A. Advisory Firm Global Credit Advisers, LLC (“Global Credit”) is a limited liability company formed under the laws of the State of Delaware that has been in business since March 12, 2008. The principal owners of Global Credit are Steven Hornstein (majority owner) and Brian Hessel. B. Types of Advisory Services (1) Hedge Funds and Other Pooled Investment Vehicles Global Credit acts as the investment management company to and provides day-to-day discretionary investment management services for private funds including: GCA Credit Opportunities Master Fund, Ltd. (the “Master Fund”), a Cayman Islands exempted company and master fund for two private investment companies: GCA Credit Opportunities Fund, LLC, a Delaware limited liability company (the “U.S. Fund”); and GCA Credit Opportunities Offshore Fund, Ltd., a Cayman Islands exempted company (the “Offshore Fund”) and, collectively with the Master Fund and the U.S. Fund, the “Credit Opportunities Hedge Funds.” Further, Global Credit acts as the investment management company and provides day-to-day discretionary investment management services for additional private funds including: GCA Enhanced Master Fund, Ltd. (the “Enhanced Master Fund”), a Cayman Islands exempted company and master fund for two private investment companies: GCA Enhanced Fund, LLC, a Delaware limited liability company (the “Enhanced U.S. Fund”); and GCA Enhanced Offshore Fund, Ltd., a Cayman Islands exempted company (the “Enhanced Offshore Fund”) and, collectively with the Enhanced Master Fund and the Enhanced U.S. Fund, the “Enhanced Hedge Funds”. The U.S. Fund and Offshore Fund invest substantially all of their assets in and are participating shareholders of the Master Fund. Similarly, the Enhanced U.S. Fund and the Enhanced Offshore Fund invest substantially all of their assets in and are participating shareholders of the Enhanced Master Fund. The Master Fund and the Enhanced Master Fund are, together, the master funds (“Master Funds”). The Credit Opportunities Hedge Funds and the Enhanced Hedge Funds are each a GCA hedge fund (“GCA Hedge Fund”) and, collectively, GCA hedge funds (“GCA Hedge Funds”). Global Credit also acts as sub-investment manager, sub-adviser, or investment manager to three other pooled investment vehicles: (i) a portion of an investment company registered under the 1940 Act, as amended (the “1940 Act Portfolio”); (ii) a non-U.S. fund which conducts undertakings for collective investment in transferrable securities (“UCITS Fund”) which is subject to UCITS regulations established by the European Communities; and (iii) a segregated portfolio for a non-U.S. institutional client (the “Segregated Portfolio”). The 1940 Act Portfolio, the UCITS Fund, and the Segregated Portfolio are, collectively, with the GCA Hedge Funds the GCA funds (“GCA Funds”). Global Credit may in the future form and/or provide investment advisory services to other pooled investment vehicles and separately managed accounts. Types of investors for the GCA Hedge Funds include U.S. and non-U.S.:
• Individuals and families;
• funds of hedge funds;
• foundations, endowments and insurance companies;
• banks or thrift institutions;
• investment companies;
• IRAs, pension and profit sharing plans;
• trusts, estates, or charitable organizations; and
• corporations or entities other than those listed above. In order for the above-listed persons or entities to invest in the GCA Hedge Funds, they must be both (i) an “accredited investor”

within the meaning of Regulation D of the Securities Act of 1933, as amended, and (ii) a “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act. Minimum initial investment in the GCA Hedge Funds is $1,000,000; however, Global Credit, its affiliates, and/or those responsible for the GCA Hedge Funds’ governance may waive the minimum investment amount as they may determine in their sole discretion. (2) Separately Managed Accounts Global Credit may agree to provide discretionary investment management services directly to certain investors (collectively, “GCA Separately Managed Accounts”). Such accounts would be managed in accordance with specific client requests, needs and objectives and pursuant to a written investment advisory agreement. Such prospective clients would need to have a separately managed account of a minimum of $50 million in assets for Global Credit to manage such client accounts. However, depending on market conditions, Global Credit may in its sole discretion agree to accept a lesser amount of assets. Types of Investments Global Credit provides advice with respect to:
• Corporate debt securities - including bonds and commercial paper;
• Distressed securities;
• Loans;
• Equity securities - including exchange-listed securities, securities traded over-the-counter and foreign issuers;
• Warrants;
• Government bonds;
• Restricted and illiquid investments;
• Options contracts on securities and commodities;
• Futures and forward contracts on tangibles and intangibles;
• Private claims and obligations of domestic and foreign entities that are experiencing significant financial or business difficulties;
• Foreign currency transactions;
• Money market instruments;
• Closed-end funds;
• Repurchase and reverse repurchase agreements;
• Credit default swaps and indices, equity, interest rate, index, and total return swaps and other derivatives. The foregoing list is not all-inclusive of the types of investments that Global Credit may provide advice on. In the future, advice may relate to new investment instruments that may be then created. Of all of the types of investments Global Credit provides advice on, it specializes in analyzing and trading the financial instruments issued by highly leveraged companies; however, Global Credit’s advice is not limited to instruments issued by highly leveraged companies. C. Tailored Investment Advisory Services Global Credit tailors its investment advice based on the individual needs of its clients, including the GCA Funds. Investors in the GCA Funds should refer to the offering documents for definitive and more detailed information regarding matters in this Brochure. Global Credit does not tailor its advisory services to the individual needs of investors in the GCA Funds. Clients may impose restrictions on the types of investments, including (i) the types of securities Global Credit may invest in for such client’s accounts and (ii) a limitation on the amount or percentage of assets that may be invested in a particular asset class or type of investment. The client may impose such restrictions when the investment adviser and client relationship is established. D. Wrap Fee Programs Global Credit does not participate in any wrap fee programs at this time. E. Assets Under Management Global Credit had approximately $1,037,377,762 in regulatory assets under management on a discretionary basis as of December 31, 2023.