FCO Advisors LP (“FCO”) acts as a discretionary investment advisor to U.S. and non-U.S. private investment vehicles that FCO or a related entity sponsors (each a “fund client”) as well as through separate accounts (each a “separate account”). FIO Advisors LP, (“FIO” and together with FCO, the “Advisors”, “we” or “us” and each of FCO and FIO, an “Advisor”) currently provides non- discretionary advisory services to advisory clients through separate accounts and acts as a discretionary investment advisor to U.S. and non-U.S. private investment vehicles that it or a related entity sponsors. Additionally on a discretionary basis, we also advise institutional investors and private investment vehicles through separate accounts following strategies similar to our fund clients. FCO’s core investment strategy seeks to deliver consistent total returns investing across a range of opportunities in the large, fragmented municipal universe. We believe this platform is well positioned to capitalize on the frequent, recurring opportunities and offer a sophisticated strategy for this asset class. We identify tactical and strategic opportunities with varying time horizons and employ both relative and fundamental value analysis in order to capture the recurring opportunities driven by the market’s distinctive characteristics. Critical to our value proposition i s marrying decades of expertise and relationships with a rigorous analytical framework and tailored capital base to efficiently execute a broad, agnostic mandate across the entire municipal market. Our goal is to capitalize on the above and deliver significant and consistent total returns under a rigorous risk management framework. The investment objectives, strategies, fees and risks of each fund client and other material information, are set forth more fully in the fund client’s confidential offering documents, which are available to investors and qualified prospective investors with whom FCO or its agents have a pre- existing substantive relationship. FCO is a limited partnership formed in Delaware in 2012. FCO Management LLC, a Delaware limited liability company

also formed in 2012, is FCO’s general partner. FCO’s principal owners (each having a greater than 25% ownership interest) are Hector Negroni and PAM Foundation Investments, Inc. More detailed information regarding FCO’s ownership is provided in Schedules A and B of ADV Part 1A. FIO’s core investment strategy is principally to invest in performing credit investments in U.S. infrastructure assets across a variety of sectors (including the transportation, water, renewable energy, environmental, social and smart infrastructure sectors) in order to produce uncorrelated, attractive risk-adjusted returns. Such investments may include public and private bond offerings, private notes, loans, contracts, securitizations and other debt or debt like financing structures. FIO is a limited partnership formed in Delaware in 2019. FCO Management LLC, a Delaware limited liability company formed in 2012, is the general partner of both FCO and FIO. FCO owns 100% of the limited partnership interests in FIO. Each Advisor’s advised funds and separate accounts depend on the Advisor for their day-to-day operations. Each Advisor and its principals and affiliates may be involved in other business activities not involving such main strategy funds, including, but not limited to, the organization and management of other investment partnerships, pooled investment vehicles and individual separate accounts, many of which may employ strategies similar to those employed by the main strategy funds. Entities using such strategies may or may not have parallel positions or performance. Each Advisor and its principals and affiliates may also engage in other business opportunities not involving the main strategy funds with some but not all of the investors in the main strategy funds. As of December 31, 2023, FCO had approximately $868,555,000 discretionary regulatory assets under management and approximately $536,155,000 on a non-discretionary basis. The Advisors may tailor the specific advisory services with respect to each client based on the particular investment objective and strategies described in the applicable client’s offering memorandum, limited partnership agreement, or investment management agreement.