Quest is a New York limited liability company formed in March 2001. Quest has been registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) since October 2016. Quest has been registered with the U.S. Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and commodity trading advisor since April 2001 and as a swap firm since December 2020. Quest has been a member of the National Futures Association (the “NFA”) since April 2001. Quest is principally owned by Nigol Koulajian. Quest utilizes proprietary, systematic, quantitative trading programs to provide advice regarding certain financial instruments, which include, but are not limited to, the following:
• positions in global exchange traded futures contracts in diversified commodities, including, without limitation, agriculturals, energy and metals, major currencies, North American, European and Asian equity indices, global fixed income interest rates and bonds, as well as forward foreign exchange contracts, and other derivative instruments (collectively, “Commodity Interests”); and
• discretionary investment management services regarding cash, deposit accounts, short-term interest-bearing instruments, money market funds and/or cash equivalents (which include, without limitation, U.S. treasuries and other U.S. government securities, corporate obligations, commercial paper, obligations of domestic and foreign banking institutions, time deposits, certificates of deposits, bankers acceptances and similar bank instruments), common stock, preferred stock, and exchange traded funds (collectively, “Securities Instruments”). Quest’s primary investment strategy historically has involved trading Commodity Interests for managed accounts and pooled investment vehicles utilizing Quest’s proprietary trading programs. Certain client accounts do not receive any advice from Quest regarding Securities Instruments (or any other securities) (“Non-Securities Accounts”). These Non-Securities Accounts are not “investment advisory clients” for purposes of the Advisers Act. Therefore, Non-Securities Accounts are generally not discussed in this Brochure, except in the context of conflicts of interest that arise between Quest’s management of Non-Securities Accounts and its Clients’ accounts (as defined below). Quest also provides investment advice regarding Securities Instruments (in addition to Commodity Interests) to certain private investment Funds (as defined below). In the future, Quest may also advise certain separately managed account advisory clients (each, a “Managed Account,” and, collectively, “Managed Accounts”). In this Brochure, each Fund and Managed Account is referred to as a “Client,” and the Funds and Managed Accounts are referred to collectively as “Clients.” The Funds are commingled private investment vehicles and may in the future include one or more funds- of-one or other single-owner or collective investment vehicles generally organized as Delaware limited liability companies and Cayman Islands exempted companies. Clients organized as Funds are generally set up in a master-feeder structure, by which each feeder fund (each, a “Feeder Fund,” and collectively, “Feeder Funds”) invests substantially all of its investable assets (directly or indirectly) in a master fund (each, a “Master Fund”). Each Master Fund, in turn, invests in a global portfolio through trading programs and investment strategies implemented by Quest. In offering securities, the Funds rely on the exemption set forth in Section 3(c)(7) of the U.S. Investment Company Act of 1940, as amended (the “1940 Act”). Information about each Fund, including, without limitation, information about its investment strategies, fees, expenses, risks, and other material information, is contained in that Fund’s confidential offering documents (including, without limitation, its offering memorandum) (collectively, the “Memorandum”). Each Client that is a Fund is governed by the investment restrictions and guidelines contained in its Memorandum. Investors in Managed Accounts enter into a written agreement with Quest governing the account (the “Account Agreement”). The Account Agreement is subject to negotiation with Quest, and may include, among other things, restrictions on Quest’s management of the account. Any investment in a Fund is made pursuant to its Memorandum, which contains information not included in this document. In this Brochure, each of the private investment funds managed by Quest, including, without limitation, each Feeder Fund and each Master Fund, is referred to as a “Fund,” and the Feeder Funds and the Master Fund are referred to collectively as “Funds”. To date, certain persons related to Quest (including, without limitation, its Chief Investment Officer, certain employees, and one or more entities controlled by one or more of them) have invested varying amounts in certain Funds and/or have maintained Managed Accounts or Non-Securities Accounts advised by Quest. In addition, Quest and each of its principals, members, directors, officers,

