Versor Investments LP

Versor is a Delaware limited liability company founded in January 2014. Versor is principally owned by Deepak Gurnani and Kiran Gurnani through various intermediate entities. Versor provides discretionary investment advisory services to private investment vehicles organized in a master-feeder structure and separately managed accounts. The private investment vehicles are Cayman Islands exempted companies and include the ARP Alternative Risk Premia Master Fund Ltd. (Standalone Master Fund). The Versor Merger Arbitrage Master Fund Ltd. (the “Master Funds”), ARP Alternative Return Capture Master Fund Ltd. (the Master Fund) and their respective feeder funds. Versor Trend Following Master Fund Ltd. (the Master Fund), Versor GETT Alpha Master Fund Ltd. (the Master Fund) and Versor GETT Directional Master Fund Ltd. (the Master Fund) are Cayman Islands exempted companies and their respective feeder funds are US Delaware entities The feeder funds and Master Funds are each referred to herein as a “Fund” or collectively the “Funds.” Versor’s investment approach is completely systematic and ultimately dependent on identifying such factors and utilizing tactical asset allocation within and across alternative risk premia factors. Versor provides investors exposures to systematic alternative investment strategies. Versor’ groups its product offerings across two primary strategies: Hedge Funds and Alternative Risk Premia.: 1.

Versor Stock Selection Strategy invests in an investable universe consisting of stocks in Standard & Poor’s broad market indices for the United States, Europe, United Kingdom, Canada, Japan, and Australia. Versor may add or exclude countries or regions from the Fund’s investable universe in the Versor’s sole discretion.

2.

Versor Trend Following Strategy invests in an investable universe consisting of approximately 100+ contracts of futures and futures-related instruments across four major asset classes: commodities (energy, base metals, precious metals, agriculture and livestock), equities (North America, Europe, Asia-Pacific), bonds and currency markets globally. Versor may add or exclude instrument types, contracts, asset classes, countries or regions from the Fund’s investable universe in the Versor’s sole discretion.

3.

Versor Equity Event Strategy invests in an investable universe consisting of listed stocks undergoing corporate events in the United States, Europe, the United Kingdom and Canada. Versor may add or exclude corporate event types, countries or regions from the Fund’s investable universe in the Versor’s sole discretion.

4.

Versor Global Macro Strategy invests in an investable universe consisting of approximately 80+ contracts of futures and futures-related instruments across four major asset classes: commodities (energy, base metals, precious metals, agriculture and livestock), equities (North America, Europe, Asia-Pacific), bonds and currency markets globally. The investable universe includes both developed and emerging markets. Versor may add or exclude instrument types, contracts, asset classes, countries, or regions from the Fund’s investable universe in the Investment Manager’s sole discretion.

Versor also provides investment management services on a discretionary basis to one or more separately managed accounts that invest in the either the Versor Multi-Strategy, Versor Stock Selection Strategy, Versor Trend Following Strategy, Versor Merger Arbitrage Strategy, Versor Global Macro Strategy, Versor GETT Alpha Strategy, Versor GETT Directional Strategy or Versor Equity Prism Strategy (each, a “Client” and collectively, the “Clients”) but may impose additional restrictions. Versor has full discretion of all investment decisions made on behalf of the Funds and Clients. Investment advice is provided directly to the Funds according to each Fund’s particular investment objectives and not individually to each Fund’s investors. As of June 30, 2026, Versor had approximately $ 718,052,422 of regulatory assets under management on a discretionary basis.

The Funds Compensation received by Versor and/or an affiliate for their investment advisory services to the Funds is comprised of management fees based on a percentage of assets under management. The fees are deducted directly from the applicable Fund’s account. The rate of management fees may differ based on share class. Investors in the Funds ultimately determine in which share class they invest. Management and Performance Fees For its investment management services to the Funds, the applicable Versor Adviser is entitled to receive a management fee (“Management Fee”) in advance as of the first calendar day of each month equal to a percentage of the net asset value of each series of shares, and in some cases a performance fee (“Performance Fee”) on an annual or quarterly basis based on the fee schedule below. Versor may reduce or waive any Management Fee at any time with respect to certain investors or investments, including family members and affiliated entities.

