MEKETA INVESTMENT GROUP INC

Meketa Investment Group, Inc. (“Meketa”) began business in 1974 as a partnership. It was incorporated in Massachusetts in 1978. Meketa has offices in the United States, and affiliates in the United States and in the United Kingdom. Meketa is an independent, employee-owned firm, with over seventy shareholders. The firm’s founder - James Meketa - owns approximately 20% of the firm’s stock.

Meketa provides a broad range of investment advisory services that fall generally into three categories: general consulting services, private market advisory services and discretionary advisory services, which includes sub-advisory services to advisors of investment companies registered under the Investment Company Act of 1940 (“RIC clients”). Meketa provides such services to RIC clients on a non-discretionary or discretionary basis.

Our advisory services are tailored to the specific investment objectives, policies, guidelines and restrictions of each client account. Clients may impose restrictions on their account by discussing desired investment limitations and providing us with a written list of restrictions and limitations.

General Consulting Services

We assist clients in selecting and monitoring investment managers, developing investment guidelines and long-term policy objectives, allocating financial resources, and controlling risk. Additionally, we may assist with supervising investment manager transitions, developing crisis response plans, directing cash flows, and/or negotiating investment manager fees, among other activities.

We also offer monitoring services to our clients, their sponsors, and/or fiduciaries. This service consists of a written report analyzing material developments to an investment portfolio during the applicable period and highlighting material risks or irregularities. Generally, we present these written reports to client representatives.

These services are provided on a discretionary or non-discretionary basis.

Private Market Advisory Services

We provide private market advisory services to certain clients to assist them with designing and/or managing private market portfolios, selecting and acquiring venture capital, private equity, private debt, real estate, timber and natural resources, hedge, and/or infrastructure investments for such portfolios and accounts, and monitoring the underlying private market investment managers.

These services are provided on a discretionary or non-discretionary basis.

Outsourced Discretionary Services

Meketa occasionally provides some of the services described above on a discretionary basis to clients who wish to outsource their investment process in full or in part to Meketa. Among other things, we assume decision making authority to hire and terminate investment managers across public and private markets, to implement the client’s asset allocation directives, and to manage investment manager transitions.

Sub-Advisory Services to RIC Clients

We provide sub-advisory services to RIC clients to assist them with designing and/or managing investment portfolios.

These services are provided on a discretionary or non-discretionary basis.

Other Services

Project-Based Services – On a non-discretionary basis, we provide certain clients with project-based advisory services, including, but not limited to, conducting due diligence, evaluating transaction terms, and account reviews. We generally provide a written report outlining our findings and, to the extent requested, our recommendations.

Regulatory Assets Under Management

The Regulatory Assets Under Management (“RAUM”) as of December 31, 2025, is approximately $9,992,100,000 in the aggregate (approximately $1,138,000,000 in non-discretionary RAUM in the aggregate and approximately $8,854,100,000 in discretionary RAUM in the aggregate)