CAS Investment Partners, LLC

As of December 31, 2025, CAS had $2,447,181,816 in regulatory assets under management on a discretionary basis. CAS does not manage client assets on a non-discretionary basis. Item 5: Fees and Compensation Item 5.A. Generally, CAS receives fees from the Funds based on a percentage of value of the net assets that CAS manages (the “Management Fee”) and based on performance achieved for each Fund (“Performance Allocation”). The fees and expenses applicable to each Fund are set forth in detail in each of such Fund’s respective offering memoranda, limited partnership agreements and investment management agreements (“Governing Documents”) for each Fund. The Firm may, in its sole discretion, elect to reduce or waive the management fee with respect to any investor. Further details of other potential fees are detailed in 5.C. Item 5.B. Pursuant to the terms of each Fund’s Governing Documents, CAS is authorized to deduct applicable management fees from each investor’s capital account on a quarterly basis for investors in the Sosin Feeder Funds and CSWR Partners, LP. Item 5.C. Each Fund’s Governing Documents contains information regarding the fees and expenses of the Fund managed by the Adviser. Each Fund shall also pay or reimburse the General Partner of the Fund, the Adviser and their respective affiliates for the following, as applicable: Organizational and Offering Expenses. Organizational expenses of the Funds include, but are not limited to, legal, accounting and government filing fees. Offering expenses include marketing expenses, printing of the offering memoranda and exhibits thereto and the admission of Limited Partners. For certain, but not all, Funds: the costs and expenses of certain Funds’ organizational and the initial offering and sale of interests, which were approximately $7,500 were paid by the General Partner. These organizational and offering expenses are being reimbursed by the Funds over time and are being amortized over a period of up to 60 months. For any period in which the Funds are amortizing organizational expenses, the General Partner may decide to (a) recognize the unamortized expenses or (b) make U.S. Generally Accepted Accounting Principles (“GAAP”) conforming changes for financial reporting purposes but amortize expenses for purposes of calculating the Funds’ net asset value. If a Limited Partner withdraws a portion of its capital account prior to the end of the period during which the Adviser is amortizing its organizational expenses, the General Partner may elect to accelerate a proportionate share of the unamortized expenses based on the portion of the capital account withdrawn and allocate such expense to that capital account (which shall reduce that Limited Partner’s withdrawal proceeds by the amount of such accelerated expenses). Ongoing Expenses. Certain of the Funds’ operating expenses will be paid by the Funds. Operating expenses include, without limitation, (A) the Funds’ ongoing accounting, auditing, bookkeeping, due diligence, tax preparation, administration, trading and execution, legal, consulting and other professional fees and