Management Fees

Performance Fees

Versor Stock Selection

0.00%

20.00%

Versor Merger Arbitrage

1.00%

10.00%

Versor Trend Following

0.90%

Nil

Versor Equity Events

2.00%

20.00%

Versor Global Macro – Share Class A

0.90%

Nil

Versor Global Macro – Share Class B

1.00%

10.00%

Versor GETT Alpha

1.50%

20.00%

Versor GETT Directional

1.50%

20.00%

Versor Equity Prism Versor Alternative Risk Premia Low Vol Versor Alternative Return Capture

1.50%

20.00%

0.65%

Nil

1.00%

Nil

Versor Alternative Risk Premia

1.00%

Nil

Strategy

In addition to the management and performance fees, Versor may also charge costs associated with data usage. Other Types of Fees or Expenses In addition to the Management and Performance Fee, the Funds also bear certain costs and expenses and its affiliates attributable to investment advisory services. In the event that an investor seeks to redeem shares prior to the end of the twelfth month following the subscription date on which such shares were issued, an early redemption fee equal to 1% of what otherwise would have been the proceeds of such redemption will be retained by the relevant Fund for the benefit of other remaining shareholders of the Fund. Fund investors bear indirectly the fees and expenses charged to the Funds. These fees vary, but typically include legal, auditing, accounting and other professional expenses (for example, accounting and tax advisory and compliance fees, tax compliance and filings related costs, legal fees charged in negotiating prime brokerage, ISDA Master Agreements and related custody and segregation agreements, repurchase agreements or other trading or financing agreements); administration expenses and fees including, but not limited to, the provision of any investment/management related reporting; research expenses; investment expenses such as commissions, ticket

charges, prime brokerage fees, give up fees, borrow costs, interest on margin accounts and other indebtedness and similar charges, as well as the expenses incurred in connection with trading; order and execution management systems; custodial fees; bank and wire service and transaction fees; regulatory reporting costs of the Funds; costs associated with data usage; and other expenses and legal fees related to the purchase, sale and maintenance of Fund assets as determined by Versor. The Fund’s operating expenses will also include the fees and expenses of the Directors (including errors and omissions insurance) and other costs associated with the Fund’s business, such as the costs and expenses associated with issuing new shares as well as revising the Fund’s offering and operative documents. With respect to the Fund, Versor will limit the amount of certain specified non-trading expenses, as described to investors in the Fund, including but not limited to audit fees, administrator charges, legal fees, registered office charges and amortization of organization charges by bearing over time the excess, if any, of such non-trading expenses over an amount equivalent to an annual rate of 35 basis points (or 0.35%) of the Net Asset Value of the Fund. To the extent Versor has paid any Expense Excess and the non-trading operating expenses in a future month are less than the Monthly Expense Cap, Versor may be reimbursed any Expense Excess (up to the Monthly Expense Cap). Fund investors should review all fees charged by the Funds, broker-dealers, and other third parties to fully understand the total amount of fees to be paid by the Funds. Please also see “Item 12—Brokerage Practices” below for additional information. Separately Managed Account Fees The fees associated with any separately managed account will be negotiated on a case-by-case basis. Such fees generally include a management fee based on a percentage of the value of the assets managed, to be paid on either a monthly or quarterly basis (in advance or in arrears), as well as performance-based fees (please see Item 6 for more information). Versor may also charge costs associated with data usage to separately managed accounts.

