Taconic Capital Advisors LP

Taconic provides investment advice on a discretionary basis to onshore and offshore private investment funds (each, a “Fund,” and, together, the “Funds”) that are offered to high net worth, financially sophisticated, individual and institutional investors that may include banks or thrift institutions, investment companies, pension and profit sharing plans, government plans, trusts, estates or other business entities. Taconic also provides discretionary investment management services to managed accounts. Together, the Funds and the managed accounts, and any other accounts and funds for which Taconic provides such services from time to time are referred to herein as the “Taconic Accounts.” Taconic may serve as investment adviser for other entities or accounts in the future. As of December 31, 2025, Taconic managed approximately $4.86 billion in regulatory assets under management (as defined in Form ADV Part 1). Taconic does not manage any client assets on a non-discretionary basis. Taconic focuses on event investing, or investing in securities and instruments of companies undergoing extraordinary events that are expected to affect the value of an investment asset. Taconic manages Hedge Funds (including the Opportunity Funds, the Credit Opportunities and the Merger Arbitrage Funds, each as defined below). The Opportunity Funds invest in mergers and acquisitions, corporate restructurings and spin-offs, credit investments and/or capital structure arbitrage, as well as special situations. The Merger Arbitrage Funds currently invest in mergers and acquisitions and related transactions. The Credit Opportunities Funds invest in corporate credit, structured credit, and credit-related equities opportunities. In addition, Taconic manages a number of Closed-End Funds (including the MDF III Funds, TCRED Funds, TCRED II Funds, TCRED III Funds and CDF IV Funds as defined below) designed to capitalize on specific investment opportunities, and expects to continue to offer additional Closed-End Funds in the future. In 1999, Kenneth D. Brody and Frank P. Brosens, along with a financial investor, launched Taconic and formed the first of Taconic’s event-driven funds (the “Event-Driven Funds”) to invest a substantial portion of their assets and to give third-party investors the opportunity to invest alongside them. Effective on or about January 1, 2024, the Event-Driven Funds have consolidated operations with the Opportunity Funds and no longer operate independently. In 2004, Taconic launched the first of Taconic’s opportunity funds (the “Opportunity Funds”). The Opportunity Funds are:

Taconic Opportunity Fund L.P. (“TOP”), a Delaware limited partnership, which invests using a master-feeder structure through Taconic Opportunity Master Fund L.P. (the “Opportunity Master Fund”), an exempted limited partnership registered under the ELP Law; and

Taconic Opportunity Offshore Fund Ltd. (“TOPOFF”), a Cayman Islands exempted company, which invests using a modified master-feeder structure through the Opportunity Master Fund indirectly through Taconic Opportunity Offshore Intermediate Fund L.P. (the

“Opportunity Intermediate Fund”), an exempted limited partnership registered under the ELP Law. In October 2025, the Opportunity Funds commenced a return of capital and are no longer open for new investment. In March 2016, Taconic launched the Taconic CRE Dislocation Funds (the “TCRED Funds”), in attempt to capitalize on commercial real estate investment opportunities that Taconic has created through its prior acquisition of commercial mortgage-backed securities and other opportunities that arise from Taconic’s involvement in the space. The TCRED Funds are no longer open to new investments, and are currently being wound down following the end of their harvest period in July 2022. The TCRED Funds are:

Taconic CRE Dislocation Fund L.P., a Delaware limited partnership, and Taconic CRE Dislocation Onshore Fund L.P., a Delaware limited partnership.

In July 2018, Taconic launched the Taconic CRE Dislocation II Funds (the “TCRED II Funds”), in attempt to capitalize on commercial real estate investment opportunities that Taconic has created through its prior acquisition of commercial mortgage-backed securities and other opportunities that arise from Taconic’s involvement in the space. The TCRED II Funds are no longer open to new investments, and the investment period for the TCRED II Funds ended in April 2021. The TCRED II Funds are:

Taconic CRE Dislocation Fund II L.P., a Delaware limited partnership, and Taconic CRE Dislocation Onshore Fund II L.P., a Delaware limited partnership.

In April 2021, Taconic launched the Taconic CRE Dislocation Onshore Fund III L.P., a Delaware limited partnership (the “TCRED III Fund”), in an attempt to capitalize on commercial real estate investment opportunities that are emerging, in Taconic’s belief, due to the impact of the COVID19 pandemic. The TCRED III Fund is no longer open to new investments, and the investment period for the TCRED III Fund is scheduled to end in April 2024. Taconic CRE Dislocation III Overflow Fund L.P. (the “Overflow Fund”) was launched in April 2022 in order to co-invest with the TCRED III Fund. In July 2020, Taconic launched the Taconic Market Dislocation III Funds (the “TMDF III Funds”), in attempt to capitalize on investment opportunities in less liquid, complex situations created by the ongoing dislocation in markets. The TMDF III Funds are no longer open to new investment, and the investment period for the TMDF III Funds will end in March 2023. The TMDF III Funds are:

Taconic Market Dislocation Onshore Fund III L.P., a Delaware limited partnership and Taconic Market Dislocation Fund III (Cayman), L.P., a Cayman Islands exempted limited partnership, both of which invest using a master-feeder structure through Taconic Market Dislocation Master Fund III (Cayman) L.P. (the “TMDF Master Fund III”), an exempted

limited partnership registered under the ELP Law, and Taconic Market Dislocation Fund III AIV I (Cayman) L.P., an exempted limited partnership registered under the ELP Law. In May 2023, Taconic launched the Taconic Credit Dislocation Funds (the “CDF IV Funds”), in an attempt to capitalize on corporate and structured credit opportunities. The CDF IV Funds are:

Taconic Credit Dislocation Fund IV L.P., a Delaware limited partnership and Taconic Credit Dislocation Offshore Fund IV L.P., a Cayman Islands exempted limited partnership, both of which invest using a master-feeder structure through Taconic Credit Dislocation Master Fund IV L.P. (the “CDF Master Fund IV”), an exempted limited partnership registered under the ELP Law. Taconic Credit Dislocation Fund IV L.P and Taconic Credit Dislocation Offshore Fund IV L.P also invest through a number of subsidiaries.

