A. Firm Marcuard is a Swiss corporation founded in 1998, domiciled in the Canton of Zurich and since 2020 a member of the Swiss Public Limited Company for Supervision (“AOOS”), a self-regulatory organization of asset managers and Trustees. Furthermore, in 2020 Marcuard became a member of the Ombud Finance Switzerland (“OFS”), a Swiss Foundation dedicated to provide dispute resolution services to financial advisers and their clients. In addition, since November 2023 Marcuard has been licensed as a portfolio manager in accordance with the Swiss Financial Institutions Act (“FinIA”) by the Swiss Financial Market Supervisory Authority (“FINMA”). Mr. Martin Sutter is Marcuard’s Chief Executive Officer. More information about Marcuard is available in Form ADV Part 1: www.adviserinfo.sec.gov B. Advisory Services Marcuard provides discretionary and non-discretionary investment advisory (including private markets advisory services), cockpit and family office services to high-net worth individuals and their families. Marcuard acts as sponsor and/or investment adviser to two private investment funds). The fees charged in connection with the specific services are stated in each individual client agreement. The latter must be signed by both Marcuard and the client(s) before any services can be provided. Cockpit Services Cockpit services include: wealth consolidation, reporting, and coordination with custodian banks. Furthermore, Marcuard assists its clients with negotiating custody fees with custodian banks. Cockpit 5 / 34 services do not include submitting trades, providing investment advice, monitoring investments nor exercising investment discretion for Cockpit assets showing up on the consolidation reports. Only the client is responsible for monitoring Cockpit assets, determining whether to buy or sell Cockpit assets and placing any orders to buy or sell such Cockpit assets. Investment Services – Discretionary and Non-Discretionary Investment Advice Marcuard offers investment advisory services on a discretionary and non-discretionary basis. Marcuard mainly invests or recommends investing clients’ assets with affiliated and independent asset managers carefully selected by Marcuard based upon the quality of services provided (“Fund Managers”). The aforementioned Fund Managers manage investment funds, hedge funds, funds of hedge funds, private equity funds, funds of private equity funds and provide investment advice concerning other financial assets. For discretionary account clients, Marcuard exercises investment discretion based on the clients’ investment objectives, risk profile, time horizon, strategy and, whenever applicable, reasonable restrictions agreed upon (and as amended in writing from time to time) in the specific client agreement. For non-discretionary clients, Marcuard’s investment advice is based on the same investment criteria. Marcuard defines with each of its clients their particular investment objective/profile, which includes an individual benchmark and risk tolerance. Some clients may also impose reasonable restrictions on – or objectives for – investing in certain securities or types of securities. All of this is recorded in the client’s specific agreement, which may also include annexes and/or addendums. The client is responsible for notifying Marcuard of any changes regarding his/her financial situation, risk profile or investment objective and whether he/she wishes to impose or modify existing investment restrictions. Marcuard is at its clients’ disposal for any inquiries related to their current account status. Clients are advised that there might be other third-party asset managers not recommended by Marcuard, who might in turn also be suitable for the clients in question and who might provide comparable services for less money than those arrangements recommended by Marcuard. Marcuard does not guarantee in any way or form that a client’s financial goals or objectives will be achieved by any investment. Furthermore, Marcuard does not offer any guarantee of performance regarding any investment. All investments involve risks including possible loss of principal. Marcuard manages investments for many clients and may thus advise them or take actions for them (or Marcuard’s own accounts) that differ from the advice and course of action recommended to one particular client. Marcuard is not obliged to buy, sell or recommend to any particular client any security or other investment instrument that Marcuard may buy, sell or recommend for any other client or for Marcuard’s personal accounts. 6 / 34 Marcuard enables clients to invest in line with international tax, legal and regulatory requirements. Marcuard does not provide any legal and tax advice to its U.S. clients. Projects and Family Office Services Marcuard offers family office services to high-net-worth families typically on a project basis. These services include for example: wealth planning services, administration, IT-services, philanthropic planning, structuring, as well as property management. Based upon clients’ needs, Marcuard’s services may also cover family governance. Under no circumstances does Marcuard provide U.S. legal or tax services for U.S. clients. Moreover, Marcuard does not offer trustee, brokerage or custodian services. Sponsor and Investment Adviser to Private Funds Marcuard is the sponsor of two private funds (“Marcuard Funds”):
• Lighthouse Alpha Select Limited, based in the Cayman Islands (“Lighthouse

