Firm Description and Principal Ownership RAM was founded in 2002 and, along with its affiliate, Samuel A. Ramirez & Co., Inc., are wholly- owned subsidiaries of parent company, SAR Holdings, Inc. RAM provides investment management services for institutional and high net worth investors on a separately managed account basis. Types of Services Offered: Fixed Income and Equities Investment Management 1. Fixed Income Strategies RAM specializes in fixed income strategies and offers customized investment programs for institutional clients. RAM’s fixed income investment strategies include Cash Management, Short Duration, Strategic Intermediate, Intermediate, Intermediate Core, Core, Strategic Core, and Long Duration. Client portfolios within a specified strategy are managed in a similar fashion and on a proportional basis. RAM’s goal is to achieve similar investment results that are comparable across client portfolios with the same investment style. The Firm’s fixed income investment strategies incorporate domestic, high-quality fixed income securities and will generally include the following securities:  U.S. Treasury Securities  Treasury Inflation-Protected Securities (TIPS)  Government Sponsored Enterprise (GSE) Debt  Agency Mortgage Pass-throughs  Residential Mortgage-Backed Securities (RMBS)  Commercial Mortgage-Backed Securities (CMBS)  Asset-Backed Securities (ABS)  Investment Grade Corporate Bonds  High Yield Bonds  Commercial Paper  Certificates of Deposit  Taxable Municipal Bonds  Tax-exempt Municipal Bonds  Repurchase Agreements (collateralized by the aforementioned securities) Customized Strategies The Firm also provides custom strategies to meet unique client needs. RAM has the ability to apply client-initiated investment restrictions and parameters in tailoring portfolios to meet their specific objectives. The Firm’s customized fixed income strategies include concentrated sector- weighted versions of offered strategies, a combination of existing strategies, or a completely customized mandate specific to a particular client. 2. Equities Strategies RAM offers six primary equity designed for institutional relationships: International Equity (ADRs), Global Equity (domestic and ADRs), Emerging Market Equity (ADRs), US Large Cap, US Mid Cap and Global Dividend (domestic and ADRs). Each equity discipline adheres to the RAM equity teams’ bottom-up, value investment philosophy. Although RAM does not currently manage any International, Emerging Market or Global Equity strategy accounts that utilize foreign ordinary shares, the RAM equity team has extensive experience managing ordinary share strategy accounts and expects to do so in the future, consistent with client objectives. Accounts utilizing the primary equity strategies are managed on a discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Investment recommendations made by the RAM equity team with respect to the primary equity strategies are not limited to any specific product or service offered by a broker-dealer and will generally include advice regarding the following securities:  Exchange-listed securities  Securities traded over-the-counter  Foreign issuers  Mutual fund shares Clients utilizing RAM’s primary equity strategies may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Wrap Fee Program Portfolio Management RAM has been retained as an investment manager under wrap-around fee arrangements that utilize one of more of RAM’s primary equity strategies. These arrangements are customarily sponsored by broker-dealers who are neither affiliates nor related persons of RAM (each, a “Program Sponsor”). Under a wrap-fee arrangement, Program Sponsors may recommend that a client retain RAM as an investment adviser (or allocate a portion of assets under management to RAM), pay RAM's investment advisory fee on behalf of the client, and monitor and evaluate the performance of RAM or any other investment adviser. In these cases, RAM is acting as a sub- adviser to the

Program Sponsor. When the Program Sponsor is a broker-dealer, it may execute the client's portfolio transactions without additional commission charge, and provide custodial services for the client's assets, all for a single fee paid by the client to the Program Sponsor. Certain wrap programs may include some or all of these features. Program Sponsors generally are responsible for providing wrap fee clients with this brochure as well as the Program Sponsor’s own wrap fee brochure (the “Wrap Brochure”). A Program Sponsor’s Wrap Brochure may also be available on the SEC’s website at www.adviserinfo.sec.gov, as Appendix 1 to the Program Sponsor’s Form ADV, Part 2A. In determining the suitability of RAM's investment management style for the primary equity strategies to the individual needs and financial situation of the client, RAM relies on the Program Sponsor's extensive information on the prospective client. Once the account has been established, RAM may communicate directly with the client; however ultimate responsibility for client communications is with the Program Sponsor. RAM manages wrap fee accounts and other equity accounts utilizing the same primary equity strategy in the same manner. As compensation for its investment advisory services, RAM receives a portion of the overall wrap fee paid by the client to the Program Sponsor. Wrap fee clients should review a Program Sponsor’s Wrap Brochure for further details about the relevant wrap fee program. RAM is not responsible for, and does not attempt to determine, whether, in the first instance, a particular wrap fee program is suitable or advisable for any given client. Rather, RAM is responsible for and will determine whether each wrap fee client referred to RAM is reasonably suitable for discretionary management by RAM based on the information provided by the Program Sponsor. RAM reserves the right, in its sole discretion, to reject any wrap fee client referred to RAM for any reason, including, but not limited to, the wrap fee client’s investment goals and restrictions. Further information on all of the RAM fixed income and equities strategies is available upon request. Client fees are determined by the level of complexity, and overall investment strategy of the custom strategy. 3. Mutual Fund Portfolio Management RAM has been designated to provide discretionary portfolio management services to two open-end mutual funds: the Ramirez Government Money Market Fund (Retail Class Ticker: RMZXX, Institutional Class Ticker: RAMXX,) and the Ramirez Core Bond Fund (Retail Class Ticker: RAMRX, Institutional Class Ticker: RAMIX), collectively, the “RAM Funds”, which launched on December 15, 2023. The RAM Funds are mutual funds established by the Advisor Managed Portfolios Trust (“Trust”) and registered under the Investment Company Act of 1940 (“Investment Company Act”). RAM serves as the investment manager to the RAM Funds under the Trust, and continuously manages the funds’ assets based on the investment goals and objectives as outlined in the RAM Funds’ prospectus. The RAM Funds are managed only in accordance with their own characteristics and are not tailored to any particular shareholder. Interested investors should refer to the RAM Funds’ prospectus and Statement of Additional Information ("SAI") for important information regarding objectives, investments, time-horizon, risks, fees, and additional disclosures for each fund. These documents are available at https://www.ramirezam.com/Funds. 4. Asset Financing RAM has developed an asset financing program that matches borrowers with lenders willing to finance GNMA Early Buyout (“EBO”) loans. These are loans that have been removed from a GNMA pool due to the mortgagor’s delinquency and are then modified/refinanced to bring the borrower back into current status. Assets Under Management (AUM) As of September 30, 2023, RAM has AUM of $9,132,439,761. This amount is comprised of client assets managed on a discretionary basis. Please note, this AUM total does not include $123,202,176 in assets that utilize RAM’s model portfolios for the primary equity strategies and which do not constitute “regulatory assets under management” as defined by the SEC.