expenses; (B) all costs of communications with Limited Partners; (C) a portion of original and third-party research expenses not reimbursed or otherwise paid by broker dealers (including some or all of the costs associated with various data feeds (e.g., Bloomberg terminal, etc.) and subscriptions to professional journals and the like not to exceed 60bps annually (as measured by the relevant Fund’s capital at the beginning of the year); (D) all investment-related expenses (including all commissions, bid ask spreads, mark-ups, interest on margin borrowing, costs relating to short sales, transfer taxes, custodian fees, etc.); (E) all costs of protecting or preserving any investment held by the Funds; (F) all losses, damages, charges, costs or expenses arising from the Funds’ indemnification obligations under the Governing Documents and other contracts to which the Funds may become a party; (G) expenses incurred with regard to special situation sub-accounts; (H) regulatory and tax filing fees; (I) expenses incurred with respect to the preparation, duplication and distribution to Limited Partners and prospective Limited Partners of the offering documents, annual reports and other financial information; (J) expenses of any third-party valuation agent(s); and (K) all costs associated with dissolution, winding up, liquidation or termination of the Fund(s). The Adviser may elect to pay for some or all of the Funds’ costs and expenses. Fees and expenses that are identifiable with a particular class of interests may, in the General Partner’s sole discretion, be charged against that class in computing its net asset value. The General Partner and/or the Adviser will pay, and shall not be reimbursed by the Funds for, each of their own overhead expenses. These may include, without limitation, rent, employee salaries and benefits and insurance, and research related travel (including travel and lodging incurred for the benefit of the Funds). Administration Fee. Panoptic Fund Administration, LLC (“Administrator”) will be paid an administration fee, which such administration fee may be paid by the General Partner, the Adviser and/or the Funds, based upon the size of the Funds, in accordance with the Administrator’s standard schedule for providing similar services. Subscription Fees. Any fees or duties incurred by the Funds in processing an investor’s application for interests may either be deducted from the investor’s subscription proceeds, in which case the subscription proceeds net of the subscription charges shall be allocated to the investor's capital account, or the subscription charges may be charged in addition to the amount being subscribed. Brokerage Fees. The Funds pay all fees and commissions associated with their brokerage. Brokerage fees include financing charges and transaction and administrative fees as more fully described in the brokerage agreements. Transaction costs vary depending on the country and the type of investment. The compensation provisions of such agreements may be amended from time to time as circumstances dictate. CAS has complete discretion in deciding which brokers and dealers it uses and in negotiating the rates of compensation with respect to the management of the Funds’ assets and liabilities. Brokerage is specifically discussed in Item 12 below. Item 5.D. Not Applicable. Fees are not paid in advance. The Firm, in its sole discretion, may waive, by rebate or otherwise, all or part of the Management Fee otherwise due with respect to any Limited Partner’s investment, including, without limitation, its affiliates, members, and/or employees.

Not Applicable. Neither CAS, nor any of its supervised persons, are compensated for the sale of securities or other investment products.

The investment objectives, method of analysis, and investment strategies utilized by CAS are discussed in response to Item 4.B. above. Hedge funds typically focus excessively on generating uncorrelated performance and avoiding short-term market value losses. As a consequence of this focus, traditional hedge funds often generate low absolute level of returns. Low absolute returns combined with a typically high fee structure require that traditional

hedge funds use excessive leverage in order to meet investors’ return expectations. As a result, the Firm has concluded that traditional hedge funds present their investors a bad mix of low risk-adjusted returns and an unacceptably high risk of permanent loss. The Adviser has also concluded that mutual funds are not much better. The typical mutual fund’s large size and high degree of diversification often make it difficult to outperform over time. In addition, mutual fund managers generally are paid solely based on assets under management. This creates an incentive for them to build a portfolio that closely tracks their benchmark and thus prevents underperformance to a degree which could jeopardize their established asset base versus an incentive to maximize returns. The Firm established the Funds in order to present a superior alternative to investors. The Funds operate on three core beliefs: •

Buying assets for substantially less than they are worth and/or selling assets for substantially more than they are worth can be expected to provide investors both higher returns over time and less risk of permanent capital loss.

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It is necessary to act independently on the basis of sound facts and sound reasoning with little concern for short/medium term market volatility.

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Investment managers should be judged only for outperforming low-fee index-based products.

