RENAISSANCE TECHNOLOGIES LLC

Renaissance Technologies LLC ("Renaissance" or the "Firm") is an investment management firm, founded in 1982, that implements quantitative investment strategies on behalf of its clients. It acts as general partner, managing member, and/or investment manager to U.S. and non-U.S. private investment funds (the "Funds") that invest in a variety of securities, futures, and derivatives contracts. Renaissance is owned by two parent companies: Renaissance Technologies Holdings Corporation (with approximately a 77% stake) and RTC II Holdings LLC (with approximately a 23% stake). Each parent company is, in turn, owned by current and certain former principals of the Firm and certain related persons. Renaissance uses quantitative analysis, specifically, mathematical and statistical methods, to uncover technical indicators that drive its automated trading systems. These systems, or models, are the product of an extensive research effort by Renaissance's technical staff who hold advanced degrees in mathematics and the sciences. The Firm's quantitative analysis and trading activities are applied to mature, highly liquid, publicly traded instruments in the following asset classes: U.S. and non-U.S. equities, debt instruments, futures, forwards, and foreign exchange, as well as derivatives thereon. Generally, the Firm provides its advisory services to affiliated collective investment pools that are part of three distinct master-feeder fund structures (the "Fund Families"): (1) the Medallion Funds, which employ a short-term, quantitative trading strategy across multiple asset classes; (2) the Renaissance Institutional Equities Funds (the "RIEF Funds"), which employ a net-long trading strategy in U.S. and non-U.S. equity securities that are publicly traded on U.S. securities exchanges (and certain derivatives thereon); and (3) the Renaissance Institutional Diversified Alpha Funds (the "RIDA Funds"), which trade equity securities that are publicly traded on global securities exchanges and derivatives thereon. In addition, the Firm operates Renaissance Kaleidoscope Fund LLC ("Kaleidoscope Fund"), a fund of funds for employee and employeerelated investors that currently invests in each of the Medallion, RIEF, and RIDA Fund Families. Investors in each Fund Family choose among various feeder funds according to their domicile, tax status, and other attributes. Within certain Funds, investors may also choose among various series that have different fee structures and, in some cases, rights related to portfolio transparency. Beyond these offerings, the Firm does not tailor its advisory services to individual investor requirements. As of December 31, 2025, the Firm's regulatory assets under management totaled $ 96,378,537,116. All assets are managed on a discretionary basis.

The Firm's fees are set forth in each Fund's offering materials. They are not negotiable. Generally, clients are assessed (1) a management fee equal to a percentage of net asset value and, if applicable, (2) performance-based compensation, which is calculated as a percentage of net profits or net capital appreciation (realized and unrealized), which are allocated to the investors’ accounts. Management fees, if applicable, are payable regardless of profitability and may be charged during periods of loss. All performance-based allocations, if applicable, are charged in accordance with Rule 205-3 under the Investment Advisers Act of 1940. Fee schedules for each Fund Family are as follows: Medallion Funds Management Fees

4.00% of value of capital account

Performance Allocation

36.00%-44.00% of net profits

Annual fee, payable monthly in advance Payable in arrears semiannually or upon redemption

Management fees, calculated at an annual rate of 4% of the value of an investor's capital account, are paid to the Firm monthly in advance based on the value of each capital account at the beginning of that month. The management fee is calculated after taking account of any redemptions or distributions as of the end of the prior month, as well as new subscriptions for the month in which the fee is being calculated and paid. A performance allocation (if applicable), payable to the Firm as of June 30th and December 31st of each year, is calculated as a percentage of net profits (both realized and unrealized) allocated to each interest or share for the preceding six-month period. The percentage of the performance allocation may vary. A performance allocation (if applicable) will also be made upon the redemption of all or part of an interest or share if such redemption occurs on a date other than the close of a semiannual fiscal period. To the extent that losses are allocated to an interest or share, all such losses (except losses related to redeemed interests or portions thereof) must be recouped before the Firm is entitled to a performance allocation with respect to that interest or share. Once made, a performance allocation is nonrefundable. RIEF Funds Management Fees

0.20%-1.50% of net asset value

Performance Allocation

0.00%-10.00% of net capital appreciation

Annual fee, payable monthly in advance Payable in arrears annually or upon redemption