In December 2020, Taconic launched TP Fund L.P., a Cayman Islands exempted limited partnership (the “TP Fund”) as a single-investor vehicle formed for the purpose of investing in the Opportunity Fund, the MDF III Funds and the Taconic European Credit Dislocation III Funds (which were previously managed by an affiliate of Taconic but are currently managed by Dolomite Capital Advisors, an independent third party manager formed by the spin-out of Taconic’s London office), as well as future additional Closed-End Funds managed by Taconic (including the CDF IV Funds). Taconic does not earn a management fee or performance fee directly with respect to the TP Fund; however, the TP Fund’s investments in the other Taconic funds do bear the management fees and performance allocations applicable to such investments. In April 2024, Taconic launched the Taconic Merger Arbitrage Funds (the “Merger Arbitrage Funds”) in an attempt to capitalize on merger arbitrage investment opportunities. The Merger Arbitrage Funds are structured as Hedge Funds and consist of:

Taconic Merger Arbitrage Fund L.P., a Delaware limited partnership, and Taconic Merger Arbitrage Offshore Fund Ltd., a Cayman Islands exempted limited partnership registered under the ELP Law, both of which invest using a masterfeeder structure through Taconic Merger Arbitrage Master Fund L.P., a Cayman Islands exempted limited partnership registered under the ELP Law.

In November 2025, Taconic launched the Taconic Credit Opportunities Funds (the “Credit Opportunities Funds”) in an attempt to capitalize on credit and credit-related opportunities. The Credit Opportunities Funds are structured as Hedge Funds and consist of:

Taconic Credit Opportunities Fund L.P., a Delaware limited partnership, and Taconic Credit Opportunities Offshore Fund L.P., a Cayman Islands exempted limited partnership registered under the ELP Law, both of which invest using a

master-feeder structure through Taconic Credit Opportunities Master Fund L.P., a Cayman Islands exempted limited partnership registered under the ELP Law. Taconic manages each Fund in accordance with the Fund’s investment objective. Taconic does not (except as may be required by applicable law) tailor its management to the individual needs of any investor in a pooled investment Fund. Taconic is structured so that no principal has permanent equity ownership of the firm, but rather its current active principals (as well as certain retired principals and its silent money founder) share in the profits of the firm.

With respect to each Fund, Taconic receives management fee and performance compensation, as described below. Taconic complies with Rule 205-3 of the Advisers Act, to the extent required by applicable law. Information regarding the management fees and carried interest distributions applicable to each Fund is set forth in the applicable offering and governing documents of such Funds. Investors should review carefully the specific terms set forth in the relevant Fund’s government documents. Management Fees With respect to the Hedge Funds, Taconic is generally paid a management fee that ranges from 0.50% to 1.5% per annum of the aggregate net asset value of each investor’s capital account or series of shares, as applicable, and the management fee is generally adjusted pro rata for any subscriptions, transfers, redemptions or withdrawals for each month. With respect to the ClosedEnd Funds, Taconic is generally paid a management fee of 0.75% to 1.5% per annum of called capital invested (at cost), net invested capital (i.e., called capital in respect of investments that have not been disposed of, adjusted for distributions of principal relating to distributions of investments and permanent write-downs or write offs), total assets under management or net asset value. Management fees are generally paid monthly and semi-annually in arrears for the Hedge Funds and Closed-End Funds, respectively. All management fees for managed accounts are established pursuant to each account’s governing documents. Performance Fees With respect to the Hedge Funds, Taconic is generally allocated or paid an annual performancebased allocation or fee of 15 to 20% of the net gain earned by each investor subject to a high water mark and, in certain cases, a hurdle rate. With respect to the Closed-End Funds, Taconic is generally allocated or paid a performance-based carried interest allocation or fee of 15% to 20% of the net profits of the applicable Fund subject to a preferred return, catch-up distributions, and/or other performance hurdles as more fully described in the governing documents of each Fund.

The Funds generally invest on a long-term basis. Accordingly, investment advisory and other fees are expected to be paid, except as otherwise described in the Funds’ governing document, over the term of the relevant Fund and, except with respect to the Hedge Funds, investors generally are not permitted to withdraw or redeem interest in the Funds. The base currency of all the Funds is U.S. Dollars, and all Funds offer share classes denominated in U.S. Dollars. In addition to the U.S. dollar-denominated share classes, the Opportunity offshore funds have certain classes denominated in British Pounds Sterling and the Euro. All management fees for managed accounts are established pursuant to each account’s governing documents. Other Fees and Fee Reductions With respect to the Hedge Funds, if Taconic earns a performance allocation in a given year, Taconic deducts that fee from a fee-paying investor’s account as of the last day of the year, or earlier with respect to a portion of an investment that has been withdrawn. Taconic’s Closed-End Funds typically charge a carried interest (rather than an annual performance allocation) that is only paid to Taconic upon distribution of realized investment proceeds, typically subject to a giveback at the end of the applicable Fund’s harvest period. Taconic may waive fees in its discretion, and does so for affiliates, principals and employees. In addition, Taconic has entered into side letters with certain investors in its Funds whereby it has reduced the management fee and/or allocation rate so long as the investor (individually or together with certain related investors) maintains managed assets invested in the applicable Funds at or above certain agreed-upon thresholds (and is willing to grant similar terms to any other investor at that asset level). Certain investors in the Closed-End Funds have negotiated, and may continue to negotiate, management fee and carried interest discounts based on size or other factors. The investment management agreements between the Funds and Taconic have not been negotiated at arms’ length. For more information about Taconic’s fees with respect to a particular Fund, please see that Fund’s Confidential Private Offering Memorandum, which describes the fee arrangements in greater detail. Taconic has entered and may continue to enter into side letters with investors (without the approval of other investors) that provide such investors with additional or different rights than are generally available to investors in the applicable Fund. Taconic generally only agrees to a side letter term where no other investors will be harmed by such term and where no investor who holds investments in the Taconic Funds (via one or more accounts) will be given preferential treatment over any other investor whose investment is equal to or greater than the investor given such treatment and reserves the right to reject any requested term.

