Kore Advisors LP

Kore Advisors LP (“Kore” or the “Firm”) is a Delaware limited partnership formed in 2002 and has its principal place of business in Florida. Kore Management LLC (“Kore Management”), a Delaware limited liability company, is the General Partner of Kore. Kore is beneficially owned and controlled by Koz LLLP (“Koz”), a Florida limited liability limited partnership, which is beneficially owned by J. Gary Kosinski, Kore’s Co-Chief Investment Officer and Chief Risk Officer. Alec Mallinger is the Chief Compliance Officer of the Firm. Kore has been registered with the SEC as an investment adviser since January 2012. Kore is a member of the National Futures Association (“NFA”) and registered as a commodity pool operator with the CFTC. For CFTC purposes, J. Gary Kosinski, Kore Management, and Koz are listed as Principals of the Firm and J. Gary Kosinski is registered as an Associated Person of the Firm. Kore currently provides discretionary and non-discretionary investment management services to private funds (“Funds”) and certain separately managed accounts (“Managed Accounts”). Kore’s current private fund clients include: (1) Kore Fund Ltd. (“Kore Fund”), a Cayman Islands exempted company; (2) Kore Onshore Fund LP (“Kore Onshore Fund”), a Delaware limited partnership; (3) Kore Offshore Fund Ltd., a Cayman Islands exempted company (“Kore Offshore Fund”); (4) Kore Partners Series 2, a Series of Kore Partners LP (“KPS2”), a Delaware Series Limited Partnership; and (5) Kore Partners Series 4, a Series of Kore Partners LP (“KPS4”), a Delaware Series Limited Partnership. Each of Kore Onshore Fund and Kore Offshore Fund invests substantially all of its respective capital in Kore Fund (i.e., each of Kore Onshore Fund and Kore Offshore Fund is a “feeder fund” and Kore Fund is a “master fund” in what is commonly known as a “master-feeder” structure). Kore also acts as sub-adviser to Kore Insurance Fund, a Series of SALI Multi-Fund V, LP (“Kore IDF”), which invests a majority of its assets in the Kore Onshore Fund. Kore Fund, Kore Onshore Fund, Kore Offshore Fund, KPS2, and KPS4 are collectively referred to as the “Funds,” and together with the Managed Accounts, are sometimes collectively referred to herein as “Clients” or “Client Accounts.” All discussions regarding the Funds in this Brochure, including but not limited to investments and strategies used in managing the Funds, the fees and other costs associated with an investment in the Funds, and conflicts of interest faced by the Firm and its affiliates in connection with management of the Funds, are qualified in their entirety by reference to each Fund’s respective confidential offering memorandum and governing documents. Kore IDF is governed by a sub-adviser agreement which sets forth certain investment guidelines and restrictions regarding Kore’s investment management activities with respect to Kore IDF and may be modified from time-to-time in consultation with SALI Fund Services, the investment manager to Kore IDF. As of December 31, 2025, Kore managed approximately $1,239,000,000 in regulatory assets under management (“RAUM”), of which approximately $1,223,000,000 was managed on a discretionary basis and $16,000,000 was managed on a non-discretionary basis.

Generally, Client Accounts are charged (i) an annual management fee, which is calculated based upon net asset value, and (ii) a performance allocation, which is calculated based upon a percentage of the net capital appreciation of the respective Client Account at the end of each fiscal year.

Kore’s fee schedule is generally as follows: Management Fee: 1.25% annually (0.1042% monthly) Performance Allocation: 15% annually (subject to a hurdle rate and high-water mark for certain Funds) The Management Fee is accrued monthly and paid quarterly in arrears and is prorated for partial periods. The Management Fee is exclusive of brokerage commissions, transaction fees, custodial fees, and other administrative costs and expenses which shall be incurred directly by the respective Client. Fees received by Kore are generally deducted directly from the respective Fund by the Fund Administrator, which then pays Kore. Please see Item 12, “Brokerage Practices” for a discussion of Kore’s brokerage arrangements. Both the Management Fee and Performance Allocation may be subject to fee waivers with respect to certain Funds and Client Accounts. Management Fees and Performance Allocations are generally not subject to negotiation; however, Kore reserves the right to waive or impose different fees or otherwise modify fee arrangements for an existing investor in any Fund with the consent of such investor. KPS2, KPS4, and certain affiliated Managed Accounts do not pay Management Fees.