Management fees are paid monthly in advance based on the net asset value of each interest at the beginning of each calendar month. Management fees are calculated after taking account of any redemptions or distributions as of the end of the prior month. Management fees attributable to a new capital contribution are not charged for the calendar month in which the new contribution is accepted (excluding, however, (1) transfers between RIEF Funds (other than RIEF RMP LLC (“RIEF RMP”), which trades for employee and employee-related accounts separately from the other RIEF Funds) and (2) switches between offered series within a RIEF Fund). A performance allocation (if applicable) is generally calculated at the end of each calendar year as a percentage of net capital appreciation (both realized and unrealized) in each interest. For the purpose of profit and loss allocation, only 50% of a new capital contribution is deemed invested for the contributing investor's account during the calendar month the contribution is accepted (excluding, however, (1) transfers between RIEF Funds other than RIEF RMP and (2) switches between offered series within a RIEF Fund). A performance allocation (if applicable) will also be made upon the redemption of all or part of an interest before the end of a calendar year. Similar principles will apply to switches between series of a RIEF Fund and transfers to certain other Renaissance Funds, as appropriate. To the extent that an interest has net losses (except losses related to redeemed interests or portions thereof), all such losses must be recouped

before the Firm is entitled to a performance allocation for that interest. No performance allocation, once made, will be refundable. RIDA Funds Management Fees

0.85%-1.00% of net asset value

Performance Allocation

10.00% of net capital appreciation

Annual fee, payable monthly in advance Payable in arrears annually or upon redemption

Management fees are paid monthly in advance based on the net asset value of each interest at the beginning of each calendar month. Management fees are calculated after taking account of any redemptions or distributions as of the end of the prior month. Management fees attributable to a new capital contribution are not charged for the calendar month in which the new contribution is accepted (excluding, however, (1) transfers between RIDA Funds and (2) switches between offered series within a RIDA Fund). A performance allocation is generally calculated at the end of each calendar year as a percentage of net capital appreciation (both realized and unrealized) in each interest. For the purpose of profit and loss allocation, only 50% of a new capital contribution is deemed invested for the contributing investor's account during the calendar month the contribution is accepted (excluding, however, (1) transfers between RIDA Funds and (2) switches between offered series within a RIDA Fund). A performance allocation will also be made upon the redemption of all or part of an interest before the end of a calendar year. Similar principles will apply to switches between series of a RIDA Fund and transfers to certain other Renaissance Funds, as appropriate. To the extent that an interest has net losses (except losses related to redeemed interests or portions thereof), all such losses must be recouped before the Firm is entitled to a performance allocation for that interest. No performance allocation, once made, will be refundable. Kaleidoscope Fund Investors are not charged any direct management fee or performance allocation at the Fund level. However, the Kaleidoscope Fund is responsible for its allocable portion of the management fee and performance allocation charged to investors in each of the underlying Funds. Such fees and compensation are reflected in the performance returns of the underlying Funds. It is possible that the Fund may be required to bear its pro rata share of performance allocations for one or more of the underlying Funds, even if Kaleidoscope as a whole has not realized a profit. Any management fees and performance allocations for the Funds will be charged and allocated against investors' capital accounts according to the schedules set forth above. The Medallion Funds bear the following expenses (comprising both expenses of the relevant feeder fund and its pro rata portion of the expenses of affiliated trading entities): 1. transaction costs and investment-related expenses incurred in connection with trading activities, including margin interest (if any), brokerage, clearing, and custodial expenses; 2. in connection with specific transactions, certain professional fees for independent accountants, attorneys, or other experts or consultants (note that Renaissance pays certain operating costs of the Funds, including, e.g., those incurred with respect to offering interests, auditing financial statements, and preparing tax returns, as well as professional fees of the Funds' attorneys unrelated to specific transactions, and, when applicable, the fees and expenses of a corporate services provider in Bermuda); 3. interest, fees, and costs of Fund-related borrowings; 4. certain operational and overhead expenses not paid by the Firm; 5. extraordinary expenses (e.g., litigation costs and indemnification obligations), if any; and 6. taxes and fees payable to governmental agencies or authorities.

