Ownership/Structure PAAMCO Prisma, LLC (the “Filing Adviser”), formerly Pacific Alternative Asset Management Company, LLC, was originally founded, and registered as an investment adviser with the Securities and Exchange Commission (“SEC”) in 2000. Prisma Capital Partners LP (“Prisma”) was originally founded in 2003 and registered as an investment adviser with the SEC in 2004. In 2019, Prisma elected to cease filing a separate Form ADV with the SEC and is now a “relying adviser” of the Filing Adviser. The term “PAAMCO Prisma” as used in this brochure refers, collectively, to the Filing Adviser and Prisma, and to each of their respective subsidiaries to the extent the context requires. Each of the Filing Adviser and Prisma is a wholly-owned subsidiary of PAAMCO Prisma Holdings, LLC (“PPH”), a holding company owned (A) 60.1% by PHoldings, LLC, a Delaware limited liability company, which in turn is owned by certain employees of PAAMCO Prisma, and (B) 39.9% by KKR Topaz LLC, an affiliate of KKR & Co. Inc. (together with its affiliates, “KKR”). PAAMCO Prisma is led by Eric Wolfe as Chief Executive Officer and an Executive Committee comprised of Mr. Wolfe, as Chairperson, and other senior employees representing various departments within the firm (the “Executive Committee”). Collectively, the Executive Committee is responsible for the day to day management of PAAMCO Prisma. Most U.S.-based employees of the Filing Adviser and Prisma are “dual-hatted” and considered supervised persons of both entities. Please refer to Item 10 for further information regarding PAAMCO Prisma, KKR and the ownership structure of PAAMCO Prisma. Advisory Services As of December 31, 2023, PAAMCO Prisma had approximately $9.3 billion in discretionary regulatory assets under management and approximately $2.2 million in non-discretionary regulatory assets under management. PAAMCO Prisma provides advisory services to a variety of Clients on either a discretionary or non-discretionary basis. The term “Client” as used in this brochure refers to the relevant legal entity to which PAAMCO Prisma provides investment advisory services pursuant to a written agreement. Clients are generally structured in one of two ways: “Funds” - Funds are generally structured as pooled investment vehicles or single-owner investment vehicles (commonly referred to as “funds-of-one”). PAAMCO Prisma is generally the sponsor and controller of Fund vehicles. “Accounts” – Accounts are separately managed accounts for which PAAMCO Prisma generally provides discretionary and/or non-discretionary investment services. PAAMCO Prisma works with each Client to determine such Client’s specific investment objectives. During the course of these discussions, a Client may place various types of restrictions on the management of its account. For example, a Client may restrict investment in a certain industry, in Portfolio Funds (as defined below) that implement specific strategies or in a specific region of the world. An investment in a Client that is structured as a commingled Fund generally may not impose restrictions on PAAMCO Prisma’s investment discretion or the Fund’s investment objectives. Clients and their respective beneficial owners have varying business terms, including, but not limited to, differences in fees charged, redemption rights, information rights/reporting, functional currency, investment objectives and guidelines, and investment minimums. PAAMCO Prisma’s investment advisory services can be broadly categorized into two branches:
• Multi-asset investing programs which include PAAMCO Prisma’s Molecule and Fund of Funds strategies; the Managed Account Platform; PAAMCO Launchpad Funds (each defined below); and certain non-discretionary services related thereto; and
• Co-investment programs which include Clients within the Apex strategies (defined below). Certain Clients have customized mandates that allow for investments in multiple investment programs. Regardless of mandate, Clients can typically be structured as a Fund or Account depending on the nature of the beneficial owner’s goals. More detailed information on the separate programs offered by PAAMCO Prisma can be found in Item 8. Multi-Asset Investing Programs PAAMCO Prisma’s multi-asset investing programs (“Multi-Asset Investing Programs”), primarily involve engaging third-party unaffiliated investment managers (“Portfolio Managers”) to perform certain investment management services on behalf of the relevant PAAMCO Prisma Clients. Portfolio Managers generally implement these investment management services through investment funds or managed accounts (“Portfolio Funds”). PAAMCO Prisma implements the Multi-Asset Investing Programs in several different ways and Clients may pursue mandates through one or more programs as described below. Molecule Platform - PAAMCO Prisma is the investment manager of a multi-trader, multi strategy platform investment program operated as a group of investment vehicles collectively referred to under the name “Molecule.” The Molecule platform is structured as “master-feeder” funds that seek to achieve their investment objectives primarily through a multi-trader and strategy program by engaging Portfolio Managers to trade various investment programs in sub-accounts of the master fund (each sub-account, a “Molecule Account”). In addition to engaging Portfolio Managers for Molecule (each such Portfolio Manager, a “Molecule Platform Manager”), Molecule has the ability to engage discretionary trading teams employed by PAAMCO Prisma to manage certain Molecule Accounts. Molecule Platform Managers manage the fund’s assets on a discretionary basis, subject to certain trading restrictions and risk parameters. PAAMCO Prisma also, at times, places trades directly on behalf of Molecule to maintain risk discipline at the master fund’s aggregate portfolio level (the “Center Book”) or for other investment purposes in accordance with Molecule’s guidelines. The specific authorities granted to the relevant Molecule Platform Manager are documented in a portfolio management agreement (“PMA”) among PAAMCO Prisma, Molecule and the Molecule Platform Manager. These authorities generally include discretion over the specific securities or investments that are purchased for the applicable Molecule Account and the investment guidelines, risk parameters, draw-down triggers, and other terms under which such investments are made. Molecule is open to both direct investors and FoF Clients. Managed Account Platform - PAAMCO Prisma is the investment manager of a managed account platform (the “MAP”). The MAP structure is comprised of several Cayman Islands Segregated Portfolio

