Stone House Capital Management, LLC

Stone House Capital Management, LLC, doing business as Stone House Partners, a Delaware limited liability company and private investment advisory firm, was formed in January 2010. We provide investment advisory services to private pooled investment vehicles that are offered to investors on a confidential, private placement basis. In connection with providing these investment advisory services, we serve as investment adviser with discretionary trading authorization. Our investment advisory services are provided in accordance with the investment objectives and guidelines set forth in the applicable offering and/or governing documents, and the information set forth in this brochure is qualified in its entirety by such documents. PRINCIPAL OWNERS We are wholly owned and controlled by Mark A. Cohen and Richard M. Cohen, our sole members. TYPES OF ADVISORY SERVICES Our private investment fund clients include SH Capital Partners, L.P., a Delaware limited partnership (the “Onshore Fund”), and SH Capital Offshore, LTD, a Cayman Islands exempted company (the “Offshore Fund” and together with the Onshore Fund, each, a “Fund” and together, the “Funds”). The Offshore Fund invests substantially all of its assets in, and conducts its investment activities indirectly through, the Onshore Fund, pursuant to a mini-master feeder structure. We provide investment management services to the Funds primarily with respect to investments in publicly-traded equity securities. We generally are responsible for investing and re-investing the assets of the Funds in accordance with the investment objectives, policies and guidelines set forth in their offering and governing documents. Information about each Fund is set forth in its confidential memorandum and applicable governing documents. Investment in a Fund does not, in and of itself, create an advisory relationship between an investor in such Fund and us. See Item 8 below. INVESTMENT RESTRICTIONS We provide investment advice to the Funds in accordance with the investment objectives, policies and guidelines set forth in the applicable offering and governing documents, and not in accordance with the individual needs or objectives of any particular investor in the Funds. Investors generally are not permitted to impose restrictions or limitations on the management of the Funds. Notwithstanding the foregoing, we may enter into side letter agreements with one or more investors in a Fund that alter, modify or change the terms of the interests held by those investors. ASSETS UNDER MANAGEMENT As of December 31, 2025, we had approximately $169.8 million in regulatory assets under management. All of these assets were managed on a discretionary basis.

In consideration of our advisory services, we receive management fees and we or one of our affiliates may be entitled to receive performance-based allocations with respect to the Funds. While fees and allocations are described in detail in the applicable governing and/or offering documents, a brief summary of our advisory fees is set forth below. Onshore Fund With respect to the Onshore Fund, we generally are entitled to receive an asset-based management fee, payable at the beginning of each calendar quarter in advance, equal to (i) one-fourth (1/4) of two percent (2%) of the capital account balance of each Class A limited partner, (ii) one-fourth (1/4) of two percent (2%) of the capital account balance of each Class B limited partner, (iii) one-fourth (1/4) of one and one-half percent (1.5%) of the capital account balance of each Class C limited partner, (iv) one-fourth (1/4) of one and one-half percent (1.5%) of the capital account balance of each Class D limited partner and (v) one-fourth (1/4) of one and one-half percent (1.5%) of the capital account balance of each Class E limited partner. Subject to certain limitations (including the high water mark described below), at the end of each fiscal year, one of our affiliates may be entitled to receive a performance allocation equal to (i) 20% of each Class A limited partner’s allocable share of net profits for the applicable fiscal year, (ii) 20% of each Class B limited partner’s allocable share of net profits for the applicable fiscal year, (iii) 15% of each Class C limited partner’s allocable share of net profits for the applicable fiscal year, (iv) 20% of each Class D limited partner’s allocable share of net profits for the applicable fiscal year, (v) 20% of each Class E limited partner’s allocable share of net profits for the applicable fiscal year and (vi) 30% of each Class F limited partner’s allocable share of net profits for the applicable fiscal year. The performance allocation is subject to a “high water mark” limitation. As a result, after the first fiscal period in which a performance allocation is earned, the performance allocation for subsequent periods applies only to the extent that a limited partner’s pro rata share of net profits measured on a cumulative basis, net of any losses, for all periods since admission exceeds the highest level of such cumulative net profits achieved through the close of any prior year since admission. Offshore Fund The Offshore Fund invests substantially all of its assets in, and conducts its investment activities indirectly through, the Onshore Fund, pursuant to a mini-master feeder structure, and the management fee and performance allocation with respect to the Offshore Fund is calculated at the Onshore Fund level. In order to track the management fee and performance allocation attributable to each investor in the Offshore Fund, the Onshore Fund establishes a separate account within the capital accounts of the Onshore Fund which corresponds to each shareholder in the Offshore Fund. With respect to the Offshore Fund, we generally are entitled to receive an asset-based management fee, payable at the beginning of each calendar quarter in advance, equal to (i) one-fourth (1/4) of two percent (2%) of the net asset value of the separate account attributable to each Class A shareholder, (ii) one-fourth (1/4) of one and onehalf percent (1.5%) of the net asset value of the separate account attributable to each Class B shareholder, (iii) one-fourth (1/4) of one and one-half percent (1.5%) of the net asset value of the separate account attributable to each Class D shareholder and (iv) one-fourth (1/4) of one and one-half percent (1.5%) of the net asset value of the separate account attributable to each Class E shareholder. Subject to certain limitations (including the high water mark described below), at the end of each fiscal year, one of our affiliates may be entitled to receive a performance allocation equal to (i) 20% of the net profits allocated to the separate account attributable to each Class A shareholder, (ii) 15% of the net profits allocated to the separate account attributable to each Class B shareholder, (iii) 20% of the net profits allocated to the separate account attributable to each Class D shareholder, (iv) 20% of the net profits allocated to the separate account attributable