Taconic also receives consulting fees in respect to certain funds for which Taconic provides nonadvisory services. Additional Expenses Borne by the Funds In addition to the fees described above, each Fund bears all of its own expenses (and each investor in a Fund bears its share), including, but not limited to:

Transaction cost-related expenses incurred with its investment and trading activities (including in respect of unconsummated investments), including brokerage, mark ups and mark downs, clearing expenses, margin interest expenses, expenses related to the formation and maintenance of investment subsidiaries (including without limitation salary, office space, utilities, telephone, computer equipment and service expenses to the extent required or advisable under the laws of the jurisdiction in which such subsidiary is established), currency hedging and custodial expenses;

Research and due diligence expenses of Taconic, its affiliates and third-party consultants, in relation to the Fund’s investment activities and strategies, including research and due diligence or analyses related to proposed or existing investments (including expenses for transactions that are not consummated) which are discussed in more detail below;

Information-related expenses (including third-party licensing fees, data feeds (including expenses incurred in connection with data services providing market data, price feeds, news feeds, investment information and company fundamental data), market research (including expenses incurred in connection with information services providing market research, price evaluation, news feeds, investment information and company fundamental data), and other costs, fees and expenses for other third-party research, news, industry information, analytics and research resources);

Expenses incurred in the course of voting securities owned by the Funds and participating in any class-action litigation, including, but not limited to, the costs of any consultants or other outside vendors retained to assist with such proxy voting or the filing of class-action notices on behalf of the Funds;

Fees and expenses of professionals retained by Taconic to advise it in connection with such Fund’s investment activities, including legal, accounting, and fund administrator;

Auditing and tax preparation expenses;

Insurance costs; and

Other expenses (including, without limitation, expenses related to particular portfolio positions or strategies) and extraordinary fees and expenses arising in connection with the

conduct of the Fund’s activities, including litigation expenses and any other expenses not arising in the ordinary course of business. In addition, certain Funds (including the MDF III Funds, the TCRED II Funds, TCRED III Funds, the Merger Arbitrage Funds, CDF IV Funds and Credit Opportunities Funds) bear their organizational costs, in some cases up to a cap as set forth in that Fund’s Confidential Private Offering Memorandum and travel expenses related to due diligence or analyses of proposed or existing investments (including expenses for transactions that are not consummated). The offering documents for each Fund may provide for different and/or additional types of expenses that may be borne by the applicable Fund. Fund expenses generated in the course of evaluating and making investments (including proposed investments that are not ultimately consummated) are allocated among the Funds(s) for which the investment is being considered by Taconic in its good faith discretion and in accordance with the relevant Fund’s governing documents and the Trade Allocation Procedures set forth in Taconic’s Compliance Manual where applicable. Fees and expenses incurred in connection with investment opportunities are generally allocated in the same way Taconic has allocated that particular investment opportunity among the Funds or on a pro rata basis. To the extent fees and expenses are incurred solely in connection with the offer for sale of an investment by one Taconic Fund to another Taconic Fund, such fees and expenses shall be allocated solely to the purchaser or prospective purchaser of such investment. For the avoidance of doubt, to the extent fees or expenses would have been incurred by a Taconic Fund in connection with an investment that is sold (or proposed to be sold) to another Taconic Fund even in the absence of such a sale (or proposed sale), such fees and expenses will be allocated as set forth in the first two sentences of this paragraph. Routine operational and administrative expenses incurred by Taconic in the operation of its businesses (e.g., salaries, office space, utilities, telephone and computer equipment and services) are generally borne by Taconic, except to the limited extent described above. For more information about expenses borne by a Fund and about Taconic’s expense allocation process, please see that Fund’s governing documents and Taconic’s Expense Allocation Policy, which describes expenses in greater detail. Fund investors may obtain a copy of Taconic’s Expense Allocation Policy upon request. For more information on the transaction-related expenses that the Funds may incur, as well as on our broker selection process, please see Item 12 (the “Brokerage Practices” section of this Brochure). With respect to certain Closed-End Funds, to the extent Taconic determines to self-operate any of such Fund’s real estate assets rather than engage a third-party operating partner, Taconic will charge the applicable Fund an Asset Servicing Fee in connection with the accounting, tax, legal, administration and operational support and services provided by Taconic in respect of such assets.

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Hedge Funds The Funds employ a bottom-up, research-driven, distributed decision-making approach to probabilistic investing. Probabilistic investing involves developing judgments about probabilities and prices of possible outcomes, then using expected value and risk analysis to determine if the return justifies the risk. Key to the process is the uncovering of all relevant available information, valuation of companies, securities and instruments, and an understanding of the behaviors of corporate executives, boards of directors, judges and juries, governments and regulators, securities, markets, institutional investors and hedge funds. Taconic uses probabilistic investing across a broad array of markets and considers it to be Taconic’s cornerstone for investing in securities that Taconic believes are mispriced. In event investing, Taconic generally realizes profits from the difference between the purchase price of the security or other instrument of the company undergoing a specified event and the sales price obtained upon completion of the event. Taconic employs a research-based investment approach that depends on analysis, judgment and experience. Taconic evaluates four factors with respect to each potential investment:

the probability that the anticipated event will occur;

the expected value of the investment if the anticipated event does occur;

the expected value of the investment if the anticipated event does not occur; and

the timing of the anticipated event.

Decision-making is highly dynamic as Taconic evaluates and acts on changes in information and market prices on a real time basis. Taconic generally has broad investment discretion in seeking to achieve the Funds’ objectives (subject to each Fund’s governing documents). The Funds are subject to diversification requirements and other investment restrictions that are set forth in more detail in each Fund’s Confidential Private Offering memorandum.

Taconic pursues a flexible investment style and employs investment techniques and strategies that it believes help the Funds pursue their investment objectives. Taconic cannot assure that any Fund will ultimately achieve the investment objectives described herein or that any investment technique or strategy Taconic employs will be successful. Closed-End Funds Taconic manages a number of Closed-End Funds with either single or multiple strategies that involve investing in real estate, corporate securities, structured products, private investments, equity and/or debt. Each Closed-End Fund is described in Item 4 above and in further detail in the applicable Fund’s governing documents. Risk of Loss An investment in any Fund involves a high degree of risk, including the risk that the entire amount invested may be lost. Further, event investing generally involves relatively small profits on a large number of investments and relatively large losses when an event goes wrong, either because the anticipated event does not happen or the terms are adversely changed. Taconic analyzes and makes judgments regarding the probability of events including:

the consummation or delay of, or failure to consummate, a merger and the price at which it occurs;

the success or failure of a tender or exchange offer;

the success, failure or delay of a corporate reorganization; and

various bankruptcy-related events.

