MIIM, a Delaware corporation, is an investment adviser registered with the SEC with its principal place of business located in Illinois. MIIM was founded in February 2022. Effective July 1, 2022, Mesirow Equity Management (“MEM”) was added as a division within MIIM. MIIM’s sole shareholder is Mesirow Financial Services, Inc., a wholly owned subsidiary of Mesirow Financial Holdings, Inc. (“MFHI” or the “Firm”). MIIM, or an affiliated business group, advises Mesirow-branded mutual funds, Registered Investment Companies (“RICs”), Collective Investment Trusts (“CITs”) and Private Funds. MEM offers investment advisory services and products to clients relating to U.S. equity investments on a discretionary basis. Clients invest through separately managed accounts, RICs, or CITs. DISCRETIONARY ADVISORY SERVICES MEM manages portfolios for the following strategies: Small Cap Value Equity Strategy The Small Cap Value Equity Strategy seeks maximum long-term total return by investing in U.S. exchange-traded securities on a long-only basis. Under normal circumstances, MEM seeks to achieve its investment objective by investing the portfolio in common stocks of domestic companies that have market caps consistent with the Russell 2000 Index. The account will own a diversified group of stocks in multiple es. The strategy invests mainly in common stocks, but it can also invest in exchange traded funds temporarily to manage client cash flows. The benchmark for the Small Cap Value Equity Strategy is the Russell 2000 Value Index. SMID Cap Value Equity Strategy The SMID Cap Value Equity Strategy seeks maximum long-term total return by investing in U.S. exchange-traded securities on a long-only basis. Under normal circumstances, MEM seeks to achieve its investment objective by investing the portfolio in common stocks of domestic companies that have market caps consistent with the Russell 2500 Index. The account will own a diversified group of stocks in multiple industries. The strategy invests mainly in common stocks, but it can also invest in exchange traded funds temporarily to manage client cash flows. The benchmark for the SMID Cap Value Equity Strategy is the Russell 2500 Value Index. Small Cap Core Equity Strategy The Small Cap Core Equity Strategy seeks maximum long-term total return by investing in U.S. exchange traded securities on a long only basis. Under normal circumstances, MEM seeks to achieve its investment objective by investing the portfolio in common stocks of domestic companies that have market caps consistent with the Russell 2000 Index.

The portfolio will own a diversified group of stocks in multiple industries. The benchmark for the Small Cap Core Equity Strategy is the Russell 2000 Index. MEM’s advice is currently limited to the Small Cap Value Equity, SMID Cap Value Equity, and Small Cap Core Equity strategies. MEM manages investment portfolios using discretionary investment powers granted by the client, subject to reasonable restrictions. Investment management services include portfolio construction and management, trading and commission negotiation, cash flow management and rebalancing, proxy voting, and client reporting. Specific agreed upon services are detailed in a written agreement between MEM and the client. MEM provides clients with 5 quarterly reports that show portfolio holdings, performance and market analysis. Clients can request additional customized reporting and reviews. MEM does not tailor its investment strategies based on a client’s financial profile or objectives. Clients select from investment strategies offered by MEM and can impose reasonable investment restrictions, such as restrictions on investments in certain securities or types of securities, provided they do not materially affect the investment strategy. MEM requires that clients provide a written statement of their investment guidelines and any restrictions. Advisory and/or Sub-Advisory Services MEM serves as the sole investment adviser to a Mesirow proprietary mutual fund and CITs. These relationships are covered in more detail in Item 10 of this Brochure. Please refer to the mutual fund’s Prospectus and Statement of Additional Information as well as the CIT’s Disclosure Memorandum for additional disclosures. Copies of the noted disclosures can be obtained by contacting Kathryn Vorisek at the address or phone number on the front page. MEM at times provides advisory or sub-advisory services to clients of unaffiliated financial services institutions, including investment companies, banks, and other advisors (“Advisor(s)”). In these circumstances, MEM would manage these accounts on a discretionary basis, similar in manner to its advisory services accounts described above. MEM would be paid an advisory fee directly by these Advisors. MEM would not pay a fee to these Advisors for referring clients. Investment Management Services As of March 31, 2024, MEM had approximately $1.15 billion in assets under management on a discretionary basis and no assets on a non-discretionary basis. MIIM does not provide tax or legal advice. Clients should consult with an expert on tax or legal issues.