Companies (each, an “SPC”) in which PAAMCO Prisma delegates discretionary trading for each underlying segregated portfolio (collectively, “MAP Funds”) to Portfolio Managers (each such Portfolio Manager, a “MAP Manager”). Under the terms of the subadvisory agreement among the MAP Fund, the Filing Adviser, and the MAP Manager (“Subadvisory Agreement”), the MAP Manager is responsible for determining the specific securities and other investments to be bought and sold and for arranging the execution of all orders for the purchase and sale of such securities and other investments with respect to the applicable MAP Fund in accordance with the agreed upon mandate and investment guidelines. Generally, investors in MAP Funds currently consist of, and are expected to continue to be, only limited liability companies, limited partnerships, and certain other entities for which PAAMCO Prisma serves as manager and/or investment adviser or subadviser. Fund of Funds - PAAMCO Prisma advises Clients with respect to diversified portfolios that are composed of Portfolio Funds structured as private investment partnerships or similar vehicles and managed by Portfolio Managers. These Portfolio Funds pursue a variety of investment strategies, including Convertible Bond Hedging, Distressed Investments, Event-Driven Equity, Equity Market Neutral, Fixed Income Relative Value, Long/Short Equity, Opportunistic, Global Macro, and Managed Futures. Clients participating in this fund of funds program, whether structured as Funds or Accounts, are referred to herein as “FoF Clients.” FoF Clients typically invest through Molecule, MAP Funds, or Portfolio Funds created and advised by unaffiliated third-party managers. For the avoidance of doubt, fees to PAAMCO Prisma are only charged at the level of the FoF Client. PAAMCO Prisma FoF Investing Structure PAAMCO Launchpad Funds - PAAMCO Launchpad, a wholly-owned subsidiary and relying adviser of the Filing Adviser, launched in May 2018 as the manager of a hedge fund seeding platform. PAAMCO Launchpad’s clients can include private funds or separately managed accounts that have a single investor or group of affiliated investors, or commingled funds (collectively, “PAAMCO Launchpad Funds” or “Seeding Clients”) that invest in private funds (“Seeded Funds”) operated by third-party investment managers (“Seeded Managers”). The PAAMCO Launchpad Funds intend to receive a share of the revenues received by the Seeded Managers from other investors in the Seeded Funds as well as other investment funds and accounts managed by the Seeded Managers. It is generally anticipated that the Seeded Managers will be newly-formed entities that have not yet raised significant outside capital. The Filing Adviser acts as subadviser to PAAMCO Launchpad and the PAAMCO Launchpad Funds. Further details regarding PAAMCO Launchpad’s business can be found in Item 8. Where the context so requires, the term “Portfolio Funds” as used in this Brochure also refers to MAP Funds, Molecule Accounts, and Seeded Funds in which PAAMCO Launchpad Funds invest, and the term “Portfolio Manager” as used in this Brochure also refers to MAP Managers, Molecule Platform Managers, and Seeded Managers. As part of its ongoing evaluation of its Multi-Asset Investing Programs, PAAMCO Prisma may determine from time to time that a customized and dynamic investment mandate may be appropriate. PAAMCO Prisma reaches that determination in consultation with the applicable Portfolio Managers and provides that Portfolio Manager with the discretion to implement and pursue the agreed-upon mandate. Co-Investment Programs PAAMCO Prisma advises Clients with respect to co-investment and direct investments in a variety of financial instruments through its Apex strategies, PAAMCO Prisma Apex Credit, and PAAMCO Prisma Apex Tactical. Apex Credit PAAMCO Prisma Apex Credit (“Apex Credit”) seeks to source, primarily from Portfolio Managers, co-investments in public and private market transactions including, but not limited to, mezzanine securities and mezzanine-like instruments, structured and illiquid credit, private debt and public debt, and pre-IPO equity (each, a “Co-Investment”). Apex Tactical The PAAMCO Prisma Apex Tactical (“Apex Tactical”) strategy sought to achieve its investment objective through investing in thematic tactical opportunities that are generally unconstrained by geography or asset type. PAAMCO Prisma strategically delegated trading authority with respect to specific investment themes to Portfolio Managers pursuant to separate sub-investment management agreements. Apex Tactical is no longer being offered to investors as the program is in the later stages of being wound down. The Clients participating in Apex Credit and Apex Tactical, whether structured as a Fund or an Account, are referred to herein as “Apex Clients.” PAAMCO Prisma may, in the future, commence other strategies in addition to those described above. Other Services Advisory and Consulting PAAMCO Prisma also provides advisory or consulting services to advisory clients (“Strategic Advisory Clients”) regarding their investment portfolios, or a specific asset class allocation within their investment portfolios. The relevant investment portfolio of the sole Strategic Advisory Client receiving such advisory/consulting services represented approximately $7.7 billion as of December 31, 2023, and this client pays the fees for such services as part of its overall asset management fee arrangement (based on the account balance of the client's assets managed by the Adviser). These Strategic Advisory Client arrangements may also be structured as stand- alone arrangements. Advisory or consulting services performed by PAAMCO Prisma for a Strategic Advisory Client may vary during the term of the relevant agreement based on specific requests of the Strategic Advisory Client. Advisory or consulting services include without limitation: defining the goals and objectives of a specific asset class allocation with the Strategic Advisory Client; guidance on workouts or restructurings; providing general and investment- specific market insight and data; assistance in sourcing ideas; and providing general guidance on selection, execution and exit of a specific asset class allocation. New Business Lines PAAMCO Prisma may develop new business lines in the future that could differ immaterially or materially from the business lines disclosed in this brochure. If such business lines differ materially, PAAMCO Prisma will amend this brochure to provide applicable disclosures. PAAMCO Prisma does not participate in any wrap fee programs.