In addition, successful event investing requires that Taconic analyze and evaluate the unique set of facts and circumstances of each event and to make judgments on:

the price expected to be realized;

the time to completion;

the probability of success; and

the loss if the investment is unsuccessful.

Taconic attempts to mitigate the risk of large losses by adjusting the position size in each investment by the likely expected loss if the anticipated event does not happen, by diversifying a Fund’s portfolio and by investing at what Taconic believes to be the high quality end of available investment opportunities. However, if there are an unexpected number of failed events or incorrect judgments, a Fund could suffer substantial losses. Additionally, in prolonged periods of very low

short-term interest rates, the Funds’ performance will likely suffer. Taconic cannot guarantee that any Fund will ultimately achieve its investment objective. In addition, the Funds are subject to the risks inherent in the wide range of opportunities in which they may invest. These generally include the risks below; however, investors should review each Fund’s Confidential Private Offering Memorandum for a complete description of risks applicable to such Fund. Equity Risk The market price of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. The values of equity securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. In addition, securities that Taconic believes are fundamentally undervalued or incorrectly valued may not ultimately be valued in the capital markets at prices and/or within the time frame the Funds anticipate. As a result, a Fund may lose all or substantially all of its investment in any particular instance. Fixed-Income Securities Certain Funds invest in bonds and other fixed-income securities, including, without limitation, commercial paper and “higher yielding” (and, therefore, higher risk) debt securities and municipal bonds. Such securities may be below “investment grade” and may face ongoing uncertainties and exposure to adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments. The market values of certain of these lower-rated debt securities tend to reflect individual corporate developments to a greater extent than do higher-rated debt securities, which react primarily to fluctuations in the general level of interest rates, and tend to be more sensitive to economic conditions than higher-rated securities. Companies that issue lower-rated debt securities often are highly leveraged and may not have access to more traditional methods of financing. Trading in such securities may be limited or disrupted by an economic recession, resulting in an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and, therefore, increase the incidence of default for such securities. Distressed Investments Investment in the securities and other instruments of issuers in weak financial condition (perhaps having a negative net worth), experiencing poor operating results, needing substantial capital investment, facing special competitive or product obsolescence problems or involved in various

states of bankruptcy or organization proceedings involves a high degree of credit and market risk. Securities and other instruments of such issuers are typically more volatile and less liquid than securities or instruments of companies not experiencing such difficulties. Additionally, among the risks inherent in investments in financially troubled issuers is the fact that it is frequently difficult to obtain reliable information as to their true financial prospects. The market prices of distressed securities are subject to abrupt and erratic market movements and excessive price volatility, and the “bid-ask” spreads for such securities may be greater than normally expected. If a company is in bankruptcy, bondholders’ and other creditors’ claims are subject to factors such as deterioration of collateral during a stay in bankruptcy, challenges and/or possible invalidation of security interests, and disallowance or subordination of claims, all of which may be difficult to predict. Failure to accurately assess these situations could have a detrimental effect on the Funds’ distressed investments. Investments of this type can result in significant or even total losses.

Inflation Risk Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Funds can decline. Inflation and rapid fluctuations in inflation rates, as is currently occurring in the United States, have had in the past, and may in the future have, negative effects on economies and financial markets. Wage and price controls have been imposed at times in certain countries in an attempt to control inflation, which could significantly affect the operation of the issuers of securities or other investments in which the Funds invest. Governmental efforts to curb inflation often have negative effects on the level of economic activity. As such, inflation and rapid fluctuations in inflation rates can adversely affect the financial performance of the Funds. In addition, the market value of the Funds’ investments may decline in times of higher inflation rates given that commonly used methodologies for valuing investments (e.g., discounted cash flow analysis) are sensitive to rising inflation and real interest rates. There can be no assurance that inflation will not continue to be a serious problem and have an adverse impact on the performance of the Funds and its investments. Were significant inflation to continue, the effect on the Investment Manager’s strategy could be materially adverse. Private Debt Transactions Certain Funds invest in bank loans, make loans directly to creditors and engage in activities relating to other types of private debt investments. Such investments are not traded on regulated exchanges, are not registered with U.S. or other governmental authorities and are not subject to the rules of any self-regulatory organization. Investment in bank loans may be in the form of either a participation or an assignment, although Taconic generally expects most bank loan investments to be assignments.

There are varying sources of statistical default rate data for term bank loans and numerous methods for measuring default rates. The historical performance of the term loan market is not necessarily indicative of its future performance. Should increases in default rates occur with respect to the bank loans in which the Funds invest, the Funds will suffer greater losses or reduced profits. Such information may be limited or unavailable with respect to other debt investments made by the Funds. Certain Funds invest in bank loan participations, which involve certain risks in addition to those associated with direct loans. A bank loan participant has no contractual relationship with the borrower of the underlying bank loan. As a result, the participant is generally dependent upon the lender to enforce its rights and obligations under the agreement in the event of a default and may not have the right to object to amendments or modifications of the terms of such agreement. A participant in a syndicated bank loan generally does not have voting rights, which are retained by the lender. In addition, a bank loan participant is subject to the credit risk of the lender as well as the borrower, since a bank loan participant is dependent upon the lender to pay its percentage of payments of principal and interest received on the underlying loan. Short Sales Taconic engages in short selling. Short selling, which involves selling securities not owned by the Funds, necessarily involves certain risks. These transactions expose the Funds to the risk of loss in an amount greater than the initial investment, and the losses can increase rapidly and without an effective limit. There is the risk that the securities borrowed by the Funds in connection with a short sale must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when other short sellers of the security are receiving similar requests, a “short squeeze” can occur, and the Funds may be compelled to replace borrowed securities previously sold short with purchases on the open market at a very disadvantageous time, possibly at prices significantly in excess of the proceeds received in originally selling the securities short. Derivatives in General; Hedging The Funds use a variety of financial instruments, such as short sales, options, swaps, swaptions, caps and floors, futures and forward contracts and similar derivatives, both for investment and risk management purposes. The use of derivative instruments involves a variety of material risks, including the extremely high degree of leverage sometimes embedded in such instruments. While the Funds may enter into derivative transactions to seek to reduce risk, such transactions may not be fully effective in mitigating the risks in all market conditions or against all types of risk (including unanticipated risks), incurring losses to the Funds. The pricing relationships between derivatives and the instruments underlying such derivatives may not correlate with historical patterns, resulting in unexpected losses. Accordingly, such derivative transactions may result in poorer overall performance for the Funds than if they had not engaged in such transactions.

