A. Description of Advisory Firm This Brochure relates to the investment advisory services offered by Bear Stearns Asset Management Inc. (“BSAM” or the “Adviser”). BSAM, a New York corporation, is registered with the United States Securities and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). BSAM, together with 55I, LLC, Campbell Global, LLC, Highbridge Capital Management, LLC, J.P. Morgan Alternative Asset Management, Inc., J.P. Morgan Investment Management Inc., JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset Management (UK) Limited, JPMorgan Funds Limited, Security Capital Research & Management Incorporated, each an SEC-registered investment adviser, various affiliated foreign investment advisers and the asset management division of JPMorgan Chase Bank, N.A. ("JPMCB") comprise the Asset Management ("AM") business of J.P. Morgan Asset & Wealth Management ("JPMAWM"). J.P. Morgan Asset Management ("JPMAM") is the marketing name for the AM businesses of JPMorgan Chase & Co. and its affiliates worldwide (“JPMC”). JPMC is a publicly traded global financial services firm.
The Bear Stearns Companies LLC, which is a subsidiary of JPMC, owns all the common stock of BSAM. BSAM was incorporated in New York on March 15, 1985.
B. Description of Advisory Services BSAM manages private equity closed-ended pooled investment vehicles that are in the disposition phase of their life cycle. In addition to the private equity

funds, BSAM also serves as the collateral manager for certain collateralized debt obligation (“CDO”) private funds. Following the default and acceleration of most of the CDO funds, BSAM’s authorities were limited by the transaction documents. The CDO funds that are subject to default and acceleration no longer permit any purchases or sales of their underlying collateral. Therefore, BSAM’s primary activity with respect to those CDO funds is to monitor the payments received from the underlying collateral of the funds.
Although it no longer actively solicits new investors and is not making new investments, BSAM still operates as a registered investment adviser under the Advisers Act and as such, maintains a fiduciary relationship with its remaining clients.
C. Availability of Customized Services for Individual Clients As BSAM is the investment adviser to pooled investment vehicles, BSAM generally does not tailor investment objectives, guidelines and any investment restrictions to the needs of individual investors in those vehicles, but rather such objectives, guidelines and restrictions are described in the prospectus or other relevant offering document for the vehicle.
D. Wrap Fee Programs Not applicable.
E. Assets Under Management As of December 31, 2023, BSAM had assets under management in the amounts set forth below: Assets Under ManagementU.S. Dollar Amount Assets Managed on a Discretionary Basis$17,282,631 Assets Managed on a Non-Discretionary Basis$0 Total Assets Under Management$17,282,631