to each Class E shareholder and (v) 30% of the net profits allocated to the separate account attributable to each Class F shareholder. The performance allocation is subject to a “high water mark” limitation. As a result, after the first fiscal period in which a performance allocation is earned, the performance allocation for subsequent periods applies only to the extent that a shareholder’s pro rata share of net profits measured on a cumulative basis, net of any losses, for all periods since admission exceeds the highest level of such cumulative net profits achieved through the close of any prior year since it purchased shares. Funds Each investor in a Fund generally is required to represent that it is a “qualified client” as such term is defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); provided that our affiliate may waive the performance allocation with respect to any investor that does not qualify as a “qualified client.” Our advisory fees with respect to the Funds and each investor generally are not negotiable. However, we may enter into side letters or similar arrangements with certain investors that grant different terms (including the reduction or elimination of fees) to such investors than the terms generally applicable to other investors. PAYMENT OF FEES Onshore Fund Management fees are payable by limited partners quarterly, in advance, as of the beginning of each calendar quarter. Management fees are deducted directly from the capital account(s) of each limited partner. In the event that the Onshore Fund is dissolved, a limited partner withdraws or our advisory services are terminated prior to the end of any calendar quarter, then an amount equal to a pro rata portion of the management fee, based on the actual number of days remaining in such quarter, will be refunded to the applicable limited partner(s). Management fees are also prorated with respect to capital contributions made by limited partners during a calendar quarter. Performance allocations are calculated and re-allocated from each capital account of a limited partner to our affiliate as of the end of each fiscal year (and at such other times as set forth in the partnership agreement). Performance allocations are allocated directly from each capital account of a limited partner to one of our affiliates. Offshore Fund Management fees are payable by shareholders quarterly, in advance, as of the beginning of each calendar quarter. Management fees are deducted directly from the separate account(s) of each shareholder. In the event that the Offshore Fund is dissolved, a shareholder redeems its shares or our advisory services are terminated prior to the end of any calendar quarter, then an amount equal to a pro rata portion of the management fee, based on the actual number of days remaining in such quarter, will be refunded to the applicable shareholder(s). Management fees are also prorated with respect to capital contributions made by shareholders during a calendar quarter. Performance allocations are calculated and re-allocated from each separate account of a shareholder to our affiliate as of the end of each fiscal year (and at such other times as set forth in the Offshore Fund’s offering documents). Performance allocations are allocated directly from each separate account of a limited partner to one of our affiliates. OTHER FEES AND EXPENSES In addition to management fees and performance allocations, each Fund generally bears all costs and expenses relating to its operations and/or activities, including but not limited to organizational expenses, legal, auditing and accounting expenses (including the maintenance of books and records), costs for the preparation of financial statements, tax returns and Schedule K-1, if applicable, expenses of the meetings of the investors, if any, and other expenses associated with the acquisition, holding and disposition of investments, as well as extraordinary expenses, such as litigation. Clients generally are responsible for and pay all brokerage and custodial fees. See Item 12 below.

COMPENSATION FOR THE SALE OF SECURITIES OR OTHER INVESTMENT PRODUCTS Neither we nor any of our supervised persons accept compensation for the sale of securities or other investment products.

