0001461237 2024-01-01 2024-12-31 0001461237 2024-06-30 0001461237 2025-03-01 0001461237 2023-12-31 0001461237 2024-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2023-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2023-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2023-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2024-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2024-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2024-12-31 0001461237 2023-01-01 2023-12-31 0001461237 2022-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2022-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2022-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2022-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2024-06-01 0001461237 us-gaap:CapitalUnitClassAMember 2024-06-01 0001461237 2024-06-01 0001461237 gaifb:CapitalUnitClass3BMember 2024-06-01 0001461237 us-gaap:CapitalUnitClassBMember 2023-01-01 2023-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2024-01-01 2024-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2024-01-01 2024-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2023-01-01 2023-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2023-01-01 2023-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2024-01-01 2024-12-31 0001461237 2024-10-01 2024-12-31 0001461237 gaifb:CapitalUnitClass3AMember 2024-01-01 2024-12-31 0001461237 gaifb:GrahamAlternativeInvestmentTradingLlcMember 2023-12-31 0001461237 gaifb:GrahamAlternativeInvestmentTradingLlcMember 2024-12-31 0001461237 srt:MinimumMember 2024-12-31 0001461237 srt:MinimumMember 2024-01-01 2024-12-31 0001461237 srt:MaximumMember 2024-01-01 2024-12-31 0001461237 gaifb:CapitalUnitClass0Class2AndClass3BMember 2024-01-01 2024-12-31 0001461237 gaifb:CapitalUnitClass0Class2AndClass3BMember 2023-01-01 2023-12-31 0001461237 gaifb:CapitalUnitClassAAndBMember 2024-01-01 2024-12-31 0001461237 gaifb:CapitalUnitClassAAndBMember 2023-01-01 2023-12-31 0001461237 2022-06-01 2022-12-31 0001461237 us-gaap:SubsequentEventMember 2025-01-01 2025-03-26 iso4217:USD shares iso4217:USD gaifb:Unit pure gaifb:Segment iso4217:USD shares false --12-31 2024 FY 0001461237 DE 1 1 P3D P3D 42 10-K true 2024-12-31 false 0-53965 GRAHAM ALTERNATIVE INVESTMENT FUND II LLC 20-4897149 c/o GRAHAM CAPITAL MANAGEMENT, L.P. 40 Highland Avenue Rowayton CT 06853 203 899-3400 No No Yes Yes Non-accelerated Filer true false false false false 35215671 198645.555 <div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Fund depends on the Manager to develop, implement and operate the appropriate systems and procedures to monitor and manage operational risks, including cybersecurity risks. The Manager maintains policies and procedures to manage cybersecurity risks as part of its overall risk management program.</span></span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">  <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">Its cybersecurity risk management program is operationally led by its Chief Technology Officer (CTO) and its Chief Information Security Officer (CISO), in consultation with other members of the Manager’s senior management.</span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">The CTO received a B.S. in Computer Science from Manhattan College in 1998 , and has 27 years of industry experience.  The CISO received a B.S. in Computer Science from Rensselaer Polytechnic Institute in 2003, a B.S. in Management from Rensselaer Polytechnic Institute in 2003 and a M.S. in Information Technology from Rensselaer Polytechnic Institute in 2007 and holds a Cisco Certified Internetwork Expert certification and has 21 years of industry experience.</span></span> </div> <div><br/> </div> <div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">The Manager maintains a written information security governance policy setting forth the Manager’s information security policy objectives and guidelines on managing technology/cyber-related vulnerabilities, controlling physical security and network access rights, restricting data transfers, managing third-party vendors, managing technology incidents, training employees and retaining related books and records.  The Manager maintains separate incident response procedures designed to assist senior management and technology personnel in responding to various technology/cyber incidents.  The Manager publishes for employees various policies addressing user access rights, acceptable use of the firm’s technology, roles and responsibilities in respect of incident response and disciplinary guidelines.</span>  The aforementioned policies are reviewed and approved by senior management on an annual basis.</span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The CTO and CISO also lead the Manager’s Cybersecurity Awareness Committee, which is focused on managing and responding to cybersecurity risks. The CISO and CTO report to the CEO, and meet quarterly with members of the Cybersecurity Awareness Committee to provide updates on projects, threats, governance and the overall cybersecurity landscape. Members of this committee represent senior management of the Manager, including the Manager’s Chief Executive Officer, Chief Financial Officer, Managing Director of Quantitative Strategies, Chief Compliance Officer, and Chief Risk Officer.</span></span>  <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Manager’s cybersecurity risk management program is informed by frameworks established by the National Institute of Standards and Technology (NIST), its regulators, and other recognized standard-setting bodies.</span></div> <div><span style="font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Manager engages third party expert consultants to assist in the design, development, and operation of its cybersecurity risk management program, and to perform assessments with a view to identifying any vulnerabilities.</span>  <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Fund’s and the Manager’s operations are dependent upon systems operated by third parties, including the Fund’s administrator, prime brokers, market counterparties, electronic exchanges, other execution platforms, data providers and their various service providers. Accordingly, the Manager’s risk management program endeavors to monitor such third parties for potential cybersecurity risks by utilizing a vendor management framework that includes a cybersecurity Due Diligence Questionnaire. Although the Manager has no control over the risk management policies of third parties, where and to the extent possible it seeks to obtain representations by such third parties related to their cybersecurity risk management policies and procedures.</span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">No identified risks from known cybersecurity threats, including as a result of any prior known cybersecurity incidents, have materially affected or are reasonably likely to materially affect the operations, business strategy, results of operations, or financial condition of the Fund or the Manager.