TAG Associates is a multi-client family office and portfolio management services adviser. Formed in 1983, TAG has an experienced staff of approximately 71 people, including senior relationship managers, portfolio management professionals, accountants, bookkeepers and administrators. TAG is an investment advisor , a commodity trading advisor (“CTA”) and a commodity pool operator (“CPO”). When the company was founded in 1983, the multi-client family office was a relatively new and unproven concept. The Principal Owner of TAG is TAG Associates Holdings, LLC, a Delaware limited liability company, an entity majority owned by Gary L. Fuhrman and David Basner. TAG Services On January 1, 2002, TAG Associates LLC acquired all the operating business assets of, and succeeded to the business of, TAG Associates, Ltd (“TAG Ltd”). All references below to activities prior to January 1, 2002 were performed by TAG Ltd. All activities described after January 1, 2002 are performed by TAG Associates LLC. TAG offers its clients either a comprehensive package of services (such clients are “Comprehensive Wealth Management clients”) or, on a stand-alone basis, portfolio management services (such clients are “Portfolio Management clients”). Comprehensive Wealth Management clients receive both portfolio management services as well as other non-investment financial management services. All of the Adviser’s services are customized to the individual needs of TAG’s clients. The services TAG provides are outlined in the attached Exhibit A (at the end of this Item 4): “Summary of Client Services.” TAG Associates LLC provides investment management services and other financial advice and services primarily to high-net-worth individuals. TAG also provides services to trusts, estates, pension and profit-sharing plans, endowments, foundations and other business entities. TAG does not issue publications or other reports on a subscription or other fee basis. When providing Portfolio Management services to its clients, TAG serves as an overall portfolio manager. Its services include evaluating a client’s financial situation and needs, setting investment goals and objectives and formulating an asset allocation strategy. TAG also discusses and assists the client in evaluating any investment restrictions that the client may require for his or her portfolio, such as prohibiting investments in certain securities or industries. Once consensus has been reached with the client, TAG selects the investment managers, monitors strategies and managers, reports periodically (no less than quarterly) on the results of the portfolio and makes change recommendations as necessary. In addition, TAG provides financial management services, tax planning and compliance services and estate and trust planning. TAG has also advised clients on derivative securities transactions such as collars, swaps, etc. Clients generally appoint our firm as their investment adviser of record on specified accounts (collectively, the “Accounts”). The Accounts consist only of separate account(s) held by qualified custodian(s) under the client’s name. The qualified custodians maintain physical custody of all funds and securities of the Account, and the clients retain all rights of ownership (e.g., right to withdraw securities or cash, exercise or delegate proxy voting and receive transaction confirmations) of the Accounts. Refer to Item 12 – Brokerage Practices for more information. The Accounts are managed by TAG based on the client’s financial situation, investment objectives and risk tolerance. The Adviser actively monitors the Accounts and implements advice by buying, selling, reinvesting, or holding securities, cash or other investments of the Accounts. Refer to Item 16 – Investment Discretion for more information. TAG will need to obtain certain information from the clients to determine their financial situation and investment objectives. In the process of obtaining the information from the client, TAG may provide ancillary financial planning and consultative services including asset allocation, risk management and income tax planning. Such financial planning and consultative services are intended to better understand your financial situation and design an investment portfolio consistent with your long-term needs and goals. Clients will be responsible for notifying the Adviser of any updates regarding their financial situation, risk tolerance or investment objectives and whether they wish to impose or modify existing investment restrictions; however TAG will contact you at least annually to discuss any changes or updates regarding a client’s financial situation, risk tolerance or investment objectives. TAG is always reasonably available to consult with clients regarding the status of their Accounts. Clients have the ability to impose reasonable restrictions on the management of their accounts, including the ability to instruct the Adviser not