Description of Firm The Phoenix Fund Advisor LLC is a registered investment adviser primarily based in Guaynabo, Puerto Rico. We are organized as a limited liability company ("LLC") under the laws of the Commonwealth of Puerto Rico. We have been providing investment advisory services since October 2017. We are owned by Pariter Advisors LLC and indirectly owned by Francisco J. Rivera. The following paragraphs describe our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to The Phoenix Fund Advisor LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm. Investment Management Services We are the manager and investment adviser to The Phoenix Fund LLC (the "Fund"), a pooled investment vehicle that is excluded from the definition of an investment company under the Investment Company Act of 1940 by Section 3(c)(1) and 3(c)(7), and whose securities are not registered under the Securities Act of 1933, as amended. As the manager and investment adviser to the Fund, we provide discretionary investment management services. The Fund's investment objective is to generate current income and capital appreciation by making “Debt and Equity Investments” in privately-held companies. The Fund anticipates that its investments will include “Passive Appreciation Vehicles in Real Estate” (“PAVRs”). The investment advisory services provided to the Fund are governed by the offering documents of the Fund. We base our advice to the private investment fund on the investment objectives and restrictions (if any) set forth in the applicable offering memorandum, organizational documents, investment management agreement, and/or subscription agreements, as the

case may be (each and collectively, the "Governing Documents"). The fund is available for investment, only by an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act and a “qualified client” within the meaning of Rule 205-3 under the Advisers Act; that it is acquiring a Membership Interest in the Fund for its own account, for investment purposes only and not with a view to resale or distribution; that it has received or has had access to all information it deems relevant to evaluate the merits and risks of an investment in the Fund; and that it has the ability to bear the economic risk of an investment in the Fund. Please look to the Governing Documents for additional information on the eligibility requirements of the applicable fund. Our advice is not tailored to the individual needs of the investors ("Members") who purchase membership interests ("Interests") in the Fund. Rather, when managing assets within the Fund, we remain subject to the investment guidelines and restrictions included in the private placement memorandum (the "PPM"), subscription agreement, or advisory agreement, as applicable, of the Fund (the "Governing Documents"). This brochure contains a summary of information relevant to the subject headings as stated herein, and no disclosure or other statement contained in this brochure serves as a substitute or shall supersede any of the terms and conditions as outlined in the Fund's Governing Documents. To the extent any of the statements herein conflict with the Fund's Governing Documents, such Governing Documents shall govern, and investors in the Fund will be bound by the terms, fees, conditions, risks and other relevant information contained therein. Assets Under Management As of December 31, 2023, we provide continuous management services for $603,957,947 in client assets on a discretionary basis.