The descriptions set forth in this brochure of specific advisory services we offer to clients, investment strategies and investments we make on behalf of clients should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this brochure, that we consider appropriate, subject to each client’s investment objectives and guidelines. Our investment objective is to achieve long term capital appreciation. We seek to achieve our objective primarily through investments in the common stock of publicly-traded companies. In addition, we have the ability to invest client assets in other financial instruments, including, without limitation, common stocks, preferred stocks, limited partnership interests, warrants, equity derivatives, convertible securities, listed and unlisted options, shares of beneficial interest, convertible preferred obligations, and rights, options, puts and calls with respect to any of the foregoing. We are not subject to limitations on the amount of client capital which may be allocated to any one investment. Accordingly, our portfolio may be heavily concentrated from time-to-time. Our overall investment philosophy is value-driven and predicated on fundamental analysis. We invest with a bottom-up approach, focusing on individual companies. We generally do not invest client assets with a macroeconomic focus or in industries that we do not believe we fully understand. The investment strategies summarized above are not intended to be comprehensive. For more information regarding the investment strategies of each Fund, please see the applicable governing and/or offering documents of each Fund. We generally make a relatively limited number of investments and engage in a buy and hold investment strategy wherein securities are held for a relatively long period of time, regardless of short term market fluctuations or stock price volatility. We may invest a substantial portion of client assets in an individual investment, generally resulting in a highly concentrated, undiversified portfolio. CERTAIN RISK FACTORS There can be no assurance that clients or investors will achieve their investment objectives or that investments will be successful. Our investment strategies involve a substantial degree of risk, including risk of complete loss. Nothing in this brochure is intended to imply, and no one is or will be authorized to represent, that our investment strategies are low risk or risk free or that they will achieve the investment objectives. Our investment strategies are appropriate only for sophisticated persons who fully understand and are capable of bearing the risks of investment. The various risks outlined below are not the only risks associated with our investment strategies and processes and may not necessarily apply to each client or investor. With respect to the Funds, the following risks are qualified in their entirety by the risks set forth in the applicable offering documents. General Market and Economic Conditions. Changes in general global, regional and U.S. economic, market, and geopolitical conditions and national and international political circumstances and developments and other circumstances and occurences (including, without limitation, wars, epidemics, pandemics, outbreaks of disease, terrorist acts, security operations, bank failures or financial institution instability, disruptions in the financial industry, natural disasters, high inflation or deflation, recessions, government operations, changes in interest rates, availability of credit, commodity prices, economic or market uncertainty, changes in laws (including laws relating to taxation or regulation of the Funds’ investments), trade barriers, trade wars, tariffs, protectionist regulatory policies, unemployment rates, release of economic or employment data, and global or regional supply chain disruptions, delays and issues), as well as changes in government or regulatory policy precipitated by the foregoing, may affect our and the Funds’ activities. These and other factors, conditions and circumstances may affect the level and volatility of commodities or investment prices, the correlations and relationships between the prices of various commodities and investments, and the liquidity of the Funds’ investments in ways that impair the Funds’ profitability or result in losses. Unpredictable or unstable market, economic and other conditions and developments, or changes in market and economic conditions, may also result in reduced opportunities to find suitable and appropriate investments to deploy capital, impair or adversely affect the value of investments, or

