SMC is principally owned by John “Launny” Steffens, Founder and Senior Managing Director, and Gregory P. Ho, President. SMC has been providing advisory services since 2001. As of December 31, 2023, SMC managed $1,620.038,481 on a discretionary basis and $31,745,120 on a non-discretionary basis, for a total of $1,651,783,601 in regulatory assets under management. SMC provides continuous investment management services to pooled investment vehicles (hereinafter, “Private Funds”) and separate accounts (“Managed Accounts,” and collectively with the Private Funds, the “clients”). For all Private Funds, affiliates of SMC act as the general partner. In the case of Private Funds that are domiciled in the United States (the “Domestic Funds”), such funds rely on registration exemptions available under the Investment Company Act of 1940, as amended. SMC also provides municipal fixed income management services through SMC Fixed Income Management, LP (“SMC FIM”). The advisory services offered by SMC are detailed below. SMC is organized into five investment groups: Total Return, Private Capital, Growth Equity, Municipal Bonds and Social Impact. This combination provides the firm with knowledge in each investment vertical, which SMC believes improves investment decisions. SMC seeks to take advantage of investment opportunities “in the gaps” where larger investors typically do not focus. SMC has designed its investment solutions to meet clients’ current needs and reflect the flexibility, adaptability and insight that are essential when investing in today’s complex markets. 1. Opportunistic Investing in Traditional and Alternative Asset Classes SMC employs an investment strategy of opportunistic exposure spanning the alternative investment spectrum that includes both direct investments in securities and other assets as well as investments in other hedge funds, private equity funds, private credit funds and managed accounts managed by unaffiliated third parties. SMC seeks to capitalize on themes that have secular tailwinds driving value or opportunities where value can be realized from dislocations, structural inefficiencies, strategic relationships with issuers or sponsors, and/or situations where information asymmetry exists. The Private Funds that SMC manages utilizing aspects of this strategy are:
• SMC Total Return Fund, LP (“Total Return Fund”);
• SMC Private Capital Fund, LP (“Private Capital Fund”);
• SMC Private Capital Fund II, LP (“Private Capital Fund II”); and
• SMC Holdings II, LP (“Holdings II Fund”). Refer to Item 8 for more information about the investment strategy of each of these Private Funds. Investors and prospective investors in these Private Funds should refer to the offering memorandum of the applicable Private Fund for complete information. 2. Growth Equity Investing In addition to the multi-strategy Private Funds described above, SMC also manages Private Funds that follow a more traditional growth equity model:
• SMC Private Equity Holdings, LP (“PE Holdings”);
• SMC Growth Capital Partners II, LP (“Growth Capital Partners II”); and
• SMC Growth Capital Partners III, LP (“Growth Capital Partners III”). Refer to Item 8 for more information about the investment strategy of each of these Private Funds. Investors and prospective investors in these Private Funds should refer to the offering memorandum of the applicable Private Fund for complete information. 3. Separate Account Management SMC also serves as discretionary adviser to certain clients who open Managed Accounts, with full power and authority to supervise direct investments for such accounts without prior consultation with such clients. SMC’s investment decisions and advice with respect to each Managed Account will be in accordance with a client’s investment objectives and guidelines in the client’s investment management agreement, as well as any instructions agreed in writing by the client and SMC. SMC may invest Managed Accounts in direct investments in securities or in its Private Funds or independent funds managed by unaffiliated third parties. 4. Advisory Services Offered by SMC Fixed Income Management, LP SMC FIM offers: a. Specialized fixed income management for institutions, trusts, and high-net-worth individuals. As part of this service, SMC FIM seeks to achieve investment objectives of clients by investing in a portfolio of assets consisting primarily of debt securities and other obligations issued by or on behalf of states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities. b. Tax-Free and Taxable Municipal Cash Management Strategy – SMC FIM invests in a diversified portfolio of tax exempt municipal variable rate demand notes (“Exempt VRDNs”) due to their high degree of liquidity and safety of principal. The Exempt VRDNs utilized in this strategy are secured by municipal issuers, the creditworthiness of which is reviewed and confirmed prior to purchase by SMC FIM. SMC FIM will only consider for purchase municipal issuers with a credit quality rating of A- or higher. Exempt VRDNs may also have a letter of credit (“LOC”) issued by a bank or financial institution, or an insurance policy to provide funding for the payment of interest and principal should the borrower be unable to pay. Although they have longer-term maturities, Exempt VRDNs can be tendered at par at any time generally with 1-day notice or 7-day notice, depending on the put feature of the note purchased. A liquidity facility, enabling investors to receive the tender price (par), is provided by a bank through an LOC or Standby Purchase Agreement (“SBPA”) or similar instrument. Absent an LOC, bond insurance or other form of credit enhancement, Exempt VRDNs are generally unsecured obligations of the issuer or borrower. Exempt VRDNs also generally have mandatory and optional redemption features, allowing the borrower or issuer to repurchase them at par. If for any reason the liquidity facility contracted (LOC or SPBA) becomes invalid,

