SEGAL MARCO ADVISORS

Segal Advisors began conducting business in 1969. The Firm is an SEC-registered investment adviser with its principal place of business located in New York. The Firm is wholly-owned by its parent company, The Segal Group, Inc. (The Segal Group). Segal Advisors operates primarily under the d/b/a Segal Marco Advisors.

Overview of Advisory Business

The Firm offers a range of consulting, investment advisory and investment management services, which include:

• -Non-Discretionary Investment Consulting Services
• -Discretionary Investment Management Services
• -Implemented Solutions
• -Management Services for High Net-Worth Individuals
• -Proxy Voting and Corporate Governance Services
• -Investment Operations Services

The Firms clients for these services include: (i) qualified employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA), including multiemployer and single-employer plans, (ii) non-qualified employee benefit plans, including deferred compensation plans and other supplemental benefit funds; (iii) governmental plans, (iv) charitable and other tax-exempt organizations; (v) commingled index funds and (vi) high net worth individuals.

In addition, the Firm provides financial intermediary clients with investment solutions for institutional investors and high net worth individuals. These services include:

• -Model Portfolio Services
• -Research and Investment Manager Due Diligence
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More information about each of these services is provided below.

For the avoidance of doubt, the Firm does not provide financial planning services, nor does it provide legal, accounting or tax advice. Clients are advised to engage other qualified professionals with respect to such matters.

Non-Discretionary Investment Consulting Services

The Firms non-discretionary consulting services are primarily offered to private sector and governmental pension and welfare plans, and charitable and tax-exempt organizations. In general, these services include assisting in the formulation of investment policies, assisting in the development of appropriate asset allocations, recommending investment vehicles and managers, measuring and evaluating investment performance, conducting asset liability modeling, and conducting defined contribution plan assessments and vendor searches. The Firm provides these services alone or in combination, and clients can choose to use any or all of these non-discretionary consulting services. The Firm earns fixed fees or asset-based fees for these services as described in Item 5 below. In certain instances, when requested by a client and pursuant to an agreement with the client, the Firm also provides investment operations services to the Firms non-discretionary consulting client accounts.

Formulating Investment Policies 

The Firm will confer with the client to identify the clients investment objectives for management of the overall portfolio and an appropriate investment strategy that reflects those objectives. The Firm then assists the client in drafting a written Investment Policy Statement (IPS) (or modifying the clients existing IPS) for the clients adoption. The IPS is intended to address the clients stated investment objectives and includes criteria for selection of investment managers, along with procedures (e.g., methodology and timing intervals) for monitoring investment performance.

Developing Appropriate Asset Allocation 

The Firm assists clients in constructing an appropriate asset allocation for their overall portfolio. The Firm will review the clients current investment program and may recommend changes to existing investment strategies, styles and managers that the Firm believes are appropriate to implement the IPS.

In certain instances, the Firm may recommend the use of alternative investments including, but not limited to, private equity/debt, hedge funds, multi-asset class solutions, hard assets (e.g., real estate, infrastructure and natural resources) and inflation hedging strategies, including Treasury Inflation-Protected Securities (TIPS), Global Tactical Asset Allocation (GTAA) and commodities. These investments involve certain additional or different risks as compared to more traditional equity and fixed income investments and are recommended only when consistent with the clients tolerance for risk and stated investment objectives.

Clients retain sole and absolute discretion over what actions to take with respect to the Firms recommendations with regard to asset allocation implementation.

Recommending Investment Vehicles and Managers: In addition, the Firm recommends investment managers and investment products, including, but not limited to, any of the following: registered investment advisers, banks or insurance companies, mutual funds (both index and managed), exchange-traded funds, commingled funds (e.g., collective trust funds; group trusts (if appropriate)), insurance company pooled separate accounts, and interests in private placement investment vehicles such as limited partnerships, limited liability companies, trusts and similar pooled investment structures. In this brochure, references to an investment manager will include: the sponsors of investment vehicles or funds; separate account managers; and, in certain instances, includes an investment manager as that term is defined in Section 3(38) of ERISA.

While the Firm provides advice on investment vehicles and managers, the Firm does not provide advice or counsel related to individual securities.

Clients retain sole and absolute discretion over what actions to take with respect to the Firms recommendations regarding the selection of investment vehicles and managers.