make it more difficult to exit and realize value from investments. From time to time, including during the beginning of the COVID-19 global pandemic and during 2008-2009, various markets around the world have experienced extreme periods of volatility, illiquidity, correlation with other market, negative (or positive) performance, and other disruptions and conditions that would previously have been viewed as extremely unlikely or even impossible. Such market, economic and financial developments have led to large losses and insolvencies at numerous financial and investment firms soon thereafter, and significant governmental interventions. For example, during the second half of 2008, the state of the U.S. and worldwide economy deteriorated into a severe recession which lasted several years. If a similar economic or market or financial event or situation were to occur in the future, the Funds could experience a reduction in attractive investment opportunities and the Funds’ investments could be impaired or affected in many ways that cannot be predicted or prevented. The short-term and the longer-term impact of these events are uncertain, but they could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity. Any economic downturn resulting from a recurrence of such marketplace events and/or continued volatility in the financial markets could adversely affect the financial resources of entities owned by the Funds. Additionally, there has been significant discussion, dialogue and recent actions regarding significant changes to U.S. trade policies, legislation, treaties, trade policies and tariffs affecting various countries and trade partners. Tariffs, protectionist or nationalist policies, and other trade restrictions or actions imposed by the U.S. government and any further similar changes in U.S. trade policy have triggered some, and could trigger additional, retaliatory actions by affected countries and trade partners, resulting in “trade wars”. In addition, trade tensions between the European Union and China have also escalated, with the European Union considering measures to address Chinese overcapacity in certain industries (e.g., the electric vehicle, solar, wind, semiconductor and pharmaceutical industries). Such measures, and potential Chinese retaliation, may affect global markets and sectors in which Funds invest. At this time, it is unknown whether and to what extent additional new legislation will be passed into law, pending or new regulatory proposals will be adopted (including with respect to bank reform), international trade agreements will be negotiated, or the effect that any such action would have, either positively or negatively, on the Funds or their investments. Investments can be expected to be sensitive to the performance of the overall economy. Moreover, a serious pandemic, recent bank failures, government shutdown, work stoppage, natural disaster, armed conflict, threats of terrorism or terrorist attacks and the impact of military or other action could severely disrupt global, national and/or regional economies. A resulting negative impact on economic fundamentals and consumer and business confidence may negatively impact market value, increase market volatility and reduce liquidity, all or any of which could have an adverse effect on the performance of the Funds’ investments, the Funds’ returns and the Funds’ ability to make and/or dispose of investments. No assurance can be given as to the effect of these events on the Funds or their investment objectives. There can be no assurance that general market and economic developments in the future will not have a material adverse effect on us or the Funds. The Funds could incur material losses even if we react quickly to difficult market, financial or economic conditions, and there can be no assurance that the Funds will not suffer material losses and other adverse effects from rapid changes in market or economic conditions in the future. Investors should realize that markets for the Funds’ investments can correlate strongly with each other (or cease to correlate) at times or in ways that are difficult for the us to predict. Even a well-analyzed approach may not protect the Funds from significant losses under certain market, economic or other conditions. The particular or general types of market, financial or economic conditions in which the Funds may incur losses or experience unexpected performance volatility cannot be predicted, and the Funds may materially underperform other investment funds or vehicles with substantially similar investment objectives and approaches. Regulatory Developments. The legal, tax and regulatory environment worldwide for investment advisers, private investment funds, other alternative investment vehicles and the financial services industry continues to evolve, and changes in the regulation of and laws applicable to investment advisers, private investment funds and vehicles, and their trading and investing activities may have a material adverse effect on the ability of the Funds to pursue their investment program and the value of investments held by the Funds. There has been an increase in scrutiny of the financial services and alternative investment industry by governmental agencies and self-regulatory organizations. Such scrutiny may increase our or the Funds’ exposure to potential liabilities and to additional legal, compliance, tax, regulatory and other related costs. New laws and regulations or actions taken by regulators that

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As described above, we currently provide investment advisory services to our affiliated private investment funds. Investors in the Funds may include high net worth individuals, banks and thrift institutions, investment companies, pension and profit sharing plans, trusts, estates, charitable organizations, corporations and other business entities. ACCOUNT REQUIREMENTS The minimum initial capital contribution generally required for an investor in the Funds is $1,000,000, although capital contributions of lesser amounts may be accepted in our discretion (subject to applicable legal requirements). Each investor in the Funds generally is required to represent that it is, among other things, an “accredited investor,” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and a “qualified client,” as such term is defined in Rule 205-3 under the Advisers Act.

As noted under Item 5 above, we or our affiliate may receive performance-based allocations from our clients. Performance-based allocations could motivate us to make investment decisions that are riskier or more speculative than would be the case if these arrangements were not in effect. In addition, because performancebased allocations with respect to the Funds may be calculated on a basis that includes both realized and unrealized appreciation in portfolios based upon values assigned by us or administrators under our control, we face a conflict of interest in valuing those portfolios. Certain of our individual employees and affiliates who are compensated to some extent based upon investment profits for which they are responsible face the same potential conflicts.

Not applicable.