The expenses borne by the RIEF Funds and RIDA Funds include but are not limited to the following (comprising both expenses of the relevant feeder fund and its allocable share of the expenses of the trading subsidiary), if applicable: 1. investment-related expenses, including prime brokerage charges, charges related to its securities lending arrangements, clearing and execution costs, dealer mark-ups, custodial expenses, investment-related research costs, and commitment fees and related charges, as well as any agent fees in connection with future agency lending arrangements; 2. legal, bookkeeping, accounting, administration, auditing, tax preparation, insurance, and related charges; 3. expenses associated with the continued offering of the Funds; 4. governmental compliance, filing, and related expenses, including, when applicable, fees and expenses of a corporate services provider in Bermuda and Bermuda governmental charges; 5. other operational expenses, if any; and 6. extraordinary expenses (such as indemnification obligations), if any. The Kaleidoscope Fund bears the following expenses: 1. its allocable portion of the underlying funds’ investment-related expenses, operational expenses, and government-related expenses (as described above) and extraordinary expenses; 2. management fees and performance allocations payable to the underlying funds; and 3. the Fund’s own legal, accounting, auditing, and tax preparation costs (if any), other operating charges, and extraordinary expenses (if any).

PLEASE REFER TO BROKERAGE PRACTICES FOR ADDITIONAL INFORMATION REGARDING THE FIRM'S BROKERAGE ARRANGEMENTS.

The Firm has an affiliated broker-dealer, Renaissance Institutional Management LLC ("RIM"), which is currently the exclusive placement agent for the private placements of securities in the RIEF and RIDA Fund Families. Neither the Firm, RIM, nor any of their supervised persons accept compensation for the sale of securities or other investment products.

As stated above, Renaissance uses quantitative analysis, specifically, mathematical and statistical methods, to uncover technical indicators with predictive value. This analysis is used to construct proprietary computer models that use publicly available financial data to identify and implement trading decisions. The Firm uses these computational trading models to seek appreciation of assets through speculative trading in securities-related and futures-related financial instruments. Within the Medallion Funds, the Firm seeks to achieve appreciation of its assets through speculative investment and trading in a variety of both securities-related and futures-related instruments and derivatives thereon. Within the RIEF Funds, the Firm trades global equity securities that are publicly traded on U.S. securities exchanges and derivatives thereon with the objective of achieving a long-term risk-adjusted return that, on a gross basis, exceeds that of the Funds' benchmark index (the Standard & Poor's 500 Index with dividends reinvested) while attempting to maintain a relatively low beta to the Index of 0.4 or lower and lower volatility than the Index. The RIEF Funds are expected to have a long-term average leverage of approximately 2.5 to 1. The RIEF Funds’ trading strategy is designed with the objective that the RIEF Funds be no more than $100 net long for each $100 of equity. Within the RIDA Funds, the Firm trades equity securities that are publicly traded on global securities exchanges and derivatives thereon with the objective of maximizing long-term return while attempting to meet a standard deviation target. The RIEF Funds and RIDA Funds are also permitted to invest in stock index futures or stock index option contracts for risk reduction purposes. The Kaleidoscope Fund is a fund of funds that seeks to achieve capital appreciation with low volatility by investing in at least three investment vehicles sponsored by Renaissance (currently Medallion, RIEF, and RIDA). Prospective investors in the Medallion, RIEF, and RIDA Fund Families and Kaleidoscope should be aware that their investments are speculative and volatile, involve a substantial degree of risk, and are suitable only for investors who can tolerate significant risk. Past performance is not indicative of future performance, and there is no assurance that any of the Funds will achieve their investment objectives, particularly in periods of market turmoil. Investors may experience a loss of some or all of their investments in any of the Funds, including losses amplified as a result of the Funds’ use of leverage. Investors have limited liquidity rights, Fund positions and transactions will generally not be disclosed to investors, and investors do not participate in management decisions.

THE FOLLOWING IS A BRIEF SUMMARY OF THE MATERIAL RISKS ASSOCIATED WITH THE FIRM'S METHODS OF ANALYSIS AND INVESTMENT STRATEGIES:

The investment programs of the Funds are speculative and involve a high degree of risk. Certain Funds' trading can be highly leveraged, and performance can be, and currently is, volatile. There is no assurance that the Firm's computational and risk management techniques and investment decisions will protect a Fund from significant losses. In addition, there is no assurance that the Firm's analytical techniques will protect a Fund from trading losses, which could be significant and extended, if the underlying patterns of market behavior studied by the Firm (which provide the basis for its statistical models) change in ways the Firm did not anticipate.