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Taconic provides investment advice on a discretionary basis to onshore and offshore Funds that are offered to high net worth, financially sophisticated, individual and institutional investors that may include banks or thrift institutions, investment companies, pension and profit sharing plans, governmental plans, trusts, estates or other business entities. Taconic manages separate accounts. Minimum investment amounts for managed accounts will be determined on a case-by-case basis. The minimum capital contribution or subscription amount in a Fund is typically $1 million, although Taconic has the discretion to accept smaller investments or to set higher investment minimums. The Funds must offer their interests or shares only to persons who meet certain qualifications. Each U.S. Investor (taxable or tax-exempt) in a Fund (onshore or offshore) must be an “Accredited Investor” within the meaning of the Securities Act of 1933 and a “Qualified Purchaser” within the meaning of the Investment Company Act of 1940, and may also be required to be a “Qualified Eligible Person” within the meaning of the Commodity Exchange Act in the case of certain Funds. Non-U.S. investors in any U.S.-organized (onshore) Fund must also be “Qualified Purchasers” and “Accredited Investors.” Non-U.S. investors may be subject to additional suitability requirements imposed by such investors’ home jurisdictions. The fact that an Investor may meet the regulatory requirements to be eligible to invest in a Fund, however, does

not necessarily mean that such Fund is a suitable investment for such investor. Taconic has adopted subscription procedures that are intended to ensure that Taconic has a reasonable belief that investors who are accepted into a particular Fund are both eligible and suitable to invest in such Fund. The Funds are privately offered in reliance upon exemptions from the registration requirements of the Securities Act of 1933; accordingly, investment in the Funds is not open to the general public.

As stated above, Taconic is entitled to earn performance-based compensation with respect to certain Funds. Taconic enters into Performance Allocation arrangements with clients as outlined in Item 5. The potential Performance Allocations available to Taconic in connection with a particular Fund may be higher than those available to Taconic in connection with another Fund, whether in percentage or absolute dollar amounts. From time to time, Taconic manages or may elect to manage Taconic Accounts that charge only management fees and do not charge performance fees/allocations or vice versa. In situations where certain Taconic Accounts pay performance fees/allocations and other Taconic Funds do not, there can be an incentive for Taconic to favor those Taconic Accounts that pay performance fees/allocations (or higher performance fees/allocations), for example, through its allocation of investment opportunities. Taconic may have an incentive to devote more research and other activities, and/or allocate favorable investment opportunities, to such Funds with a higher fee structure. In addition, a Performance Allocation may give Taconic an incentive to cause a Fund to make investments that are riskier or more speculative than would be the case if it were compensated solely based on a flat percentage of capital or net asset value. These situations present a conflict between Taconic and its clients, but Taconic manages all client portfolios in a way that adheres to the fiduciary duty it owes to such

clients. Taconic allocates resources fairly among clients and has implemented a trade aggregation and allocation policy that requires all accounts to be treated fairly and equitably over time with respect to the allocation of trades. The Compliance Department reviews trade allocations regularly for any deviation from this policy of equitable trade allocations. Performance Allocations are generally not the product of an arm’s length negotiation with any third-party, and because the Performance Allocations with respect to Taconic’s Hedge Funds are calculated on a basis that includes unrealized appreciation of a Fund’s assets (other than with respect to Side Pocket Investments, except in the event of a deemed liquidation or permanent impairment), such compensation may be greater than if it were based solely on realized gains. Taconic and each Portfolio Manager will devote such time to each Taconic Account as is reasonably required to effectively manage that Taconic Account’s investment activities. However, Taconic is presently committed to, and expects to be committed in the future to, providing investment advisory services for multiple clients (including the other Taconic Accounts) and engage in other business ventures in which one or more Taconic Accounts have no interest, which may charge higher management fees and/or performance-based fees than those charged by a Taconic Account. Taconic’s principals and employees may have investments in certain Funds but not others (or may have greater investments in some Funds than in others) and may therefore have incentive to favor such Funds over other Funds. As a result of these separate business activities, Taconic may have conflicts of interest in allocating management time, services and functions among the Taconic Accounts and other business ventures or clients.

Neither Taconic nor any of its principals or employees has any relationships or arrangements with a related financial services company or other service provider that pose material conflicts of interest. As previously noted, Taconic provides investment management services to the private investment funds identified at Item 4 of this Brochure. In addition, Taconic has formed a number of entities to serve as General Partner to Taconic and to the Funds that are structured as Delaware limited partnerships or Cayman limited partnerships. Those General Partner entities are identified below: Name of Entity Taconic Capital Performance Partners LLC Taconic Associates LLC

Taconic MDF III LLC

Taconic CREDF LLC Taconic CREDF II LLC Taconic CREDF III LLC Taconic CDF IV LLC

Taconic Credit Opportunities GP LLC Taconic Merger Arbitrage GP LLC

Serve s as General Partner to Taconic Capital Advisors L.P. TP Fund L.P. Taconic Opportunity Fund L.P. Taconic Opportunity Intermediate Fund L.P. Taconic Opportunity Master Fund L.P. Taconic Market Dislocation Fund III (Cayman), L.P. Taconic Market Dislocation Onshore Fund III L.P. Taconic Market Dislocation Master Fund III (Cayman), L.P. Taconic Market Dislocation Fund III AIV I (Cayman), L.P. Taconic CRE Dislocation Fund L.P. Taconic CRE Dislocation Onshore Fund L.P. Taconic CRE Dislocation Fund II L.P. Taconic CRE Dislocation Onshore Fund II L.P Taconic CRE Dislocation Onshore Fund III L.P. Taconic CRE Dislocation III Overflow Fund L.P. Taconic Credit Dislocation Fund IV L.P. Taconic Credit Dislocation Offshore Fund IV L.P. Taconic Credit Dislocation Master Fund IV L.P. Taconic Credit Dislocation Fund IV AIV I L.P. Taconic Credit Opportunities Fund L.P. Taconic Credit Opportunities Offshore Fund L.P. Taconic Credit Opportunities Master Fund L.P. Taconic Merger Arbitrage Fund L.P. Taconic Merger Arbitrage Master Fund L.P.