Please refer to the discussion of Methods of Analysis, Investment Strategies and Risk of Loss in this brochure for additional information about the Firms process for reviewing and recommending investment managers and investments, including alternative investments.

Measuring and Evaluating Investment Performance: The Firm monitors the performance of the clients total portfolio, asset classes and investment managers based on the procedures set for in the clients IPS or based upon generally accepted industry practices. The Firms recommendations will take into account current market factors and the clients investment objectives. Where appropriate, the Firm may recommend changes to the investment manager line-up, including the termination or replacement of current managers and the addition of new managers.

While the Firm monitors the overall performance of investment vehicles and managers, the Firm does not monitor the purchase and/or sale of individual securities.

Clients retain sole and absolute discretion over what actions to take with respect to the Firms recommendations regarding termination, replacement or addition of managers.

Please refer to the discussion of Methods of Analysis, Investment Strategies and Risk of Loss in this brochure for additional information about the Firms manager performance monitoring processes.

The Firm can assist clients with the implementation and administrative needs related to their investment programs. When engaged to provide these services, the Firm is authorized to work directly with the clients investment managers and custodians to implement client decisions related to its investment program (e.g., portfolio rebalancing, funding a new investment, raising cash, and directing capital calls and distributions).

Conducting Asset Liability Modeling (ALM): The Firm offers clients ALM studies that provide projections of benefit plan funding under various sets of assumptions about future conditions, such as demographic trends, the effects of inflation, and the performance of capital markets. Each client may consider these results in developing its IPS with the Firms assistance.

Preparing Defined Contribution, including 401(k), 457 and 403(b) Plan Assessment, and Conducting Defined Contribution, including 401(k), 457 and 403(b) Plan Vendor Searches: The Firm assists sponsors and fiduciaries of participant-directed pension and profits sharing plans with their selection of investment offerings to plan participants and their compliance with applicable regulations. The Firm also assists plan sponsors and fiduciaries by providing assistance with vendor selection and plan services implementation. In this role, the Firm may assist in the selection of bank custodians, record-keepers and other service providers; however, Clients retain sole and absolute discretion over what actions to take with respect to the selection of service providers.

Discretionary Investment Management Services

If the Firm is engaged to provide discretionary investment management services for some or all of the assets of a client, the Firm will undertake discretionary responsibility for selecting, monitoring and removing investment managers as appropriate to implement the clients investment objectives and asset allocation policies, as set forth in the IPS. When consistent with the clients IPS and the Firms advisory agreement with the client, the Firm will implement and monitor a portfolio of alternative investments on behalf of the client.

When providing discretionary investment management services, the Firm will negotiate and enter into appropriate investment management or similar agreements on behalf of the client. The Firm will not serve as a nominee and will not hold any client assets in its own name but will enter into transactions acting as agent to the client. While the Firm may assist in the purchase of interests in registered investment companies, the Firm does not effectuate the purchase or sale of individual securities for or on behalf clients.

On a regular basis, the Firm monitors the performance of investment managers in a clients discretionary account. If the Firm deems it appropriate, the Firm will terminate an investment manager or add new investment managers to a clients account from time to time. Where it is part of the Firms agreement with the client, the Firm will also periodically rebalance the investment of the clients assets among asset classes and investment managers in accordance with the clients IPS. In certain instances, when requested by a client and included in the Firms agreement with the client, the Firm also provides administrative services to the Firms discretionary consulting client accounts in the same manner as described above under Investment Operations Services.

The Firms fees for discretionary management services includes fixed fees and/or asset-based fees, as negotiated.

Additional information about the Firms manager performance monitoring and manager search and selection processes is described in Methods of Analysis, Investment Strategies and Risk of Loss of this brochure.

Implemented Solutions

MasterManager Program

The Firm serves as an investment adviser for a consultative multi-manager investment platform for institutional clients meeting required regulatory qualifications, such as pension plans, endowments, foundations, and health care organizations. These relationships take the form of a consulting relationship in which the Firm initially advises clients on asset allocation and investment structure.

The Firm maintains RogersCasey Target Solutions, LLC (RCTS) as a platform for a series of institutional commingled investment funds that are available in the MasterManager Program (the RCTS Funds). The Firms fees are earned through a separate advisory and consulting services agreement with the investors. As of December 31, 2024 the Firm maintains two RCTS Funds - RCTS Emerging Markets Equity and RCTS Emerging Markets Equity SP2.