With these core beliefs in mind, the Firm invests the assets of the Sosin Funds and CSWR Partners, LP with the goal of outperforming the S&P 500 over time. The Firm invests in a tradable portfolio of credit and equity securities (on both a long and short basis) which meet the following three criteria: 1) Understanding: The Firm seeks to understand what processes/dynamics are at work that allow an issuer to earn profits over time despite competitive forces and how changes to the competitive ecosystem might impact the asset’s future performance. 2) Margin of Safety: Based on the Firm’s expectations for the likely range of future outcomes, the expected return derived from the asset’s cumulative future cash flows substantially exceeds the expected return derived from the cumulative future cash flows of a similar investment in the broader market. 3) Creative Risk Imagination: The Firm believes that it is often risks which have not materialized in the recent past which are the most menacing. The Firm takes great care to think creatively about things that might go wrong which could threaten the profitability of an investment and to avoid investments where reasonably likely scenarios could result in permanent capital loss even if those scenarios are not the most likely scenarios. The Firm believes that it is better to miss a potential for a profit when seemingly unlikely things don’t occur than to take an excessive risk. No investment manager, including CAS, can confidently and consistently predict the near-term direction of the economy or the markets. Consequently, the Firm focuses on asset-specific considerations which are subjected to rigorous due diligence. CAS believes thoughtful security selection resides at the core of successful investing; thus, due diligence and research will represent the Firm’s primary use of time. In the short/medium-term, market prices can diverge materially from fair prices. Cheap securities can trade for cheaper prices while expensive securities can trade for even more expensive prices. Even if perfectly applied, CAS recognizes that this strategy may result in periods of months and sometimes a year or more during which the Funds’ investing performance may underperform the market. Investors should consider

an investment in the Fund(s) a long-term investment and should invest with the expectation of having down periods both on an absolute and relative to the broader market basis. The Firm expects to be judged based on its results on a multi-year basis. The Firm does not seek to maintain any specific directional market bias or asset class bias (e.g., market neutral, long only, or long credit). Instead, the Firm evaluates each investment individually on its own merits. Thus, the Funds’ overall market and asset class exposure (i.e., long or short equities or long or short credit) is endogenous to the Firm’s opinion of risks and expected returns of individual securities. As such, it is likely that the Funds’ mix of investments between equity and credit securities and between long and short positions will vary with market conditions and individual opportunities. There is no limit on the degree of concentration of the Funds’ investment portfolio. However, CAS expects that the portfolio will typically include between five (5) and fifteen (15) investments. In normal market conditions, no single investment is expected to exceed twenty-five percent (25%) of the Funds’ invested capital (at cost). While it is not the focus of the Funds, CAS may use ETFs and other derivatives and make limited use of futures interests in order to make specific macro-economic bets when the Firm believes that such bets serve as hedges to reduce the macro-economic (currency, commodity, market) risk faced by other investments. On occasion, the Firm may conclude that the expected outcomes of a specific investment opportunity are better expressed though options or other derivatives than through stocks or bonds. Usually in these situations, the Firm is endeavoring to use options to take less risk by protecting against a low probability negative event or attempting to capture the profits from an event which the market has perceived as unlikely, but which the Firm believes is likely. In keeping with the Firm’s views that avoiding permanent capital loss is paramount, the Funds will not use excessive margin to increase its purchasing power. However, the Funds may use non-recourse leverage on specific investments and may use margin as required to collateralize short sales. A portion of the Funds’ investment portfolio may consist of (i) privately offered securities and other similarly illiquid securities that, in the sole opinion of the Firm, are subject to regulatory, contractual, or other restrictions on disposition; (ii) structured products and over-the-counter derivative transactions that, in the sole opinion of the Firm, cannot be replicated by other securities available in the market, thereby making it (in each case) difficult or impossible to value accurately such securities, products, or transactions; and/or (iii) investments that become illiquid due to regulatory action, bankruptcy, or insolvency of an issuer or counterparty, or otherwise (as defined herein) of their capital accounts (each such security, product, transaction or investment is referred to herein as a “Special Situation Investment”). The Funds, in the discretion of their General Partner, may invest in or hold Special Situation Investments through separate or wholly-owned limited liability companies, limited partnerships, liquidating trusts, or special purpose vehicles. Any investment in a Special Situation Investment by the Funds will be subject to the deduction of management fees and the allocation of the performance allocation. At all times, the Funds will limit their trading of commodity interest positions to those imposed by the U.S. Commodity Futures Trading Commission (the “CFTC”). Given the limitations imposed on the Funds’ trading of commodity interest positions, the Funds should not be viewed as a vehicle for trading in the commodity futures or commodity options markets. There can be no assurance that the Firm will be successful in achieving the Funds’ investment objective or that the strategies set forth herein will be successful. Past results of the Funds, the Firm, and/or the principals or affiliates of the General Partner and/or the Firm in this or in other activities are not necessarily indicative of the future performance of the Funds.

