Telemark Asset Management, LLC: investment adviser

Interests in the Fund are offered to certain accredited investors, including high net worth individual and institutional investors, in an offering that is exempt from registration under the Securities Act of 1933, as amended. Telemark does not participate in wrap fee programs. As of December 31, 2025, Telemark manages $1,140,636,524 of regulatory assets under management on a discretionary basis. Telemark does not manage client assets on a nondiscretionary basis.

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In addition to the Management Fee discussed above, the Fund is also responsible for its own costs and expenses, including brokerage fees and other transaction costs (see Item 12), ongoing legal, accounting and bookkeeping fees and expenses, and the fees and expenses charged by the Fund’s administrator for its accounting, bookkeeping and other services. Telemark generally bears its own operating, general, administrative and overhead costs and expenses, except the expenses described above. Neither Telemark nor its supervised persons accepts compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds.

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Top-down analysis, as well as company specific analysis, may include fundamental analysis, valuation analysis, technical analysis, and other forms of quantitative analysis. Top-down fundamental analysis will seek to identify sectors with increasing or decreasing strength, particularly when there is a trend change that is not fully recognized by the market. Company specific fundamental analysis will focus on discussions with company management, detailed analysis of company financial statements and public filings, and research from third parties, such as independent research services and industry contacts. We may invest in foreign securities and may take long or short positions in market indexes. We may seek to isolate new or existing macro trends and then find specific companies that benefit from these trends. Such trends may include macro economic trends, demographic trends, technology trends, geopolitical trends and others. Risk of Loss No guarantee or representation is made that Telemark’s investment strategies will be successful. Limited partners of the Fund could experience a partial or total loss of capital due to any number of risks, including, but not limited to: 1. Use of Leverage – The Fund may leverage its investment positions by borrowing funds from securities broker-dealers, banks, or others. The Fund may borrow significant amounts to take advantage of perceived opportunities. While leverage presents opportunities for increasing the Fund’s total return, it has the effect of potentially increasing losses as well. The Partnership Agreement does not impose any limits on the amount of leverage the Fund may incur. In addition, borrowings are typically secured by the Fund’s securities and other assets. Under certain circumstances, a lender may demand an increase in the collateral that secures the Fund’s obligations and, if the Fund were unable to provide additional collateral, the lender could liquidate assets held in the account to satisfy the Fund’s obligations. Liquidation in that manner could have extremely adverse consequences for the Fund.

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2. Concentration – The Fund may invest up to 15% of the net assets of the Fund in any one investment. As a result, a loss in any one position could have a material adverse effect on value of the Fund. 3. Liquidity - The securities and other instruments in which the Fund invests may be thinly traded and relatively illiquid or may cease to be traded after the Fund invests. In such cases and in the event of extreme market activity, the Fund may not be able to liquidate its investments promptly if the need should arise or to cover short sales, thereby forcing the Fund to incur unlimited losses. 4. Non-U.S. Investing – In trading on non-U.S. exchanges and markets, there may be less regulatory oversight and supervision of the exchanges than in the U.S. In addition, certain of those exchanges may not provide the same assurances of the integrity (financial and otherwise) of the marketplace and its participants, as do U.S. exchanges. Investments in non-U.S. issuers may involve certain risks due to economic, political and legal developments including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments, and possible difficulty in obtaining and enforcing judgments against non-U.S. entities. 5. Derivatives – The Fund may utilize derivatives to leverage, or hedge in order to obtain investment exposure to various issuers, indices, sectors, industries, asset classes, markets, economic indicators, and other instruments. Most derivatives have highly imbedded leverage, and certain derivatives have the potential for unlimited loss regardless of the size of the initial investment. In addition, there is the risk of mispricing or improperly valuing a derivative, and the inability of derivatives to correlate perfectly with the underlying asset. 6. Short Sales - Short selling involves the sale of a security that the Fund does not own and must borrow in order to make delivery in the hope of purchasing the same security at a later date at a lower price. Short sales can, in certain circumstances, substantially increase the effect of adverse price movements on the Fund’s portfolio. A short sale involves the risk of a theoretically unlimited increase in the market price of the particular investment sold short, which, except in the case of a short sale “against the box,” could result in a theoretically unlimited loss to the Fund. There can be no assurance that securities necessary to cover a short position will be available for purchase. 7. Trade Error Risk - Telemark has policies and procedures to help it assess and determine, consistent with applicable standards of care, when reimbursement is due by it to the Fund because Telemark has committed an error. Pursuant to Telemark’s policies, an error is generally compensable from Telemark to the Fund when it is a mistake (whether an action or inaction) in which Telemark has, in Telemark’s reasonable view, deviated from the applicable standard of care set forth in the Fund’s Partnership Agreement in managing the Fund’s assets. Therefore, not all mistakes by Telemark will be considered compensable to the Fund.