RCTS is a Delaware limited liability company and is exempt from registration as an investment company under the Investment Company Act of 1940. RCTS Management, LLC is the Managing Member of RCTS. The Firm is the sole member of RCTS Management, LLC.

Group Trust

The Firm also services and is the sponsor of a group trust for certain of its clients that are qualified pension or profit-sharing plans under Internal Revenue Code (I.R.C.) Section 401(a) (the Group Trust). The Group Trust was formed under the authority of Internal Revenue Ruling 81-100 and is fully exempt from taxation pursuant to I.R.C. Section 501(a). The Group Trust enables the Firms clients to invest in commingled vehicles, which affords them such benefits as efficient management of assets, increased diversification, potentially lower investment management fees than accessing the same or similar investments through a non-Group Trust allocation with similar objectives, timely implementation of new managers/strategies, and simplified audit and Form 5500 reporting. The Firm receives no compensation for serving as the sponsor of the Group Trust.

Management Services for High-Net-Worth Individuals

On a limited basis, the Firm offers certain advisory services to high-net-worth individuals, as described above. The Firm provides these services on a discretionary and non-discretionary basis, as set forth in the specific client agreement. The Firms investment recommendations are not limited to specific types of investments, except that the Firm will not recommend or provide advice with respect to purchases and sales of individual securities, such as stocks and bonds.

The Firms fees for services to high-net-worth clients are individually negotiated and can include fixed fees and/or asset-based fees.

Proxy Voting and Corporate Governance Services

The Firm provides proxy voting and corporate governance services either in conjunction with its non-discretionary and discretionary investment consulting services provided to clients or on a standalone basis. The Firm also provides proxy voting services for certain commingled index funds that are sponsored, owned, affiliated or used by its benefit fund clients, at the request of those benefit fund clients. As part of these services, clients have the ability to grant the Firm with authority to vote proxies at shareholder meetings, on their behalf, as a proxy voting agent. The Firm casts votes in favor of shareholder interests, and in accordance with the Firms proxy voting policies and fiduciary duties. The Firm receives proxy research services from multiple service providers as well as access to a web-based voting and research platform containing vote recommendations, research reports, and vote instructions.

Services for Financial Intermediaries

The Firm provides its financial intermediary clients with customized model portfolios and asset allocation guidance. Based on the Firms proprietary capital market assumptions, the Firm provides financial intermediary clients with model portfolios that include an array of asset classes that span the expected risk and return spectrum. Each financial intermediary client implements the Firms asset allocation guidance at its sole and absolute discretion with its retail advisory clients. The Firm earns an annual retainer fee from the financial intermediary clients for these advisory services.

The Firm provides its financial intermediary clients with investment manager due diligence, investment program design and performance monitoring services. Based on each clients unique requirements, the Firm designs an investment program of diversified investment strategies based on the Firms proprietary research opinions. Each client implements these recommendations at its sole and absolute discretion with its retail advisory clients. The Firm monitors the recommended investment strategies and provides ongoing performance information, updated research opinions and recommendations. The Firm earns an annual retainer fee for these advisory services.

Wrap Fee Programs

The Firm does not participate in any wrap fee programs.

Client Assets

As of December 31, 2024 the Firm provided (i) discretionary consulting services with respect to approximately $11.3 billion in assets, (ii) non-discretionary consulting services to clients with approximately $430 billion in total assets and (iii) proxy voting only services to clients whose aggregate plan holdings total approximately $206 billion. In addition, the Firm provided model portfolio, manager research and due diligence services to financial intermediary clients that consult to approximately $211 billion in total asset.

Related Entities

The Firm owns 100% of the equity in Rogerscasey Canada, Inc. a registered investment counselor and portfolio manager in each province of Canada with offices in Toronto that provides investment consulting services, including but not limited to program design, portfolio construction and performance evaluation services for institutional investment program sponsors and retail investment program sponsors in Canada.

Segal Advisors only votes proxies for the equities portion (not the total plan) of its proxy voting only clients. Segal Advisors does not advise on or vote proxies for individual securities.

This figure is derived from a variety of sources, including industry databases and information provided to Segal Advisors by its Financial Intermediary clients.