We have adopted and implemented a code of ethics, which sets forth standards of business conduct for our employees. Our code of ethics is primarily designed to educate employees about our philosophy regarding ethics and professionalism, emphasize our fiduciary duties to clients, encourage employees to comply with applicable laws, prevent the misuse of material non-public information, the circulation of rumors and other forms of market abuse and address conflicts of interest that arise from personal trading by employees. Among other things, we impose restrictions on access persons relating to the purchase or sale of securities for their own accounts and the accounts of certain affiliated persons. We also maintain certain policies and procedures designed to prevent employees and principals from misusing material non-public information. We will furnish a copy of our code of ethics to clients and investors upon request. PERSONAL TRADING Access persons generally are prohibited from purchasing or selling individual securities in their personal trading accounts (without the prior written consent or approval of the Chief Compliance Officer). Notwithstanding the foregoing, access persons generally are permitted to purchase or sell index securities and mutual funds for their own personal accounts. Our Code of Ethics sets forth our practice of monitoring and supervising the personal securities transactions of access persons. Pursuant to our policies, none of our supervised persons should prefer his or her own interest to that of an advisory client (or place his/her own interests above the interests of our advisory clients) or make personal investment decisions based on the investment decisions of advisory clients. To supervise compliance with our Code of Ethics, we require all of our access persons to provide annual securities holdings reports and at least quarterly transaction reports to the Chief Compliance Officer. The Chief Compliance Officer reviews such reports on a periodic basis to ensure compliance with our policies and procedures and in an attempt to identify any red flags. Our Code of Ethics also requires that all access persons obtain pre-approval before directly or indirectly acquiring a beneficial ownership interest in any initial public offering or private placement. We have also established a restricted list that contains securities in which access persons may not trade. Securities on the restricted list generally include issuers about which the firm has inside information or has entered into a relationship likely to lead to inside information (as well as any additional securities that may be restricted for other reasons). We also strictly prohibit “front-running” client accounts (which is the practice of executing orders for an employee’s personal account while taking advantage of advance knowledge of pending orders from its clients). OTHER ACTIVITIES We and/or one or more of our affiliates may, directly or indirectly, organize, sponsor and/or manage other limited partnerships or other pooled investment vehicles (each, a “Related Fund”) in the future. No such Related Fund shall be precluded from co-investing with the Funds. Mr. Cohen currently serves, and Mr. Cohen and/or any of our employees may in the future serve, on the management committees, boards of directors, or in other capacities of various companies in which the Funds invest. Mr. Cohen and/or such employees may receive compensation (whether in the form of incentive awards or otherwise) in their capacities as a director, officer or agent of such companies. We have adopted various policies and procedures to address potential conflicts of interest arising from outside business activities, including but not limited to, providing that any compensation received by Mr. Cohen and/or any of our employees with respect to such company in which the Funds invest will be held for the benefit of (and/or transferred to) the Funds for the Funds’ benefit. We devote such time to each client’s affairs as we deem consistent with the client’s goal of achieving its investment objectives. Notwithstanding the foregoing, neither we nor any of our affiliates are prohibited from engaging in any activity whatsoever permitted by applicable law. Subject to our policies and procedures described above, we and our affiliates may engage and hold interests in other business ventures of every kind and description for our own accounts including, without limitation, other investment entities similar to our clients,

whether or not such business ventures are in direct or indirect competition with our clients, and whether or not any investor also has an interest therein, without having to account to us or any client for any profits or other benefits derived therefrom and without incurring any obligation to offer any interest in any such activity to clients or investors.

