9AT: BLACK HILL CAPITAL PARTNERS, LLC

Adviser Profile

As of Date	03/27/2026
Registration	SEC, Approved, 07/01/2020
Other registrations (1)	California, Revoked, 09/28/2021
ADV Location	SAN FRANCISCO, CA, United States
Contact Info	(41 xxxxxxx
Websites

AUM^*	67,670,878 0%
of that, discretionary	67,670,878 0%
Number of Employees	1
of those in investment advisory functions	1
Private Fund GAV^*	0
Avg Account Size	33,835,439 50%
% High Net Worth	50.00%
SMA’s	Yes
Private Funds	0

Adviser Type

- 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 WESTWOOD MANAGEMENT CORPORATION	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM799.3m	#Funds-
Adviser LEVO ADVISER, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM405.8k	#Funds-
Adviser CONTEGO CAPITAL GROUP, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM88.0m	#Funds-
Adviser BECKER CAPITAL MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund13.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.3m	AUM5.7b	#Funds1
Adviser GRANITE INVESTMENT PARTNERS, LLC	Hedge Fund88.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV88.9m	AUM1.8b	#Funds1
Adviser TROWBRIDGE CAPITAL PARTNERS LLC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM25.8m	#Funds-
Adviser FOUNDATION RESOURCE MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.1b	#Funds-
Adviser TAM CAPITAL MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM111.7m	#Funds-
Adviser APERIO GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM152.1b	#Funds-
Adviser EMPIRIC ADVISORS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM64.7m	#Funds-

Brochure Summary

Overview

Who We Are Black Hill Capital Partners, LLC (referred to as “we,” “our,” “us,” “BHCP” or “Black Hill”) is a registered investment adviser based in San Francisco, California. As detailed below, Black Hill offers investment management services to Individually Managed Accounts and to an actively-managed exchange-traded fund (“ETF”). Black Hill has been registered as an investment advisor since December 1999. From December 1999 through March 2013, the registration was held under BH Advisors, Inc. an entity wholly owned by Sangbum Kim. Effective March 2013, Black Hill filed a succession filing to take over the business of BH Advisors, Inc. Our principal owner and officer is Sangbum (“Sam”) Kim. Services We Offer Individually Managed Accounts We provide management services to separately managed accounts. We do not offer any other advisory services such as financial planning, etc. Our investment objective is to achieve superior capital appreciation over the long term while, to the extent consistent with that objective, limiting volatility. Individually managed

accounts will not be invested in TrueMark Technology, AI & Deep Learning ETF, the ETF managed by Black Hill. We do not tailor our advisory services to the individual needs of the client. Clients may impose restrictions on investing in certain securities or types of securities. TrueMark Technology, AI & Deep Learning ETF We also provide management services as a sub-adviser to an investment company registered under the Investment Company Act of 1940, which is an actively managed exchange-traded fund (“ETF”) that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in the common stock of technology, artificial intelligence and deep learning companies. Please refer to the ETFs prospectus for additional information. We do not provide portfolio management services to a wrap fee program. Assets Under Management As of December 31, 2023, we have $68,851,243 in discretionary assets under management and $0 in non-discretionary assets under management.

BLACK HILL CAPITAL PARTNERS, LLC

BLACK HILL CAPITAL PARTNERS, LLC

BEACON FUNDS INC.

BH ASSET MANAGEMENT LLC

BH ADVISORS, INC.

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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BLACK HILL CAPITAL PARTNERS, LLC BLACK HILL CAPITAL PARTNERS, LLC BEACON FUNDS INC. BH ASSET MANAGEMENT LLC BH ADVISORS, INC.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

BLACK HILL CAPITAL PARTNERS, LLC

BLACK HILL CAPITAL PARTNERS, LLC

BEACON FUNDS INC.

BH ASSET MANAGEMENT LLC

BH ADVISORS, INC.