Taconic Capital Advisors UK LLP, effective January 12, 2026, has spun-out from Taconic and operates independently as Dolomite Capital Advisors LLP (“Dolomite”). Taconic will continue to engage Dolomite as a subadvisor to Taconic Capital Advisors L.P. in respect to the Opportunity Funds and CDF IV and is paid out of the fees received by the Taconic from each of the relevant Funds as described at Item 5 of the Brochure. Dolomite is authorized and regulated by the Financial Conduct Authority of the United Kingdom.

Taconic is registered with the Commodity Futures Trading Commission as a commodity pool operator. Taconic is also a member of the National Futures Association (“NFA”). In connection with Taconic’s CFTC registration and NFA membership, certain Taconic employees are registered, as appropriate, with the NFA as principals and/or associated persons.

Personal Trading Taconic principals and certain Taconic employees generally invest some of their personal assets in the Funds, and therefore hold indirect interests in the same underlying securities as other investors in the Funds. In addition, Taconic principals and employees may hold positions in, and sell for their own accounts (although only after preclearance) the same securities that Taconic buys and sells for the Funds. Taconic has adopted a Code of Ethics pursuant to the Investment Advisers Act of 1940 that limits the ability of Taconic personnel to trade in securities for their personal accounts and requires all personnel to preclear certain personal securities transactions with the Taconic Compliance Department. The Code also requires all personnel to report their personal trading activity to the Compliance Department. To reduce the potential conflicts between the personal trading of Taconic principals and employees and the trading of the Funds, the Code generally does not permit any Taconic principal or employee to purchase any single name publicly traded stocks or corporate bonds, and allows sales of such securities only after such person requests preclearance of such trades. As a practical matter, principals and employees are limited to trading in pooled vehicles such as mutual funds, closed-end investment companies, certain ETFs and private investment funds, as well as certain private securities, certain municipal bonds, certain commodities, certain digital assets, government securities, and other high quality, short-term debt securities that Taconic has determined are not likely to cause a conflict with the Funds’ trading. The Code also explains each person’s duty to maintain the confidentiality of Taconic’s proprietary information as well as a policy against insider trading and restrictions with respect to giving or receiving of gifts and entertainment or making political contributions. Taconic provides all principals and employees with annual Code of Ethics training, and Taconic provides supplemental training with respect to the issues surrounding the use of material, non-public information from time to time, as needed. Upon request, Taconic will send you a copy of the Code of Ethics free of charge. Taconic does not engage in principal transactions or agency cross transactions. To the extent permitted by applicable law, Taconic may enter into transactions and invest in securities, instruments or other investments (including other forms of financing) on behalf of the Funds in which Taconic or its affiliates acts as agent on behalf of the Fund and the other Taconic-affiliated party to the transaction. Cross transactions enable Taconic to purchase or sell a block of securities or other investments for the Funds at a set price and possibly avoid an unfavorable price movement that may be created through entrance into the market with such purchase or sell order. The relevant

affiliate may have a potentially conflicting division of responsibilities to both parties to such cross transaction. Taconic will only consider engaging in a cross transaction with an affiliate of Taconic to the extent permitted by applicable law, including, if required or appropriate, the making of appropriate disclosure to and compliance with the policies set forth below under “Offer of Instruments Held by the Taconic Funds.” Also, from time to time, for business reasons Taconic may prefer to transfer the economic performance of portfolio assets (without transferring the actual assets) or to purchase or sell assets among certain Funds within the same Fund family by using swap agreements, participation agreements and other arrangements. As with the purchase or sale of assets amount the Funds, Taconic has a conflict of interest in determining the economic terms of these arrangements. Taconic will also have a conflict of interest should any of these arrangements suffer a default. Taconic acts in what Taconic believes to be the best interests of all entities, basing pricing determinations on identical valuation procedures for each of such entities. If Taconic has determined that such a transaction is in the best interests of the participating entities, Taconic may still determine that investor consent is advisable or necessary. In such cases, Taconic will seek approval of the relevant LPAC or seek to engage independent directors to provide consent on behalf of the applicable funds. Because both Taconic’s principals and employees and its General Partner entities invest in the Funds, there may be an incentive to allocate investments in the Funds in a way that favors Taconic. Taconic has adopted allocation procedures that are designed to ensure that all allocations are made in the best interests of the Funds. Please see Multiple Clients, Trade Aggregation and Allocation under Item 12 – “Brokerage Practices,” for a summary of these procedures. Offer of Instruments Held by the Taconic Funds Taconic from time to time offers to one or more Funds, other Taconic Funds and/or other funds or accounts managed or advised by third-party managers, participations in, and/or assignments or sales of, loans (or interests therein) or other assets that Taconic has acquired (whether at original issuance or otherwise). Such offers will usually be made after Taconic has held such investment (including the portion offered) for a period of time. In the event that there are significant losses in respect of such investment prior to such sale or assignment, Taconic would bear all such losses. If such an offer is made to any Fund, the price of the participation or assigned or sold interest (as the case may be) will be based upon the fair value as determined in accordance with Taconic’s Valuation Policy. To the extent there is no observable market price or exchange price, such valuation will be established based in accordance with Taconic’s Valuation Policy (including, if necessary, third-party valuations) and reviewed by Taconic’s Valuation Committee. Further, the decision by Taconic to offer participations in and/or assignments or sales of investments (or interests therein) will be made by certain Principals of Taconic, and the decision by the other Funds to accept or reject such offer will similarly be made by certain other Principals of Taconic in accordance with Taconic’s policies.

