ASA Managed Account Managers LLC (“MAM”) Background and Ownership MAM, a Delaware limited liability company, was formed in 2008 to provide investment advisory services to individual and institutional clients for the investment of client funds in municipal bonds, derivatives and other fixed income strategies. Through discussions in which goals and objectives for the portfolio are established, MAM develops a client’s investment strategy and creates and manages a portfolio based on that strategy. The Managing Members of MAM are Robert D. Albright Jr., Roland A. Jacobus, Timothy W. Stevens and Susan P. Peters. TF Managers LLC (“TF”) Background and Ownership TF, a Delaware limited liability company, was formed in 2012 to serve as the General Partner and Investment Adviser to Transitional Funding Partners L.P., a private investment fund offered to subscribers who are “Accredited Investors” under Regulation D of the Securities Act of 1933, as amended, and “Qualified Clients” under the Investment Advisers Act of 1940, as amended. The Managing Members of TF are Robert D. Albright Jr., Roland A. Jacobus, Timothy W. Stevens and Susan P. Peters. ASA Managed Account Managers LLC and TF Managers LLC (collectively, “ASA”) are affiliated with each other due to common control and operational integration. Affiliated Businesses Alternative Strategy Advisers LLC (“ALT”), a Delaware limited liability company, was formed in 2001 to sponsor and provide administrative services to various investment advisers actively participating in the fixed income markets generally, and the municipal market specifically. ALT provides such services to ASA. In addition, ALT may provide administrative services to Occum Partners LLC, a private investment company. ALT may, from time to time, form additional investment advisers and partnerships to pursue investment strategies it perceives to be attractive. These strategies may be similar to strategies currently employed by ASA but are also likely to include new strategies as well. The Managing Members of ALT are Robert D. Albright Jr., Roland A. Jacobus, Timothy W. Stevens and Susan P. Peters. A description of the education and qualifications of the managing members of the businesses outlined in this section is provided below. Key Personnel ASA relies on the following key personnel to advise clients and operate and manage its investment advisory businesses: Robert D. Albright Jr. Mr. Albright is a Managing Member and Portfolio Manager of ASA and has over 30 years of professional experience in equity and fixed income trading, portfolio management, and risk management. Mr. Albright was a founding Managing Member of ALT in 2001, Occum Partners LLC in 2007, and TF Managers LLC in 2012. Prior to 2001, Mr. Albright was a Senior Trader and Desk Manager for Cargill Financial Services Corp. from 1991-1998 and then CEO of EW Blanch Asset Management in 2000. Mr. Albright received his B.A. in Engineering Sciences from Dartmouth College in 1989, an M.S. in Computer Science from the University of Minnesota in 2001, and an M.S. in Mathematics from the University of Minnesota in 2020. Mr. Albright also received the Chartered Financial Analyst designation in 2001. Mr. Albright was born in 1967. Roland A. Jacobus Mr. Jacobus is a Managing Member and Portfolio Manager of ASA and has over 30 years of professional experience in equity and fixed income trading, portfolio management, and risk management. Mr. Jacobus was a founding Managing Member of ALT in 2001, Occum Partners LLC in 2007, and TF Managers LLC in 2012. Prior to 2001, Mr. Jacobus was a Senior Trader for Cargill Financial Services Corp. from 1987-1991 and a founder/partner of Eagle Capital Management Inc. from 1991-1998. Mr. Jacobus received a B.A. in Economics and Mathematics from Dartmouth College in 1987. Mr. Jacobus received the Chartered Financial Analyst designation in 1998. Mr. Jacobus received an M.S. in Mathematics from the University of Minnesota in 2017. Mr. Jacobus was born in 1965. Timothy W. Stevens Mr. Stevens is a Managing Member and Chief Financial Officer/Compliance Officer of ALT and is a Managing Member of ASA. Stevens has over 20 years of experience including auditing, accounting, finance, human resources, consulting, compliance and private fund operations. From 1989–1993, Mr. Stevens was an auditor in the financial services practice group of the New York office of Price Waterhouse. From 1993 to 1997, Mr. Stevens worked for Lehman Brothers in both the New York and London offices where his experiences included performing various middle office financial control and risk management functions with the proprietary trading, international equity desks, and international fixed income desk. In 1997, Mr. Stevens joined Jeffery Slocum & Associates, Inc. in Minneapolis as an Institutional Investment Consultant and Director of Finance and Operations. From 2003–2004, Mr. Stevens was the Chief Financial Officer of Highbar Capital Management LLC, an equity statistical arbitrage private investment fund. Mr. Stevens joined ALT in 2005 and became a Managing Member in 2013. Mr. Stevens received his B.A. in Economics from Princeton University in 1989 and an M.B.A. in Finance from New York University in 1993. Mr. Stevens was born in 1966. Susan P. Peters Ms. Peters is a Managing Member and Chief Technology Officer of ALT and Managing Member of ASA. Ms. Peters is also involved in the financing of ASA’s positions. Ms. Peters joined ALT in 2004 and became a Managing Member in 2015. Ms. Peters received her B.S. in