employees, and one or more entities controlled by one or more of them (collectively, “Related Persons”) may pursue other activities that are unrelated, or only partly related, to the business and affairs of the Clients. These other activities may include, among other things, providing investment advice to one or more Funds, Managed Accounts, and/or Non-Securities Accounts funded entirely or in substantial part by Quest or by one or more Related Persons. In this Brochure, the term “Related Account” refers to each Fund, Managed Account, and Non-Securities Account in which a Related Person is an investor. (Please see also Item 6 below.) Quest had approximately $2,031,000,000 of regulatory assets under management on a discretionary basis as of December 31, 2023. Overall, Quest managed approximately $2,300,000,000 as of the same date, which amount includes assets invested in Quest’s primary investment strategy involving trading Commodity Interests for Managed Accounts (including Non- Securities Accounts) utilizing Quest’s proprietary trading programs. The overall figure reflects redemptions and withdrawals, as well as subscriptions, if any, as of the close of business on December 31, 2023. Quest and one or more Funds may enter into an agreement with one or more investors in a Fund that has the effect of altering or supplementing that Fund’s offering terms (each, a “Side Letter,” and collectively, “Side Letters”). To the extent permitted by applicable law, any terms contained in a Side Letter with an investor shall govern with respect to that investor regardless of any provisions of the relevant Memorandum or other relevant documentation to the contrary. In determining whether to enter into a Side Letter with an investor, Quest reserves the authority to agree to provide the investor with materially favorable liquidity, investment capacity, economic (e.g., relating to fees), voting, information and reporting, co-investment, and other rights or terms (collectively, the “Supplemental Terms”), relative to the rights of other investors. Quest anticipates agreeing to such Supplemental Terms with investors who agree to invest a substantial amount in a Fund, although Quest reserves the right to agree to such Supplemental Terms with investors that have not committed to invest a substantial amount in a Fund. Quest further anticipates agreeing to one or more such Supplemental Terms, and/or different and additional rights and terms, to accommodate investors that are subject to particular legal, regulatory, or policy requirements. In practice, Quest may, for example, enter into a Side Letter whereby it agrees that a particular investor will: (a) not be charged any Management Fee; (b) not be required to pay any Performance- Based Compensation; (c) be rebated all or a portion of its Management Fee or Performance-Based Compensation; (d) be charged fees in arrears rather than in advance; and/or (e) be subject to a reduced fee payment obligation because of its overall relationship with Quest. Consequently, fees charged to certain investors may deviate from the standard fees payable by other investors in the Fund. Moreover, Quest has to date entered into Side Letters to provide one or more investors who invested substantial amounts with enhanced disclosure with respect to a Fund’s specific security positions, risk information, and/or portfolio characteristics. Accordingly, not all investors in that Fund will have the same degree of access to trading or portfolio information regarding that Fund, including, without limitation, in relation to the type of disclosure and/or frequency of individual positions held by the Fund. Prospective and current investors should carefully consider these possible conflicts of interest in making their decision to invest or remain invested in a Fund, as the provisions of certain Side Letters may result in Quest providing some investors with relatively favorable liquidity, information, fee, expense, and other terms over those offered to or agreed with other investors. For the avoidance of doubt, Quest is a fiduciary under the Advisers Act, and is subject to that statute and its rules when negotiating with one or more investors regarding the terms and provisions of one or more Side Letters. At an investor’s written request, Quest will disclose the existence of any and all Side Letters relating to any investor in the same class as the investor submitting the written request, and, to the extent permissible, will provide the requesting investor with a summary of the material terms of any such Side Letter that would provide the investor that is a party to, or investors that are parties to, such Side Letter with a materially favorable right to redeem or withdraw such investor’s interests of the same class. All responses in this Brochure, including, without limitation, the information provided in this Item 4, are qualified in their entirety by the terms and disclosures included in the Memorandum and governing documents relating to each Fund, and the Account Agreement and related documentation governing each Managed Account.