Investments are speculative in nature and suitable only for sophisticated clients who are aware of the risks involved in an investment. Investors must have the ability and willingness to accept (i) the risk of the potential total loss of their investment and (ii) the illiquid nature of an investment. There can be no assurance that CAS will achieve their investment objectives for their Advisory Clients. Each prospective investor in the Funds should carefully review the Funds’ Governing Documents and the agreements referred to therein prior to deciding to invest in the Funds. Items 8.B. and 8.C. The following summary identifies and provides a brief explanation of the material risks related to the Adviser’s significant investment strategies and should be carefully evaluated before making an investment with the Adviser; however, the following does not intend to identify all possible risks of an investment with the Adviser or provide a full description of the identified risks of an investment in any of the Funds. Additional information regarding the material risks related to the Adviser’s significant investment strategies is set forth in each Fund’s Governing Documents. Prospective investors should give careful consideration to the following risk factors in evaluating the merits and suitability of an investment in the Funds as they relate specifically to interests or to the Funds in general, as the context requires. The following does not purport to be a comprehensive summary of all of the risks associated with an investment in the Funds. Rather, the following are only certain risks to which the Funds are subject and that the General Partner wishes to encourage prospective investors to discuss in detail with their professional advisors. General Market Risk. As with any investment, there is a risk that the price of a security will rise or fall. There could be many reasons for a decline or increase in the price of a security. These include changing economic, political, or market conditions and changes in interest rates. Investments in Securities Generally. Investments in securities and other financial instruments entail general investment risks that all investors face. Securities prices can be volatile. The markets for the securities the Funds hold can experience periods of substantial illiquidity. Regulatory bodies can suspend the trading of securities. Securities prices are influenced by many unpredictable factors and the fund is competing for investment opportunities with other investors, many of which have greater investment research and other resources than the Firm. CAS believes that its investment strategies and research techniques will moderate risk through careful securities selection. However, risk cannot be eliminated. No guarantee or representation is made that the Firm’s investment programs will be successful or that the Funds’ investment objectives will be achieved. CAS can never learn all relevant information regarding a company or a security. The Firm may misinterpret or incorrectly analyze the information that it has about a particular security. These and other factors may cause the Firm to (a) invest in securities at times that will lead to losses in the Funds’ portfolio and may cause a Limited Partner to lose a significant portion of its investment in the Funds or (b) refrain from investing in particular securities at times that would have resulted in gains in the Funds’ portfolio if the Firm would have caused the Funds to invest. Competition. The securities industry, and the varied strategies and techniques to be engaged in by the Firm, are extremely competitive. The Funds will compete with firms, including many of the larger securities and investment banking firms, which have substantially greater financial resources and research staffs. CAS’s Investment Activities. The Funds’ investment activities involve a high degree of risk. The performance of any investment is subject to numerous factors which are neither within the control of, nor predictable by, the Firm. These factors include a wide range of economic, political, competitive, and other conditions which may affect investments in general or specific industries or companies. In recent years, the securities markets have become increasingly volatile, which may adversely affect the ability of the Funds

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CAS provides investment advice to privately-offered, pooled investment vehicles in which the investors meet the definition of an Accredited Investor and, with respect to Sosin QP Partners, LP, Qualified Purchaser. Generally, the minimum investment amount is $1,000,000 although this is negotiable at the Firm’s discretion. The Adviser may also provide investment advisory services to clients in SMAs in accordance with the terms set forth in an investment management agreement between the Adviser and the SMA client. While CAS will generally not require a minimum investment amount to open an SMA, CAS may, in its sole discretion, require a larger amount or accept a smaller amount of initial assets from a potential SMA client depending on the complexity and nature of the advisory services provided. Currently, CAS does not provide investment advisory services to SMAs. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss

CAS will not charge a performance-based allocation to any Advisory Client or investor that is not a qualified client, except as permitted by the SEC rule. Registered investment advisers may only charge performance-based fees to U.S. clients if, under SEC Rule 205-3, the client meets the definition of a “qualified client” contained in the rule. CAS may accept performance-based compensation from Advisory Clients, which constitutes a fee on a share of net profits (including unrealized gains and losses) allocated to such Advisory Client(s). Performance-based compensation may vary by Advisory Client, which may create an incentive to favor Advisory Clients that pay higher performance-based compensation in the allocation of investment opportunities. Performance-based compensation to be received by CAS, as applicable, will be calculated on the basis of net profits, including unrealized gains and losses that may never materialize. CAS has established policies and procedures designed to address potential conflicts of interest relating to the side-by-side management of the Funds with any SMA client(s), including the allocation of investment and trading opportunities, and in circumstances where any Advisory Client pays a different management fee and/or performance fee than another. The Firm’s procedures relating to the allocation of investment opportunities require that Advisory Clients participate in investment opportunities pro rata based on each Advisory Client’s current assets under management (subject to the Advisory Client’s investment guidelines of restrictions, stage of capital deployment, available cash or other liquidity restraints, or other tax or legal reasons). Finally, the Firm’s procedures also require fair and equitable treatment in light of the relevant circumstances for the allocation of limited opportunities among its Advisory Clients.

Not Applicable. CAS does not recommend or select other investment advisers for its Advisory Clients.

Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading

CAS has adopted a Code of Ethics (the “Code”) under Rule 204A-1 of the Advisers Act designed to provide that CAS employees comply with applicable federal securities laws. The Code addresses, among other

things, CAS standard of business conduct, requirements and restrictions relating to personal securities trading, policy regarding political contributions, policy regarding gifts and entertainment, and confidentiality. CAS employees must acknowledge, both initially upon employment and annually thereafter, in writing having received and read a copy of the Code. The Code requires all employees to report personal securities holdings (initially and annually) and certify quarterly personal trading activity. The Code places certain restriction and limitations on the personal securities transaction of its employees in reportable securities. Provisions are outlined in the Code which permit employees to transact in their personal accounts. The Code is monitored by CAS’s Chief Compliance Officer and any exceptions to the Code need prior approval by the Firm’s Chief Compliance Officer. A copy of the Code is available to clients or investors and prospective clients or investors upon their individual request. Items 11.B., 11.C., and 11.D. CAS, as a fiduciary, endeavors to always make decisions in the best interest of its Advisory Clients if a conflict of interest arises between the Firm’s securities transactions on behalf of its Advisory Clients and those of the Firm’s personnel and related persons. In order to monitor any conflict of interest, CAS employees are required to pre-clear any contemplated transaction for a personal account and must disclose on an initial and annual basis the holdings of all personal accounts, as well as all transactions made in their personal accounts on a quarterly basis.

Item 12: Brokerage Practices Item 12.A. Portfolio transactions are executed by brokers selected by the Firm on behalf of the Funds. CAS retains full discretion to determine the broker or dealer to be used for each securities transaction for client accounts. The Firm seeks to obtain best execution for its clients by placing orders for the purchase and sale of securities with brokers and dealers taking into account, but not limited to, the broker’s reliability, reputation, financial responsibility, stability, ability to execute trades, nature and frequency of sales coverage, commission rate, if any, and responsiveness. The Firm will not select brokers or dealers on the basis of brokerage or research services (i.e., “soft dollar items”) provided by such brokers. Item 12.A.1. CAS does not currently engage in the use of soft dollars (third-party or proprietary). Item 12.A.2. Not applicable. CAS does not participate in selecting or recommending broker-dealers in exchange for client referrals. Item 12.A.3. Not applicable. CAS does not permit its Advisory Clients to provide a directed brokerage instruction and does not recommend, request, or require Advisory Clients to execute transactions through specified brokerdealers.