Versor Investments is a signatory to the United Nations Principles for Responsible Investment “UN PRI” (July 2018) . Versor Investments shares mission that good conduct standards, governance and disclosure help improve investor outcomes and contribute to a robust financial system. Methods of Analysis and Investment Strategies

Versor provides investors exposures to systematic alternative investment strategies. Versor’ groups its product offerings across two primary strategies: Hedge Funds and Alternative Risk Premia. Within each strategy group, Versor invests in various Sub-Strategies:

Hedge Funds Versor – Stock Selection Versor expects to implement the Versor - Stock Selection Strategy (“Stock Selection Strategy”) by investing in an investable universe consisting of stocks in Standard & Poor’s broad market indices for the United States, Europe, United Kingdom, Canada, Japan and Australia. Versor may add or exclude countries or regions from the Fund’s investable universe in Versor’s sole discretion. Versor chooses investments based on a number of themes, each consisting of one or more factors. The themes and the factors making up those themes, include:

Value, with factors including free cash flow to price, cash flow to price, forward earning to price, EBIDTA to enterprise value, earnings to price, sales to price, book to price, dividend yield and long- term price reversal;

Market sentiment, with factors including specific return reversal, short term price reversal, volatility adjusted price momentum and price momentum based on various time horizons;

Earnings quality, with factors including current accruals to assets, cash flow accruals, free cash flow accruals, noncurrent accruals to assets, financial accruals to assets, days cost in inventory, days sales outstanding and growth in shares outstanding;

Profitability, with factors including return on equity, return on assets, net margin, interest coverage and asset turnover; and Analyst sentiment, with factors including earnings estimate diffusion, revision magnitude and difference.

Versor may add or exclude themes or specific factors, or combine specific factors into factor composites, in Versor’s sole discretion. Versor may vary the use of specific factors and themes utilized across countries, regions or sectors, and may adjust such usage from time to time, in each case in Versor’s sole discretion. The investment process starts with developing regional portfolio models. To develop these models, Versor’s team evaluates each factor using statistical tools developed by Versor, seeking to analyze factor performance over time, decay patterns and other relevant variables. After evaluation, Versor determines factor exposures to estimate a factor model. The output of the factor model is then used to forecast factor returns and to determine the proposed factor weights. Using a reverse optimization process, alpha forecasts for each stock are determined using the proposed factor weights and a proprietary risk model as inputs. The final step in the regional portfolio construction process uses portfolio optimization to determine the optimal regional portfolio, using as inputs the alpha forecast for each stock, the risk model and estimates of transaction, stock borrowing and financing costs. The optimization process constrains the portfolio exposure targets. After developing regional models, Versor constructs a target global portfolio model through a regional weighting process that weights exposures to each regional model in relation to the breadth of stocks in that respective region. The targeted global portfolio compared to the current portfolio in the Stock Selection Strategy to determine trades (purchases and sales). Trade orders are uploaded into the execution management system for onward transmission to execution brokers.

