Item 5 – Additional Compensation .......................................................................................................... 31 Item 6 – Supervision ................................................................................................................................. 31 A. Description of the Advisor Firm Founded in 2020, Applied Derivative Research, LLC (“Applied Derivative Research”, "Investment Adviser", "we", "us", the “Firm”, and similar terms) is a Limited Liability Company organized in the State of Maryland. The Firm is controlled by principal owner, Chung Hei Sing (the “Principal Owner”). B. Types of Advisory Services 1. Advisory Services Applied Derivative Research generally provides investment advisory services to, among other types, qualified individuals, banking or thrift institutions, investment companies and pooled investment vehicles, pension and profit-sharing plans, charitable organizations, state and municipal government entities, sovereign wealth funds and foreign official institutions, corporations, non-U.S. pension funds (each referred to as a “client”). Applied Derivative Research offers discretionary and non-discretionary investment management services primarily through separately managed accounts. 2. Investment Strategies and Types of Investments Investment Philosophy and Approach The objective of Applied Derivative Research, generally is to generate repeatable, sustainable, impact-oriented, risk-adjusted returns for clients measured over multiple years through fundamental proprietary research, bottom-up and top-down analysis. We seek to provide long-term, financial and impact growth through security selection (long and short) by investing in companies positioned to thrive as we transition to a more sustainable and impact-oriented economy. The category of sustainability and impact is broadly defined as it relates to socially responsible investing, environmental, social and corporate governance (“ESG”), sustainable development goals (“SDG”) as defined by the United Nations (“UN”), among other issue areas at large. Our investment process utilizes a "bottom-up" stock selection process based on fundamental analysis. Our fundamental analysis is driven by experienced analysts, and investment decisions are based on in-depth fundamental research. Such bottom-up analysis is combined with a thematic or "top-down" view of opportunities across the various sectors, regions and seeks to identify the best opportunities globally. The top-down view also focuses on the overall composition of the portfolio in attempting to minimize areas where the portfolio may have an unintended exposure in a particular sector, country or macro- economic variable such as interest rates, foreign exchange rates or other factors as determined by our investment team. As a part of our bottom-up and top-down analysis, we perform both quantitative and qualitative assessments of potential investments with a particular focus on opportunities upon which we can gain insights and discover value in the continuously changing world. We believe that fundamental research, persistence and patience allows us to be a long-term investor where we can support positive change. Types of Markets and Investment Opportunities Applied Derivative Research seeks to accomplish its investment objectives by recommending and investing in equity and debt securities of companies across a diversified range of sectors. However, in order to continually seek the best risk-adjusted opportunities for clients, and this may occasionally cause us to invest in a wide range of securities and other financial instruments including, without limitation: share capital; common and preferred stock (privately-placed and exchange-traded); shares of beneficial interest; partnership interests and similar financial instruments; bonds, notes, debentures and other debt instruments (whether subordinated, convertible, or otherwise); structured instruments, equity index options, exchange traded funds, open and closed-end investment companies; commodities; currencies; interest rate, currency, commodity, equity, debt, and other derivative products (including, without limitation, (i) futures contracts (and options on futures contracts) relating to stock indices, currencies, other financial instruments, and all other commodities, (ii) swaps, options, warrants, caps, collars, floors, and forward rate agreements, (iii) spot and forward currency transactions, and (iv) agreements relating to or securing

such transactions); equipment lease certificates; equipment trust certificates; loans; accounts and notes receivable and payable held by trade or other creditors; trade acceptances; contract and other claims; executory contracts; participations; mutual funds; money market funds; structured securities; repurchase agreements; obligations of governments and instrumentalities; commercial paper; certificates of deposit; bankers’ acceptances; trust receipts; choses in action; real estate, including fee interests, leaseholds, mortgages, or other real estate assets; and any other obligations and instruments or evidences of indebtedness of whatever kind or nature; in each case, of any person, corporation, government, or other entity whatsoever, whether or not publicly traded or readily marketable. Some investments that HCA makes for client accounts may have no readily available market. Applied Derivative Research invests client assets in a wide range of countries, markets and exchanges in United States (“U.S.”), Asia and throughout the world, including, without limitation, markets in the PRC, Hong Kong, the United Kingdom, Australia, Singapore, Taiwan, Korea, Japan, Indonesia, India, Vietnam, Malaysia, Thailand, and elsewhere. Clients may also face indirect exposure to all of the instruments and investments listed above through investment in special purpose vehicles and similar entities. Investment Strategies Applied Derivative Research employs a variety of investment strategies as determined by the need of the client and ADR’s ability to service the offering. In general, ADR offers a public strategy that seeks to provide long-term investment growth through the public equities and fixed income securities. Limitations The descriptions set forth in this Brochure of specific advisory services that are offer to clients, investment strategies pursued and investments made by the Firm on behalf of its clients, should not be understood to limit in any way our investment activities. Applied Derivative Research may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Firm consider appropriate, subject to each client's investment objectives, guidelines and limitations. Applied Derivative Research is not registered as a commodity pool operator or commodity trading advisor pursuant to the exemptions set forth, respectively in Regulations §§4.13(a)(3) and 4.14(a)(8) promulgated under the Commodity Exchange Act. C. Client Tailored Services and Client Imposed Restrictions Applied Derivative Research provides its clients with a wide range of client tailored investment advisory services (discretionary and non-discretionary) designed to maximize outcomes within the context of the client’s existing governance framework. For clients seeking to delegate portfolio responsibilities, we offer customized discretionary services as an investment manager. For clients who seek a similar level of support but wish to retain approval rights, we offer customized non-discretionary services. These services can be provided for specific asset classes or for a total portfolio. For clients with an existing investment office, we offer customized extension services, typically non-discretionary, in order to complement their in-house resources. This includes, among other functions, acting as an expert advisor or sounding board as well as providing alternative asset- expertise and manager due diligence and tools. For clients seeking specialized advice and guidance, we typically offer services tailored to the client and most often include strategic and tactical asset allocation advice. This may also include, among other functions, participation in committee meetings, investment selection, or manager selection. For clients seeking specialized services relating to impact investing, socially responsible investing, ESG and other impact-related functions, we offer services to help clients align their investing with their missions. This includes, among other functions, serving as an advisor or sounding board, impact evaluation and impact measurement advice. Clients may impose restrictions on certain securities or types of securities. D. Wrap Fee Programs A wrap fee program is an investment program where the investor pays one stated fee that includes management fees, transaction costs, fund expenses, and other administrative fees. Applied Derivative Research does not participate in any wrap fee programs. E. Assets Under Management As of March 15, 2023, Applied Derivative Research has approximately $100,000 of discretionary assets under management.