0001461237 2025-01-01 2025-03-31 0001461237 2025-05-01 0001461237 2025-03-31 0001461237 2024-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2025-03-31 0001461237 us-gaap:CapitalUnitClassAMember 2024-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2025-03-31 0001461237 us-gaap:CapitalUnitClassBMember 2024-12-31 0001461237 gaifb:CapitalUnitClass3AMember 2025-03-31 0001461237 gaifb:CapitalUnitClass3AMember 2024-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2025-03-31 0001461237 gaifb:CapitalUnitClass3BMember 2024-12-31 0001461237 2024-01-01 2024-03-31 0001461237 us-gaap:CapitalUnitClassAMember 2025-01-01 0001461237 us-gaap:CapitalUnitClassBMember 2025-01-01 0001461237 gaifb:CapitalUnitClass3AMember 2025-01-01 0001461237 us-gaap:CapitalUnitClassAMember 2025-01-01 2025-03-31 0001461237 us-gaap:CapitalUnitClassBMember 2025-01-01 2025-03-31 0001461237 gaifb:CapitalUnitClass3AMember 2025-01-01 2025-03-31 0001461237 gaifb:CapitalUnitClass3BMember 2025-01-01 0001461237 2025-01-01 0001461237 gaifb:CapitalUnitClass3BMember 2025-01-01 2025-03-31 0001461237 us-gaap:CapitalUnitClassAMember 2023-12-31 0001461237 us-gaap:CapitalUnitClassBMember 2023-12-31 0001461237 2023-12-31 0001461237 us-gaap:CapitalUnitClassAMember 2024-01-01 2024-03-31 0001461237 us-gaap:CapitalUnitClassBMember 2024-01-01 2024-03-31 0001461237 us-gaap:CapitalUnitClassAMember 2024-03-31 0001461237 us-gaap:CapitalUnitClassBMember 2024-03-31 0001461237 2024-03-31 0001461237 gaifb:GrahamAlternativeInvestmentTradingLlcMember 2025-03-31 0001461237 gaifb:GrahamAlternativeInvestmentTradingLlcMember 2024-12-31 0001461237 srt:MinimumMember 2025-03-31 0001461237 srt:MinimumMember 2025-01-01 2025-03-31 0001461237 srt:MaximumMember 2025-01-01 2025-03-31 0001461237 gaifb:CapitalUnitClass0Class2Class3AAndClass3BMember 2025-01-01 2025-03-31 0001461237 gaifb:CapitalUnitClass0Class2Class3AAndClass3BMember 2024-01-01 2024-03-31 0001461237 gaifb:CapitalUnitClassAAndBMember 2025-01-01 2025-03-31 0001461237 gaifb:CapitalUnitClassAAndBMember 2024-01-01 2024-03-31 0001461237 gaifb:CapitalUnitClass3AMember 2023-12-31 0001461237 gaifb:CapitalUnitClass3BMember 2023-12-31 0001461237 gaifb:CapitalUnitClass3AMember 2024-01-01 2024-03-31 0001461237 gaifb:CapitalUnitClass3BMember 2024-01-01 2024-03-31 0001461237 gaifb:CapitalUnitClass3AMember 2024-03-31 0001461237 gaifb:CapitalUnitClass3BMember 2024-03-31 0001461237 us-gaap:SubsequentEventMember 2025-04-01 2025-05-15 shares iso4217:USD pure iso4217:USD shares 10-Q true 2025-03-31 2025 false 0-53967 GRAHAM ALTERNATIVE INVESTMENT FUND II LLC DE 20-4897149 40 Highland Avenue Rowayton CT 06853 203 899-3400 Yes Yes Non-accelerated Filer true false false 200927.339 36415122 35478713 101250 255000 0 1365282 36516372 37098995 101250 255000 0 1365282 101250 1620282 90609.757 90609.757 92145.41 92145.41 241.91 235.13 21919248 21665923 55099.382 55099.382 56059.973 56059.973 169.13 164.69 9318659 9232454 1842.786 1842.786 0 0 100.22 0 184680 0 51093.983 51093.983 47955.304 47955.304 97.71 95.51 4992535 4580336 36415122 35478713 36516372 37098995 1183447 1811705 -217056 1193097 29637 18186 936754 2986616 370862 422317 141370 132311 76499 55991 56233 65440 27535 171726 13243 11047 5899 5569 1990 1942 322769 444026 48093 -21709 984847 2964907 92145.41 21665923 56059.973 9232454 0 0 0 0 0 0 1842.786 180000 0 0 0 0 0 0 1535.653 371879 960.591 161559 0 0 625204 247764 4680 90609.757 21919248 55099.382 9318659 1842.786 184680 47955.304 4580336 35478713 0 0 180000 3138.679 305000 305000 0 0 533438 107199 984847 51093.983 4992535 36415122 104021.942 23334356 67462.982 10672305 34006661 66.867 15000 2005.123 323000 338000 5914.866 1380061 1218.801 198675 1578736 2016238 948669 2964907 98173.943 23985533 68249.304 11745299 35730832 984847 2964907 -984847 -2964907 1898720 2150814 485000 338000 1413720 1812814 331250 387000 1898720 2150814 -1567470 -1763814 -153750 49000 255000 115000 101250 164000 <div style="margin: 0in; vertical-align: baseline;"><b><span>1. Organization and Business</span></b></div><div style="margin: 0in 0in 0in 0.5in; text-indent: -0.5in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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”).<span style="layout-grid-mode:line"> </span></span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"> </div><div style="margin: 0in; font-size: 12pt; text-align: justify; vertical-align: baseline;"><span style="font-size:10.0pt">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 period and year ended March 31, 2025 and December 31, 2024, 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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"> </div><div style="margin: 0in; font-size: 12pt; text-align: justify; vertical-align: baseline;"><span style="font-size:10.0pt">The Fund offers members Class 0 and Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units (collectively the “Units”). All Units are currently issued. 