North Reef is a Delaware limited liability company formed on August 28, 2020, and maintains its principal place of business in Laguna Beach, California. North Reef provides investment advisory services on a discretionary basis to a private investment fund organized as a mini-master feeder structure comprised of affiliated pooled investment vehicles (collectively referred to as the “Fund”) and sub-advises managed accounts of other investment managers (“Sub-Advised Accounts”), such Sub-Advised Accounts include an open-end investment company registered under the Investment Company Act of 1940, (collectively the “Clients”). An Affiliate of North Reef, North Reef Capital LLC, acts as the general partner of the Fund (the “General Partner”). North Reef (the “Adviser” or the “Firm”) and the General Partner are principally owned by James H. Hanna III. Any references to the “Firm”, “us,” “we,” and “our” in this Brochure refer to North Reef. Any defined terms used in this Brochure not otherwise defined herein, have the definition ascribed to them in the offering documents of the applicable Fund, as defined below. North Reef generally has broad and flexible investment authority with respect to Clients and tailors its advisory services to Client needs respective of the investment objectives set forth in the applicable offering materials. The Fund’s objectives and strategies are set forth in the limited partnership agreements (and any applicable supplements) provided to each investor in the Fund and the investment management agreement for the Sub-Advised Accounts. North Reef seeks to achieve superior long-term capital appreciation by generating low volatility, double digit annual return, across all market environments through

the management of a hedged equity portfolio primarily focused on the North American financial services sector. The Firm primarily buys and sells US and Canadian publicly listed equity securities but also has the latitude to initiate derivatives transactions such as options or futures and expects to employ margin borrowings. Additionally, the Firm may, in the future, engage in trading in European securities as part of its investment universe. North Reef does not tailor its advisory services to the individual needs of underlying investors in the Fund. However, North Reef reserves the right to enter into side letters and other agreements and arrangements with certain investors in the Fund that may be provided terms and conditions that are more advantageous than those set forth in the respective Fund’s offering materials. Such terms and conditions may include special rights to make future investments in the Fund or other investment vehicles or accounts managed by North Reef, different transparency rights, reporting rights, different withdrawal/redemption rights, different fee terms, and/or terms to accommodate an investor’s particular legal, tax or regulatory requirements. North Reef does not participate in any wrap fee programs. As of December 31, 2023, North Reef had regulatory assets under management of $3,316,789,349. All discussions of the Fund in this Brochure, including but not limited to their investments, the strategies used in managing the Fund, the fees and other costs associated with an investment in the Fund, and conflicts of interest faced by North Reef in connection with management of the Fund, are qualified in their entirety by reference to the Fund’s offering materials and advisory agreements. North Reef: Part 2A Page 5