The Firm's strategies and trading systems make extensive use of computers. The use of a computer in collating information or in developing and operating a trading method does not assure the success of the method. A computer is merely an aid in compiling and organizing information and in executing algorithms developed by human beings. No assurance is given that the trading decisions based on computer-generated information (and/or, in certain cases, human intervention) will produce profits for the Funds. In addition, while Renaissance monitors systems and markets continuously, on occasion it may intervene in its computer trading systems (1) in rare circumstances, including during periods of market distress, as a form of risk management when, in its view, risk is substantially higher than that perceived by the trading models; (2) to manually input corrections or updates to the data or operational parameters used by the computer system; (3) to address regulatory-related matters; (4) to address technical and operational issues in connection

with trading halts, securities delistings, corporate actions, and other events requiring technical corrections; or (5) based on other exceptional or compelling circumstances that may arise. Notwithstanding the foregoing, Renaissance retains discretion not to intervene even if a Fund’s performance diverges significantly from its investment objectives. An intervention or a decision not to intervene could each negatively affect a Fund’s performance or its ability to meet its investment objectives.

The Firm’s trading decisions for each Fund are based on a variety of statistical models, including forecast models, risk models, and cost models. The profitability of a Fund depends on the accuracy of the underlying forecast and cost models, and the risk control of a Fund relies on the accuracy of the risk models. No assurance can be given of the models’ accuracy. Flaws in these models hinder the Funds in achieving their investment objectives.

A Fund’s trading activities and, therefore, its profitability are affected by the trading activities of other market participants. Other participants may develop (or have already developed) statistical models or trading strategies that have similarities to those used by Renaissance, which could lead to correlation in trading between the Fund and those other market participants. Any such correlation can have a negative impact on the profitability of the Fund’s models, particularly when any of these market participants unwind, or partially unwind, their portfolios, as happens from time to time, including during periods of market turmoil.

The success of a Fund’s trading strategy depends on its ability to implement the trading signals generated by the Firm’s models through prompt executions of orders. If the Fund is unable to obtain prompt executions at desired prices, the Fund’s performance may be adversely affected.

Many countries have been susceptible to epidemics, such as severe acute respiratory syndrome, avian flu, H1N1/09 flu, and COVID-19. The epidemic or pandemic outbreak of an infectious disease, together with any resulting restrictions on travel, transportation, or production of goods or quarantines imposed, will likely have a negative impact on the national, regional, and global economy and business activity in some if not all of the countries in which a Fund may invest, thereby adversely affecting the performance of the Fund’s investments, or may lead to significant interruption in the normal business activity of Renaissance and the Fund’s other service providers (including financial intermediaries), which could negatively affect the performance of the Fund.

Terrorist activities, anti-terrorist efforts, armed conflicts involving the United States or its interests abroad, and natural disasters may adversely affect the United States, its financial markets and global economies, and could prevent a Fund and Renaissance from meeting their respective investment objectives and other obligations. The potential for future terrorist attacks, the national and international response to terrorist attacks, acts of war or hostility, and natural disasters have created many economic and political uncertainties in the past and may do so in the future, which may adversely affect the United States and world financial markets and a Fund for the short or long-term in ways that cannot presently be predicted.

The upheaval in the global financial markets as a result of events, including the COVID-19 pandemic, the banking crisis of March 2023, and military actions in Ukraine and the Middle East, has created, and may continue to create, uncertainty and instability for all market participants. For example, Russia’s military invasion of Ukraine in February 2022, resulted in the United States and other countries imposing significant, wide-ranging economic sanctions against Russia, which could result in significant market disruptions, materially impair the Funds’ investment and trading activity in all impacted regions, and directly affect certain financial instruments in which the Funds invest. Similarly, the war in the Middle East, which began October 7, 2023, as well as military involvement in Iran, have created and may continue to cause uncertainty and instability for market participants and could adversely affect the Funds or their financial intermediaries. The recent imposition of tariffs (and related threats thereof) also contributes to market uncertainty.

The occurrence of any market upheavals of the type described above (as well as the ensuing market, legal, regulatory, reputational, or other consequences) is unpredictable. The occurrence of one or more can be expected to have an adverse effect on a Fund’s business, trading, and performance; restrict its ability to acquire, sell, or liquidate financial instruments at favorable times or prices (thereby also restricting its ability to generate cash to fulfill redemption requests); trigger the need to post additional, and in some cases very large, amounts of collateral with financial intermediaries for extended periods of time; and impede the Fund’s ability to achieve its investment objectives.

