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Item 4—Advisory Business Description of Advisory Firm AAG is a registered investment adviser under the Advisers Act since 2000. It submits notice filings with state securities divisions in all 50 states,the District of Columbia, Guam, US Virgin Islands, and Puerto Rico.AAG offers investment management and advisory services primarily to plan sponsors of employer-sponsored retirement plans such as 401(a), 401(k), 403(b) and 457 plans, including government entities and their participants, and to all account holders of the Empower Premier IRA ("IRA holder"or"account holder"). AAG also offers investment management services to retail brokerage account holders.AAG does not choose the investments offered in employer-sponsored retirement plans. AAG serviced plans receive recordkeeping services through Empower Retirement, LLC ("Empower Retirement"), the recordkeeping entity affiliated with AAG. More information about AAG's services, including an applicable brochure, can be obtained by contacting AAG at the number provided on the cover page of this Brochure or by visiting AAG's website at: www.advisedassetsgroup.com.AAG's principal place of business is Greenwood Village,CO. AAG is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company ("GWLA"), an insurance company domiciled in the State of Colorado.GWLA is a direct wholly owned subsidiary of GWL&A Financial Inc. ("GWL&A Financial"),a Delaware holding company.GWL&A Financial is a direct wholly owned subsidiary of Great-West Lifeco U.S.LLC.("Lifeco U.S.") and an indirect wholly owned subsidiary of Great-West Lifeco Inc.("Lifeco"),a Canadian holding company. Lifeco is a subsidiary of Power Financial Corporation ("Power Financial"), a Canadian holding company with substantial interests in the financial services industry. Power Corporation of Canada ("Power Corporation"),a Canadian holding and management company, has voting control of Power Financial.The Desmarais Family Residuary Trust has voting control of Power Corporation,through a group of private holding companies that it controls. Types of Services AAG provides a range of direct account holder-level and participant-level investment services as well as services provided indirectly through private-label arrangements with institutional partners ("the Services"). The Services include Online Investment Guidance("0IG"),Online Advice("OA"),and the Managed Account service("MA Service")or My Total Retirement ("MTR").Other services that may be available to clients include Spend-Down Advice,Financial Planning Service and Retirement Income Projection Tools and Services.AAG provides its Services through a proprietary,computer-based software program that is developed and maintained by Morningstar Investment Management. In addition, AAG provides sub-advisory and technology services to outside adviser firms through a service called Advisor Managed Accounts ("AMA"). This service enables the AMA firms to offer their own investment advisory and management services within retirement plans serviced by Empower Retirement.The total sub-advised assets as of December 31,2020 for this service totaled$1,159,907,992. There is no guarantee provided by any party that participation in any of the advisory services will result in a profit. Morningstar Investment Management LLC Morningstar Investment Management is a registered investment adviser wholly owned by Morningstar, Inc. and is not affiliated with AAG or any company that is affiliated with AAG. Morningstar Investment Management is located in Chicago, Illinois. A copy of its Form ADV Part 2A brochure may be obtained at www.adviserinfo.sec.gov. Morningstar Investment Management serves as an independent financial expert ("IFE") in accordance with the Department of Labor SunAmerica Advisory Opinion 2001-09A, dated December 14, 2001 (the "SunAmerica Opinion"). Morningstar Investment Management uses its proprietary methodology to evaluate the available investment options in a retirement plan or IRA and to develop an individualized investment strategy for plan participants and account holders. The plan, plan sponsor, plan fiduciary or IRA provider must select and continuously maintain investment options that cover broad asset categories. The investment options selected for the plan or IRA generally consist of a broad range of asset classes. More information is provided under Item 10— Other Financial Industry Affiliations. Item 8, Methods of Analysis and Investment Strategies, discusses the general risks of investing.The risks associated with the investment options can vary significantly with each particular investment category and the relative risks of categories may change. Accordingly, AAG may make changes from time to time with regard to the availability of certain investment options. The fees, risks, responsibilities of plan sponsor/plan provider/participant/account holder and limitations for each of these services are discussed in greater detail below. Fees and expenses are also explained in the respective prospectus,which accompanies each investment option,as applicable. 4