it is the obligation of the issuer to provide liquidity upon demand according to the terms of the holder’s put option. c. Municipal Intermediate Strategy – SMC FIM seeks to establish and maintain a diversified portfolio of tax-exempt municipal debt obligations with an average maturity of 6 to 12 years and an average duration of 4 to 7 years from date of purchase. This Investment Strategy seeks to provide tax-free income and preserve principal. This Investment Strategy utilizes a laddered approach with the aim of maximizing tax-free income, preserving principal, and minimizing interest rate risk. The securities held in this portfolio are selected based on investment grade or higher credit quality and are generally expected not to be subject to the Alternative Minimum Tax. SMC FIM actively manages this portfolio. In addition, based on client preferences, SMC FIM may manage this portfolio for national or state-specific exposure. d. Municipal Opportunities Plus Strategy – SMC FIM invests in a diversified portfolio of municipal debt obligations with a maturity range of 1 to 30 years and an average duration of 1 to 15 years from date of purchase. This investment strategy seeks total return by taking an opportunistic approach to the municipal market. Securities selected for this portfolio can include investment grade, non-investment grade, and non-rated municipal issues. Active yield curve positioning is also a component of the strategy. SMC FIM may select taxable or tax-exempt municipal securities in seeking total return opportunities. In addition, this portfolio is highly flexible and also can be structured to a risk profile of investment grade only, with maximum maturity of 20 years and duration limit of 10 years. e. 1-to-15-Year Municipal Bond Ladder – This Investment Strategy seeks to balance total return and price volatility of a fixed income portfolio due to interest rate changes. This is accomplished by structuring a portfolio of approximately equal value bond positions bearing consecutive annual maturities over a selected maturity range. The SMC FIM 1-to-15-Year Municipal Bond Ladder invests in equally weighted par value investment grade tax free municipal securities maturing between 1 and 15 years (from date of purchase). Securities are held to maturity. The proceeds from maturing bonds are reinvested in the longest dated bond of the designated maturity range in order to maintain the laddered structure. The laddered portfolio structure can be customized to a specific maturity range. f. Wrap Fee Programs – SMC FIM also provides investment advisory services as portfolio manager to various sponsored wrap fee programs, including programs offered by Wells Fargo, Pershing and Stifel Nicolaus. SMC FIM manages these accounts in the same manner as it manages its other Managed Accounts, and it receives a portion of the wrap fee for providing its services. Please refer to our Form ADV Part 1, Section 5.I for information on the wrap fee programs in which SMC FIM participates. g. Portfolio Consulting Services – SMC FIM provides portfolio consulting services to an unaffiliated investment adviser with regard to the management of certain Unit Investment Trusts (“UITs”) that are sponsored, underwritten and distributed by the unaffiliated adviser. SMC FIM advises and consults with the adviser regarding the initial and ongoing fixed income security selection for inclusion in the UITs. However, all UIT investment and trading decisions are made by the unaffiliated adviser, which retains discretion for all UIT portfolio transactions. 5. Private Equity Investing – Social Impact The Tax Cuts and Jobs Act of 2017 enacted section 1400Z-2 of the Internal Revenue Code, which created the qualified opportunity zone program. The program is designed to encourage investment in low-income communities designated as “qualified opportunity zones” by providing tax incentives to invest in “qualified opportunity funds” that, in turn, invest directly or indirectly in the opportunity zones. SMC’s West Harlem Innovation Network (“WHIN”) manages partnerships that invest in compelling, high-potential ideas and early-stage businesses in the life sciences, education technology, and complimentary areas (such as amplifying technologies, and food ecosystem industries) located primarily in West Harlem and in other qualified opportunity zones. WHIN invests in complementary industries and companies that contextually fit with its local neighborhood, and focuses on businesses that seek to mitigate the disproportionate health, educational and socioeconomic outcomes in historically underinvested communities. Using a more traditional private equity model, the WHIN Opportunity Fund, LP (“WHIN Fund”) invests in companies that aim to generate community wealth and have measurable social impact. Refer to Item 8 for more information about the investment strategy of the WHIN Fund. Investors and prospective investors in the WHIN Fund should refer to its offering memorandum for complete information. Additional information on any sub-advisers utilized by the above Private Funds is contained in the Form ADV Part 1, Schedule D. 6. Client Inquiries & SMC Opinions on Products or Services not Offered by SMC Clients may address inquiries to individual employees of SMC concerning investments, products or services not offered or managed by SMC. Any opinions offered by employees of SMC to the client in response to such inquiries do not constitute the views or investment advice of SMC, nor is SMC compensated for such information. Such investments, products, or services are not subject to SMC’s fiduciary duty with respect to the management of the client’s account, and SMC is not liable for any action that the client may take on the client’s own initiative as a result of any such inquiry or any communications it may have with any employee of SMC on such issues. Furthermore, the client agrees not to hold SMC liable for such opinions or views.