Inflation could adversely affect the Funds’ investments, the counterparties with which they deal, and the financial markets in which they pursue investments, each of which could adversely affect the Funds’ performance.

Trading in equity securities on securities markets outside of the U.S. exposes the Funds to additional risks. Non-U.S. securities markets may not be as developed, liquid, or efficient as those in the U.S., and equity securities of non-U.S. issuers may be less liquid and their prices more volatile than comparable securities of U.S. issuers that are traded on U.S. exchanges. Additional risks include market closures for extended periods of time; trading halts; circuit breakers; freezing of accounts; withholding of proceeds from dividends, corporate actions, or profits; or other governmental or regulatory actions or sanctions such as the imposition of limitations or restrictions on trading certain instruments, which can occur abruptly and without guidance. Non-U.S. markets and non-U.S. issuers of securities may be subject to different regulations than are U.S. markets and issuers. Depending on the jurisdiction and the market, there can often be less publicly available information regarding non-U.S. issuers of securities than typically is available about U.S. issuers. Custodial and brokerage expenses, as well as margin requirements, for transactions in non-U.S. equity securities may be higher than for transactions in U.S. securities. Since non-U.S. securities are often purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected by changes in currency rates and exchange control regulations.

Securities, futures, forwards, and other derivatives thereon cannot always be liquidated at the desired price. In particular, it is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. Market disruptions may occur (1) when governments take or are subject to political actions that (a) disrupt the markets in their currency or financial instruments traded in their jurisdictions or (b) relate to issuers under their authority or the major exports of the markets within their jurisdictions or (2) when exchanges impose trading halts, circuit breakers, or other trading limitations or restrictions. Each of these occurrences can reduce market liquidity, making it difficult to liquidate positions altogether or without incurring a substantial price degradation. Periods of market illiquidity occur from time to time, and the events that trigger them are difficult to predict. The size of the positions acquired in any instruments, as well as the size of the trading accounts controlled by Renaissance, may also increase the risk of illiquidity. There can be no assurance that market illiquidity will not cause losses for the Funds.

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As set forth above in Item 4, Advisory Business, Renaissance's clients include the Fund Families and the Kaleidoscope Fund. Fund Family

Minimum Initial Investment1

Medallion Fund Family

$25,000 or as determined by Renaissance or the Fund's directors

RIEF Fund Family

$100,000, $5,000,000, or $50,000,000, as applicable, or, in special circumstances, such lesser amount as Renaissance may permit in its discretion

RIDA Fund Family

$5,000,000 or $50,000,000, as applicable, or, in special circumstances, such lesser amount as Renaissance may permit in its discretion $10,000 or, in special circumstances, such lesser amount as Renaissance may permit in its discretion

Kaleidoscope Fund2

Minimum Investment Required to Maintain Account2 $10,000 or as otherwise determined by Renaissance or the Fund's directors $100,000, $5,000,000, $50,000,000, or $100,000,000, as applicable, or such lesser amount as Renaissance may determine $5,000,000 or $100,000,000, as applicable, or such lesser amount as Renaissance may determine $5,000 or such lesser amount as Renaissance may determine

For the Medallion and RIEF Fund Families, the lowest minimum initial and maintenance investment thresholds set forth above apply to employee and employee-related investors. For certain RIEF Funds and RIDA Funds, the highest minimum investment and maintenance thresholds set forth above apply to investors in particular series who receive enhanced portfolio transparency.

The Kaleidoscope Fund is restricted to employee and employee-related investors.

As described above, the Firm provides its advisory services to the Fund Families and the Kaleidoscope Fund. Within the Medallion, RIEF, and RIDA Fund Families, investors are able to select among various series, some of which charge a performance allocation, while others do not. Investors in all Funds, including any series within a Fund, invest through collective investment pools, and all series of interests within a Fund trade according to the same strategy, regardless of the type of fee that is assessed. Trading results are calculated pro rata and allocated in accordance with the terms for each series. Given the nature of the Firm's trading systems and strategies, no subset of investors, including those subject to performance-based fees, can be favored over another. (Within the RIEF Funds, a separate fund, RIEF RMP, trades for employee and employee-related accounts in a manner parallel to the trading vehicle for the other RIEF Funds.) Certain employees of Renaissance have substantially greater investments in the Medallion Funds than they have in the other funds managed by Renaissance and, in many cases, have invested only in the Medallion Funds. In addition and unrelated to such investments, the Medallion Funds are subject to significantly higher management fees and/or performance allocations than those applicable to the other Funds, and those fees and performance allocations are largely responsible for the amount of compensation that Renaissance employees receive. Consequently, these employee investments and the relationship between fees and employee compensation create incentives for employees to favor the Medallion Funds. Among the Fund Families, and given the differences in trading strategies and fee structures, any potential conflicts regarding order placement or allocation are addressed systemically. The Firm operates the models for each of its Fund Families on separate machines that do not interact with one another. If a Fund and any other Firm-sponsored investment entity attempt to place orders in the same instrument, in the same direction, and at the same time, the Firm's systems do not combine the orders but randomly allow one order to go first. The Firm does not engage in post-trade allocations among orders placed by different Funds.

