BEACON POINTE ADVISORS, LLC

Beacon Pointe Advisors, Beacon Pointe Advisors Holdings, LLC is owned by Beacon Pointe Harmony, LLC. Beacon Pointe Harmony, LLC is indirectly owned by KKR-affiliated entities, including KKR Polyphony Aggregator L.P. and related KKR investment vehicles.

Beacon Pointe's principal business includes providing investment advisory services and consulting services to individual and institutional investors. We focus on asset preservation and growth through the implementation of investment strategies and the selection of third-party investment managers, for which we have developed our own proprietary process.

Beacon Pointe's service offerings include (1) Wealth advisory services (2) Consulting services on investment and non-investment related matters, (3) Financial planning services (3) Retirement Plan Services (RPS) Platform, and (4) Outsourced Chief Investment Officer Services (OCIO).

A client can engage Beacon Pointe to implement investment recommendations on a fee basis with Beacon Pointe actively managing client assets under our Wealth Advisory Agreement (the Advisory Agreement). Under the Advisory Agreement, Beacon Pointe will:

1. Manage a portion or all the assets designated by the client in accordance with the terms and conditions of the Advisory Agreement. Additionally, we may recommend clients authorize the discretionary management of a portion of their assets by certain unaffiliated third-party investment managers (Independent Managers) where appropriate based on the client's stated investment objectives.

2. Provide ongoing monitoring and reviewing of each Independent Manager.

3. In some cases, manage a portion of the client's assets by primarily allocating the assets among various classes of shares of no-load mutual funds, Exchange Traded Funds (ETFs), real estate investment trusts (REITs), direct equities/bonds or private funds. From time-to-time Beacon Pointe invests our clients' assets in a mutual fund advised by a related investment adviser. See Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading for our policies surrounding this practice.

4. Provide financial planning services for certain clients, subject to certain conditions as noted below.

We offer these services on a discretionary basis, including the hiring and/or firing of Independent Managers, in accordance with the client's investment objectives and any reasonable restrictions the client wishes to place on the account. Beacon Pointe reserves the right to not accept and/or terminate management of a client's account if we feel that the client-imposed restrictions would limit or prevent us from meeting or maintaining the client's investment strategy. Clients should notify us promptly in writing if there are any changes in their financial situation, investment objectives, or if they wish to impose or change any restriction(s) on their account.

Beacon Pointe primarily invests client accounts by utilizing Independent Managers to manage the various asset classes determined in the client's asset allocation. Generally, client portfolios are managed by the Independent Managers through separate accounts or through mutual funds, depending on the vehicles offered by the Independent Managers and account size or other considerations specific to each client. Beacon Pointe may also directly manage the client's account utilizing mutual funds, ETFs, REITs, and private funds. In addition, client portfolios at times utilize other strategies or contain securities not included on the recommended list during an acquisition or at the direction of the client; typically, these assets will be transitioned over time to the Independent Managers or securities that are recommended by Beacon Pointe. Clients may place reasonable restrictions on the management of their account with the Independent Managers. We describe our process for selecting managers and the material investment risks for our strategies under Item 8 Methods of Analysis, Investment Strategies and Risk of Loss, below.

Beacon Pointe may offer investment advice on any investment held by the client at the start of the advisory relationship. Beacon Pointe occasionally offers advice regarding additional types of investments if they are appropriate to address the individual needs, goals, and objectives of the client or in response to client inquiry.

We discuss our discretionary authority below under Item 16 - Investment Discretion.

Private clients will be provided with comprehensive financial planning advice, upon client request and subject to the minimum account size, in accordance with the Advisory Agreement. To provide this comprehensive financial planning advice, we gather information regarding the client's current and historical status in the areas of net worth, income, expenses, taxes, investments, retirement plans and insurance, as well as future goals and objectives. We then develop a written personalized plan, which includes specific recommendations in applicable areas. Areas of focus may include retirement planning, education funding, survivor needs analysis, risk management, or wealth transfers planning. These financial planning services do not include legal or tax advice, preparation of any kind of income tax, gift, or estate tax returns, or preparation of any legal documents, including wills or trusts. Clients may enter into separate agreements with Beacon Pointe affiliates for tax services.

Beacon Pointe works with a third-party service provider, Envestnet, Inc., to help support the operational needs of managing and servicing our advisory accounts. Envestnet performs operational functions including but not limited to fee billing, portfolio reporting, account rebalancing and trade execution, based on instructions provided by Beacon Pointe and/or the Independent Manager(s). When providing these services, Envestnet acts as an agent of Beacon Pointe. Envestnet charges a tiered platform fee based on assets under management. As assets on the Envestnet platform increase, the fee decreases. There is a minimum annual fee of $50 per account. The Envestnet fees are separate from, and in addition to, custodial fees and Independent Manager fees. Additional services are available on the UMA platform for an additional fee at the client's request. These services include, but are not limited to, tax overlay and impact overlay.

