Advantage Capital Management LLC, a New York limited liability company, was formed in March 2014 to provide management services to insurance companies and institutional accounts. In addition to providing management services directly to its clients, Advantage selects and retains sub-advisors which provide Advantage’s clients with exposure to various investment strategies. The primary strategies that Advantage and its sub-advisors utilize or may in the future utilize on behalf of Advantage’s investors are identified below (each, a “Strategy”): 1. Direct Asset-Based Investing: including equipment leases and other asset financings; 2. Structured Credit: including Collateralized Loan Obligations (“CLOs”) and Collateralized Swap Obligations (“CSOs”); 3. Direct Commercial Real Estate Loans: including mortgage and mezzanine loans on and relating to office, retail and industrial properties; 4. Investment Grade Debt: including highly rated corporate bonds and US/Canadian Government Obligations (including governmental unit and instrumentalities thereof); and 5. High Yield Debt: including primarily non-investment grade USD-denominated corporate debt. Advantage provides its investment management services to five insurance companies and intends to provide such services to other insurance companies and institutional clients in the future. Advantage only manages the assets which are the subject of its management agreement and does not consider the client's other assets and other obligations (subject to “Additional Services” described below). Advantage receives authority to supervise and direct the investment of the assets on a discretionary basis in accordance with the clients’ written objectives and limitations as outlined in each individual client’s Investment Management Agreement, and may, in the future, supervise and direct the investment of assets on a non-discretionary basis. Clients may impose restrictions or limitations on investing in specific securities, specific types of securities, or specific strategies. Additionally, Advantage may provide investment management services utilizing strategies and asset types outside of the five primary Strategies described herein to the extent consistent with an individual client’s Investment Management Agreement. Direct Asset-Based Investing: Advantage, directly and through its sub-advisor(s), makes direct investments in assets and equipment subject to leases or other financing arrangements, as well as investments in equity, debt, or debt-like instruments that are secured by equipment and/or assets, and related revenue streams. This strategy generally focuses on equipment and assets with the following characteristics; although not all investments meet all of the below criteria as each investment is individually underwritten and takes numerous additional factors into consideration:
• Assets and equipment that are considered business-essential;
• Revenue-producing or cost-saving equipment and assets;
• Assets and equipment with substantial economic life relative to the investment term;
• Assets and equipment with associated revenue streams;
• Assets and equipment with high in-place value; and
• Asset-intensive project financings. Advantage concentrates on transaction sizes below $20.0 million, in particular in areas with limited competition so that it may be selective in its investments. Advantage focuses on identifying equipment and other assets that are considered essential use or core to a business or operation in the agricultural, energy, environmental, medical, manufacturing, technology, and transportation industries and may also identify other assets or industries that meet its investment objectives. Advantage employs this strategy globally with a focus on the United States and Western Europe. Structured Credit: Advantage and its sub-advisors invest on behalf of Advantage’s clients in corporate credit primarily through securitizations of fixed-income assets, such as CLOs and CSOs (described below). Advantage and its sub-advisors invest primarily in rated debt instruments (by one or more nationally recognized statistical rating organizations (“NRSROs”)) privately placed under Rule 144A. This Strategy focuses on investments in two main varieties of credit investments, in accordance with clients’ objectives and limitations: - Collateralized Loan Obligations (CLOs) – CLOs are a form of securitization where payments

from multiple (in most cases) high-yield or middle-market corporate borrowers are pooled together and passed on to different classes of owners in various tranches, most of which are rated by an NRSRO. - Collateralized Swap Obligations (CSOs) – CSOs are a variation of a CLO that generally use credit default swaps and other derivatives to achieve its investment goals. The value and payment stream of a CSO is derived not from borrower payments on loans, but from premiums paid for credit default swap protection on some defined set of reference securities that unlike CLOs are predominantly highly-rated (investment grade) corporate entities. Direct Commercial Real Estate Loans: The small to mid-tier commercial real estate loan market is both inefficient and fragmented creating quality loan opportunities that can be captured through Advantage’s and its sub-advisors’ dynamic underwriting and origination processes. Relationships, expertise, and knowledge allow Advantage and its sub-advisors to source, underwrite, and structure loan opportunities with favorable yields and acceptable risk. Advantage and its sub-advisor(s) focus on making loans secured by well- positioned properties with appropriate risk-return profiles. Investment Grade Debt: Advantage and its sub-advisors seek to generate attractive risk-adjusted returns for Advantage’s clients by investing in a combination of domestic and international fixed income bonds. The portfolio will invest across various fixed income asset classes including Treasury Bonds, Agency MBS, Non-Agency MBS (high grade), Senior Secured Bank Debt and Investment Grade Bonds. The objective is to produce returns that exhibit low correlations to the broad markets through disciplined credit selection and active portfolio management. Advantage may employs consultants (as well as sub-advisors) in connection with its management in these asset classes. High Yield Debt: Advantage and its sub-advisors plan to invest on behalf of Advantage’s clients in bonds, loans, or other debt instruments, which are rated Ba or lower by Moody’s or BB or lower by S&P or are unrated but determined to be of comparable quality. Below investment grade debt securities have higher yields but generally involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic distress, than higher rated debt securities. Fixed- income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. Consulting Services Advantage also intends to provide advice for a consulting fee to insurance companies and other institutional clients both affiliated and non-affiliated, including, without limitation, advice on matters such as overall asset allocation and/or portfolio optimization based on: i) stated investment guidelines and/or ii) risk-based capital guidelines. Advantage also intends to provide consulting services related to development and implementation of firm-wide investment policies and programs, such as derivative use plans. Advantage also intends to provide flat-fee consulting services (“Flat Fee-based Consulting”) to clients including, without limitation, providing advice on matters related to financing arrangements, financial modeling, and documentation. At any specific point in time, depending on perceived or anticipated market conditions or events, (there being no guarantee that such anticipated market conditions or events will occur), Advantage may maintain cash positions for defensive purposes. All cash positions, including investments in money market funds, shall generally be included as part of assets under management for purposes of calculating Advantage’s advisory fee. Advantage provides a copy of ADV Part 2 to every client and a copy will be provided to any prospective client upon request. As of December 31, 2023, Advantage managed $6,107,518,539 in discretionary assets and $352,038,849 in non-discretionary assets. Advantage is owned by Advantage Capital Holdings LLC (“ACH”). Kenneth King is the only individual that ultimately controls more than 25% of Advantage Capital Management LLC, through his controlling interest in ACH. Advantage does not participate in wrap fee programs.