Renaissance is registered with the Commodity Futures Trading Commission ("CFTC") as both a commodity pool operator and a commodity trading advisor. It is a member of the National Futures Association ("NFA"). Certain management persons are registered with the NFA as associated persons and/or principals of Renaissance. RIM, a wholly owned subsidiary of Renaissance, is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority, Inc. RIM currently is the exclusive placement agent for the private placements of securities in the RIEF and RIDA Fund Families. Nathaniel Simons, a Renaissance director and minority owner, is also the Chairman and a Senior Managing Director of the general partner of Meritage Group LP (“Meritage”), a registered investment adviser that serves as investment manager and/or general partner to certain private investment funds. Investors in Meritage funds include a number of persons associated with Renaissance. Meritage pursues investment strategies that are generally fundamentally-oriented and longer-term in their investment horizons involving public and private equity, credit, and real estate, and has broad discretion to invest in other investment instruments and to employ other strategies in pursuing the objectives of its private investment funds, according to its most recent Form ADV. As a director of Renaissance, Mr. Simons currently receives certain nontechnical information about Renaissance’s investment strategies, but he does not have any active involvement in Renaissance’s investment or trading activities. Pursuant to an administrative services agreement, Renaissance serves as the administrator to a Medallion Fund organized in Bermuda. As administrator, Renaissance is responsible for certain day-to-day administrative functions of such Medallion Fund, which include, without limitation, investor relations and fund accounting functions. Renaissance and certain of its related persons act as sponsor, general partner, managing member, and/or investment manager/adviser of pooled investment vehicles, which are part of the master-feeder fund structures discussed above.

Renaissance has adopted a Code of Ethics ("Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 that is applicable to employees of Renaissance and its subsidiary RIM ("Employees"). The Code and other written policies set forth in the Firm's Code of Ethics and Compliance Manual require Employees to exercise their authority and responsibility for the benefit of clients and to refrain from activities that may conflict with the interests of clients, including, among other things, policies and procedures that do the following:

prohibit trading on the basis of material nonpublic information; prohibit Employees from taking personal advantage of opportunities belonging to clients; place limitations on personal trading by Employees (and related persons) and impose reporting obligations with respect to such trading; require Employees (and related persons) to obtain preclearance of transactions in private placements; prohibit Employees (and related persons) from participating in initial public offerings; impose limitations on the giving or receiving of gifts and entertainment; place limitations on political contributions by certain Employees (and related persons) and impose reporting obligations with respect to such contributions pursuant to "pay to play" rules; and restrict Employees' outside business activities.

The Chief Compliance Officer monitors compliance with these and all other aspects of the Code and related Firm policies. The Firm will provide a copy of the Code to a client or prospective client upon request. Renaissance and RIM seek investors to invest in Funds in which Renaissance and its related persons also invest and for which Renaissance and its related persons serve as general partner, managing member, or investment manager. In addition, because certain of the Funds advised by Renaissance invest in accordance with their investment objectives in other Funds for which Renaissance or its related persons act as general partner, managing member, and/or investment manager, Renaissance may be deemed to be recommending to such Funds that they buy securities in which Renaissance has a financial interest and/or securities that Renaissance also buys for itself (i.e., securities in other Funds). A particular Fund's relationship to other Funds advised by Renaissance is disclosed in such Fund's offering materials.

