A. INTRODUCTION Stamos Capital Partners, L.P. (“Stamos Capital” or the “Firm”) is an independent, privately owned investment advisory firm that invests primarily utilizing an endowment-model investment approach. The Firm’s predecessor began providing advisory services in June 2002, initially acting as the family office of Mr. Peter S. Stamos, the Firm’s founder, and a select group of other families. Today, the Firm provides advisory services to private investment funds managed by Stamos Capital (the “SCP Funds”) and to high-net-worth individuals, family offices, colleges, foundations, endowments, trusts, and other clients (the “Other Clients” and together with the SCP Funds, the “Clients”). The Firm also provides certain other Non-Advisory Services to equity owners of the Firm. As of December 31, 2023, Stamos Capital managed more than $6.1 billion in assets, including approximately $3.4 billion on a discretionary basis and $2.7 billion on a non-discretionary basis. These figures are based on unaudited financial data and are subject to change. As described further in Part 1A, these figures incorporate the value of assets invested with certain Underlying Managers (as defined below) as of September 30, 2023, the most recent quarter-end date for which valuation figures are available. Stamos Capital is substantially owned by persons who are the Firm’s Partners or employees, members of the Stamos family, and Mr. Ronald B. Johnson. Messrs. Stamos and Johnson each own greater than 25% of the Firm. Stamos Capital has one office, which is located in Menlo Park, California. B. ADVISORY SERVICES Overview Stamos Capital provides advisory services to Clients. In addition to providing discretionary and non-discretionary investment management services, Stamos Capital reviews the total asset allocation and wealth portfolios of high-net-worth individuals and their families and affiliated entities, and makes allocation recommendations to them based upon the Firm’s current macroeconomic outlook, portfolio diversification considerations, and the Client’s stated investment objectives. SCP, from time to time, will also evaluate specified investments for these Clients. In the course of providing its services, SCP has recommended and expects to continue to recommend investments in SCP Funds to Clients when SCP deems such investments to be in the Client’s best interest. Endowment-Style Investing Stamos Capital’s investment approach is based upon the endowment style of investing similar to that adopted by select university endowments. The endowment style of investing seeks to generate higher risk-adjusted returns, with lower volatility, by expanding the number of asset classes and strategies used to create a portfolio. This broad-based, flexible investment mandate is typically not limited by geography, sector, industry, or other investment criteria, or by trading strategy, such as leverage. As the Firm’s endowment style of investing is based upon allocations to multiple asset classes, the investment programs of Clients advised by Stamos Capital include, but are not limited to, allocations to a broad range of asset classes such as fixed-income, absolute return, equity hedge, public equity, private equity, and real assets, subject to the specific investment objectives and investment restrictions of the Client. C. TAILORED ADVISORY SERVICES, INVESTMENT RESTRICTIONS, AND NON- ADVISORY SERVICES Stamos Capital tailors its advisory services to the investment objectives of its Clients. The Firm also provides certain other Non-Advisory Services. Tailored Advisory Services: SCP Funds The investment strategies, including investment restrictions and limitations, for each of the SCP Funds are set forth in their respective governing and organizational documents (the “Governing Documents”). While the SCP Funds may have similar and overlapping investment strategies and investment parameters, Stamos Capital provides its advisory services to each SCP Fund based upon that SCP Fund’s investment objectives. SCP Funds invest in both publicly-traded and privately-offered securities. Certain SCP Funds primarily invest in private investment funds or through managed accounts (collectively, “Underlying Portfolio Funds”) managed by fund managers (“Underlying Managers”) selected by Stamos Capital. In addition, certain SCP Funds invest their assets directly in public or private equity, venture capital, real assets, mutual funds, exchange-traded funds (“ETFs”), debt, or other securities, including through secondary transactions. Advisory services provided to the SCP Funds include identifying and negotiating investment opportunities, making investments,

and directing the management, monitoring, and disposition of investments, in each case in accordance with the Governing Documents of the relevant SCP Fund. The Governing Documents of an SCP Fund, including the discussion of risk factors and conflicts of interest provided therein, should be carefully reviewed prior to making any investment therein. Prospective investors in any SCP Fund should be aware that they do not have the authority to direct the investments made by the SCP Fund in which they invest. Stamos Capital, the SCP Funds, or an affiliate have entered and may in the future enter into, agreements with certain investors to provide for specific investment terms that are more favorable than those provided to other investors (“Side Letters”). Tailored Advisory Services: Other Clients Stamos Capital typically conducts an initial review and analysis of an Other Client’s existing investment portfolio and recommends an allocation of assets, including but not limited to the SCP Funds, as well as to public and private securities. In preparing asset-allocation and risk- management recommendations, Stamos Capital considers the Other Client’s risk tolerance, liquidity requirements, investment objectives and limitations through the lens of the Firm’s overall macroeconomic outlook. In 2021, SCP launched the “SCP Endowment Program” for investments made through SCP Endowment Fund, L.P. (the “Endowment Fund”) and in order to facilitate an investment program that Other Clients could tailor to their unique investment objectives. The Endowment Fund invests in the other SCP Funds within the SCP Endowment Program (the “SCP Sub- Funds”), as may the investors in the Endowment Fund. Each of the SCP Sub-Funds targets a specific asset class or investment strategy. Further information on the SCP Endowment Program is provided in the governing documents of the Endowment Fund. Stamos Capital also provides discretionary and non-discretionary advisory services to Other Clients. Similar to the advisory services provided to the SCP Funds, advisory services provided to Other Clients generally utilize an endowment-style investment approach, taking into account the individual investment needs of the Other Client, including their investment objectives and their investment restrictions and limitations. The Firm arranges or effectuates securities transactions for Other Clients whose portfolios, or portions of whose portfolios, are discretionary accounts. Stamos Capital provides ongoing asset allocation analysis to certain Other Clients, taking into consideration, if requested by the Other Client, the Other Client’s assets held outside of Stamos Capital’s investment vehicles. As part of its advisory services for certain Other Clients, the Firm has recommended, and expects to continue in the future to recommend, certain SCP Funds or Underlying Portfolio Funds for investment by such Other Clients. These recommendations are made when the Firm deems them to be suitable for the Other Client’s investment objectives, as well as for purposes of portfolio diversification and in the context of overall asset allocation recommendations. As part of its asset allocation services, the Firm provides certain Other Clients with recommendations regarding the allocation of investments among various funds, including among the SCP Funds. The Firm also provides, upon an Other Client’s request, analyses and recommendations with respect to specific investments identified by the Client. Please see Item 5 below for a discussion of the advisory fees and compensation Stamos Capital receives from SCP Funds. Non-Advisory Services Stamos Capital provides certain Non-Advisory Services, including household financial and administrative services. These services are referred to as “family office services.” Currently, the Firm provides such services only to the Firm’s equity owners. D. WRAP FEE PROGRAMS This Item is not applicable to Stamos Capital. E. ASSETS UNDER MANAGEMENT As of December 31, 2023, Stamos Capital’s “Regulatory Assets Under Management,” as listed in Form ADV Part 1A, Item 5, was $6,108,743,868, including $3,362,577,483 managed on a discretionary basis and $2,746,166,385 managed on a non-discretionary basis. Such figures are based on unaudited financial data and are subject to change. Valuations for certain Underlying Portfolio Funds were calculated as of September 30, 2023, the last quarter-end date for which valuation figures were provided by certain Underlying Managers. Due to the prescribed methodology for calculating Regulatory Assets Under Management, where a Client has invested in multiple SCP Funds, such assets are counted more than once.