A. Organization Running Oak Capital, LLC (“ROCL”) is a limited liability company organized under the laws of the State of Minnesota. The firm was formed in July 2012, and the principal owner is Seth L. Cogswell. B. Advisory Services ROCL offers investment advisory services through a variety of channels, including: Separately Managed Accounts (“SMAs”), as a sub-advisor to third-party wrap programs of other investment advisors (“Program Sponsors”), and Unified Managed Accounts (“UMA”). ROCL also serves as the investment advisor to the Running Oak Efficient Growth ETF. Investment Strategies Running Oak Efficient Growth Efficient Growth is a long-only blend of growth and value with a focus on downside volatility management. Under normal circumstances, the strategy seeks to achieve its investment objective by investing primarily in exchange-traded equity securities of large and mid-sized U.S. companies with market capitalizations of at least $5 billion. The portfolio is roughly equally-weighted with 50-75 stocks typically held in the portfolio. Exposure to any one industry is limited to 15% of invested assets. The strategy may also invest in companies of any market capitalization. The portfolio managers attempt to include high-quality companies in the portfolio that exhibit the greatest combination of 1) earnings growth rates that are significantly higher than the S&P 500 index, 2) stocks priced with attractive valuations, and 3) avoidance of stocks that possess characteristics associated with potential for downside volatility. The strategy may invest in non-U.S. stocks, although such investments are typically companies that operate primarily in the U.S. but maintain legal domicile in another country. Non-U.S. company investments may include American Depositary Receipts (“ADRs”) and common stocks of non-U.S. issuers. Running Oak Free World Efficient Growth Free World Efficient Growth is based upon the same investment philosophy and process as the Efficient Growth portfolio. It employs additional screening to create a portfolio with a goal of lesser country specific risk. The additional screening is designed to remove companies from the core portfolio that have significant exposure to economies controlled by authoritarian regimes. C. Advisor to an ETF ROCL serves as the investment advisor to the Running Oak Efficient Growth ETF, which is an exchange traded fund, meaning that shares are listed for purchase on a national securities exchange, such as the NASDAQ. The Running Oak Efficient Growth ETF is subject to the general supervision of the Board of Trustees of the Strategic Trust,

a Delaware statutory trust. For more information on the investment objectives, principal risks, and fees associated with the Running Oak Efficient Growth ETF, please see the Fund’s prospectus and statement of additional information (“SAI”), which are available on the Advisors’ website at RunningOakETFs.com. D. Unified Managed Accounts (“UMA”) ROCL provides investment recommendations in the form of a model portfolio to third parties (“Model Delivery” or “Model Delivery Programs”). Recommendations are provided to the program sponsor of the UMA program, who typically retains ultimate authority to execute the portfolio transactions for client accounts. In most UMA programs, ROCL treats the program sponsor as its client and does not consider the program sponsor’s clients to be the clients of ROCL. E. Sub-advisory Services ROCL acts as a sub-advisor to advisers unaffiliated with ROCL. These third-party advisers outsource portfolio management services to ROCL. Any sub-advisory relationship is and will be memorialized in each contract between ROCL and the third-party adviser. F. Contribution to Third-Party Alpha Capture Program ROCL participates in the buy-side alpha capture program of a third-party asset manager. ROCL’s contribution to the program involves ranking of securities within a predefined universe. The rankings are ultimately used to construct a portfolio that uses inputs from various other buy-side firms in addition to ROCL. G. Services Limited to Specific Types of Investments ROCL generally limits its investment advice to equities. Although ROCL primarily recommends equities, ROCL may use other securities to help diversify a portfolio. H. Specific Client Needs and Restrictions ROCL generally does not tailor its investment advisory services to individual client needs since it focuses on its “Efficient Growth” strategy. Nevertheless, clients may request particular investment restrictions or parameters on investing in certain securities or types of securities in accordance with their values or beliefs. ROCL will generally agree to implement such requests provided that the restrictions or parameters do not unnecessarily hinder ROCL’s ability to properly manage the account in line with its strategy and investment process. Clients are urged to promptly notify ROCL if their financial situation or investment objectives change. I. Assets Under Management As of December 31, 2022, ROCL managed approximately $403.9 million in total assets, $397.5 million of which were managed on a discretionary basis, and $6.4 million of which were managed on a UMA or model delivery basis.