Currently, CAS manages four private funds. When purchasing securities for more than one of its Advisory Clients, CAS from time-to-time engages in bunching orders, to purchase the quantity of such securities necessary to supply all Advisory Clients.

Item 13: Review of Accounts Items 13.A. and 13.B. The Chief Compliance Officer will review the portfolio assets in the Funds and the values of the securities held by the Funds on an ongoing basis. Advisory Client holdings are reviewed on a regular basis to determine their conformity with their risk parameters, investment objectives, and guidelines. CAS continuously monitors the portfolio investments of its Advisory Clients in order to satisfy its fiduciary obligation to evaluate its investment program and portfolio in accordance with set guidelines. The Adviser’s investment personnel convene regularly to evaluate each position’s conformance with the relevant Fund’s Governing Documents and any investment limitations, restrictions, or risk parameters.

The Firm currently does not retain any placement agents or solicitors. However, should a placement agent or solicitor be engaged, the Firm has policies and procedures in place to mitigate any risks that are involved in such an agreement and to confirm that the Firm is in compliance with Advisers Act Rule 206(4)-1.

There are no material legal or disciplinary events related to the Firm. Item 10: Other Financial Industry Activities and Affiliations Item 10.A. and 10.B. CAS and its management persons are not registered and do not have any application pending to register as a broker-dealer, a registered representative of a broker-dealer, a futures commission merchant, a commodity pool operator, a commodity trading advisor, or an associate of the foregoing entities. Item 10.C. CAS is an affiliate of Sosin, LLC. the General Partner of the Funds, which is managed by Clifford Sosin, founder of all named entities. The General Partner, the Adviser, and their respective affiliates, which shall be deemed to include, in each case, their respective limited partners, officers, directors, employees, and entities owned by any of the aforementioned parties (the “Related Parties”) may face certain conflicts of interests in relation to the Funds. These conflicts include, but are not limited to, those set forth below. The General Partner, the Adviser, and their respective principal decision makers presently and may in the future, directly or indirectly, direct, sponsor, or manage other managed pools or accounts in addition to the Funds. The General Partner, the Adviser, and their principal decision-makers may have financial or other incentives to favor such pools or accounts over the Funds. The General Partner and the Adviser shall, under normal conditions, allocate investment opportunities between the Funds and such other pools and accounts on a fair and equitable basis as measured over time, subject to applicable law and client guidelines. The General Partner and the Adviser will make their own decisions for the Funds, which decisions may differ from time to time from those recommended by analysts of the General Partner and the Adviser for their other advisory clients. As of the date hereof, the Adviser manages the assets of one or more of its principals. The Funds depend on the General Partner for the operation of the Funds and on the Adviser for the investment of the Funds’ assets. The General Partner and the Adviser believe that they will continue to have sufficient staff personnel and resources to perform all of their duties with respect to the Funds. However, because some of the officers of the General Partner and the Adviser may have duties in connection with other investment funds and other matters, such officers may have conflicts of interest in the allocation of responsibilities, services, and functions among the Funds and other entities. Some or all of the Related Parties may be involved with other entities utilizing investment strategies similar to those of the Funds and with other business in general. The General Partner and the Adviser may cause the Funds to invest in securities in which some or all of the Related Parties have a financial interest, or to engage in transactions with brokers or others with whom some or all of the Related Parties have financial or other relationships. In the event the Funds intend to engage in any such transaction, the Funds may