In general, we have authority to select the brokers and other counterparties to be used for client transactions and negotiate commission rates and other monies paid by clients. We generally select broker-dealers on the basis of obtaining the best overall terms available, which we evaluate based on a variety of factors, including, among other things: the broker’s ability to effect the transactions; its facilities, reliability and financial responsibility; and the provision or payment by the broker of the costs of research and research-related services which are of benefit to us and our clients. Because commission rates in the United States as well as other jurisdictions are negotiable, selecting brokers on the basis of considerations which are not limited to applicable commission rates may at times result in higher transaction costs than would otherwise be obtainable. BEST EXECUTION In placing orders for the purchase and sale of securities, we generally seek best net execution, which includes both commissions and execution prices. Orders are placed with brokers or dealers which we believe to be responsible and provide effective execution of client orders under conditions most favorable to client accounts. SOFT DOLLAR PRACTICES We may use soft dollars generated by client accounts to pay for certain research and/or related services provided by brokers described above. The term “soft dollars” refers to the receipt by an investment manager of products and services (including research) provided by brokers without any cash payment by the investment manager, based on the volume of revenues generated from brokerage commissions for transactions executed for clients of the investment manager. The products and services available from brokers include both internally generated items (such as research reports prepared by employees of the broker) as well as items acquired by the broker from third parties (such as quotation equipment). Using soft dollars to obtain investment research and/or related services creates a conflict of interest between us and our clients. Soft dollars may be used to acquire products and services that are not exclusively for the benefit of clients which paid the commissions and that may primarily or exclusively benefit us. If we are able to acquire these products and services without expending our own resources (including management fees paid by clients), our use of soft dollars would tend to increase our profitability. Furthermore, we may have an incentive to select or recommend brokers based on our interest in receiving research or other products or services, rather than on our clients’ interest in receiving most favorable execution. We may cause clients to pay commissions (or markups or markdowns) higher than those charged by other brokers in return for soft dollar benefits. Soft dollar benefits generally are used to service all of our clients. We seek to allocate soft dollar benefits among client accounts in a fair and equitable manner under the circumstances, but there can be no assurance that we will be successful in this regard. At this time, we have no existing formal soft dollar arrangements in place and have no present intention to enter into soft dollar arrangements in the future, other than with respect to research and other similar items provided by brokers. During the last fiscal year, we did not acquire any soft dollar items. Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), provides a safe harbor to advisers who use soft dollars generated by client accounts to obtain investment research and brokerage services that provide lawful and appropriate assistance to us in the performance of investment decision-making responsibilities. We intend that any soft dollars that we receive in connection with client-related matters would be within the limitations set forth in Section 28(e) of the Exchange Act. BROKERAGE FOR CLIENT REFERRALS In selecting or recommending brokers, we generally do not consider whether we or our related persons receive

client or investor referrals from such brokers. DIRECTED BROKERAGE We do not recommend, request or require clients to direct us to execute transactions through a specified brokerdealer. We also do not permit a client to direct brokerage for order execution purposes.

Except as described in Item 12 above, we currently do not receive any economic benefit from any person who is not a client for providing investment advice or other advisory services to our clients. REFERRALS We currently do not compensate any third party for client or investor referrals.

Neither we nor any of our employees have been involved in any legal or disciplinary events related to past or present investment clients or investors.

Jonathan Weinstein, as our Chief Compliance Officer, reviews all client securities transactions, and Mark A. Cohen, as our Managing Member, generally conducts reviews of the Funds, on a daily basis. With respect to accounting matters, we have engaged a nationally-recognized, independent public accounting firm to conduct annual audits of the Funds. Each Fund is reviewed to assess performance to date in light of the Fund’s investment objective, investment activity to date and an evaluation of any appropriate changes in the Fund’s portfolio. REPORTS TO INVESTORS We provide annual audited financial statements and annual U.S. income tax information to investors in the Funds. We also provide clients and investors with periodic performance reports. All such statements and reports are written. In addition, we may provide additional information to certain clients and/or investors that is not distributed to other clients and/or investors.

We may be deemed to have custody of the Funds’ cash and securities for purposes of Rule 206(4)-2 under the Advisers Act or applicable law. In accordance with Rule 206(4)-2, the Funds’ cash and securities (except for privately placed securities) generally are held with one or more qualified custodians. We may change the custodians at any time and from time to time without the consent of, or notice to, investors. We have engaged an independent public accounting firm to conduct an annual audit of each Fund, and audited financial statements (prepared in accordance with generally accepted accounting principles) are provided to investors on an annual basis. We attempt to provide such statements to investors within 120 days after the end of each fiscal year, but there can be no assurance that we will be successful in this regard. Qualified custodians do not provide statements directly to investors in the Funds.

We have discretionary power and authority over the types of financial instruments to be bought or sold, as well as the amount to be bought or sold on behalf of the Funds. We have authority to determine the broker-dealer or other counterparty to be used for transactions and the negotiation of commission rates and other consideration to be paid by the Funds. LIMITED POWER OF ATTORNEY Each investor in the Funds generally grants us a limited power of attorney to enable us to take certain actions with respect the Funds. Each Fund also grants us a power of attorney to engage in authorized trading on its behalf.

We have the authority to vote proxies with respect to securities owned by the Funds and have adopted proxy voting policies and procedures in our compliance manual. In general, our policy is to vote proxy proposals, amendments, consents or resolutions in a manner that serves the best interests of the Funds, as determined in our discretion, and our proxy voting policy. We may determine not to vote proxies in respect of securities of any issuer if we determine it would be in the Funds’ overall best interests not to vote. Investors generally may not direct or otherwise influence our vote with respect to any particular proxy solicitation. Investors may obtain copies of our proxy voting policy, together with information regarding how we have voted past proxies, by contacting us.

Not applicable.