Asset Allocation & Management Company, LLC (AAM) is a registered investment advisor with the SEC and was founded in 1982 to provide insurance companies with both the expertise of an independent investment advisor and the practical knowledge of the regulatory and competitive environment in which insurance companies operate. Over nearly three decades, we have built an organization dedicated to meeting insurance company investment management needs with expertise in fixed income investing, accounting, tax modeling, asset/liability matching and other insurance-related disciplines. As of December 31, 2023, we managed $22.97 billion in assets for 127 clients, 124 of which are insurance company clients across all segments of the industry. Of total AUM, approximately 2% is related to two private wealth management clients and a single non- profit client. Both private wealth clients are the result of pre-existing insurance company clients, one being the sale of an insurance company, which was an AAM client, and the other being a pre-existing client’s request to manage their Trust. At AAM, we understand that investing successfully for insurance companies requires not just a firm grasp of market opportunities, but also a knowledge of the unique parameters, guidelines, regulatory considerations, and risk constraints for each client. Rather than a one-size-fits-all investment strategy, at AAM we work with clients to construct customized multi-sector fixed-income portfolios that fit each company’s objectives and its requirements for yield, total return, risk, and tax exposure. We pursue this customized approach by offering the following fixed-income investment strategies. Core Bond – Core bond offers insurers a broadly diversified investment grade portfolio that emphasizes stable income, predictable cash flows and stable credit ratings with the goal of generating consistent excess returns relative to the market. The core bond strategy incorporates top-down and bottom-up inputs into a relative value framework for identifying sector weightings and specific security recommendations. Targeted Duration – This strategy specifies a duration target that matches a pool of investment assets with the liability stream of a specific line of business. Our investment strategists work with a client’s internal or consulting actuary to identify the duration and convexity characteristics of a liability to construct a customized portfolio that should exhibit price movements similar to the liability. To maintain the targeted duration, the strategy tends to avoid sectors with embedded prepayment risk, such as mortgage-backed collateral and callable bonds. As a result, there is a greater focus on longer duration corporate (public and private) bonds, taxable municipals, and call-protected structured products. Crossover – AAM’s distinctive crossover strategy seeks to generate higher tax-adjusted income with more consistent after-tax total returns for taxable clients by opportunistically shifting its exposure to tax-free municipal bonds. Typically, the portfolio will own a mix of taxable bonds — including corporate bonds, mortgage-backed securities, government securities, taxable municipal bonds, and cash equivalents — as well as an allocation of tax- exempt municipal bonds. Structured Products – As with all of AAM’s fixed income investment strategies, our structured products investment process relies heavily on specific security selection to identify opportunities that demonstrate cash flow stability and attractive return potential while avoiding the potential for credit impairments. Fundamental analysis, independent of credit ratings and other standard risk measures, involves a three-step process in which we evaluate the issuer and servicer of a security, the underlying collateral and the

various risk characteristics of the collateral and the transaction structure. This allows us to determine how cash flows, loss potential and structural protections embedded in the security might affect the portfolio. Monthly surveillance of holdings includes reviewing important credit metrics and modeling security credit performance. Results are available to assist our clients with the preparation of their accounting records, as appropriate. Corporate Bonds – Appropriate for yield-oriented clients, such as Life and Annuity companies seeking additional spreads over their liabilities. Using proprietary tools, we continually measure risk versus return at the sector, industry, and individual credit levels. Using this research, our portfolio managers construct diversified portfolios of bonds that meet client guidelines for risk, duration, yield, and total return targets. Private Placements – Privately placed debt encompasses a wide variety of fixed income investments including corporate obligations, real estate related, project finance and asset- backed loans for midsize to large companies. It seeks to provide an enhanced yield over comparably rated public securities as well as access to issuers that are not available in the public market. Engaging AAM as a private placement investment manager is appropriate for sophisticated clients who can accept fluctuations in principal value and limited liquidity. As it relates to cash management, AAM strives to stay fully invested at all times, thus keeping cash at a minimum. At a client’s request, we may build cash over time. AAM typically bills on cash and money market holdings. Client’s are responsible for establishing a cash-sweep vehicle at the client’s custodian bank. AAM may advise on the suitability of the available sweep vehicles if requested by the client but AAM is not authorized to establish the vehicle for each account. AAM also offers clients access to the convertible-bond, high-yield, private placement, and actively managed equity markets under investment management agreements separate from the fixed-income investment management services described above. Through sub- advised relationships AAM offers a risk-controlled, quantitative approach to managing convertible portfolios (Zazove Associates, LLC); intermediate and short duration high yield and bank loan portfolio management strategies (Muzinich & Company, Inc.); expanded access to the private place market (Securian Asset Management, Inc.); and, active equity management (Mariner Wealth Advisors). Additional information about Zazove, Muzinich, Securian and Mariner Wealth Advisors is available on the Securities and Exchange Commission’s website at www.adviserinfo.sec.gov. AAM customized specialty services include Enterprise Risk Management, Tax Analysis, Asset Liability Analysis, Quantitative Asset Allocation Modeling, Rating Agency Consultation, Liability Hedging Support, Investment Accounting, and Peer Analysis. AAM currently has a consulting agreement in place with Gary Hatfield to provide actuarial support and analysis, product lines, strategic recommendations and other analysis as defined by AAM for its life and health insurance clients and prospects. AAM does not participate in, recommend, or offer wrap fee programs to our clients. As of December 31, 2023, we managed $22,966 million in client assets on a discretionary basis and $11.952 million in client assets on a non-discretionary basis. Asset Allocation & Management Company, LLC is principally owned by Securian AAM Holdings, LLC, a company organized to hold subsidiary entities that is entirely owned by Minnesota Life Insurance Company and indirectly controlled by Securian Financial Group, Inc.