Employees (and related persons) may invest to a limited extent in the same securities recommended for the Funds, subject to significant personal trading restrictions, including as applicable (1) an account approval requirement, (2) an account reporting requirement, (3) a preclearance requirement, (4) a holdings and transaction disclosure requirement, (5) a holding period requirement, and (6) a trading ban with respect to certain instruments. Exceptions may be granted only with the approval of the Firm's Chief Compliance Officer. Renaissance's Employees (and related persons), as described above, are subject to significant personal trading restrictions, including, if applicable, a holding period requirement. This, coupled with the Firm's style of trading (described above in both Item 4, Advisory Business, and Item 8, Methods of Analysis, Investment Strategies, and Risk of Loss), reduces the risk of an Employee’s (or a related person’s) trading securities for a personal account at or around the same time that a Fund is trading the same securities.

In selecting broker-dealers to execute transactions for its clients, the Firm seeks the best available overall terms, based on a variety of factors, including the ability to achieve prompt and reliable executions at favorable prices; the operational efficiency with which transactions are effected; the competitiveness of commission rates; the securities lending arrangements available from the broker; and the financial strength, integrity, and stability of the broker. Recognizing the value of these factors, Renaissance may pay a brokerage commission in excess of that which another broker might have charged for effecting the same transaction or series of transactions. Renaissance regularly evaluates the placement of brokerage and the reasonableness of commissions paid. However, the Firm is not obligated to solicit competitive bids or seek the lowest available commission costs. Renaissance does not currently receive any form of "soft dollar" compensation from its brokers and will use its best efforts to avoid receiving any in the future. To the extent that any “soft dollar” compensation is received, it will be in compliance with Section 28(e) of the Securities Exchange Act of 1934, as amended, and its receipt will be disclosed to investors. The Firm does not consider client or investor referrals in selecting or recommending broker-dealers. The Firm does not recommend, request, require, or permit clients to direct brokerage. Renaissance does not aggregate orders across client accounts. The Firm operates the models for each of its Fund Families independently from one another. Separate machines are assigned to each Fund Family, and they do not interact with each other. The Firm follows procedures designed to allocate trading opportunities fairly and equitably among the various Fund Families that it manages. If a Fund and any other Firm-sponsored investment entity attempt to place orders in the same instrument, in the same direction, and at the same time, the Firm's systems do not combine the orders but randomly allow one order to go first, thus allowing one trading entity to enter the market before the other. In addition, the Firm has no control over the timing or manner in which orders are filled, and therefore, an order that enters the market first may not be filled first, may not be filled at all, or may be filled at a better or worse price. The Firm does not engage in post-trade allocations among orders placed by a Fund and any other Firm-sponsored investment entity.

The Firm does not participate in arrangements whereby nonclients provide economic benefits to the Firm for providing investment advice or other advisory services to the Firm's clients. As described in Item 10, Other Financial Industry Activities and Affiliations, RIM is the exclusive placement agent for the private placements of securities in the RIEF and RIDA Fund Families. In consideration of these services, the Firm pays RIM (pursuant to an Expense Sharing Agreement) for certain of RIM's expenses, plus an additional fee.

The Spanish National Securities Markets Commission (the “CNMV”) determined that, in 2017, Renaissance on behalf of its funds traded in violation of a Spanish short selling ban on the securities of Liberbank, S.A. (“Liberbank”). Although Renaissance had not engaged in any short sales of Liberbank, the CNMV determined that Renaissance’s reduction of long positions in Liberbank violated the short sale ban because it resulted in an increase in the funds' net short position in Liberbank. Renaissance’s appeal of the CNMV’s determination to the Spanish Ministry of Economy and Enterprise was rejected on April 1, 2019. Renaissance paid the CNMV a fine equal to 150,000 euros on June 26, 2019. (The monetary fine as noted in Form ADV Part 1A was converted into U.S. dollars using the exchange rate on the date of payment.) Renaissance’s appeals to the Spanish National High Court and the Spanish Supreme Court were rejected on June 18, 2020, and July 7, 2021, respectively. On April 22, 2021, the Swedish Financial Supervisory Authority (Finansinspektionen) determined that Renaissance had not timely filed notifications with respect to net short positions held by Renaissancemanaged funds in a specific Swedish listed security (“Short Notifications”) and imposed a fine of SEK 1,000,000. Renaissance had self-reported to Finansinspektionen in September 2017 that it had failed to timely file these Short Notifications on multiple occasions in 2016 and 2017. The failure was due to a coding error related to an ambiguity as to whether transactions in that particular security were exempt from reporting following a corporate transaction by the issuer. Renaissance detected the error in connection with a routine review and corrected it. Renaissance paid the fine on May 17, 2021. (The amount of the fine as noted in Form ADV Part 1A (USD 120,457) was converted into U.S. dollars using the exchange rate on the date of payment.)