to purchase certain securities. It is important that a client understands that TAG manages investments for other clients and may give them advice or take actions for them or for our personal accounts that is different from the advice we provide to you or actions taken for you. We are not obligated to buy, sell or recommend to you any security or other investment that we may buy, sell or recommend for any other clients or for our own accounts. Conflicts may arise in the allocation of investment opportunities among accounts that we manage. We strive to allocate investment opportunities believed to be appropriate for your account(s) and other accounts advised by our firm among such accounts equitably and consistent with the best interests of all accounts involved. However, there can be no assurance that a particular investment opportunity that comes to our attention will be allocated in any particular manner. If we obtain material, non-public information about a security or its issuer that we may not lawfully use or disclose, we have absolutely no obligation to disclose the information to any client or use it for any client’s benefit. No Participation in Wrap Fee Programs. A wrap-fee program is defined as any advisory program under which a specified fee or fees not based directly upon transactions in a client’s account is charged for investment advisory services (which include portfolio management and/or advice concerning the selection of other investment advisers) and the execution of client transactions. We do not offer or participate in wrap-fee programs. All our services are provided on a non-wrap fee basis which means fees and expenses for execution of client transactions charged by your broker/dealer and/or custodian are billed directly to your account separately from our advisory fees. TAG’s assets under management as of December 31, 2023, totaled $8,711,236,142 of which $337,794,015 is managed on a discretionary basis and $8,373,442,127 is managed on a non- discretionary basis. TAG-Managed Investment Entities TAG Associates serves as the investment manager and TAG Portfolio Management Group LLC, an affiliate, serves as the general partner or manager to a number of Funds of Funds (the “TAG Funds”) for its clients and third-party investors. All TAG Funds are exempt from registration under the Investment Company Act of 1940 (the “Company Act”). For those Funds that are exempt companies under Section 3(c)(1) of the Company Act, all investors

must qualify as "Accredited Investors" within the meaning of Regulation D under the Securities Act of 1933. For those Funds that are exempt companies under Section 3(c)(7) of the Company Act, all investors must qualify as “Qualified Purchasers” under the Company Act. In 1999, TAG Ltd established the TAG Relative Value Client Fund, L.P. (the “Client Fund”). The Adviser is the investment manager, and an affiliate of the Adviser is the general partner. This partnership is a "fund of funds." It allows TAG clients to participate in the underlying investments of the Client Fund. In 2000, the TAG Relative Value Fund, L.P. was established for investors who are not clients of the Adviser. This partnership was identical to the Client Fund, above, other than that the Adviser and its affiliate received fees and compensation for serving as investment manager and general partner of this partnership. The assets of TAG Relative Value Fund, L.P. were combined with the assets of the Client Fund as of January 1, 2015. Investors in TAG Relative Value Fund, L.P. became Class B Limited Partners of the Client Fund and the existing investors of the Client Fund became Class A Limited Partners. In 2001, the TAG Relative Value Offshore Fund Ltd. was established for investors who are offshore or tax-exempt. The Adviser is the investment manager of the Fund. Investors that are not clients of the Adviser compensate the Adviser for its investment management services. In 2003, the TAG Master Relative Value Fund, LLC was reorganized to serve as a master fund to its feeder funds. The Adviser is the investment manager and an affiliate of the Adviser is the manager. In 2005, the Adviser established the TAG Diversified Strategies Fund, L.P. of which the Adviser is the investment manager and an affiliate of the Adviser is the general partner. This entity is a "fund of funds". Investors that are not clients of the Adviser may invest in share classes that pay the Adviser certain fees for serving as the investment manager of this partnership. In 2008, the TAG Distressed Debt Fund II, LLC was established. This entity is a "fund of funds." The Adviser is the investment manager and an affiliate of the Adviser is the manager. It allows investors to invest in certain underlying partnerships that the Adviser has identified as attractive investments. Investors that are not clients of the Adviser compensate the Adviser and its affiliate for its investment management services. It