Versor – Trend Following Versor expects to implement the Versor – Trend Following Strategy (“Trend Following Strategy”) by investing in an investable universe consisting of approximately 100 contracts of futures and futures-related instruments across four major asset classes: commodities, equities, bonds and currency markets globally. Versor can take long or short positions in any of these instruments in markets that, based on Versor’s internal forecasting models, are shown to be exhibiting price trends (upwards or downwards). Versor may add or exclude instruments types, contracts, asset classes, countries or regions from the Fund’s investable universe in Versor’s sole discretion. The key investment theme is to capture the returns associated with trend following and related time-series signals. This strategy aims to profit from persistent price trends in futures markets, supported by published academic research. Versor can take long or short positions in futures contracts, and thus seeks to benefit during periods of both rising and falling prices. Versor may change the trading strategy to capture the risk premia in Versor’s sole discretion. Versor employs a systematic investment process. The investment process starts with creation of continuous price series for the contracts in which Versor may invest. For each futures contract type, this incorporates an analysis each day of the liquidity of the contracts expiring on different delivery dates. The futures contract (with a specific delivery date) with the highest liquidity on that day is designated as the “active contract” and its market price is used in construction of continuous price series. The next step is to determine the existence and direction of price trends in the various contracts. The internally developed trend following models use different statistical signals such as moving average cross-over, breakout and time series momentum to identify trends. In addition to different kinds of trend signals, the models also implement the trend signals across different time horizons ranging from short term (typically about 1 month) to long term (typically up to 1 year). Versor takes long (or short) positions in any of these contracts that are exhibiting uptrend (or downtrend). In addition to trend following, Versor may use a range of other signals that, according to the Versor’s interpretation, aid in predicting returns for the contracts. Versor employs a risk management process at multiple levels. Risk adjustment of positions in individual contracts is done using short-term volatility measures and both long and short positions are levered up or down to maintain volatility in a target range. This adjustment is considered daily. Risk-adjusted positions in individual contracts are then combined to form sector portfolios. There are four sector portfolios: commodities, equities, fixed income and currencies. On a monthly basis, risk adjustment is done at the sector level to maintain approximately equal long-term risk contribution to overall portfolio risk from each of the four sector portfolios. After constructing a target portfolio for the Trend Following Strategy, it is compared to the current portfolio held in the Trend Following Strategy to determine trades purchases and sales. Trade orders are uploaded into the execution management system for onward transmission to execution brokers. Versor – Merger Arbitrage Strategy Versor expects to implement Versor – Merger Arbitrage Strategy (“Merger Arbitrage Strategy”) by investing in an investable universe consisting of listed stocks undergoing corporate events in the United States, Europe, the United Kingdom and Canada. For example, Versor invests in announced mergers and Dutch auction events (or “deals”) in the aforementioned regions. Versor may add or exclude corporate event types, countries, or regions from the strategy’s investable universe in Versor’s sole discretion. The key investment theme is to capture the returns associated with announced corporate events. For example, when a merger is announced, the stock price of the target generally trades at a discount to the consideration offered by the acquirer until the deal closes. The Merger Arbitrage Strategy typically takes a long position in the target company and a short position in the acquirer (for deals involving stock as consideration). The discount is essentially the risk premium to be earned if the deal closes at the stated terms and the trade generally results in losses if the deal terminates or fails to close. The risk premia earned are thus a compensation for taking the deal closure risk and providing liquidity to holders of stock who wish to liquidate positions in stocks undergoing a corporate event. In a Dutch auction, a firm offers to buy its own stock at a price that is within an announced price band (“price range”) and the stock generally trades at a discount to the upper end of the price range. The Equity Event Strategy typically takes a long position in the firm’s stock, tender them on Dutch auction expiration and earn profit (loss) from the trade if the final price is greater (less) than the average purchase price.