Methods of Analysis and Investment Strategies Kore employs multiple strategies and methods in managing assets for Client Accounts and may implement additional strategies or variations of existing strategies without prior notice to investors. These descriptions are illustrative and do not limit Kore’s investment activities. All strategies carry a risk of loss, including the possible loss of all invested capital. Certain risks are inherent in, or more likely to affect, particular strategies or transactions, while other risks relate to the markets in which Kore trades or the instruments that are traded. Market risk is inherent in all securities investments, and additional or modified strategies may involve greater risk. There can be no assurance that the investment objective of any Client Account will be achieved. There is no guarantee or representation that Kore’s investment strategy, including, without limitation, its investment objectives, diversification, or risk monitoring process, will be successful over time. Investments in the Funds are speculative and involve a high degree of risk. Certain risks are difficult to predict, monitor, or control, particularly during periods of market stress. Kore cannot guarantee that any assumptions relied upon herein will prove true in future events or that all relevant assumptions have been considered or stated. Kore’s proprietary investment strategy seeks to achieve capital appreciation with minimum volatility and preservation of capital. Kore may invest and trade in a broad and essentially unrestricted range of financial instruments, including, but not limited to, U.S. and non-U.S. government, agency, and corporate debt securities (public and private); U.S. and non-U.S. equity securities (including publicly and privately offered common stock, preferred stock, and convertible securities); mortgage and asset-backed securities; foreign currencies; commodities; futures; repurchase and reverse repurchase agreements; interest rate, bond, currency, equity, credit default, and commodity swaps, floors, and caps; digital assets (as defined below); collateralized debt and loan obligations; loans, including loans originated by Kore affiliates; leases, including leases originated by the Funds; derivatives, rights, and options on any of the foregoing and other investments, assets, property, or ventures selected by Kore. Kore may also target undervalued and distressed investments, such as: (i) out-of-favor sectors in which Kore can acquire investments at a significant discount to the fundamental value of their underlying cash flow or assets; (ii) companies undergoing, or considered likely to undergo, reorganizations under U.S. or non-U.S. bankruptcy laws; (iii) companies initiating debt restructurings, reorganizations, or liquidations outside of bankruptcy; and (iv) companies facing a broad range of liquidity issues. In certain circumstances, Kore may take “outright” directional market positions based on fundamental, quantitative, and statistical analysis. Valuation models may be useful in identifying or exploiting directional investment opportunities. Kore may utilize considerable leverage in making certain investments and may do so to a considerable extent. Leverage is obtained through borrowings from banks and other lenders, futures, forwards, swaps, and other derivatives, repurchase and reverse repurchase agreements, total return swaps, options, and margin trading in securities and derivatives. The amount of leverage used in any particular trade will vary based on the strategy employed and the availability of financing, and Kore does not maintain an internal limit on the amount of leverage it may employ.

Kore employs a proprietary risk metric, the “Kore Adverse Move Methodology,” incorporating qualitative and quantitative analysis, including fundamental and statistical inputs, to monitor risk. This framework evaluates risk exposures but does not limit potential losses or guarantee risk levels will remain within any specified range. General Risks The following summarizes certain material risks associated with Kore’s investment strategies and the types of securities in which Kore typically invests. The information below does not include every potential risk associated with each investment strategy or security. Investors and prospective investors are urged to ask questions regarding risk factors applicable to a particular investment strategy or security, read all the comprehensive risk disclosures set forth in the relevant Fund documentation, and determine whether a particular strategy or type of security is suitable in light of their investment objectives, financial circumstances, and risk tolerance. Risks Relating to Investment Strategies and Methods of Analysis General Trading Risks The Funds may trade a wide range of financial instruments including U.S. and non-U.S. government securities, corporate debt and equity securities, mortgage- and asset-backed securities, commodity and financial futures, options, rate caps, rate swaps; collateralized debt and loan obligations; and loans, including loans originated by affiliates of the Firm. Trading these instruments involves substantial risk. There are also substantial risks involved in borrowing and lending against such investments. The prices of these investments are volatile, market movements are difficult to predict, and financing sources and related interest and exchange rates are subject to rapid change. Adverse movements in any market in which the Funds hold positions can result in substantial losses. Government actions, regulatory changes, political developments, and other unforeseeable events can also produce sudden and significant market disruptions. Market Disruptions; Governmental Intervention The global financial markets have in recent years gone through pervasive and fundamental disruptions that have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ abilities to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies. Major losses may be incurred during disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that, in disrupted markets, many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. The financing available to the Firm from banks, dealers, and other counterparties is typically reduced in disrupted markets. Such reductions may result in substantial losses. Market disruptions can from time to time cause dramatic losses and can cause otherwise historically low-risk strategies to experience unprecedented volatility and risk. Financing Arrangements Certain investment strategies utilized by the Firm may involve substantial leverage. As a general matter, the banks and dealers that provide financing typically apply essentially

