The Adviser, founded in 2008, is responsible for providing investment advisory services to certain private investment funds and separately managed accounts on a discretionary or non- discretionary basis. The Adviser primarily advises clients on investments in municipal securities and may also provide advice concerning investment in corporate debt and U.S. government securities. All of the Adviser’s research is conducted internally. While all of the Adviser’s investment strategies focus on the municipal asset class, the specific investments vary based on the client's objectives, which range widely. Clients may impose restrictions on investing in certain securities or types of securities. Any such restrictions must be provided in writing. Some clients' objectives include short-term liquidity and capital preservation. Others wish to aggressively pursue capital gains by seeking to take advantage of dislocations or particular relative value opportunities in the municipal market. The Adviser’s investment strategies typically utilize U.S. government securities, and cash or other cash management securities as temporary holdings pending deployment or redeployment of assets into municipal securities. The Adviser manages the following pooled investment vehicles. The Adviser operates Rosemawr Municipal Partners LP (“Rosemawr Partners” or the “Hedge Fund”). Until January 2023, Rosemawr also operated Rosemawr International Ltd. (“Rosemawr International”) which operated together with Rosemawr Partners in a “master-feeder” fund structure. In January 2023, Rosemawr wound down Rosemawr International and its funds were returned to investors. The Adviser operates Rosemawr Capital III (International) LP (“Rosemawr Capital III International”) and Rosemawr Capital III LP (“Rosemawr Capital III LP” and together with Rosemawr Capital III International, “Rosemawr Capital III”) in a “master-feeder” fund structure. The Adviser operates Rosemawr Capital IV LP (“Rosemawr Capital IV”). The Adviser operates Rosemawr Capital V LP (“Rosemawr Capital V”). The Adviser operates Rosemawr Capital VI LP (“Rosemawr Capital VI”). The Adviser operates RM1 EMO LP (“RM1 EMO”) and together with Rosemawr Capital III,

Rosemawr Capital IV, Rosemawr Capital V, Rosemawr Capital VI, the (“PE Funds”). The Adviser operates RMHV Charter Capital LP (“RMHV Charter Capital”), RM Charter Partners Enhanced Fund LP (“RM Charter Partners Enhanced”), RM Charter Partners Fund LP (“RM Charter Partners”) and RM Charter Master Fund LP (“RM Charter Master” and together with RMHV Charter Capital, RM Charter Partners Enhanced, RM Charter Partners, collectively, the “RM Funds”) in a “master-feeder” fund structure. For purposes of this Brochure, the Hedge Fund, together with the PE Funds and the RM Funds are collectively, the “Funds” and each a “Fund”. The Funds offer and sell their respective interests and shares in private transactions solely to accredited investors, qualified clients, qualified purchasers or certain employees of the Adviser and its affiliates. In addition to the Funds, the Adviser provides advisory services to a company incorporated under the laws of Bermuda (“Insurance Co. SMA”) whereby the Adviser provides the Insurance Co. SMA with the opportunity to invest in certain investments in which there is excess capacity (after the Funds have received their desired allocation) or where an investment idea is not suitable for the Funds but may be suitable for the Insurance Co. SMA. The Insurance Co. SMA is managed on a discretionary basis set forth in the Investment Management Agreement entered into between the Adviser and the Insurance Co. SMA. While the Adviser has full investment and trading authority, it does not have custody over any of the Insurance Co. SMA’s assets. The Adviser’s principal owners are Greg Shlionsky and the Greg Shlionsky 2010 Irrevocable Trust (the “Trust”). Mr. Shlionsky and the Trust own their interest in the Adviser through their ownership and control of Rosemawr Capital Management GP LLC, the parent company of the Adviser. As of December 31, 2022, the Adviser managed approximately $1,304,820,000 in assets on a discretionary basis. That amount includes $13,788,000 attributable to Rosemawr International which was liquidated in January 2023 but does not include $133,575,000 in committed capital attributable to Rosemawr Capital VI which was launched in February of 2023.