In limited instances, Beacon Pointe uses SEI Investments Corporation (SIMC) as a sub-adviser. Clients on the SIMC platform pay a 0.08% fee, in addition to the advisory fee paid to Beacon Pointe. This fee typically covers trading and transaction costs and custodial fees. Clients on the SIMC platform will also incur other fees related to the investments on the platform, such as but not limited to mutual fund and ETF fees.

Certain legacy clients of firms acquired by Beacon Pointe participate in the Wrap Fee Program. The Wrap Fee Program is not offered to any new or prospective clients of Beacon Pointe.

We offer management of certain held-away retirement plan accounts, such as 401(k), 403(b), or other employer-sponsored plan accounts, on a discretionary basis. In these instances, we may use a third-party platform, Pontera, to facilitate view-and-trade access to these accounts without requiring or retaining client log-in credentials to affect trades.

We are not affiliated with the platform in any way and receive no compensation from them for using their platform. A link is provided to the Client, allowing them to connect an account(s) to the platform. Once Client account(s) are connected to the platform, Beacon Pointe will review the current account allocations. When deemed necessary, Beacon Pointe will rebalance the account considering client investment goals and risk tolerance, and any change in allocations will consider current economic and market trends. The goal is to improve account performance over time, minimize loss during difficult markets, and manage internal fees that harm account performance. Client accounts will be reviewed at least annually, and allocation changes will be made as deemed necessary.

Beacon Pointe has entered into an agreement with American Funds Service Company through which it can provide its clients with access to funds within the American Funds Family, specifically F-2 and F-2 529 share classes. The F-2 Direct-at-Fund Program offers investors the ability to invest directly at American Funds, with fee-based options rather than commissions or sales charges. F-2 shares do not have an up-front or contingent deferred sales charge, and they do not carry a 12b-1 fee, but they may have slightly higher administrative costs than other share classes. Clients in this program should refer to the funds prospectus to better understand the costs and expenses of the specific mutual fund, including the expenses of the F-2 share class.

Beacon Pointe offers the following consulting services, usually on a non-discretionary basis. We offer one or more of these services to a client depending on the client's needs at the time of the initial consultation.

Beacon Pointe works with clients to develop an investment policy and corresponding guidelines that are consistent with the client's goals and objectives.

Beacon Pointe assists clients in making asset allocation decisions for their investment portfolios. The goal of asset allocation is to assist clients in finding the asset mix that is most likely to achieve their investment objective within acceptable risk parameters. Clients receive a report illustrating historical data of portfolio combinations compared against the client's existing mix, including, but not limited to, recommendations on a prospective asset allocation combination.

Beacon Pointe may recommend multiple investment management firms or mutual funds to individual and/or institutional clients. We segregate and classify managers and/or mutual funds by investment style or class. Generally, Beacon Pointe will present the client with a report showing firm ownership, key employees, assets under management, investment process description, portfolio characteristics, portfolio returns, and fees. Additional factors, such as minimum and maximum account size, location of the firm, stability of performance, dispersion among published returns, investment philosophy, and accounts gained or lost, may be considered when recommending investment managers and/or mutual funds. We describe our process for selecting managers under Item 8 Methods of Analysis, Investment Strategies and Risk of Loss, below.

Beacon Pointe will monitor, on an ongoing basis, each manager that we select to manage clients' assets and provide periodic reports and/or recommendations to the client.

We offer performance measurement services to clients on a quarterly basis depending upon the client's preference. Performance reporting varies depending upon client needs, but usually includes time-weighted returns for each portfolio shown against an appropriate benchmark, asset allocation of the client's total account, percentage of the client's assets allocated among various investment managers or securities, cash flow summary, and the standard deviation of returns versus an appropriate benchmark.

Beacon Pointe offers to provide clients with recommendations, comparisons, and analysis of various custodial facilities. Under this service, Beacon Pointe will perform a custodial search like a manager search and present a group of custodial candidates to our client for review and selection. Beacon Pointe's professionals have extensive experience conducting custodial searches for our clients. Custodial searches typically include the following information:

1. -History (Ownership of Firm)
2. -Key Personnel
3. -Systems utilized
4. -Size of Firm
5. -Average Client Size
6. -Fees
7. -Master Trust Capabilities
8. -Accrual Account Methods
9. -Conversion Process
10. -Technology Plans (5 Years)
11. -On-line Capabilities
12.  

Beacon Pointe provides clients with comprehensive financial analyses, including non-investment-related matters. This service includes gathering information about the client's net worth, income, expenses, taxes, investments, retirement plans, insurance, goals, and objectives. We then develop a personalized written plan, which includes specific recommendations. Focus areas may include retirement planning, education funding, survivor needs analysis, risk management or wealth transfers planning. Our financial planning services do not include preparing income tax, gift, or estate tax returns or the preparing any legal documents, including wills or trusts.

In some instances, Beacon Pointe provides limited-scope financial planning focused on specific planning topics such as assessing progress towards goals like funding retirement, college education, or survivors needs.