Renaissance monitors compliance with the investment objectives of its clients at weekly meetings attended by the most senior staff of its Research, Production, Research Infrastructure, and Data departments. At these meetings, the previous week's performance and any matters that led to system adjustments may be reviewed and discussed. Proposed enhancements and changes in the Firm's computerized models are reviewed and approved when appropriate. The Firm reviews client accounts on a periodic basis as set forth above. Additional reviews may be conducted at the request of senior management. Investors in all Fund Families and the Kaleidoscope Fund receive monthly reports, which include Fund performance information and information about an investor's individual investment in such Fund. The reports are available on the investor website and upon request. In addition, investors in the RIEF and RIDA Fund Families have access to weekly Fund performance updates, monthly assets under management information, and monthly commentaries. Subject to certain enhanced confidentiality obligations and higher minimum investment requirements, investors in certain series of the RIEF and RIDA Fund Families have access to quarterly reports that include position-level transparency on a delayed basis. All investors receive copies of the annual audited financial statements for the Funds in which they invest. Investors in the RIEF and RIDA Fund Families also receive quarterly unaudited financial statements.

The Firm may be deemed to have custody of the assets of the Funds. The Firm uses qualified custodians to maintain the assets of the Funds. It engages public accountants registered with and subject to inspection by the Public Company Accounting Oversight Board to conduct annual audits and will, in accordance with SEC rules, distribute audited financial statements (prepared in accordance with generally accepted accounting principles) to Fund investors within 120 days of the end of each fiscal year (or 180 days in the case of the Kaleidoscope Fund). The Firm produces monthly statements at the fund and investor level for the Medallion Funds, the Kaleidoscope Fund, and one Fund in the RIEF Fund Family (RIEF RMP) that is designed for employeerelated investors; monthly account statements for investors in the other RIEF Funds and the RIDA Funds are prepared by the Funds’ administrator, The Bank of New York Mellon. Investors should carefully review their account statements. Qualified custodians for each Fund provide daily, weekly, and monthly account reports that are presented for review and reconciliation with the Firm's records.

Subject in certain instances to restrictions contained in the agreements described below, Renaissance will ordinarily be granted discretionary authority to determine the type and amount of securities to be purchased or sold for the Funds and to select the counterparty to be used and the commission cost to be paid. Renaissance exercises its investment authority on behalf of the Funds pursuant to provisions in each of their limited partnership agreements, limited liability company operating agreements, or investment management agreements, as applicable. Limitations on Renaissance's authority are guided by its responsibility to act as a fiduciary when handling clients' accounts, the obligation to seek best execution of clients' trades, and the Funds' offering documents.

The Firm has authority to vote proxies on behalf of the Funds. The Firm has established a two-tiered policy for voting proxies. For the RIEF and RIDA Funds, which employ a long-term holding strategy, proxies will be voted, and the Firm will generally rely on the recommendations of its proxy adviser, Institutional Shareholder Services, Inc. ("ISS"). (If ISS does not have a recommendation, the Firm generally will abstain from voting.) The Firm believes that ISS makes proxy voting recommendations that are generally in the best interests of the RIEF and RIDA Funds in an impartial manner. For the Medallion Funds, which are traded pursuant to a high turnover strategy, the Firm will abstain from voting proxies, as it has concluded that under ordinary circumstances the voting of proxies for these Funds would not be in the best interests of its clients because (a) it would divert resources away from the implementation of its trading strategy and (b) given the Funds' high rate of turnover, it is unlikely that securities held on a particular record date would remain in the portfolio on the date of the vote. Notwithstanding the above, in certain limited circumstances, the Firm may cast proxies for the Medallion, RIEF, or RIDA Funds without regard to the recommendations of ISS, if applicable. The Firm does not expect any conflicts in its proxy voting practices; however, the Chief Compliance Officer will seek to identify any potential conflict of interest inherent in the Firm's vote, determine whether any such conflict is "material" (as interpreted by the SEC), and address such conflict in the best interests of the Fund. Information about a particular vote cast and copies of the Firm's proxy voting policy and procedures are available to clients upon request.

The Firm does not require prepayment of fees six months or more in advance. Accordingly, no balance sheet is attached. The Firm is not aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to its clients. The Firm has never been the subject of a bankruptcy petition.