Alpha Select"); and
• MFO IDF I (BVI) LP, based in the British Virgin Islands ("MFO IDF"). Marcuard is the sole owner of MFO Capital Ltd., BVI (“MFO Capital”), which serves as investment manager to Lighthouse Alpha Select and MFO IDF. Based on an advisory agreement with MFO Capital, Marcuard serves as the sub-adviser for and exercises discretion over the portfolios of MFO IDF. MFO IDF I GP (BVI) Ltd. is solely owned by MFO Capital and acts as the general partner to MFO IDF. Lighthouse Investment Partners, LLC is a non-affiliated US-based investment adviser, which acts as investment adviser to Lighthouse Alpha Select. Further information about MFO IDF as well as MFO Capital and MFO IDF I GP (BVI) Ltd. can be found in Marcuard’s Form ADV Part 1A. Lighthouse Alpha Select and MFO IDF Funds can serve as an investment option for Marcuard’s clients, respectively their life insurance and annuity policies as the MFO IDF is only open to life insurance companies that are U.S. tax payers. Marcuard has a conflict of interest to recommend and favor the aforementioned funds to which Marcuard itself or its subsidiary serve as investment adviser or sub-adviser. However, should Marcuard reasonably believe that a client’s assets should be invested in one of Marcuard Funds, will Marcuard recommend or exercise investment discretion accordingly. With respect to serving as a sponsor to the two Marcuard Funds and sub-adviser to MFO IDF, Marcuard’s services towards Marcuard Funds are based solely upon the specific requirements of the latter and not upon the interests of any given investor within a particular fund. Private Markets Advisory Services Marcuard offers Private Markets Advisory Services to selected clients who meet the SEC’s definition of “qualified client” and fully understand the risks and long-term commitment of Private Markets 7 / 34 Investments, which can include (i) private equity funds, private equity fund of funds and co-investments with private equity funds (“Private Equity Investments”), (ii) private infrastructure funds, private infrastructure fund of funds and co-investments with private infrastructure funds (“Private Infrastructure Investments”), (iii) private debt funds, private debt fund of funds, and co-investments with private debt funds (“Private Debt Investments”), and/or (iv) private real estate funds, private real estate fund of funds and co-investments with private real estate funds (“Private Real Estate Investments”;), Private Equity Investments, Private Debt Investments and Private Real Estate Investments together “Private Markets Investments”). Private Markets Investments do not include direct equity investment, direct infrastructure investments, direct debt investments and direct real estate investments. Private Market Advisory services are provided on a non-discretionary basis and it is the client’s exclusive and sole decision whether to invest in a Private Markets Investment. Marcuard will identify and examine Private Markets Investments that fulfill Marcuard’s criteria with respect to quality and performance targets. The Private Markets Investments so selected will be added to the range of potential Private Markets Investments, and Marcuard will provide non-discretionary investment advice regarding such Private Markets Investments that is tailored to the client’s financial goals and risk tolerance. C. Scope of Investment Advice Marcuard provides investment advice on the following types of investments:
• Cash and cash equivalents;
• Corporate and government fixed income securities and similar investments;
• Listed and non-listed equities;
• Exchange listed securities;
• Mutual funds, fund of mutual funds, hedge funds, funds of hedge funds (including ETFs, active and passive strategies);
• Private Markets investments (such as private equity funds, real estate and other private market fund investments);
• Derivatives such as futures, forwards, options, swaps and other derivatives, physical and synthetic commodities;
• Investment techniques include, but are not limited to, short sales, leverage, uncovered option transactions, currency hedging and limited diversification, etc. Although Marcuard generally provides investment advice on the products listed above, Marcuard reserves the right to offer advice on any investment product that may be suitable for each client’s specific circumstances, needs, goals and objectives. 8 / 34 D. Wrap Fee Programs Marcuard does not participate in any wrap fee program. E. Amounts under Management As of December 31st, 2023, Marcuard managed the following regulatory assets of U.S. clients: Discretionary assets USD 375’229’785 Non-discretionary assets USD 148’256’969 Total USD 523’486’754 As of December 31st, 2023, Marcuard managed the following regulatory assets of non-U.S. clients: Discretionary assets USD 3’154’313’791 Non-discretionary assets USD 3’167’214’826 Total USD 6’321’528’617 As of December 31st, 2023, Marcuard had USD 148’256’969 in assets under advisement for U.S. clients and USD 2’200’879’684 in assets under advisement for non-U.S. clients (non-regulatory assets). Assets under advisement consist of assets where Marcuard is available for consultation and monitoring at the request of the client and during client meetings. However, Marcuard does not continuously monitor and does not manage those assets under advisement and does not have trading authority over such assets under advisement.