Beacon Pointe offers consulting and advisory services for employer-sponsored retirement plans, including 401(k), 403(b), 457, Defined Benefit, SIMPLE IRA, SEP IRA, and Nonqualified Deferred Compensation plans. These services are designed to support plan sponsors in fulfilling their fiduciary obligations under the Employee Retirement Income Security Act (ERISA).

Beacon Pointe's RPS Platform offers investment advisory services to plan sponsors in both a discretionary (ERISA 3(38)) and non-discretionary (ERISA 3(21)) capacity. As a 3(38)-investment manager, the firm takes responsibility for selecting, monitoring, and adjusting the plan's investments according to the Investment Policy Statement (IPS). The firm provides investment recommendations in a 3(21)-advisory role, while the plan sponsor retains decision-making authority. Beacon Pointe also offers fiduciary education and best practices guidance to assist plan sponsors in managing their responsibilities under ERISA.

Beacon Pointe assists plan sponsors with evaluating and selecting recordkeepers, third-party administrators (TPAs), trustees, and fund managers. The firm conducts vendor searches, due diligence, and benchmarking services. Beacon Pointe facilitates request-for-proposal (RFP) processes, negotiates service agreements, and performs cost analyses to help plan sponsors assess and document the reasonableness of plan fees.

Beacon Pointe offers guidance to plan sponsors on plan design, regulatory compliance, and operational efficiency for various employer-sponsored plans. The firm works with third-party administrators, ERISA attorneys, and recordkeepers to evaluate plan structure and perform compliance testing. We also assist with plan governance, document updates, and audit preparation.

Beacon Pointe offers participant engagement and education programs to help employees understand their retirement benefits and plan their finances. These services may include group seminars, one-on-one financial wellness coaching, and digital learning tools tailored to each plan's demographics.

Beacon Pointe supports plan sponsors in fulfilling their fiduciary responsibilities under ERISA Sections 404(a) and 404(c). The firm facilitates investment committee meetings, prepares fiduciary review materials, and implements governance best practices to help plan sponsors document decision-making processes and mitigate fiduciary risk.

Beacon Pointe provides ongoing monitoring and analytics to help plan sponsors assess investment performance, participant trends, and overall plan health. The firm utilizes plan-level and participant-level analytics to evaluate investment effectiveness, track participation rates, and contribution behaviors, and measure retirement readiness.

Beacon Pointe offers OCIO services on a discretionary basis, primarily to institutional clients that seek to delegate the implementation of investment management services. The scope of services Beacon Pointe offers to OCIO clients may include, but is not limited to:

• Investment Policy Development and Review
• Asset Allocation Modeling
• Investment Manager Selection and Monitoring
• Performance Measurement and Portfolio Oversight

We describe the fees charged for our consulting services below under Item 5 - Fees and Compensation.

Beacon Pointe GP, LLC acts as the general partner of proprietary private funds (the BP Real Estate Opportunities Fund, L.P., BP Real Estate Opportunities Fund II, L.P., BP Credit Opportunities Fund, L.P., BP Credit Opportunities Fund (BVI), LP (BPCOF (BVI)), BP Credit Opportunities Fund II, L.P., BP Credit Opportunities Fund II (BVI), LP (BPCOF II (BVI)), and the BP GIM Opportunities Fund, L.P. (BPGIM), organized to invest in real estate, credit-oriented, and Environmental, Social, Governance (ESG) vehicles respectively (the Private Funds). The Private Funds are available only to Accredited Investors, as the term is defined by Rule 501 of the Securities Act of 1933, and only by a private offering memorandum. Additional information on these standards is provided in the offering documents for the Private Funds.

Beacon Pointe Multi-Alternative Fund (BPMAX or the Fund) is a continuously offered, non-diversified, closed-end interval fund registered under the Investment Company Act of 1940 (the 1940 Act). The Fund is an interval fund that will provide limited liquidity by offering to make quarterly repurchases of shares at net asset value (NAV), which will be calculated on a daily basis. The Fund's investment objective is to seek to achieve long-term capital appreciation by pursuing positive absolute returns across market cycles.

The Fund pursues its investment objective by strategically investing in a portfolio of closed-end interval funds (Underlying Funds) that invest in a variety of asset classes. While the Fund will primarily invest indirectly through the Underlying Funds, the Fund may also invest directly in the underlying holdings of the Underlying Funds alongside the Underlying Funds (the Co-Investments). The Fund may also invest, directly or indirectly through mutual funds and ETFs, in treasuries and short-term bonds with up to 15% of the Fund's net assets for liquidity management purposes. The Fund expects to invest in both domestic and foreign securities.

Beacon Pointe manages client assets on a continuous and regular basis. As of 12/31/2025, the total amount of assets under our management was:

• Discretionary Assets $50,539,424,600
• Non-Discretionary Assets $4,333,110,114
• Total Assets $54,872,534,714
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