Firm Description Merganser is the successor to the business of Merganser Capital Management, Inc., which was founded in 1985. Merganser focuses on serving the fixed income investment needs of institutional and high-net worth individual clients. Merganser serves a diverse group of clients in a variety of disciplines nationwide including public and private pension plans, operating companies, Taft-Hartley plans, and endowment funds as well as defined contribution plans. Merganser’s advisory clients include institutions and high net worth individuals with separately managed accounts, private funds intended for sophisticated investors and institutional investors (the “Funds”) and investment companies registered under the Investment Company Act of 1940 (collectively, the “clients”). Principal Owners The principal owners of Merganser are the Gahan 2019 Descendants’ Trust and Providence Equity Partners L.L.C. (“Providence”) indirectly through Providence Equity Capital Markets Merganser LLC, an affiliate of Providence, which together own approximately 80%. Employees own the remaining 20%. Providence is registered with the SEC as an investment adviser. Please see Providence’s Form ADV for detailed information on its ownership and control. The trustees of the Gahan 2019 Descendants’ Trust are Thomas J. Gahan (Special Investment Trustee), Dolores R. Gahan (Investment Trustee) and Michael J. Gahan (Independent Trustee). Please see “Other Financial Industry Activities and Affiliations” below for more information. Types of Advisory Services Clients choose Merganser to manage fixed income assets. Merganser provides its clients with discretionary account management services, which include management of

accounts for which the Adviser has the authority to direct investments without obtaining the consent of the client. Merganser’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of clients, managing and monitoring the performance of such investments and disposing of such investments. From time to time, Merganser may provide account management services where client consent is required prior to effecting transactions in securities for such client's account. Merganser assists clients in determining risk and return objectives and, in relation to a client's existing holdings, defining the asset configurations most likely to achieve these objectives, including identification of appropriate market sectors for investment. As of December 31, 2023, Merganser managed approximately $15,628 million in assets for approximately 127 clients, all of which is managed on a discretionary basis. Investment Management Agreement (“IMA”) Services are provided to clients in accordance with an IMA and/or the organizational documents of the applicable client. Each client’s investment guidelines, including its investment restrictions, and applicable fees are documented in the IMA. The IMA is provided to the client in writing and signed by both parties prior to the start of the relationship. Tailored Relationships The investment guidelines for each client are documented in each client’s IMA and/or organizational documents. Separately managed account clients may impose restrictions on investing in certain securities or types of securities after discussion with the Adviser. Agreements may not be assigned without client consent.