Versor may add or exclude corporate event types or change trading strategy, in Versor’s sole discretion. Versor employs a systematic investment process. The investment process for mergers starts with maintaining an inhouse proprietary database of announced mergers. When a new merger is announced, data on deal terms is sourced from external databases, and critical information is confirmed by reference to deal press releases and other official sources of information. The next step is to construct the appropriate trade to capture the returns. The Merger Arbitrage Strategy typically takes a long position in the target company and a short position in the acquirer (for deals involving stock as consideration). Generally, the Merger Arbitrage Strategy generally invests within a few days of the announcement of the merger transaction and in most cases holds the stock until the deal is completed or terminated. The expected duration of the deal is estimated based on information from external databases, press releases and other sources. The net spread of the deal is then estimated as a function of deal consideration, the price of the target, net dividend and short rebate (if applicable). The greatest risk to the strategy is the unfavorable termination of deals. Versor has developed a proprietary merger forecast model that estimates the probability of unfavorable termination based on certain deal-specific parameters. A market implied risk model is also used (if applicable) for estimating probability of unfavorable termination based on potential risk and reward in a deal. Probability of unfavorable termination is considered by Versor in determining the exposure of any deal. Versor maintains similar statistical forecast models to estimate probabilities and outcomes for several different scenarios. The portfolio construction process is systematic and currently includes publicly announced merger and Dutch auction deals in the United States, Canada, the United Kingdom and Europe. The process systematically excludes certain deals based on deal size, liquidity, structure of the offer, and nature of the bidder. Deals generally are weighted in relation to the market capitalization of the target stock. Deals a r e under/over weighted based on their risk and return characteristics estimated by a proprietary model for risk and return, Versor will invest in Dutch auctions announced by US firms only. Dutch auctions a r e typically uniformly weighted at the time of trade initiation. Dutch auctions, together with the merger deals, form the target global portfolio for the Equity Event Strategy. After constructing a target global portfolio, Versor compares the target global portfolio to the current portfolio in the Merger Arbitrage Strategy to determine trades purchases and sales. Trade orders are uploaded into the execution management system for onward transmission to execution brokers. Versor – Global Macro Versor expects to implement Versor – Global Macro Strategy (“Global Macro Strategy”) by investing in an investable universe consisting of approximately 80 contracts of futures and futures-related instruments across four major asset classes: commodities (energy, base metals, precious metals, agriculture and livestock), equities (North America, Europe, Asia-Pacific), bonds and currency markets globally. The investable universe includes both developed and emerging markets. Versor may add or exclude instruments types, contracts, asset classes, countries or regions from the investable universe for the Global Macro Strategy in the Investment Manager’s sole discretion. The Global Macro Strategy seeks to exploit cross-sectional return forecasts for futures using a global long-short portfolio of futures and futures-related instruments. Versor makes investments for the Global Macro Strategy based on a number of themes, each consisting of one or more asset class specific forecast models, across four major asset classes. Versor may add or exclude themes or specific forecast models, or combine specific forecast models, for the Global Macro Strategy in the Versor’s sole discretion. Versor may vary the use of specific forecast models and themes utilized across asset classes, and may adjust such usage for the Global Macro Strategy from time to time, in each case in the Investment Manager’s sole discretion. Versor employs a systematic investment process. The investment process starts with creation of continuous price series for the contracts in which the Fund may invest. For each futures contract type, this will incorporate an analysis of the liquidity of the contracts expiring on the different delivery dates. The futures contract with highest liquidity and nearest delivery date is typically designated as the “active contract” and its market price is used in construction of continuous price series.

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Versor generally provides investment advice to private investment vehicles, including the Funds, and separately managed accounts, such as pension plans, high net worth investors, institutions, and sovereign wealth plans. Investment advice is provided directly to the Funds and not individually to the Fund investors. Any minimum initial and additional subscription requirements are disclosed in the governing documents for the relevant Fund. Investors will be required to make certain representations when investing in a Fund through the execution of a subscription agreement and other documents. Interests in the Funds are not registered under the Securities Act of 1933 (as amended), and such Funds are not registered under the Investment Company Act of 1940 (as amended). Accordingly, interests in the Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements either in private transactions within the United States or in offshore transactions.

Versor Adviser is also entitled to receive an allocation of profits (“Performance Allocation”) on an annual or quarter basis (and upon withdrawals from a Fund) based on the table mentioned in “Item 5 - Fees and Compensation” of the net realized and unrealized appreciation in NAV of the assets under management subject to a high water mark. Versor Adviser may waive or reduce the Performance Fee due with respect to any investor without notice to, or the consent of, any other investor.

Certain of Versor are the general partners of the Funds. Other than this, Versor and their employees do not have any relationships or arrangements with other financial services companies that pose material conflicts of interest.

Versor has adopted a Code of Ethics that sets forth standards of ethical and business conduct expected of personnel and addresses actual or potential conflicts that might arise in the context of personal trading and other activities by employees. The Code of Ethics requires employees to report their personal securities holdings and transactions to the Chief Compliance Officer on a periodic basis. Generally, employees and their immediate family members living in the same household are prohibited from transacting in reportable securities (as defined in the Code of Ethics) other than disposing of positions that were held prior to employment with Versor or prior to the implementation of the Code of Ethics. Versor will provide a copy of the Code of Ethics to any current or prospective Client or Fund investor upon request.