</span><br/> </div> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Fund depends on the Manager to develop, implement and operate the appropriate systems and procedures to monitor and manage operational risks, including cybersecurity risks. The Manager maintains policies and procedures to manage cybersecurity risks as part of its overall risk management program.</span></span> true <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">Its cybersecurity risk management program is operationally led by its Chief Technology Officer (CTO) and its Chief Information Security Officer (CISO), in consultation with other members of the Manager’s senior management.</span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">The CTO received a B.S. in Computer Science from Manhattan College in 1998 , and has 27 years of industry experience.  The CISO received a B.S. in Computer Science from Rensselaer Polytechnic Institute in 2003, a B.S. in Management from Rensselaer Polytechnic Institute in 2003 and a M.S. in Information Technology from Rensselaer Polytechnic Institute in 2007 and holds a Cisco Certified Internetwork Expert certification and has 21 years of industry experience.</span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">The Manager maintains a written information security governance policy setting forth the Manager’s information security policy objectives and guidelines on managing technology/cyber-related vulnerabilities, controlling physical security and network access rights, restricting data transfers, managing third-party vendors, managing technology incidents, training employees and retaining related books and records.  The Manager maintains separate incident response procedures designed to assist senior management and technology personnel in responding to various technology/cyber incidents.  The Manager publishes for employees various policies addressing user access rights, acceptable use of the firm’s technology, roles and responsibilities in respect of incident response and disciplinary guidelines.</span> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The CTO and CISO also lead the Manager’s Cybersecurity Awareness Committee, which is focused on managing and responding to cybersecurity risks. The CISO and CTO report to the CEO, and meet quarterly with members of the Cybersecurity Awareness Committee to provide updates on projects, threats, governance and the overall cybersecurity landscape. Members of this committee represent senior management of the Manager, including the Manager’s Chief Executive Officer, Chief Financial Officer, Managing Director of Quantitative Strategies, Chief Compliance Officer, and Chief Risk Officer.</span></span>  <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Manager’s cybersecurity risk management program is informed by frameworks established by the National Institute of Standards and Technology (NIST), its regulators, and other recognized standard-setting bodies.</span></div> <div><span style="font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Manager engages third party expert consultants to assist in the design, development, and operation of its cybersecurity risk management program, and to perform assessments with a view to identifying any vulnerabilities.</span>  <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Fund’s and the Manager’s operations are dependent upon systems operated by third parties, including the Fund’s administrator, prime brokers, market counterparties, electronic exchanges, other execution platforms, data providers and their various service providers. Accordingly, the Manager’s risk management program endeavors to monitor such third parties for potential cybersecurity risks by utilizing a vendor management framework that includes a cybersecurity Due Diligence Questionnaire. Although the Manager has no control over the risk management policies of third parties, where and to the extent possible it seeks to obtain representations by such third parties related to their cybersecurity risk management policies and procedures.</span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The CTO and CISO also lead the Manager’s Cybersecurity Awareness Committee, which is focused on managing and responding to cybersecurity risks. The CISO and CTO report to the CEO, and meet quarterly with members of the Cybersecurity Awareness Committee to provide updates on projects, threats, governance and the overall cybersecurity landscape. Members of this committee represent senior management of the Manager, including the Manager’s Chief Executive Officer, Chief Financial Officer, Managing Director of Quantitative Strategies, Chief Compliance Officer, and Chief Risk Officer.</span></span>  <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Manager’s cybersecurity risk management program is informed by frameworks established by the National Institute of Standards and Technology (NIST), its regulators, and other recognized standard-setting bodies.</span></div> <div><span style="font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 45pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The CTO and CISO also lead the Manager’s Cybersecurity Awareness Committee, which is focused on managing and responding to cybersecurity risks. The CISO and CTO report to the CEO, and meet quarterly with members of the Cybersecurity Awareness Committee to provide updates on projects, threats, governance and the overall cybersecurity landscape. Members of this committee represent senior management of the Manager, including the Manager’s Chief Executive Officer, Chief Financial Officer, Managing Director of Quantitative Strategies, Chief Compliance Officer, and Chief Risk Officer.</span></span>  <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Manager’s cybersecurity risk management program is informed by frameworks established by the National Institute of Standards and Technology (NIST), its regulators, and other recognized standard-setting bodies.</span></div> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The CTO and CISO also lead the Manager’s Cybersecurity Awareness Committee, which is focused on managing and responding to cybersecurity risks. The CISO and CTO report to the CEO, and meet quarterly with members of the Cybersecurity Awareness Committee to provide updates on projects, threats, governance and the overall cybersecurity landscape. Members of this committee represent senior management of the Manager, including the Manager’s Chief Executive Officer, Chief Financial Officer, Managing Director of Quantitative Strategies, Chief Compliance Officer, and Chief Risk Officer.