Brokerage Selection, Best Execution and Use of Soft Dollars Taconic is authorized, without limitation, to determine the broker or dealer to be used for each securities transaction for the Taconic Accounts and to determine the commission rates paid on equity trades, and the final price paid on fixed income or other trades where a spread is built in the price in lieu of commission. In placing orders, Taconic seeks the most favorable execution terms reasonably available given the specific circumstances of each trade. Taconic considers the overall reputation and the level of service provided in selecting brokers to execute transactions. While Taconic generally seeks the most competitive rate, Taconic may select brokers who have a superior level of service rather than the lowest commission rate available on equity trades. Similarly, in the fixed income context factors other than price may factor into the execution decision. Where best price and execution may be obtained from more than one dealer, Taconic may purchase and sell securities through dealers who provide research, statistical and other information. Taconic uses soft dollar benefits to service all of the Taconic Accounts, not just the particular Fund or Funds that generated the soft dollars, although within any particular transaction the Fund generating the soft dollar benefit may not benefit from the research or other information obtained. In general, brokers may provide the following research or general assistance:

General economic and market reviews; Industry and company reviews; Evaluations of investments and recommendations as to the purchase and sale of investments; and Assistance in obtaining access to corporate executives, including on-site corporate visits, as well as access to industry experts and invitations to industry seminars.

When Taconic uses brokers who also provide us with research or services, a portion of the commission the Taconic Accounts pay to such brokers pays for such research or services. In these cases, Taconic receives a benefit because Taconic does not pay for such research or services. Taconic may have an incentive to select or recommend a broker-dealer based on its interest in receiving particular research or services, rather than on the Taconic Accounts’ interest in receiving the most favorable execution. In selecting brokers, Taconic makes a good faith determination that the amount of transaction fees charged by a broker are reasonable in comparison to the value of the research services provided. Taconic accepts research from brokers in accordance with the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended. Taconic largely accepts proprietary research, but also have entered into client commission arrangements under which Taconic agrees with a broker executing trades for the Taconic Accounts that a portion of the commissions paid by the Taconic Accounts will be used to pay third-party research providers. Taconic structures all such arrangements in accordance with SEC guidance in this area. Taconic also reviews, when applicable, the level of trading allocated to each of its client commission

arrangement brokers to determine that such allocation is appropriate in light of the quality of the execution provided and the amount of research obtained, and that research credits earned through such relationships are promptly spent to acquire research. A conflict of interest may exist in that certain brokers that execute transactions for a Taconic Account may also provide prime brokerage services, including capital introductions, for that Taconic Account. In addition, affiliates of certain executing brokers may invest in one or more Taconic Accounts. Taconic does not consider whether a broker provides prime brokerage services or whether its affiliate invests in the Taconic Accounts when Taconic evaluates such broker’s execution quality or select brokers to execute trades. In addition to the foregoing, Taconic receives consulting assistance services from one or more prime brokers, including, but not limited to, consulting assistance with facilities management technology, design and build, operational processes, real estate and third-party service providers. The prime brokers will provide such consulting assistance services in complement to, and not in place of, Taconic’s independent professional advisors and service providers. The benefits provided to Taconic by receipt of the consulting assistance from the prime broker will assist Taconic, either directly or indirectly, in the provision of efficient investment management services to the Taconic Accounts and to other third-parties. The receipt by Taconic of the assistance services from any prime broker may give rise to an actual or potential conflict of interest for Taconic. Taconic will manage any such actual or potential conflict of interests appropriately and will not allocate business or effect transactions on behalf of the Taconic Account with the prime broker where to do so would conflict with Taconic’s duties to the Taconic Account. Multiple Clients, Trade Aggregation and Allocation Taconic manages and provides investment advice to the Funds and/or other investment entities, including vehicles established to participate in co-investment opportunities, and provides investment advice to additional investment entities and separately managed accounts with investment strategies and policies similar in many respects to, or very different from, the Taconic Accounts. There are no restrictions on Taconic’s ability to manage accounts of other clients following the same or different investment objectives, philosophies and strategies as those used for the Taconic Accounts, and the Taconic Accounts may hold overlapping or competing positions. The results of the Taconic Accounts’ activities may differ significantly from the results achieved by Taconic for any other accounts or clients for which it may manage or provide investment advisory services. Such vehicles or accounts may provide compensation to Taconic that is greater than that provided by the Taconic Accounts, and Taconic may have financial or other incentives to favor such vehicles or accounts over the Taconic Accounts. Taconic may aggregate orders of Taconic Accounts Taconic manages for trade execution and thereafter allocates the securities on an average price to such Taconic Accounts. This does not necessarily result in reduced brokerage commission rates. In some cases, average pricing may result in higher or lower execution prices than those otherwise obtainable by a single Taconic

Account. Taconic believes that its policy for aggregating and allocating Taconic Account orders is consistent with statements made by the U.S. Securities and Exchange Commission with respect to aggregation. Taconic also believes that aggregation is consistent with its duty to seek best execution for all clients. A conflict could arise in the allocation of investment opportunities among Taconic Accounts. To the extent a particular investment is suitable for multiple Taconic Accounts , Taconic seeks to allocate investment opportunities in a fair and reasonable manner that Taconic believes will be in the best interests of all the Taconic Accounts involved over time, but Taconic can make no assurances of equal treatment. Taconic may allocate an investment opportunity wholly or primarily to some but not all Taconic Accounts, and certain Taconic Accounts may not participate at all in such investment or may participate only on a limited basis. Certain Taconic Accounts may also benefit from an investment made by another Taconic Account as such investment may create additional investment opportunities for such Taconic Accounts. Taconic may take the following factors (among others) into account in allocating investments among the Taconic Accounts:

the nature of the security to be allocated and the size of the available position; each Taconic Account’s investment objective and strategies, including any stated position limits in each Taconic Account’s governing documents; each Taconic Account’s risk profile; each Taconic Account’s tax status; each Taconic Account’s size; the total portfolio invested position; supply or demand for a security at a given price level; current market conditions, timing of cash flows and account liquidity; and any other information deemed to be relevant to the fair allocation of securities.

