9AT: OELSCHLAGER INVESTMENTS

Adviser Profile

As of Date	03/27/2026
Registration	SEC, Approved, 11/07/2019
ADV Location	AKRON, OH, United States
Contact Info	330 xxxxxxx
Websites

AUM^*	93,297,658 79%
of that, discretionary	93,297,658 79%
Number of Employees	4
of those in investment advisory functions	1
Private Fund GAV^*	0
Avg Account Size	3,588,371 38%
% High Net Worth	92.31% 3%
SMA’s	No
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- High net worth individuals
- Investment companies

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies

Compensation Arrangments

- A percentage of assets under your management

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser CLEARBROOK INVESTMENT SOLUTIONS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM149.9m	#Funds-
Adviser VELA INVESTMENT MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM562.9m	#Funds-
Adviser TILT INVESTMENT MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM154.4m	#Funds-
Adviser MILLBANK DARTMOOR PORTSMOUTH LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM263.2m	#Funds-
Adviser DELTA CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM240.2m	#Funds-
Adviser THOMPSON CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM200.1m	#Funds-
Adviser RUANE CUNNIFF L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM10.5b	#Funds-
Adviser MAIRS & POWER	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund59.3m	Other Fund-	Total Private Fund GAV118.6m	AUM12.1b	#Funds2
Adviser ADVUS FINANCIAL PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.0b	#Funds-
Adviser LONE PEAK GLOBAL INVESTORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM598.4m	#Funds-

Brochure Summary

Overview

Our Firm: Oelschlager Investments LLC is an Ohio limited liability company founded in September 2019 by principal owner Mark Oelschlager. Our principal place of business is located at 4040 Embassy Parkway, Suite 320 Akron, Ohio 44333. Our Advisory Services: We provide discretionary investment advisory services to investment companies registered under the Advisers Act (“Towpath Funds” or “Funds”) and we offer similar investment management services to clients through Separate Accounts. We seek to emphasize the long-term merits of an investment, rather than short-term trading factors within all client accounts. We choose securities for investment based on a combination of top-down and bottom-up factors. Please refer to Item #8 for information specific to our investment strategies. Tailoring Our Services: Our services to the Towpath Funds are organized as a separate series of the Mutual Shareholder Services, LLC (“MSS”) Series Trust. The Funds are managed within the guidelines and restrictions set forth in each Fund’s legal documents and within all respective regulatory guidelines or limitations. We pursue a partnership with each Separate Account client

and seek to understand the client’s investment goals and objectives, risk tolerance, general background information and financial circumstances. Clients may request investment guidelines, such as restrictions on investing in certain issuers, types (e.g., excluding tobacco companies from a portfolio) or quantities of securities, investment instruments, asset classes, geographic regions or sectors. We will work with a client to determine the feasibility of monitoring proposed restrictions and limitations, and we reserve the right to reject or terminate a client’s account that seeks restrictions that we are unable to implement or which may fundamentally alter the investment objective of the strategy selected by the client. Shareholders who invest in the Towpath Funds may not tailor investment guidelines for their investments within the Funds. All customization related to investment guidelines is mutually approved between the client and us, documented, and appropriately retained. Assets Under Management As of December 31, 2023, Oelschlager Investments LLC managed $51,998,396 in assets on a discretionary basis and $0 in assets on a non-discretionary basis.

OELSCHLAGER INVESTMENTS

OELSCHLAGER INVESTMENTS

OELSCHLAGER INVESTMENTS LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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OELSCHLAGER INVESTMENTS OELSCHLAGER INVESTMENTS OELSCHLAGER INVESTMENTS LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

OELSCHLAGER INVESTMENTS

OELSCHLAGER INVESTMENTS

OELSCHLAGER INVESTMENTS LLC