an affiliate of NEPC, LLC, its United States parent company. NEPC U.K. LTD is an Appointed Representative of Robert Quinn Advisory LLP, which is authorized and regulated by the UK Financial Conduct Authority.

As of December 31, 2024, NEPC provides its consulting services to 436 clients with total assets of $1,759,233,605,068 which consist of $1,626,902,155,260 in advisory assets and $132,331,449,808 in discretionary assets (or $137,333,668,204 including the Access Vehicles).