</span></span> true true true true true false Ernst & Young LLP Stamford, CT 35478713 34006661 1365282 572078 255000 115000 37098995 34693739 1365282 572078 255000 115000 1620282 687078 92145.41 92145.41 104021.942 104021.942 235.13 224.32 21665923 23334356 56059.973 56059.973 67462.982 67462.982 164.69 158.2 9232454 10672305 47955.304 47955.304 0 0 95.51 0 4580336 0 35478713 34006661 37098995 34693739 618450 1270325 798717 -1028721 95943 92528 1321224 149076 1607485 1324010 538903 519147 256812 261060 256125 274206 190936 377041 48838 43833 22560 21664 7915 7630 1322089 1504581 285396 -180571 1606620 -31495 91015.472 20440792 73630.241 11723128 0 0 32163920 16196.564 3594000 477.699 80000 0 0 3674000 3190.094 730972 6644.958 1068792 0 0 1799764 30536 -62031 0 -31495 104021.942 23334356 67462.982 10672305 0 0 34006661 0 0 0 0 609.685 60000 60000 2474.046 585000 5067.554 827000 48942.342 4570000 5982000 14350.578 3338197 16470.563 2687721 1596.723 150650 6176568 1084764 420870 100986 1606620 92145.41 21665923 56059.973 9232454 47955.304 4580336 35478713 1606620 -31495 -1606620 31495 5383364 1876283 6042000 3674000 -658636 -1797717 6182000 3789000 5383364 1876283 798636 1912717 140000 115000 115000 0 255000 115000 <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">1. Organization and Business</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Core Macro Portfolio (the “Fund”) is the sole series of Graham Alternative Investment Fund II LLC (“GAIF II”), a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. Prior to March 28, 2013, GAIF II was organized as a Delaware Limited Liability Company which was formed on May 16, 2006 and commenced operations on August 1, 2006. GAIF II is registered as a commodity pool and as such is subject to the oversight and jurisdiction of the U.S. Commodity Futures Trading Commission (“CFTC”).<br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As a Series Limited Liability Company each series is legally segregated, and the assets associated with each series are held separately and accounted for in separate and distinct records from the assets of any other series of GAIF II. The debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of GAIF II generally or any other series thereof. Further, none of the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to GAIF II are enforceable against the assets of any other series. As of and for the years ended December 31, 2024 and 2023, respectively, the Fund is the sole series of GAIF II. GAIF II has no assets and no operations outside of those of the Fund. These financial statements fairly reflect the positions, results of operations, changes in members’ capital and cash flows of the single series constituting GAIF II. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund offers members Class 0, Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units (collectively the “Units”). Class 0 Units, Class 2 Units and Class 3-B Units are currently issued. As of December 31, 2024, there were no subscriptions or redemptions of Class 3-A Units. Graham Alternative Investment Ltd. (“GAI”) is a British Virgin Islands business company which was formed on June 1, 2006 and commenced operations on August 1, 2006. The Fund invests all of its assets dedicated to trading in Graham Alternative Investment Trading LLC (“GAIT”), a Delaware Limited Liability Company which was formed on May 18, 2006 and commenced operations on August 1, 2006, through an investment in GAI’s Core Macro Portfolio. GAIT invests in various master trading vehicles (“Master Funds”) and Graham Cash Assets LLC (“Cash Assets”), all of which are managed by Graham Capital Management, L.P. (the “Advisor” or “Manager”). The Fund is the sole owner of GAI’s Core Macro Portfolio and GAI’s Core Macro Portfolio invests all of its assets into GAIT. The Manager is the director of GAI and the sole investment advisor of GAI, GAIT and the Fund. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the CFTC and is a member of the National Futures Association. The Manager is also registered with the Securities and Exchange Commission as an investment adviser. The Fund’s Units are registered under Section 12 of the Securities Exchange Act of 1934.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The investment objective of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forwards contracts, spot currency contracts, and associated derivative instruments, such as options and swaps, through its investment in GAIT, which in turn invests in various Master Funds. The Master Funds seek to profit from opportunities in the global financial markets, including interest rate futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as professionally managed multi-strategy investment vehicles. The Fund may also trade futures on virtual currencies. Each of the investment programs consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the Fund’s investment exposure and to make the Fund’s performance returns less volatile and more consistently profitable.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">SEI Global Services, Inc. (“SEI”) is the Fund’s independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of the Fund.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Amended and Restated Limited Liability Company Agreement (“LLC Agreement”) of the Fund.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The performance of the Fund is directly affected by the performance of GAIT; therefore, these consolidated financial statements should be read in conjunction with the attached financial statements of GAIT, including the condensed schedules of investments.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Duties of the Manager</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of the Fund and for directing the investment and reinvestment of the assets of the Fund, GAI, and GAIT.</div> 0 0 <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">2. Summary of Significant Accounting Policies</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board<span style="font-style: italic;"> </span>(“FASB”) Accounting Standards Codification Topic 946, <span style="font-style: italic;">Financial Services – Investment Companies</span>. The preparation of these consolidated financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Principles of Consolidation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund owns 100% of GAI’s Core Macro Portfolio and as such these consolidated financial statements include all the accounts of the Fund and GAI’s Core Macro Portfolio. Intercompany transactions and balances have been eliminated in consolidation. Creditors of the Fund have recourse to all assets of the Fund for amounts due to them, while creditors of GAI would have recourse only to the assets of GAI.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: -9.35pt; margin-left: 9.35pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Investment in Graham Alternative Investment Trading LLC</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in the Master Funds and Cash Assets at fair value based upon GAIT’s proportionate share of the Master Funds’ and Cash Assets’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the consolidated statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however, each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 2024 and 2023, the Fund owned 53.48% and 52.41%, respectively of GAIT.</div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> Fair Value </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the consolidated statements of financial condition. Changes in these carrying amounts are included in the consolidated statements of operations.