discretionary margin, haircut, financing, and security and collateral valuation policies. Changes in those policies may result in large margin calls, loss of financing, and forced liquidations at disadvantageous prices. In addition, dealers generally have broad discretion to close out credit lines. There can be no assurance that the Firm will be able to maintain adequate financing, particularly in adverse market conditions, such as those that occurred during 2008-2009. If the Firm is unable to do so, forced portfolio liquidations and significant losses could result. Diminished Liquidity in Certain Positions Adverse market conditions can lead to a “liquidity crisis,” i.e., the inability to sell most fixedincome securities (other than U.S. Treasuries) at expected prices. In both 1998 and 2008-2009, this inability to sell (which occurred generally in the market) led, in certain cases, to the inability of hedge fund managers to meet margin calls and fund redemptions that, in turn, led to the collapse of certain portfolios as dealers cut credit lines and investors withdrew capital, further reducing the creditworthiness of the owner of the portfolio. There can be no assurance that future market conditions will not result in similar liquidity crises. Substantial Leverage Certain futures contracts and over-the-counter derivatives are traded on margin, which typically ranges from less than 1% to 10% of contract notional and averages less than 5%. Furthermore, through repurchase arrangements, swaps, direct bank borrowings, margin trading, financing conduits, and government programs, and subject to the availability of financing, the Firm may be able to achieve a moderate degree of leverage on its cash securities positions. There is no internal limit on the amount of leverage that may be utilized by the Funds. The greater the leverage utilized, the more likely it is that a substantial change, whether upward or downward, will occur in the value of the interests. The Funds may incur major losses if market events disrupt the structured nature of their positions or if positions must be liquidated at a disadvantageous time. In addition, the credit extended to the Funds by dealers to maintain leveraged positions can be terminated largely in the dealers’ discretion, forcing liquidation at potentially material losses. Concentration The Funds are not subject to any concentration or diversification restrictions and may hold a limited number of investment positions. The undiversified nature of the Funds’ trading may result in increased risk of loss. No Limitation of Trading Strategies The Firm has broad discretion to utilize trading strategies it deems appropriate to pursue market opportunities. Given the broad range of strategies available to the Firm, it is not possible to precisely describe the risks associated with all such strategies. Volatility Instruments traded by the Firm have experienced periods of volatility in the past and are likely to experience them again. Price movements are affected by many unpredictable factors, including market sentiment, inflation, interest rate movements, and general economic and political conditions. While volatility can create profit opportunities for the Funds, it can also disrupt historical or theoretical pricing relationships, causing positions that otherwise appear comparatively low risk to incur losses. Conversely, a lack of volatility can also result in losses for certain strategies that seek to profit from price movements.

Read the rest in the brochure

Kore provides discretionary and non-discretionary investment advice to the Funds and Managed Accounts. Interests in the Funds, and the Funds themselves, are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and are exempt from the definition of an “investment company” under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly, interests in the Funds are

offered exclusively to investors who meet the requirements of an “accredited investor” under Regulation D of the Securities Act and a “qualified purchaser” under the Investment Company Act.

As discussed above, Kore may be entitled to a Performance Allocation based on a share of appreciation of a Fund’s assets. Any investor that pays a performance fee must be a “Qualified Client” as set forth in Rule 205-3 of the Investment Advisers Act of 1940 (the “Advisers Act”). In calculating the Performance Allocation for a Fund, Kore includes realized and unrealized capital gains and losses. Generally, at the end of each year, Kore charges an aggregate amount equal to 15% of the new net profits, subject to the “high-water mark” and “hurdle rate.” The “high-water mark” feature prevents Kore from receiving a performance allocation for profits that simply restore previous losses and is intended to ensure that such performance allocation is based on the long-term performance of an investment in a Fund. In addition, if the rate of return of new profit (after all fees and expenses) earned by the Fund is less than the hurdle rate (which is the average U.S. Federal Funds rate for such year as reported in the Wall Street Journal) for such year, then Kore will not receive a performance allocation from such Client Account. Performance allocation arrangements create an incentive for Kore to recommend investments that may be riskier or more speculative than those which would be recommended under a different fee arrangement and favor higher fee-paying accounts over other accounts in the allocation of investment opportunities. To mitigate these conflicts, the Firm’s policies and procedures seek to provide that investment decisions are based on the best interests of Client Accounts, without consideration of the Firm’s pecuniary interests. Kore has adopted a Trade Allocation Policy which is designed to allocate investments in a fair and equitable manner. KPS2, KPS4, and certain affiliated Managed Accounts do not pay a Performance Allocation.