appoint an independent client representative to give or withhold the consent of the Funds to such transactions. The Related Parties may engage for their own accounts, or for the accounts of others, in other business ventures of any nature, and the Funds have no right to participate in or benefit from the other management activities of the Adviser described above and the Related Parties shall not be obliged to account to the Funds for any profits or benefits made or derived therefrom, nor shall they have any obligation to disclose or refer to the Fund(s) any of the investment or service opportunities obtained through such activities. Related Parties may own interests in the Funds, deal as principals with the Funds in the sale or purchase of investments of the Funds, or act as brokers, whether to the Funds or to third parties, in the purchase or sale of the Funds’ investments and shall be entitled to retain any profits or customary commissions resulting from such dealings. The General Partner and the Adviser and/or their affiliates and/or employees may from time to time have an interest, direct or indirect, in a security, the purchase or sale of which by the Funds is recommended, or which in fact is purchased or sold by or otherwise traded for the Funds. Moreover, such recommendation, purchase, sale, or trading may occur in connection with a transaction involving another fund or account managed by the General Partner and/or the Adviser. Accordingly, the General Partner may sell or recommend the sale of a particular security for certain accounts, including accounts in which they have an interest, and they or others may buy or recommend the purchase of such security for other accounts, including accounts in which they have an interest, and, thus, transactions in particular accounts may not be consistent with transactions in other accounts or with the General Partner’s investment recommendations. For example, the General Partner may recommend that the Funds sell a security, while not recommending such sale for other accounts in order to enable the Funds to have sufficient liquidity to honor Limited Partners’ withdrawal requests. When there is a limited supply of investments, the General Partner will use its reasonable efforts to allocate or rotate investment opportunities, but the General Partner cannot assure absolute equality among all of its accounts and clients. The General Partner and the Adviser will, however, seek to ensure that all such potential conflicts of interests are resolved fairly and in the best interests of the Fund(s). When allocating investment opportunities, the Adviser will seek to ensure that all such investments will be allocated in a fair and equitable manner as measured over time. CAS may engage in transactions in which it causes the Funds to purchase securities or other instruments from, or sell securities or other instruments to, other funds or managed accounts managed by the Adviser and/or its affiliates (“cross-trades”) for purposes of portfolio rebalancing or for other reasons as may arise from time to time. CAS and/or its affiliates will not take brokerage commissions or otherwise be compensated for effecting these cross-trades. CAS intends that cross-trades will, to the best of the Adviser’s ability, reflect the market value of the security or other instrument being purchased or sold and CAS and/or its affiliates, as applicable, will always seek best execution. Prior to effecting any cross-trade, CAS will make a good faith determination that the transaction is in the best interests of the Funds.

Investors in the Funds will each receive written unaudited reports of the performance of the Fund(s) in which they are an investor on a monthly basis, and written audited year-end financial statements (prepared using GAAP) on an annual basis within 120 days after the fiscal-year end of such Fund. The audited yearend financial statements will also include a statement of profit or loss for such fiscal year and of an unaudited state of such investor’s capital account at such time.

Item 14: Client Referrals and Other Compensation

As a registered investment adviser, CAS may be deemed to have custody of client assets due to the Firm’s ability to deduct fees, even though indirectly through the Administrator, from client accounts. Therefore, CAS is subject to Rule 206(4)-2 under the Adviser’s Act. CAS will maintain the assets of its Advisory Clients in a separate account for each client with a “qualified custodian” pursuant to Rule 206(4)-2 under the Advisers Act and notify Advisory Clients and investors in

writing of the qualified custodian’s name, address, and the manner in which the assets are maintained promptly when the account is opened and following any changes to this information. Pursuant to Rule 206(4)-2 under the Advisers Act, the Firm’s Advisory Clients must receive statements on at least a quarterly basis. The Administrator will send monthly or quarterly statements to clients identifying net asset value and reflecting allocated income, fees charged (if any), and opening and closing balance in the account during the month or quarter as applicable, including the deduction of any fees. To confirm compliance with Rule 206(4)-2 under the Advisers Act, all Funds must be audited annually and must distribute their audited financial statements to their investors within 120 days after the end of the fiscal year. The Funds are audited annually by an independent certified public accounting firm that is both registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board. Financial statements of the Funds are prepared in accordance with GAAP. In addition, each investor in the respective Fund receives written monthly or quarterly statements from the Administrator with respect to the activities of the relevant Fund.