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div><span style="font-style: italic;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security.</div> </td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br class="Apple-interchange-newline"/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund’s investment in GAIT has been valued at net asset value using the practical expedient. Accordingly, under U.S. GAAP, this investment is excluded from categorization in the fair value hierarchy. There were no Level 3 assets or liabilities held at any point during the years ended December 31, 2024 and 2023 by the Fund, GAI, GAIT, the Master Funds or Cash Assets.</div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="text-indent: -9.35pt; margin-left: 9.35pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Cash and Cash Equivalents</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund classifies all highly liquid investments with a maturity of three months or less at the time of purchase as cash equivalents on the statements of financial condition. Cash deposited with a bank is subject to credit risk. In the event of the bank’s insolvency, recovery of the Fund’s cash would be limited to account insurance or other protection afforded by such deposit, which could be substantially less than the amount deposited. At December 31, 2024 and 2023, the Fund held $255,000 and $115,000, respectively, in cash and held no cash equivalents.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Recent Accounting Pronouncement</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”) <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures</span>. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Th<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">e Investment Committee Manager act</span>s as the Fund’s CODM. The Fund represents a <span style="-sec-ix-hidden:Fact_fc31de4e112f4fea934efceaa816f4d9">single</span> operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its LLC Agreement, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in members’ capital (i.e., changes in members’ capital resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s <span style="-sec-ix-hidden:Fact_7b1f1523479247d2bd8a2f1b7794de15">single</span> segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statements of financial condition as “total assets” and significant segment expenses are listed on the accompanying statements of operations. ASU 2023-07 was effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Fund adopted ASU 2023-07 for annual reporting of the year ended December 31, 2024. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations.</div> <div><br/> </div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Indemnifications</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In the normal course of business, the Master Funds, GAIT, Cash Assets, GAI, and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At December 31, 2024 and 2023, no accruals have been recorded by the Fund for indemnifications.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board<span style="font-style: italic;"> </span>(“FASB”) Accounting Standards Codification Topic 946, <span style="font-style: italic;">Financial Services – Investment Companies</span>. The preparation of these consolidated financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Principles of Consolidation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund owns 100% of GAI’s Core Macro Portfolio and as such these consolidated financial statements include all the accounts of the Fund and GAI’s Core Macro Portfolio. Intercompany transactions and balances have been eliminated in consolidation. Creditors of the Fund have recourse to all assets of the Fund for amounts due to them, while creditors of GAI would have recourse only to the assets of GAI.</div> 1 <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: -9.35pt; margin-left: 9.35pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Investment in Graham Alternative Investment Trading LLC</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in the Master Funds and Cash Assets at fair value based upon GAIT’s proportionate share of the Master Funds’ and Cash Assets’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the consolidated statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however, each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 2024 and 2023, the Fund owned 53.48% and 52.41%, respectively of GAIT.</div> 0.5348 0.5241 <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> Fair Value </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the consolidated statements of financial condition. Changes in these carrying amounts are included in the consolidated statements of operations.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div><span style="font-style: italic;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security.</div> </td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br class="Apple-interchange-newline"/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund’s investment in GAIT has been valued at net asset value using the practical expedient. Accordingly, under U.S. GAAP, this investment is excluded from categorization in the fair value hierarchy. There were no Level 3 assets or liabilities held at any point during the years ended December 31, 2024 and 2023 by the Fund, GAI, GAIT, the Master Funds or Cash Assets.</div> <div style="display:none;"><br/></div> <div style="text-indent: -9.35pt; margin-left: 9.35pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Cash and Cash Equivalents</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund classifies all highly liquid investments with a maturity of three months or less at the time of purchase as cash equivalents on the statements of financial condition. Cash deposited with a bank is subject to credit risk. In the event of the bank’s insolvency, recovery of the Fund’s cash would be limited to account insurance or other protection afforded by such deposit, which could be substantially less than the amount deposited. At December 31, 2024 and 2023, the Fund held $255,000 and $115,000, respectively, in cash and held no cash equivalents.</div> 255000 115000 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Recent Accounting Pronouncement</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”) <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures</span>. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Th<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">e Investment Committee Manager act</span>s as the Fund’s CODM. The Fund represents a <span style="-sec-ix-hidden:Fact_fc31de4e112f4fea934efceaa816f4d9">single</span> operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its LLC Agreement, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in members’ capital (i.e., changes in members’ capital resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s <span style="-sec-ix-hidden:Fact_7b1f1523479247d2bd8a2f1b7794de15">single</span> segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statements of financial condition as “total assets” and significant segment expenses are listed on the accompanying statements of operations. ASU 2023-07 was effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Fund adopted ASU 2023-07 for annual reporting of the year ended December 31, 2024. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations.</div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Indemnifications</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In the normal course of business, the Master Funds, GAIT, Cash Assets, GAI, and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At December 31, 2024 and 2023, no accruals have been recorded by the Fund for indemnifications.</div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">3. Capital Accounts</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund offers members Class 0, Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units. Class 0 Units, Class 2 Units and Class 3-B are currently issued. As of December 31, 2024, there were no subscriptions or redemptions of Class 3-A Units. The Fund may issue additional Classes in the future subject to different fees, expenses, or other terms, or may invest in other investment programs or combinations of investment programs managed by the Manager.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">A separate capital account is maintained for each member with respect to each member’s Class of Units. The initial balance of each member’s capital account is equal to the initial subscription to the Fund by such member with respect to the Class to which such capital account relates. Each member’s capital account is increased by any additional subscription and decreased by any redemption by such member of Units of such Class to which the capital account relates. All income and expenses of the Fund are allocated among the members’ capital accounts in proportion to the balance that each capital account bears to the balance of all capital as of the beginning of such fiscal period.</div> <div style="text-align: justify; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Subscriptions</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day, as defined in the LLC Agreement. The minimum initial subscription from each investor in each Class is $10,000. Members may subscribe for additional Units in a minimum amount of not less than $5,000. Any initial or additional cash received prior to or on December 31, if any, for Fund shares related to the subsequent period is considered a subscription received in advance on December 31. The new subscription does not receive an allocation of income or expense from the Fund and is recorded as a liability on the Statement of Financial Condition as subscriptions received in advance.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Units are available for subscription as of the first business day of each month upon written notice of at least <span style="-sec-ix-hidden:Fact_aff5223c2da94e8d93abf1428b234237">three</span> business days prior to the last business day of the preceding month.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Redemption of Units</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of each Valuation Day, as defined in the LLC Agreement, upon not less than <span style="-sec-ix-hidden:Fact_cd29af5ba01b443eb41ae5d69b642818">three</span> business days’ prior written notice to the administrator. A partial redemption request for an amount less than $10,000 will not be accepted, nor will a redemption request be accepted to the extent that it would result in an investor owning less than $10,000. The redemption proceeds will normally be remitted within 15 business days after the Valuation Day, without interest for the period from the Valuation Day to the payment date. Redemptions paid after the year end, based upon end-of-period share values, if any, are reflected as redemptions payable on the Statement of Financial Condition at year end.</div> 0 0 10000 5000 10000 10000 P15D <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">4. Fees and Related Party Transactions</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Advisory Fees</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Class 0 and Class 2 of GAIT paid the Manager an advisory fee (the “Advisory Fee”) at an aggregate annual rate of 1.50% of the Members’ Capital of such Class. Class 3-A and Class 3-B have an advisory fee at an aggregate annual rate of 1.50% and 2.00% of the Members’ Capital of such Class, respectively. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is affected with respect to Units of such Class during the month. For the years ended December 31, 2024 and 2023, the Advisory Fees allocated to the Fund by Class 0, Class 2, and Class 3-B of GAIT totaled $538,903 and $519,147, respectively.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Sponsor Fees</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="margin: 0px; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Class 0 and Class 2 of GAIT paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Members’ Capital specified in the table below. Class 3-A and Class 3-B of GAIT have no sponsor fee. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">For the years ended December 31, 2024 and 2023, the Sponsor Fees allocated to the Fund by Class 0 and Class 2 of GAIT totaled $256,812 and $261,060, respectively.</span></div> <div style="margin: 0px; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 0</div> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 2</div> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: center;">0.50%</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: center;">1.25%</div> </td> </tr> </table> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Incentive Allocation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">At the end of each calendar quarter, Graham Capital LLC, an affiliate of the Manager, will receive a special allocation of net profits (the “Incentive Allocation”) in an amount equal to 20% of the New High Net Trading Profits of each Class of GAIT, as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced, effective as of the date of any redemption of any Units of such class, by multiplying the loss carryforward by the ratio that the amount of Members’ Capital redeemed from such class bears to the Members’ Capital of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made to Graham Capital LLC. For the years ended December 31, 2024 and 2023, Incentive Allocation of $190,936 and $377,041, respectively were allocated to the Fund by GAIT.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with the Fund.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Administrator’s Fee</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For the years ended December 31, 2024 and 2023, GAIT paid SEI a monthly administrator’s fee based on GAIT’s Members’ Capital, calculated as of the last business day of each month. In addition, GAIT reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT. The total administrator’s fees, including out-of-pocket expenses, allocated to the Fund by GAIT for the years ended December 31, 2024 and 2023 were $48,838 and $43,833, respectively.