AB CarVal Investors, L.P. (“AB CarVal”) is a global asset manager of private alternative investment funds. On July 1, 2022, AllianceBernstein L.P. (“AB”) acquired 100% of the ownership interests previously held indirectly by the firm’s senior management, and the firm thereby became a wholly owned subsidiary of AB. Immediately following the closing, the firm changed its legal name from CarVal Investors, L.P. to AB CarVal Investors, L.P. The firm manages the same funds and investment pools it managed prior to the ownership change. AB CarVal operates independently, subject to governance oversight by AB. AB is an SEC-registered investment adviser that is owned in turn by two publicly traded companies. Equitable Holdings Inc. (NYSE:EQH), a publicly traded insurance company, and its subsidiaries own a controlling economic interest in AB. In addition, a minority economic interest in AB is owned by the public through AllianceBernstein Holding L.P. By way of background, CarVal Investors was originally formed in 2006 as a continuation of Cargill Value Investment (“CVI”), which was an internal business unit of Cargill, Incorporated (“Cargill”). Between 1987 and 2006, CVI solely managed proprietary investments on behalf of Cargill. In 2006, Cargill established CarVal as an independently managed alternative investment manager to continue and expand upon the investment activities of CVI. CarVal was a 100% owned, independently managed, indirect subsidiary of Cargill until a management buyout of Cargill’s ownership interest in 2019. Following the management buyout, the firm was owned indirectly by certain members of the firm’s senior management until the acquisition by AB. AB CarVal provides investment management services on a discretionary or non-discretionary basis to private domestic and non-U.S. collective investment vehicles which are described below (the “Funds”). Interests in these vehicles are offered exclusively to investors satisfying applicable eligibility and suitability requirements. From time to time, AB CarVal will also provide advice to vehicles established for or by a single investor (“single-investor fund,” and collectively with other investment vehicles, “the Funds”). The Funds invest primarily in one or more of four principal asset classes: Loan Portfolio Investments, Corporate Securities Investments, Structured Credit and Hard Assets, as well as Special Opportunities Investments. For greater detail on these strategies, see Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss. In providing services to the Funds, AB CarVal conducts its investment management business in part through its wholly-owned subsidiaries: CarVal Investors UK Limited (based in London, England, and general partner of CarVal Investors GB LLP, which is a limited liability partnership regulated by the United Kingdom Financial Conduct Authority), and CarVal Investors Pte. Ltd. (based in Singapore, holder of a capital markets services license and regulated by the Singapore Monetary Authority) (the “Subsidiaries”). Each Subsidiary (or in the case of the UK, the limited liability partnership of which the Subsidiary is general partner) has executed a sub-advisory agreement pursuant to which the Subsidiary provides investment management advice and expertise regarding local and regional capital markets, public and private transactions, and market participants. In addition, AB CarVal holds an indirect majority interest in CarVal Wensheng Private Fund Management (Shanghai) Co., Ltd. (“CarVal Wensheng”), an investment adviser that is based in China and registered as a private equity fund manager with the Asset Management Association of China. CarVal Wensheng currently provides investment advisory services to a private fund whose beneficial owners are other CarVal-managed funds. AB CarVal also conducts investment management business through its wholly owned subsidiary, CarVal CLO Management LLC (“CCML”), which manages AB CarVal’s collateralized loan obligation

(“CLO”) vehicles. These vehicles invest primarily in broadly syndicated loans. As of December 31, 2022, AB CarVal and its subsidiaries employed 203 employees, including support staff. The Funds AB CarVal manages multiple Funds. Please note that for the purposes of Form ADV Part 1, AB CarVal reports each master- feeder arrangement as a Fund. All feeders in these arrangements generally invest on a pro rata basis; there is no substantial differentiation in Investor holdings. Therefore, individual feeder funds are not included as separate clients in Item 5.C and 5.D of Form ADV Part 1. Since some of the private funds AB CarVal manages have multiple master-feeder arrangements, the total number of private funds reported in Item 5.C.(1) of Form ADV Part 1 may not correspond to the total number of Funds AB CarVal reports on other documents including but not limited to marketing documents, private placement memoranda and official filings with regulators. In each master-feeder arrangement, various investors (each, an “Investor”) invest in one or more feeder funds which, in turn, invest capital in the assets the Funds hold, generally through one or more master funds or pooling entities. Investments in a Fund may be subject to a requirement that the Investor commit capital to the Fund for a given period of time. In AB CarVal’s current Funds, commitments range from 6 months to 8 years from a fixed date set forth in the relevant governing documents, depending on the Fund. Each Fund may have different liquidity and/or redemption terms. Further information can be found in each Fund’s private placement or offering memorandum, limited partnership agreement (“LPA”), subscription agreements, investment management agreements and/or other governing documents, as applicable (the “Offering Documents”). In its capacity as investment manager or sub-adviser to the Funds, AB CarVal is responsible for executing each Fund’s investment objectives and strategy. As of December 31, 2022, AB CarVal’s total discretionary assets under management are $ 15,445,804,933. In addition, AB CarVal currently manages certain investments on a non-discretionary basis, and certain Funds are non-discretionary funds. As of December 31, 2022, AB CarVal’s total non-discretionary assets under management are $130,137,514. Assets under management including both discretionary and non-discretionary accounts are $ 15,575.942,447.1 AB CarVal’s Regulatory Assets Under Management (as defined in Form ADV Part 1) are $ 19,601,734,197. 1 AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently eligible to generate management fees. Fee-eligible assets includes capital that is committed to an AB CarVal Fund, but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal’s management that are not generating fees due to the maturity of the Fund. AB CarVal does not participate in wrap fee programs. Apart from non-discretionary accounts and Funds, AB CarVal generally has broad and flexible discretion with respect to investment decisions made for the Funds, and also with respect to the selection of brokers, dealers and other counterparties for such investments, and the amount of commissions or other compensation to be paid by the Funds. AB CarVal provides investment advisory services to the Funds based on the particular investment objectives and strategies described in the applicable Fund’s Offering Documents. All discussions of the Funds in this Brochure, including but not limited to their investments, the strategies used in managing the Funds, the fees and other costs associated with an investment in the Funds, investor suitability standards and conflicts of interest faced by AB CarVal in connection with management of the Funds, are qualified in their entirety by reference to each Fund’s respective Offering Documents.