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The above section is only a brief summary of some of the material risks relevant to the methods of analysis and investment strategies described above. Investors in the Fund should refer to the Fund’s offering documents for a more complete list of risks involved with an investment in the Fund.

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Among the topics covered by the Code of Ethics are prohibitions against insider trading, resolving conflicts of interest, personal securities transactions by Telemark personnel, and gifts and gratuities. Telemark and its supervised persons owe a fiduciary duty to the Fund in connection with the furnishing of investment advice. Telemark and its supervised persons have fiduciary obligations that require them at all times to act in the sole and best interests of the Fund. Supervised persons must: (i) avoid conflicts of interest, including even the appearance of a conflict of interest; and (ii) promptly advise the Chief Compliance Officer of any potential conflict of interest. A conflict of interest includes without limitation any situation in which a supervised person has a beneficial ownership in the purchase or sale of a security held by Telemark or the Fund. All personal trades, with the exception of most Exchange Traded Funds, Mutual Funds, and certain U.S. Government securities, must be pre-cleared by Telemark’s President and reviewed by the Chief Compliance Officer. In addition, Telemark maintains “blackout” periods during which no supervised person may trade in a security that the Fund is trading, except with the prior written consent of the Chief Compliance Officer or his designee. Personal securities transactions of supervised persons must be reported each month. Any trading for a supervised person’s account that does not evidence a good faith effort to comply with these rules will be subject to Telemark’s review. If the President determines that a violation of this policy or its intent has occurred, he may impose such sanctions as he deems appropriate including forfeiture of any profit from a transaction or termination of employment.

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In making such a determination, Telemark may consider a number of factors, including without limitation: (a) net price, clearance and settlement; (b) efficiency of execution and error resolution; (c) the availability of stocks to borrow for short trades; (d) willingness to execute related or difficult transactions in the future; and (e) reputation, financial strength and stability. UBS Securities LLC (“UBS”), National Financial Services LLC and Goldman Sachs & Co. LLC currently serve as prime brokers regarding securities transactions for the Fund. Telemark relies on research from various brokers and dealers. During the last fiscal year, Telemark acquired the following research with Fund brokerage commissions or markups: market data, company specific data, economic research, market strategy, and meetings with company managements. Telemark may enter into agreements under which brokerage and research services are obtained by Telemark from or through a broker in exchange for the brokerage commissions from transactions. Telemark’s use of commission or “soft” dollars to pay for research products or brokerage services is intended to fall within the safe harbor for soft dollars created by Section 28(e) of the Securities Exchange Act of 1934, as amended. Soft dollar arrangements may provide an incentive for Telemark to select a broker on the basis of the brokerage or research provided rather than the quality of the execution of trades, to pay higher commissions than another broker might charge, or to trade securities more actively than it otherwise would in order to generate soft dollars. Telemark does not consider in selecting a broker whether Telemark or a related person receives client referrals from a broker-dealer or third party.

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Whether a relationship creates a material conflict of interest will depend upon the facts and circumstances. Telemark addresses any conflicts pursuant to its Proxy Voting Policy. Telemark generally will vote proxies so as to promote the long-term economic value of the underlying securities. Each proxy proposal should be considered on its own merits, and an independent determination should be made whether to support or oppose management’s position. Telemark believes that the recommendation of management should be given substantial weight and will generally vote with management unless the proposals may be detrimental to the underlying value of client positions. Telemark generally will vote proxies when the Fund owns more than 1% of the shares outstanding of the underlying security. Under normal circumstances, the Fund will not vote proxies when the Fund owns 1% or less of the shares outstanding of the underlying security because such votes typically will not be cost effective and in the best interest of the Fund. Consistent with Telemark’s Proxy Voting Policy, a written explanation will be prepared specifying why each such proxy was not voted. Telemark will calculate the Fund’s ownership percentage as of the date that Telemark receives the proxy. Investors in the Fund may obtain a copy of our P roxy Voting Policy upon request by calling Brian C. Miley at (617) 526-8912.

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