Kore is registered as a commodity pool operator with the CFTC and is a member of the NFA. J. Gary Kosinski, Kore Management, and Koz are listed as Principals and J. Gary Kosinski is registered as an Associated Person of the Firm with the NFA. Kore Capital LLC, an affiliate of the Firm that is under common control with the Firm, acts as general partner to the Kore Onshore Fund and has delegated its commodity pool operator responsibilities with respect to the Kore Onshore Fund to the Firm. As general partner of Kore Onshore Fund, Kore Capital LLC receives a performance allocation as described in Item 5, “Fees and Compensation.” Kore and its employees do not have any relationships or arrangements with other financial services companies that pose material conflicts of interest.

Trading Code of Ethics and Personal Trading Kore has adopted policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, and insider trading that are designed to prevent, identify, and address conflicts of interest. Kore’s policies and procedures, including its Code of Ethics (“Code”) and Employee Investment Policy (“EIP”), apply to all employees and are intended to mitigate potential conflicts of interest involving Clients. The Code and EIP govern the personal investment activities of all employees and their immediate family members, which generally includes persons sharing the same household as the employee. Although the Code permits supervised persons to trade in securities for their own accounts, it includes preclearance procedures, reporting requirements, and other provisions designed to restrict and monitor employee trading. All employees are required to disclose their personal securities accounts upon commencement of employment at Kore and must submit duplicate copies of account statements for all covered investment accounts. Kore also conducts an active monitoring program for personal trading. Any employee who violates the Code or EIP may be subject to remedial actions. Kore’s Code limits the giving and receiving of certain meals, gifts, and entertainment by employees. Kore employees occasionally receive, participate in, or provide entertainment for legitimate business purposes, subject to applicable law and limitations set forth in the Firm’s policies. The Code also contains disclosure and preclearance procedures relating to outside business activities and private securities transactions. Kore’s Code and EIP are available to Clients and qualified prospective investors upon request by contacting Kore’s Chief Compliance Officer. Participation or Interest in Client Transactions Employees and affiliates of the Firm may hold financial interests in the Funds, either directly or through the Funds’ general partner. Additionally, Kore employees may invest personally in securities or other investments that are also held in Client Accounts, or in investments that are later purchased for Client Accounts. Such personal investments are subject to preclearance to assess and address any actual or potential conflicts presented by the employee’s proposed ownership. Kore may or may not receive compensation in connection with employee investments. To the extent employees or affiliates invest in the Funds, they have a direct financial interest in the success of the Funds’ investment strategy. Kore’s Code and EIP contain policies and procedures designed to identify, mitigate, and monitor these actual or potential conflicts.

Best Execution Kore has a fiduciary duty to use reasonable efforts to obtain best execution of securities transactions for its Client Accounts. This means that in selecting broker-dealers to execute transactions, the Firm must attempt to ensure that the total cost or proceeds of any transaction is the most favorable under the circumstances. However, the Firm does not need to necessarily solicit competitive bids on each transaction and may not have an obligation to seek the lowest possible cost. In selecting brokers for execution, Kore may consider the full range and quality of a broker-dealer’s services. The factors to be considered in selecting and approving brokerdealers include, but are not limited to, overall costs of a trade (i.e., net price paid or received); quality of execution; reputation, financial strength, and stability; block trading and block positioning capabilities; willingness and ability to commit capital; access to underwritten offerings and secondary markets; ongoing reliability; fairness in resolving disputes; and confidentiality of trading activity. In addition, a broker may, in certain cases, have greater expertise or greater capability in connection with both accessing the market and executing a transaction. Kore periodically reviews its relationships with broker-dealers and the effectiveness of its efforts to obtain best price and execution. Trade Aggregation Kore will generally execute Client transactions on an aggregated or batch basis when it believes that aggregation will enable it to negotiate more favorable commission rates or other transaction costs. Clients may pay higher commissions or mark-ups as a result if aggregation of trading is not utilized or available in such situations. To obtain best execution, Kore usually makes a single purchase and then allocates the purchased securities among Client Accounts. Modification of Pro Rata Allocations Kore attempts to allocate trades on a pro rata basis but considers the following factors prior to allocating a trade: 1) strategy mandate; 2) availability of capital; 3) Client specific needs; 4) need to bring Client Account to desired exposure level or portfolio rebalancing; 5) trade size; and 6) counterparty considerations. In analyzing these factors, there may be certain situations when trades may not be allocated on a pro rata basis. Trade Errors Kore may on occasion experience errors with respect to Client transactions. Trade errors are an intrinsic risk in any investment process and will occur from time to time. The Firm has trade policies and procedures designed to reduce the possibility of error. The Firm’s general policy is to identify and correct any trade errors promptly and in the best interest of the affected Client. It is the Firm’s general policy that, absent a violation of the applicable standard of care, all benefits and burdens of a trade error will be borne by the Client. Soft Dollars Kore currently does not use “soft dollars.” If the Firm does establish such arrangements in the future, it intends to remain within the safe harbor parameters of Section 28(e) of the Securities Exchange Act of 1934, as amended. Cross Trades

