Greenrock Research, Inc. is a Chicago-based consulting firm that provides innovative portfolio solutions for registered investment advisers and their clients. Kevin Malone is the president and owner of Greenrock Research, Inc., which he founded in 2004. He founded the predecessor firm, Greenrock Research, LLC, in 1996. Greenrock’s clients are financial planning and other investment management firms registered with SEC or with one or more appropriate state securities authorities. (Each such firm is referred to in this brochure as an “Advisory Firm” or an “Adviser Client”) As of January 1, 2024, Greenrock had approximately $600,000,000 in assets under management on a discretionary basis. These are assets in the portfolio accounts of Advisory Firm clients for which Greenrock provides active investment portfolio management services (so-called “end clients”). As of the same date, Greenrock had approximately another $414,000,000 in assets under management on a non-discretionary basis (meaning assets held in the accounts of end clients; Greenrock does not have the authority to decide which securities to buy or sell with respect to these assets but does have the ongoing responsibility to select or make recommendations as to changes in the sub-advisory list). Greenrock offers four basic categories of services to its Adviser Clients:  Selection and monitoring of investments and managers  portfolio managers for specific asset classes  registered mutual funds  exchange-traded funds (“ETFs”)  private equity funds  other private equity investments  Active investment portfolio management  acting as “sub-adviser” to manage account portfolios of specific asset classes NOTE: Greenrock relies on the Adviser Client (i) for making suitability decisions, and (ii) for providing “ongoing investment supervisory services,” based on the needs and circumstances of individual account owners, the so-called “end clients”.  Producing research and reports  mutual fund and ETF performance  business organization and performance analysis of investment management firms  Individual consultations for investment advice on:  individual securities  mutual funds  ETFs  investment managers  option strategies  Private investments As described in more detail below, Greenrock tailors its advisory services to the individual needs of financial planning and investment manager firms (“Advisory Firms”) who are Greenrock’s clients. Selection, Recommendation and Monitoring of Investments and Managers Selecting, Recommending and Monitoring Portfolio Managers Greenrock will research, analyze and recommend particular investment management firms to act as sub-advisers for specific classes of investment assets designated by the Advisory Firm. Greenrock will construct a list of different account managers to meet the specific needs of each Advisory Firm. Greenrock will recommend one or more sub-advisers (“Portfolio Managers”) for managing investment portfolios composed of one or more of the following asset classes:  tax exempt bonds  taxable bonds  domestic common stocks classified by the company’s market capitalization (large-cap, small-cap, mid-cap), and by its relative emphasis on growth and value  convertible securities  high-yield bonds  international stocks of companies in developed countries  international stocks of companies in emerging markets  securities of real estate investment trusts  option strategies  Private Investments  Bitcoin and other cryptocurrencies Greenrock will monitor the performance of Portfolio Managers that are investing assets on behalf of an Advisory Firm. Greenrock will prepare comprehensive reports on each Portfolio Manager, including monthly performance, holdings and portfolio analysis. These reports will typically analyze investment philosophy, as well as the business, financial and corporate information which Greenrock considers pertinent to an evaluation of a Portfolio Manager’s services. Some Portfolio Managers have agreed to enter into a model-based relationship. The Portfolio Managers agree to provide their models to Greenrock. Model changes are communicated from Portfolio Managers to Greenrock in accordance with the Portfolio Managers’ trade guidelines and trade rotation procedures. Greenrock’s review and analysis of Portfolio Manager models will be included in Greenrock’s reports on the Portfolio Manager. Selecting,

Recommending and Monitoring Mutual Funds and ETFs Greenrock will also research, analyze and recommend selected mutual funds and ETFs for different generic portfolio asset classes designated by the Advisory Firm. Greenrock will monitor the performance of the recommended mutual funds and ETFs. And from time-to-time Greenrock will prepare reports concerning the performance of recommended mutual funds and ETFs. Selecting, Recommending and Monitoring Private Equity Investments Greenrock will recommend to its Adviser Clients “Private Investments," which may be either: (a) interests in private equity investment funds (“hedge funds” or “private funds”), or (b) interests in the equity securities of specific private companies. Each Private Investment must meet specific investment objectives. Greenrock will first determine that a particular Private Investment is suitable for certain categories of investors before presenting the particular Private Investment opportunity to a particular Advisory Firm. Ultimately, it is the Advisory Firm’s decision to present a particular Private Investment opportunity to any of its clients. Greenrock believes there are a very limited number of attractive Private Investment opportunities for any Advisory Firm. It is each Advisory Firm’s responsibility to allocate these limited Private Investment opportunities among its clients. The entity managing the assets of a private equity investment fund (or “hedge fund”) frequently will be exempt from registration as an investment adviser. Greenrock will not be involved in selecting or monitoring the underlying individual securities of private funds and, instead, will rely solely on the expertise of the entity designated to manage the assets (which entity may or may not be a registered investment adviser). However, Greenrock will monitor the organization, investment philosophy, and performance of the fund manager or the issuer with respect to each Private Investment. Greenrock will also advise its Advisory Firm clients on risk minimization techniques that may be appropriate when assets are distributed from a Private Investment. Active Portfolio Management Services Greenrock also offers active portfolio management services for clients who are financial planning or investment management firms (“Advisory Firms”). In this capacity, Greenrock will act as a sub-adviser to manage portfolios composed of a specific class of investment assets. (The various classes of investment classes are listed on page 3 under “Selecting, Recommending and Monitoring Portfolio Managers.”) Greenrock enters into advisory agreements with Advisory Firms requesting portfolio management services. Under these agreements, Greenrock has the discretion to invest and rebalance the client accounts of an Advisory Firm with respect to one or more designated asset classes designated by the account owner. However, in each case the Advisory Firm (and not Greenrock) has the sole authority and responsibility (and Greenrock relies exclusively on the Advisory Firm) (i) to make suitability decisions, and (ii) to provide “ongoing investment supervisory services” based on the needs and circumstances of individual account owners. As such, the Advisory Firm (and not Greenrock) is deemed the "principal sponsor" of the advisory program which includes similarly managed accounts. Research Reports Greenrock will also prepare and offer for sale research reports on specific investment management firms, mutual funds and ETFs. These reports are based on a combination of third- party research and Greenrock's own research. Greenrock will typically analyze the performance and prospects of particular mutual funds and ETFs, and the business organization and performance of particular investment management firms. Other Investment Services Greenrock also offers a range investment advice in individual consultations, including with respect to the following:  individual securities, investment managers, mutual funds and ETFs  real estate or oil and gas partnerships  investing in private equity investment funds or other specific private equity investments, which may be organized as limited partnerships  option strategies Products and Services Other Than Investment Advice Greenrock also offers a suite of administrative services to its client Advisory Firms. These administrative services include opening new accounts, preparing bills, and generating reports for the clients of Advisory Firms.