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;">Professional Fees</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">GAIT shall pay, or reimburse the Manager, for expenses arising in connection with the Fund’s audit, tax and legal fees (“professional fees”). The total professional fees allocated to the Fund by GAIT for years ended December 31, 2024 and 2023 were $256,125 and $274,206, respectively.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;">Operating Expenses</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">GAIT shall pay, or reimburse the Manager, for expenses arising in connection with the Fund’s investments, operations, and business (“operating expenses”). For the year ended December 31, 2024 and 2023, GAIT reimbursed the Manager for operating expenses which were comprised of market data and technology costs associated with its assets allocated to the various Master Funds. The total operating expenses allocated to the Fund by GAIT for the year ended December 31, 2024 and 2023 was $22,560 and $21,664, respectively. </div> 0.015 0.015 0.015 0.02 538903 519147 0 0 <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">For the years ended December 31, 2024 and 2023, the Sponsor Fees allocated to the Fund by Class 0 and Class 2 of GAIT totaled $256,812 and $261,060, respectively.</span> <div style="margin: 0px; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 0</div> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 2</div> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: center;">0.50%</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: center;">1.25%</div> </td> </tr> </table> 256812 261060 0.005 0.0125 0.20 190936 377041 48838 43833 256125 274206 22560 21664 <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">5. Income Taxes</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">No provision for income taxes has been made in the accompanying consolidated financial statements, as members are individually responsible for reporting income or loss based upon their respective share of the Fund’s income and expenses for income tax purposes.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The Fund identifies its major tax jurisdictions as the U.S. for Federal tax purposes, Connecticut for state tax purposes and various international jurisdictions. The Manager has evaluated the Fund’s tax positions for all open tax years under the respective statutes of limitations (generally three years in the U.S. but varying in non-US jurisdictions) and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the consolidated financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination. Any assessment for interest or penalties on taxes related to uncertain tax positions, when present, would be included in interest and penalties on tax on the consolidated statements of operations. No such interest and/or penalties were assessed to the Fund for the years ended December 31, 2024 and 2023.<br/> </div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">6. Risk Factors</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Global </span>economic, political and market conditions may adversely affect the Fund’s operations. The current global financial market situation, as well as various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. Such impacts may affect the financial markets in which the Fund operates.</div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">7. Financial Highlights</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following is the per Unit operating performance calculation and total return for the years/period ended December 31, 2024 and 2023:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><span style="font-weight: bold;"> Class 3-B</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Per unit operating performance</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Net asset value per Unit, December 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>224.59</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>159.22</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net loss:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net investment loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(0.82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(1.37</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net gain on investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">0.55</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">0.35</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net loss<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>(0.27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>(1.02</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Net asset value per Unit, December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>224.32</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>158.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom">Initial subscriptions, June 1, 2024<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">–</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">–</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">98.41</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net income (loss):</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net investment income (loss)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">2.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">0.64</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(0.27</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net gain (loss) on investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">8.29</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">5.85</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(2.63</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net income (loss) </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">10.81</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">6.49</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(2.90</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: top; width: 64%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Net asset value per Unit, December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">235.13</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">164.69</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">95.51</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The following represents ratios to average Members’ Capital and total return for the years/period ended December 31, 2024 and 2023:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; width: 27%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="7" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">Class 0</div> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"> </td> <td colspan="7" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">Class 2</div> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><span style="font-weight: bold;">Class 3-B*</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; padding-bottom: 2px; width: 