Kore may, from time to time and subject to applicable client investment guidelines and restrictions, direct one client to sell securities to another client (or among the Funds) through an internal cross trade. Cross trades may be executed with the assistance of a broker. Kore does not charge additional fees to its Clients in connection with the completion of a cross trade. In certain cases, cross trades may be viewed as principal trades due to certain ownership interests. Cross trades create conflicts of interest between Clients. For example, one client could be advantaged to the detriment of another if the securities exchanged are not priced at fair value, and an investment adviser could misuse its authority to transfer undesirable securities from one client to another. With respect to cross trades, Kore will comply with the requirements of Section 206(3) of the Advisers Act and its internal policies and procedures. Kore will confirm, among other things: (1) that the trade is permitted by the applicable investment guidelines; (2) that Kore’s valuation procedures are followed when pricing the transaction, including obtaining a third-party valuation when appropriate; and (3) that notice of the specific trade was provided to the affected Clients and that written consent was obtained.

Kore may enter into arrangements pursuant to which it compensates third parties for client referrals. In accordance, third-party solicitors may receive a portion of the fees otherwise payable to Kore. Referral fees are paid out of existing management and performance allocation fees and do not represent an additional cost or expense to clients.

Kore has not been subject to any disciplinary action, whether criminal, civil, or administrative (including regulatory) in any jurisdiction. Likewise, no persons involved in the management of the Firm have been subject to any such actions.

The Firm actively manages Client Accounts. The Firm’s Portfolio Managers review Client Account positions and transactions on a daily basis. In addition, the third-party administrator (“Administrator”) for Kore Fund, Kore Onshore Fund, and Kore Offshore Fund provides daily reviews and reconciliations of cash, positions, and activity to prime brokers to validate that all transactions were executed as initiated and accounted for in a proper manner. Kore Fund, Kore Onshore Fund, and Kore Offshore Fund investors are provided with monthly unaudited capital account statements and investors in each of the Funds receive audited financial statements annually.

As a result of J. Gary Kosinski’s control of the general partner of the Kore Onshore Fund and his influence over the management of Kore Fund, the Firm is deemed to have custody of the assets in the Funds under Rule 206(4)-2 of the Advisers Act (“Custody Rule”), although the Firm does not physically hold the securities and other assets. To comply with the Custody Rule, the securities and other assets of the Funds are held by qualified custodians and audited financial statements are distributed to each investor within 120 days of the respective Funds’ fiscal year end. Investors should carefully review the audited financial statements of the respective Fund upon receipt. The Firm is also deemed to have custody of the assets in certain Managed Accounts pursuant to the applicable investment management agreement.

Kore has full discretionary authority to manage the Funds, including authority to determine, without obtaining specific client consent, the securities to be bought or sold, the amount of securities to be bought or sold, the broker-dealer to be used, and the commission rates to be paid. This authority is granted under the applicable investment advisory agreement between

Kore and the Funds, and any limitations are set forth in those agreements and the related Fund offering documents. Kore’s authority to manage the Managed Accounts is granted through the applicable investment management agreement and may be either discretionary or non-discretionary. Investors should review the investment management agreement with respect to the particular Managed Account.

While Kore infrequently receives proxies to vote due to the nature of the investment instruments that are traded, the Firm has established proxy voting policies and procedures designed to ensure that proxies are voted in the Client’s best interest. The Firm will analyze proxies on a case-by-case basis. Kore will generally abstain from voting a proxy or a specific proxy item when it is deemed not in the Client’s best interest to vote or if there is a potential conflict of interest. Kore does not solicit or accept voting recommendations from its Clients. Clients and investors may request a copy of Kore’s proxy voting policies, procedures, and prior voting history.

This section is not applicable to the Firm.