Overview Versor has complete authority over the selection of the brokerage firms used to execute and clear portfolio transactions on behalf of the Funds and Clients and custody assets of the Funds. Directed Brokerage Versor does not accept direction from Clients to effect transactions in the Client’s account through a specific brokerdealer. Broker Selection and Soft Dollar Benefits Versor’s policy is to place portfolio transactions with broker-dealers who will execute transactions at the most advantageous terms reasonably available under the circumstances. Versor’s Investment Committee will specify the methodology for deciding which broker to use for a particular trade based on specific factors. The order management system will then automatically direct the trades to broker-dealers according to the methodology determined by the Investment Committee. In selecting a broker for any transaction or series of transactions, Versor will seek to obtain best execution taking into account all relevant factors including, for example, net price, reputation, financial strength and stability, speed of execution, efficiency of execution and error resolution, block trading and block positioning capabilities, willingness to execute related or unrelated difficult transactions in the future, and the availability of stocks to borrow for short trades and other matters involved in the receipt of brokerage services generally. Section 28(e) of the Securities Exchange Act of 1934 provides a “safe harbor” for investment advisers who use commission dollars of their advised accounts to obtain brokerage and investment research services that provide lawful and appropriate assistance to the adviser in performing its investment decision making responsibilities. Versor compensates various service providers for research services (specifically data providers) that are within the safe harbor of Section 28(e) of the Exchange Act by participating in soft dollar arrangements. The soft dollar arrangements permit Versor to consolidate payments for research services using accumulated client commissions from securities transactions executed through the broker-dealers sponsoring the programs. Versor makes a good faith determination as to the value of the research services obtained through the arrangements and may obtain input as to the value of such research services from the service providers that are ultimately paid. The service providers are compensated directly by the broker-dealers sponsoring the arrangements from a pool of commissions that are set aside by the broker-dealers for use by Versor to obtain the research services. Any products or services that Versor obtains through the use of its arrangements fall within the requirements of Section 28(e). Versor’s determination of obtaining best execution on behalf of clients includes an assessment of the research obtained from the applicable brokers. Additionally, all the research and other services noted benefit all of the clients managed by Versor. Therefore, Versor believes it has mitigated a potential conflict of interest that Versor benefits from soft dollar arrangements because it does not have to produce or pay for the research it receives and has an incentive to select a broker-dealer based on Versor’s interest, rather than the client’s interest in receiving the most favorable execution. Other broker-dealers through which Versor effects transactions may provide Versor with investment research and other products and services that are generally made available to all institutional investors doing business with such broker-dealers. These bundled services are made available to Versor on an unsolicited basis and without regard to the rates of commissions charged or paid by Versor or the volume of business Versor directs to such broker-dealers. Since these products and services are merely made available by broker- dealers as part of a bundled business package to Versor, which may or may not use them, it is Versor’s understanding that such brokerdealers do not set discrete prices for such products and services. Accordingly, Versor does not separately compensate such broker-dealers for the provision of such services and does not believe that it “pays-up” for such broker-dealers’ services since the broker-dealers do not break out the costs for such services. The broker dealers that have entered into prime brokerage arrangements with the Funds may occasionally provide the Company with introductions to potential Fund investors. The Adviser does not compensate these broker-dealers based on such introductions.