Computer Science from the University of Minnesota in 2004 and her M.S. in Financial Mathematics at the University of Minnesota in 2014. Ms. Peters was born in 1983. Investment Philosophy and Strategy ASA Managed Account Managers LLC (“MAM”) MAM specializes in customizing fixed income portfolios for high-net-worth individuals and institutional clients with the broad objective of maximizing total return while maintaining the client’s desired risk profile. The manager’s specific area of expertise is the municipal bond market and related derivatives, as well as US Government or Agency-backed securities and all related futures and OTC derivative rate markets. MAM employs a variety of investment strategies each tailored to meet its client’s investment objectives. Clients provide MAM with investment constraints/criteria for their accounts including, but not limited to, duration, credit quality, diversification, income and taxability. For clients who wish to be ‘opportunistic’, MAM has broad discretion to determine the investment strategy for the account. Conversely, clients may customize their portfolios to very distinct sectors and risks within the municipal market. MAM may also implement "relative value" strategies in the municipal bond markets as well as the US Treasury, Agency, Agency mortgage and related derivatives markets. Relative value discipline entails scanning the markets in which MAM participate to identify cash flows that are cheap relative to other similarly risky cash flows. For market neutral strategies, MAM identifies securities that have been correlated and should remain correlated either on a very short or very long-term time horizon. MAM monitors the relationships between these securities and seeks to understand and exploit mispricing which occurs in the short term as a ‘market maker’ and in the longer term when structural dislocations occur in the marketplace. By purchasing securities that are relatively cheap and selling securities that are relatively rich, positive returns are generated as the securities converge to fair value. Similar discipline is employed in “long-only” or “directional strategies” without implementing an offsetting market or interest rate hedge. Specific Investment strategies MAM employs may include, but are not limited to, the following: Municipal Bonds
• Tax exempt money market securities and strategies designed to outperform traditional tax-exempt money market alternatives
• Tax Exempt and Taxable Municipal Bond “long only” strategies
• Tax Exempt and Taxable Municipal Bonds vs. an Index Benchmark strategies
• Tax Exempt and Taxable Municipal Bonds vs. various interest rate hedges strategies
• Niche municipal markets: Housing, non-vanilla structures (zeros, convertible coupons, floaters), ‘orphaned’ securities (fallen insurance, auction rate securities)
• Municipal Credit/High Yield
• Distressed property tax-backed bonds
• Municipal derivative basis, ratio trading, and correlation strategies
• Municipal CDS, Municipal Index (MCDX), and Corporate (IG) Index directional and relative value trading
• Municipal closed-end fund trading Taxable Bonds
• US Government or Agency money market securities and strategies designed to outperform traditional money market fund alternatives
• Treasury/Agency Bonds
• Corporate Bonds
• Asset Backed Bonds
• Treasury/Agency/Corporate/Asset Backed Bonds vs. various interest rate hedges
• Relative value across US interest rate derivatives
• Option-related volatility strategies and hedging
• Mortgage TBAs vs. Agencies and Specified Pools
• Hi-quality CMBS, ABS, and related derivatives (CMBX) Other
• Short-term, hi-frequency strategies
• Expertise in secured financing techniques and ISDA negotiations
• Expertise in transitional financing and distressed loan purchases TF Managers LLC (“TF”) TF is the General Partner and Investment Adviser of Transitional Funding Partners L.P. (the Partnership), a private investment fund operating under a Limited Partnership Agreement governed by the laws of the State of Delaware. The objective of the Partnership is to earn high levels of current income for its investors by investing in collateralized, short-duration debt or debt-like instruments (such as bank loans, hard money loans, preferred stock, municipal bonds, U.S. government receivables factoring, inventory or equipment lending and leases, tax liens, etc.; collectively, “Loans”). The Partnership will lend only to U.S.-headquartered businesses. TF intends to build a Loan portfolio for the Partnership that is diversified geographically (within the United States), by borrower and by collateral type. Generally, all Loans will be secured by mortgages, deeds of trust and/or tax liens. The Partnership will seek to make Loans to “non- conventional” borrowers — i.e., smaller private companies or individuals without access to the capital markets — secured by first lien mortgages on real property or other tangible assets. While ordinary interest will be the primary source of income to the Partnership, there may be certain capital gains options associated with the Partnership’s Loans — for example, “equity kickers,” including stock warrants and options. The Partnership will not employ leverage in pursuing its investment objective. Assets Under Management As of March 25, 2024, ASA had approximately $1,879,335,000 in client assets under management on a discretionary basis.