27%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2024<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2023<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2024<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2023<br/> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom">2024<br/> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"><br/> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><span style="font-weight: bold;">2023 </span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; width: 27%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total return before Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">5.37</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">1.04</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">0.35</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(2.56</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 2px;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.55</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(1.16</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.47</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(0.99</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(0.39</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total return after Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.12</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.11</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.64</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(2.95</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; width: 27%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Net investment income before Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">1.60</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">0.84</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">0.84</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">0.06</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">0.69</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 2px;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(1.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.45</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(0.91</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(0.98</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Net investment income (loss) after Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">1.08</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.36</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">0.39</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.85</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(0.29</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; width: 27%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total expenses before Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">2.94</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">3.05</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">3.71</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">3.75</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">1.86</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 2px;" valign="bottom">Incentive Allocation</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">0.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">1.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">0.45</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">0.91</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">0.98</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"></td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total expenses after Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">3.46</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">4.25</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.16</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">4.66</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">2.84</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;">* For the period from June 1, 2024 through December 31, 2024.</span><br/> </div> <div><br/> </div> <div style="text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Total return is calculated for Class 0, Class 2 and Class 3-B Units taken as a whole. Total return is calculated as the change in total Members’ Capital adjusted for subscriptions or redemptions during the year/period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment income (loss) and total expense ratios (including Incentive Allocation) are calculated for Class 0, Class 2 and Class 3-B Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment income (loss), expenses, and Incentive Allocation. Net investment income (loss) and total expense ratios are computed based upon the weighted average of Members’ Capital for Class 0, Class 2 and Class 3-B Units of the Fund for the years/periods ended </span>December 31, 2024<span style="font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> and 2023. The net investment income (loss) and total expense ratios for Class 3-B have not been annualized.</span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following is the per Unit operating performance calculation and total return for the years/period ended December 31, 2024 and 2023:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Class 2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><span style="font-weight: bold;"> Class 3-B</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Per unit operating performance</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Net asset value per Unit, December 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>224.59</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>159.22</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net loss:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net investment loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(0.82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(1.37</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net gain on investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">0.55</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">0.35</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net loss<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>(0.27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>(1.02</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Net asset value per Unit, December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>224.32</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>158.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom">Initial subscriptions, June 1, 2024<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">–</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">–</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">98.41</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net income (loss):</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net investment income (loss)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">2.