Overview This section of the Brochure contains a general description of UBS Asset Management (Americas) LLC (“UBS AM LLC”) and its organizational and ownership structure, and specific information related to O’Connor (also referred to as “we,” “our,” or “O’Connor”), a distinct business unit of UBS AM LLC, including the types of advisory services we provide and the investment instruments we use, how we tailor advisory services to client needs, and, if applicable, our participation in managed account programs (wrap fee programs). General description and ownership UBS Asset Management (Americas) LLC is an indirect, wholly owned subsidiary of UBS Group AG (“UBS”), a publicly traded company (NYSE: UBS). As of the date of this Brochure, UBS Americas Inc. directly owns 75.3% and CSAM Americas Holding Corp. directly owns 24.7% of the outstanding equity of UBS AM LLC. UBS Americas Holding LLC owns 100% of UBS Americas Inc, UBS AG owns 100% of the outstanding equity of UBS Americas Holding LLC Inc, and ultimately UBS Group AG owns 100% of the outstanding equity of UBS AG. UBS AM LLC is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The operational structure of UBS is composed of the Group Functions and four primary business divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment Bank. The Asset Management business division was formed following the merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998, thereby creating UBS Group AG. In 2000, UBS Group AG integrated the investment teams of its various asset management businesses: UBS Asset Management, Brinson Partners (a Chicago firm established in the 1980s) and Phillips & Drew (London firm established in 1895). In 2002, with the integration complete, the division rebranded as UBS Global Asset Management, now known as UBS Asset Management. UBS AM LLC is part of the "UBS Asset Management" business division of UBS and was incorporated in 1989. On March 1, 2024, UBS AM LLC converted its legal form from a Delaware corporation to a Delaware limited liability company in anticipation of two internal legal entity transactions and the global integration with Credit Suisse. On April 1, 2024, UBS AM LLC absorbed two of its wholly owned subsidiaries, UBS Hedge Fund Solutions, LLC and UBS O’Connor LLC, and on May 1, 2024, UBS AM LLC merged with CSAM, with UBS AM LLC as the surviving entity in all three transactions (the latter referred to herein as the “CSAM Merger”). Upon completion, UBS AM LLC’s organizational structure permits each of its former subsidiaries UBS Hedge Fund Solutions LLC and UBS O’Connor LLC, to continue to operate as distinct “business units” within UBS AM LLC. Each of these business units continues to offer the same advisory services products as before, and each operates independently and is separated by information barriers. Each of the business units of UBS AM LLC is described below: 1. “UBS AM,” formerly the primary business of UBS AM LLC, is now a business unit within UBS AM LLC that offers equities, fixed income, and investment solutions investment strategies, as well as advisory services to funds registered under the Investment Company Act of 1940, as amended (the "Investment Company Act” or the “1940 Act”). The Quantitative Investment Strategies (“QIS”) business within CSAM and the CSAM registered funds were integrated into UBS AM as part of the CSAM Merger. Also, as part of the CSAM merger, certain legacy CSAM businesses that are in run-off or wind-down mode were incorporated into UBS AM. 2. O’Connor provides discretionary and non-discretionary investment advisory services to several types of pooled investment vehicles (both registered and unregistered), pension or profit-sharing plans, and institutional separately managed accounts. O’Connor is a single manager hedge fund specialist with global reach, combining significant experience in trading, risk management and alternative investments. The Commodities business within CSAM was integrated into this business unit as part of the CSAM Merger. 3. UBS Hedge Fund Solutions (or “HFS”) offers investment advisory services regarding investments in pooled investment vehicles. HFS clients include primarily hedge fund of funds, some of which are privately offered and some of which are registered under the Investment Company Act and may also include ultra-high-net-worth individuals. HFS offers a comprehensive spectrum of hedge fund solutions and advisory services, including a wide range of multi-manager and direct trading strategies which provide broad based, diversified exposure to the hedge fund asset class with various risk and return profiles. 4. Real Estate & Private Markets Americas (“REPM Americas”) includes an infrastructure funds and an infrastructure direct investments group ("INFRA"), an infrastructure multi-managers group ("MM-INFRA"), a real estate multi-managers group ("MM-RE"), a private equity multi-managers group ("MM-PE") and a private credit multi-managers group ("MM-PC").  These businesses are operated through UBS AM LLC.   In addition to the foregoing, REPM Americas is also operated through two separate SEC-registered investment advisers: UBS Realty Investors LLC ("RE-US"), which offers direct real estate investments through commingled real estate funds and individually managed discretionary and non-discretionary real estate accounts; and UBS Farmland Investors LLC ("Farmland"), which offers advice to clients in connection with the acquisition or sale and management of agricultural real estate. RE-US and Farmland are part of the Asset Management division of UBS but operate separately and are not covered in this Brochure. 5. Credit Investments Group (“Credit Investments Group” or “CIG”) was added as a business unit in UBS AM LLC following the CSAM Merger. The Credit Investments Group was established in 1997 and specializes in the management of portfolios of leveraged loans , high-yield bonds, private credit instruments, and structured credit instruments (e.g., rated and unrated debt or equity tranches of collateralized loan obligations (“CLOs”)) in credit markets across a broad spectrum of products, including CLOs, separately managed accounts, registered investment companies and other commingled vehicles. This Brochure is intended to cover the O’Connor business and its operations. Other business units listed above may offer separate respective Brochures, which may be provided upon request.