is not accepting new capital. In 2010, the TAG Distressed Debt Fund III, LLC was established. This entity is a "fund of funds." The Adviser is the investment manager and an affiliate of the Adviser is the manager. It allows investors (client and non-client) to invest in certain underlying partnerships that the Adviser has identified as attractive investments. Investors that are not clients of the Adviser compensate the Adviser and its affiliate for its investment management services. It is not accepting new capital. In 2015 the TAG Yield Opportunities Fund, LLC was established. This entity is a “fund of funds.” The Adviser is the investment manager and an affiliate of the Adviser is the manager. It allows investors to invest in certain underlying partnerships that the Adviser has identified as attractive investments. Investors that are not clients of the Adviser compensate the Adviser for its investment management services. It is not accepting new capital. In 2020 the TAG Dislocation & Recovery Fund Series of TAG Series Fund, LLC was established. This entity is a “fund of funds.” The Adviser is the investment manager and an affiliate of the Adviser is the manager. It allows investors to invest in certain underlying partnerships that the Adviser has identified as attractive investments. Investors that are not clients of the Adviser compensate the Adviser for its investment management services. It is not accepting new capital. In 2021 the TAG Blockchain Opportunities Fund Series of TAG Series Fund, LLC was established. This entity is a “fund of funds.” The Adviser is the investment manager and an affiliate of the Adviser is the manager. It allows investors to invest in certain underlying partnerships that the Adviser has identified as attractive investments. Investors that are not clients of the Adviser compensate the Adviser and its affiliate for its investment management services. It is not accepting new capital. The Adviser and its affiliates do not charge the Adviser's clients that invest in any of the above mentioned Funds any additional fees, or earn other compensation for serving as investment manager, manager or general partner of such Funds. Clients of the Adviser pay for investment management services based on separate agreements with the Adviser. In all cases, each investor must meet the required relevant investor suitability standards. The Adviser may, from time to time, consider offering interests in additional similarly structured investment vehicles. This would provide the Adviser with an opportunity to present investment opportunities to its clients in which they would not otherwise participate. The dual-class structure of the investment vehicles affords the Adviser an opportunity to be compensated by non-clients for its efforts in identifying, structuring and organizing such investment vehicles. Please refer to Item 10 and Item 11 of this brochure for more information. [Exhibit A appears on the next three (3) pages.] TAG ASSOCIATES, LLC Summary of Client Services Form ADV, Part 2 – Advisory Business (Item 4) Exhibit A PORTFOLIO MANAGEMENT Planning ImplementationMonitoring  Set investment goals & objectives  Select investment managers  Produce portfolio reports  Formalize an appropriate asset allocation strategy  Design investment reporting system o Typically monthly or quarterly  Provide benchmarks to measure performance o On an absolute dollar return basis o On a relative basis versus similar managers & indexes  Consider changes in strategy, managers, etc. FINANCIAL MANAGEMENT  Consider asset/liability oriented issues  Design customized financial reporting system  Produce financial reports o Need for liquidity, etc. o Focus on highlighting tax issues, liquidity needs, etc.  Update versus projections, etc.  Asset cash flow considerations  Establish banking/credit relationships  Communicate results to appropriate third party advisors  Plan for large tax payments, etc.  Review hedging options o One large block of stock, etc. TAX RELATED  Identify tax savings opportunities  Manage IRS and state tax audits  Consider changes in:  Prepare periodic tax projections  Periodically review estate plan o Tax laws  Prepare tax returns  Investment related o Investment products o Interfamily driven o Business relationships o Residence driven o Employee benefit plans o Transaction driven o Family relationships ADMINISTRATIVE/ CONTROLLERSHIP  Consider asset/liability management techniques  Select advisors/systems  Consider changes in: o Insurance alternatives  Pay bills/Collect receipts o New products/services o Custodial alternatives  Handle domestic staff o Personal circumstances o Cash management systems  Negotiate house closing, mortgages o Professional relationships  Determine optimum information flow  Manage “the process”  Revisit “the process” o Which professionals? o Right People o What information? o Right Information o In what time frame? o Right time