Versor’s Investment Committee periodically evaluates the execution performance of brokers executing transactions for Funds and Clients, among other responsibilities. During this evaluation it compares services, commissions and execution quality by brokers, and reviews compliance with Versor’s best execution policies, including monitoring of conflicts. Allocation of Orders Versor seeks to manage all Fund and Client assets in a fair and equitable manner. The investment models develop the ultimate trading instructions for each of the Funds and Clients depending on the specific investment strategy. The investment model determines the quantity to be purchased by each Fund and Client. To the extent multiple Funds and Clients are purchasing or selling the same security and side based on the model output, and to the extent that Funds and Clients are sharing the same execution broker and do not otherwise have any restrictions preventing aggregation, Versor shall send execution requests to the broker in aggregate and each participating Fund and Client shall receive the average price of the trade. In certain cases, multiple Funds and Clients are trading the same security in the same direction based on the model output and the trades cannot be aggregated based on relevant restrictions. In such instances, Versor uploads the transactions for each Fund and Client to its execution system and they are sent to executing broker-dealers on a set rotational basis. For clarification, if a particular client is sent first for one trade cycle, they would be sent second for the next trade cycle, third for the subsequent trade cycle, and so on. In any event, the investment models are structured such that trades are allocated in a manner that is fair to all Funds and Clients, and will never allocate trades based on an account’s performance or fee structure. Each Fund and Client is responsible for the transaction costs associated with the trades placed for their account unless the trade is aggregated in which case trading costs are split pro rata among participating Funds and Clients. Trading Errors From time to time, while trading for Funds and Clients, trading errors will occur. If Versor makes an error while placing a trade for a Fund or Client, the Company will seek to correct the error promptly in a way that mitigates any losses. Versor will treat gains and losses resulting from trade errors in accordance with each relevant agreement. The Company will generally not net gains and losses associated with multiple errors related to separate investment decisions but gains and losses stemming from an interrelated set of errors may generally be netted.

Versor has engaged Yosemite Execution Partners, Inc. to introduce Versor to new Clients who intend to invest in the strategies managed by Versor.

Versor and their employees have not been involved in any legal or disciplinary events in the past 10 years that would be material to a client’s evaluation of Versor or their personnel.

Fund and Client portfolios are generally reviewed weekly, or more frequently if market conditions warrant, by investment personnel. Versor updates its global optimized portfolio weekly according to the relevant models, or more frequently if market conditions warrant. Any changes to the models must be approved by the Investment Committee. Updates to the optimized portfolio prompt changes to Fund and Client portfolios. Fund investors receive monthly letters describing the performance of the relevant Fund, along with a commentary by Versor. Fund investors also receive monthly statements detailing their account information, including, but not limited to, the account’s beginning and ending equity and the account’s performance for that period. In addition, each Versor Adviser issues to the Funds’ investors annual audited financial statements concerning the relevant Fund (and, for investors in U.S. Funds, tax reports) within 120 days of the end of the Fund’s fiscal year. Clients with separately managed accounts receive reports and other information in accordance with their managed account agreements.

All Client and Fund assets are held in custody by unaffiliated broker/dealers or banks. However, Versor has access to the Funds’ assets since it or an affiliate serves as the general partner of each Fund, or in a similar capacity. Investors will not receive statements from the custodian. Instead, the Funds are subject to an annual audit and the audited financial statements are distributed to each limited partner (or member or owner). The audited financial statements will be prepared in accordance with generally accepted accounting principles and distributed within 120 days of the Fund’s fiscal year end.

Versor generally has discretionary authority to determine, without obtaining specific consent from the Clients, Funds or the Funds’ investors, the securities and amount to be bought or sold. Any limitations on authority are included in the Funds’ governing documents. Versor will generally provide Clients with the ability to tailor the management of such accounts through investment and risk guidelines and may provide other specialized terms. The Funds may enter into side letters or other agreements with individual investors that may have the effect of establishing rights under, or altering or supplementing, the terms of, any such investor’s investment in the Fund, or require the Versor Adviser or the Fund to take or refrain from taking certain actions. Rights affected may relate to liquidity, fees, reporting, or any other matter related to the Funds, Versor, or its affiliates. Such side letters or other agreements may establish terms that are more favorable to such investor than those available to others.

Versor has determined that voting proxies does not create additional value for any Versor strategies except Versor Merger Arbitrage strategy. Hence Versor does exercise its voting authority specifically to Versor Merger Arbitrage strategy exclusively for merger related events. The proxy voting decisions would be brought to the Investment Committee for approval and action. The Investment Committee has designated Andrew Flynn, COO, as the nominee to vote and he will work closely with other members of Investment Committee on the same.

Versor has never filed for bankruptcy and is not aware of any financial condition that is expected to affect the ability to manage client accounts.