Types of advisory services O'Connor primarily provides both discretionary investment management services (clients who have authorized us to execute transactions for their accounts without prior approval) and non-discretionary investment advisory services (clients who require that transactions be either traded by or authorized by them in advance) to various types of pooled investment vehicles, (which may or may not be exempt from registration), and institutional separately managed accounts ("SMAs") (collectively, "Clients"). Specific investment objectives, strategies, risks, fees and expenses are described in detail in each Client's investment management agreement, confidential offering memorandum and/or other governing documents (each as applicable, and collectively, "Governing Documents"). Certain of O’Connor’s private investment vehicle Clients may operate under a fund-of-fund, multi- manager, or multi-strategy structure, where O’Connor selects a portfolio of different underlying funds or strategies for such Clients. O’Connor may also engage the services of sub-advisors for certain of its Client accounts. O'Connor generally uses a combination of fundamental and/or quantitative analysis when formulating its investment advice or managing Client assets, but may use additional or alternative approaches as it deems necessary or appropriate. Additionally, O’Connor may seek the advice and assistance of its non-U.S. affiliates within the UBS Asset Management business division in providing investment supervisory services to its U.S. clients (in such capacity, "Participating Affiliates"). Please see Item 10 Other Financial Industry Activities and Affiliates for further information. Types of instruments Generally speaking, O'Connor has wide latitude in the investments in which it may offer advice on, including, but not limited to: (1) exchange-listed securities, securities traded over-the-counter, privately- placed securities and foreign issues; (2) warrants and rights; (3) debt securities issued by corporations, supranationals and financial institutions; (4) commercial paper and other money-market instruments; (5) certificates of deposit; (6) municipal securities; (7) mutual fund shares, including closed-end and exchange-traded funds ("ETFs"); (8) government and government-sponsored enterprises securities; (9) time deposits maintained inside or outside the U.S., held in book-entry form by the custodian of the Client's assets; (10) foreign government and foreign government agency securities; (11) repurchase agreements; (12) bank loans and loan participations; (13) master notes; (14) mortgages (agency and non-agency mortgage-backed securities and real estate); (15) convertible securities, distressed debt, preferred stock, and pass-through participation certificates in pools of real estate mortgages, credit card receivables, and auto loan receivables (asset-backed securities); (16) other loans; (17) collateralized debt obligations or collateralized loan obligations ("CLOs"); (18) foreign exchange ("FX") commodities and currencies; (19) inflation protected securities; (20) depositary receipts; (21) various derivative instruments, including: options contracts on securities and commodities, futures contracts, forward and spot currency contracts, swaps (including, but not limited to interest rate swaps, contracts for difference, total return swaps, portfolio swaps, credit default swaps ("CDS") and swaps on indices), participation notes, structured notes and various types of agency and non-agency asset-backed securities; (22) other pooled investment vehicles; (23) special purpose acquisition vehicles ("SPACs"); (24) various derivative instruments, including notes and participation agreements related to the supply-chain and accounts receivable financing of companies (“Working Capital”); (25) various derivative instruments, including futures, options and swaps, and physical certificates related to the credit/allowances related to carbon offsets, greenhouse gas emissions and similar environmentally related opportunities (“Carbon Trading”); and (26) other credit related instruments. Restrictions regarding certain types of services and investments O'Connor is a part of a global financial services firm and may be precluded from acquiring or selling certain securities or investments on behalf of itself and Clients as a result of inside information, conflicts of interests or other applicable laws or regulations. Ultimate ownership by a foreign bank (UBS) subjects O’Connor to certain provisions of the Bank Holding Company Act (“BHCA”). The BHCA may, in certain circumstances, limit our Client's ownership of stock issued by other U.S. companies and other bank holding companies that are subject to the BHCA. O'Connor Client accounts generally will not be able to invest in securities solely issued by UBS. O'Connor or UBS adhere to global policies that require compliance with relevant regulatory and legal requirements. An example of such a requirement would be sanctions, which are any measure or restriction (including those often referred to as embargoes), taken by one or more countries, their respective government agencies or by an international organization, which is aimed at restricting dealings of any kind with or involving another country, specific persons, legal entities, organizations or goods. O'Connor or UBS may also deem certain additional countries or industries to be high risk and may restrict business activities with certain countries, governments, government controlled entities, territories or persons. In some cases, business activities are expressly prohibited, where other cases may require pre-approval from regional compliance personnel before any business activity can be considered. In addition, O'Connor has policies in place that prohibit securities of certain companies to be included in institutional funds and in discretionary mandates. Such prohibitions include, but are not limited to, a ban on companies involved in the development, production or purchase of cluster munitions and anti- personnel mines, pursuant to the Swiss Federal Act on War Materials. Similarly, other state, federal or national laws may restrict our Client's aggregate ownership of stock issued by certain companies. As a result of these possible limitations, O'Connor may not be able to purchase securities that our models would otherwise indicate that we should, and therefore an account would not participate in the "upside" of such purchase (if any). Assets under management Client regulatory assets under management for O’Connor as of December 31, 2023 are as follows: US Dollar Amount Discretionary: $17,301,528,481 Non-Discretionary $0 Total: $17,301,528,481