In addition, because the Taconic Account may at times take conflicting positions, there may be instances where Taconic takes an action with respect to one Taconic Account that is beneficial to that Taconic Account but not to others and may negatively affect the value of investments held in such other Taconic Account. To the extent that a Taconic Account allocates an investment opportunity arising out of a position held by the Taconic Account to another Taconic Account, such other Taconic Account will generally, to the extent practicable, reimburse the originating Taconic Account for the cost of participating in such investment opportunity, if any, as will be determined by the Taconic in accordance with its allocation policies.

The Compliance Department reviews trade allocations regularly for any deviation from this policy of equitable trade allocations. In addition, Taconic’s Valuation Committee reviews certain trade allocations on a quarterly basis. Trade Errors Taconic has adopted a formal trade error policy that includes a process for tracking and resolving such errors. An overriding principle in dealing with trade errors made by Taconic is that the Taconic Accounts never pay for losses that are deemed to be material resulting from such errors. Taconic will correct each error promptly, equitably and in the best interests of its clients. In adherence to Section 28(e) of the Securities Exchange Act of 1934, Taconic does not use “soft dollar” trading to compensate for errors nor will Taconic Accounts be charged in correcting trading errors. In general, when Taconic discovers a trade error and identifies the responsible party, Taconic addressed the error the same day. Taconic reimburses the Taconic Account for the amount of the loss, if it is deemed to be material. Taconic defines a material error as an error that in the aggregate across all affected Taconic Accounts is more than $10,000.

Taconic does not receive any economic benefit other than the fees described above for providing investment advice and advisory services to the Taconic Accounts. From time to time, Taconic enters into arrangements with third-parties to raise capital for the Funds. Such third-parties typically receive a flat fee or, in some cases, a percentage of the investments they bring to the respective Fund. There is a conflict of interest created by a third-party’s compensation being based on the investor’s decision to invest. The third-party may have incentive to recommend the Funds to its clients even if an investment in the Funds may not be in the best interest of its clients.

Taconic has not been involved in any legal or disciplinary events since its inception that would be material to your evaluation of Taconic’s advisory business or integrity of its management. In addition, none of Taconic’s principals or employees has been involved in any legal or disciplinary events in the past ten years (or, to our knowledge, prior to that ten-year period) that would be material to your evaluation of Taconic, the Funds or any of Taconic’s personnel.

The portfolio manager of a Taconic Account reviews the holdings of that Taconic Account on a daily basis. Each Portfolio Manager monitors holdings in light of its Taconic Account’s investment guidelines and restrictions, as well as trading activity, significant corporate events, significant economic and general business conditions, and other activities that may dictate a change in portfolio positions. In addition, the Compliance Department uses a compliance system to monitor the portfolio of each Taconic Account on a pre-trade and post-trade basis to ensure that Taconic has not violated the investment restrictions or guidelines of any Taconic Account. Investors in the Opportunity Funds receive weekly and month-end performance estimates via e-mail as well as a statement of their account on a monthly basis, which includes both monthly and year-to-date performance information, where such information is available, portfolio information sheets on a monthly basis and a quarterly letter, which updates investors on the Funds’ performance and any developments at Taconic during the previous quarter. Taconic also provides all Fund investors with that Fund’s audited financial statements and K-1's (if applicable) on an annual basis and with access to a password-protected website, at which they can access account and performance information. Fund investors may also obtain lagged portfolios upon request, provided that they sign a confidentiality agreement covering such information. Investors in the Closed-End Funds receive financial statements and other information on a periodic basis.

An adviser has custody if it acts in any capacity that gives the adviser legal ownership of, or access to, the client funds or securities. Hence, Taconic has custody of Fund assets because it or one of its affiliates either (1) acts as general partner of a Fund with the authority to dispose of funds and securities in such Fund’s account or (2) is deemed to have custody because of its ability to withdraw its fees directly from the Funds. Taconic maintains the majority of Fund assets at a prime broker, or custodial bank, all of whom are qualified custodians, as that term is defined under the custody rule under the Investment Advisers Act. Taconic self-custodies certain private, noncertificated investments such as bank debt and swaps in accordance with the private securities exemption of the custody rule. There is an independent agent for each bank debt position that maintains the ownership registers. In lieu of providing the quarterly custodial reports required by the custody rule, and in order to qualify for the private securities exemption described above, Taconic provides all Fund investors with audited financial statements of the relevant Fund within 120 days of such Fund’s fiscal year end.

Taconic has complete investment discretion over the portfolios of the Funds, and is only limited by the investment restrictions set forth in each Fund’s Confidential Private Offering Memorandum.

Taconic generally votes proxies on the Taconic Accounts’ behalf and Taconic’s policy is to do so in the interest of maximizing shareholder value. To that end, Taconic will vote in a way that Taconic believes is consistent with its fiduciary duty, will cause the relevant position to increase the most or decline the least in value. Taconic considers both the short and long-term implications of the relevant proposal in determining how to vote. Taconic has not identified any conflicts of interest between the Taconic Accounts’ interests and its own within the proxy voting process. Nevertheless, if Taconic determines that a material conflict of interest exists in voting a proxy, the appropriate persons will meet and decide how to

resolve the situation, including, where necessary, by hiring a third-party to help resolve the conflict. Taconic may, on occasion, determine to abstain from voting a proxy or a specific proxy item when Taconic concludes that the potential benefit of voting is significantly outweighed by the costs of such vote. Examples of such situations are described in Taconic’s proxy voting policies and procedures. In addition, if Taconic receives “Class Action” documents on behalf of any Taconic Account, Taconic will ensure that such Taconic Account either participates in, or opts out of, any class action settlements received. Taconic will determine if it is in the best interest of the Taconic Accounts to recover monies from a class action. The Portfolio Manager or other member of the Investing Desk covering the company will determine the action to be taken when receiving class action notices. In the event Taconic opts out of a class action settlement, Taconic will maintain documentation of any cost/benefit analysis that was performed to support such decision. Taconic’s complete proxy voting policy and procedures, including its policy with respect to class actions, are available for review. In addition, Taconic’s complete proxy voting record is available to Taconic Account investors, and only to Taconic Account investors. Please contact us at FundInvestments@taconiccap.com if you have any questions or if you would like to review either of these documents.

Taconic has never filed for bankruptcy and is not aware of any financial condition that is expected to affect its ability to manage client accounts or meet contractual commitments to clients.