CAS has full discretion to manage assets on behalf of the Funds. This authority is granted in accordance with an investment management agreement between the General Partner and the Firm. Individual investors grant authority to the Fund to enter into an investment management agreement with CAS by signing a subscription agreement and accepting the terms of the limited partnership agreement for the Funds. Item 17: Voting Client Securities Item 17.A. CAS, as a matter of policy and as a fiduciary to its Advisory Clients, is responsible for voting proxies for portfolio securities consistent with the best economic interests of its clients. The Firm will vote all proxies in the best interests of Advisory Clients and investors (as applicable) and in accordance with the procedures outlined below (as applicable), unless otherwise mandated by an investment management agreement or applicable law (e.g., ERISA, U.S. Code). All proxies sent to Advisory Clients that are received by CAS (to vote on behalf of the Advisory Clients) will be directed to Mr. Sosin’s attention. Prior to voting any proxies, the Chief Compliance Officer will determine if there are any conflicts of interest related to the proxy in question. If a conflict is identified, the Chief Compliance Officer will then make a determination (which may be in consultation with outside legal counsel) as to whether the conflict is material or not. In evaluating how to vote a proxy, the Chief Compliance Officer will first determine whether there is a conflict of interest related to the proxy in question between the Firm and its Advisory Clients. This examination will include (but will not be limited to) an evaluation of whether the Firm (or any affiliate of the Firm) has any relationship with the company (or an affiliate of the company) to which the proxy relates outside an investment in such company by an Advisory Client of CAS. Examples of material conflict of interests include: (i) an adviser (or its affiliate) managing a pension plan, administering employee benefit plans, or providing brokerage, underwriting, insurance, or banking services to a company whose management is soliciting proxies; and/or (ii) an adviser maintaining business or personal relationships with

participants in proxy contests, corporate directors, or candidates for directorships. If a conflict is identified and deemed “material” by the Chief Compliance Officer, the Firm may determine whether voting in accordance with the proxy voting guidelines outlined below is in the best interests of affected Advisory Clients (which may include utilizing an independent third party to vote such proxies). If no material conflict is identified pursuant to these procedures, the portfolio manager will decide how to vote the proxy in question. The head trader will deliver the proxy in accordance with instructions related to such proxy in a timely and appropriate manner. •

CAS will vote proxies in the best interests of each particular investment fund. The Firm’s policy is to vote all proxies for a specific issuer in the same way for each Advisory Client, absent some qualifying restrictions or a material conflict of interest.

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CAS will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and the selection of auditors, absent conflicts of interest (e.g., an auditor's provision of non-audit services).

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The Firm will generally vote against proposals that cause board members to become entrenched or cause unequal voting rights.

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In reviewing proposals, the Firm may also consider the opinion of management, the effect on management, the effect on shareholder value, and the issuer’s business practices.

Advisory Clients are not permitted to direct the Firm’s vote in a particular proxy solicitation. Advisory Clients may obtain information regarding how CAS voted its securities by requesting records of the Chief Compliance Officer, who is responsible for retaining all records relating to proxy voting. Additionally, Advisory Clients may obtain a copy of the Firm’s Proxy Voting Policies and Procedures, which are included in the Firm’s Compliance Manual, upon request of the Chief Compliance Officer.

Not Applicable; see response to Item 17.A. CAS has authority to vote client securities.

Item 18: Financial Information Item 18.A. Not Applicable. CAS does not require nor solicit pre-payment of more than $1,200 in fees per client, six months or more in advance. Item 18.B. CAS is not aware of any financial condition that is reasonably likely to impact its ability to meet its contractual commitments to clients.

Not Applicable. CAS has not been the subject of a bankruptcy petition at any time during the past ten years.