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">0.64</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(0.27</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 27pt;">Net gain (loss) on investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">8.29</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">5.85</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(2.63</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 18pt;">Net income (loss) </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">10.81</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">6.49</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(2.90</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: top; width: 64%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Net asset value per Unit, December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">235.13</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">164.69</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">95.51</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 224.59 159.22 0 -0.82 -1.37 0 0.55 0.35 0 -0.27 -1.02 0 224.32 158.2 0 0 0 98.41 2.52 0.64 -0.27 8.29 5.85 -2.63 10.81 6.49 -2.9 235.13 164.69 95.51 <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The following represents ratios to average Members’ Capital and total return for the years/period ended December 31, 2024 and 2023:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; width: 27%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="7" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">Class 0</div> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"> </td> <td colspan="7" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">Class 2</div> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><span style="font-weight: bold;">Class 3-B*</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; padding-bottom: 2px; width: 27%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2024<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2023<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2024<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" valign="bottom"> 2023<br/> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-weight: bold;" valign="bottom"><br/> </td> <td colspan="3" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom">2024<br/> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"><br/> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><span style="font-weight: bold;">2023 </span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; width: 27%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total return before Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">5.37</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">1.04</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">0.35</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(2.56</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 2px;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.55</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(1.16</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.47</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(0.99</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(0.39</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total return after Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.12</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.11</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.64</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(2.95</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; width: 27%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Net investment income before Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">1.60</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">0.84</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">0.84</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">0.06</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">0.69</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 2px;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(1.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">(0.45</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">(0.91</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(0.98</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Net investment income (loss) after Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">1.08</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.36</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">0.39</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">(0.85</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">(0.29</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; margin-left: 9pt; text-indent: -9pt; width: 27%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 6%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total expenses before Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">2.94</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">3.05</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">3.71</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">3.75</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">1.86</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 2px;" valign="bottom">Incentive Allocation</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">0.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">1.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">0.45</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: normal;">0.91</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">0.98</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"></td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 27%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Total expenses after Incentive Allocation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">3.46</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">4.25</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">4.16</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: normal;">4.66</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">%</div> </td> <td colspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 6%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">2.84</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">–</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;">* For the period from June 1, 2024 through December 31, 2024.</span><br/> </div> 0.0537 0.0104 0.0458 0.0035 -0.0256 0 -0.0055 -0.0116 -0.0047 -0.0099 -0.0039 0 0.0482 -0.0012 0.0411 -0.0064 -0.0295 0 0.016 0.0084 0.0084 0.0006 0.0069 0 -0.0052 -0.012 -0.0045 -0.0091 -0.0098 0 0.0108 -0.0036 0.0039 -0.0085 -0.0029 0 0.0294 0.0305 0.0371 0.0375 0.0186 0 0.0052 0.012 0.0045 0.0091 0.0098 0 0.0346 0.0425 0.0416 0.0466 0.0284 0 <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">8. Subsequent Events<br/> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Fund had subscriptions of approximately $0.50 million and redemptions of approximately $0.53 million from January 1, 2025 through March 26, 2025, the date through which subsequent events were evaluated by management. These amounts have not been included in the consolidated financial statements.</div> 500000 530000 false false false false * For the period from June 1, 2024 through December 31, 2024.