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. </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"> </div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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. </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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. </span></div><div style="margin: 0in; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; vertical-align: baseline;"> </div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>Duties of the Manager</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div> <div style="margin: 0in; vertical-align: baseline;"><b><span>2. Summary of Significant Accounting Policies</span></b></div><div style="margin: 0in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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<i style="mso-bidi-font-style:normal"> </i>(“FASB”) Accounting Standards Codification Topic 946, <i style="mso-bidi-font-style: normal">Financial Services – Investment Companies</i>. 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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; vertical-align: baseline;"><b><span>Principles of Consolidation</span></b></div><div style="margin: 0in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in 0in 0in 9.35pt; text-align: justify; text-indent: -9.35pt; vertical-align: baseline;"><b><span>Investment in Graham Alternative Investment Trading LLC</span></b></div><div style="margin: 0in 0in 0in 9.35pt; text-align: justify; text-indent: -9.35pt; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>At March 31, 2025 and December 31, 2024, the Fund owned 52.67% and 53.48%, respectively of GAIT.</span></div><div style="margin: 0in; vertical-align: baseline;"><b><span>Fair Value</span></b></div><div style="margin: 0in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><table style="font-size: 10pt; width: 100%;"><tr><td style="width: 5%;"></td><td style="width: 3%;"></td><td style="width: 92%;"></td></tr><tr><td></td><td>●</td><td>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.</td></tr><tr><td valign="bottom"> </td><td>●</td><td>Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security.</td></tr><tr><td valign="bottom"> </td><td>●</td><td>Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.</td></tr></table><div style="margin: 0in 0in 0in 0.5in; text-align: justify; text-indent: -0.25in; vertical-align: baseline;"><span style="letter-spacing: -0.1pt;"><span style="mso-tab-count: 1"> </span></span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 three months ended March 31, 2025 or the year ended December 31, 2024 by the Fund, GAI, GAIT, the Master Funds or Cash Assets.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>Cash and Cash Equivalents</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span> </span></b></div> <div style="margin: 0in; font-size: 12pt; text-align: justify;"><span style="font-size:10.0pt">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 March 31, 2025 and December 31, 2024, the Fund held $101,250 and $255,000, respectively, in cash and held no cash equivalents.</span></div><div style="margin: 0in; text-align: justify;"><b><span>Recent Accounting Pronouncement</span></b></div><div style="margin: 0in; text-align: justify;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify;"><span>In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”) <i>Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures</i>. 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. The Investment Committee acts as the Fund’s CODM. The Fund represents a single 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 single 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.</span></div><div style="margin: 0in; text-align: justify;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>Indemnifications</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 March 31, 2025 and December 31, 2024, no accruals have been recorded by the Fund for indemnifications.</span></div> <div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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<i style="mso-bidi-font-style:normal"> </i>(“FASB”) Accounting Standards Codification Topic 946, <i style="mso-bidi-font-style: normal">Financial Services – Investment Companies</i>. 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.</span></div> <div style="margin: 0in; vertical-align: baseline;"><b><span>Principles of Consolidation</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div> 1 <div style="margin: 0in 0in 0in 9.35pt; text-align: justify; text-indent: -9.35pt; vertical-align: baseline;"><b><span>Investment in Graham Alternative Investment Trading LLC</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>At March 31, 2025 and December 31, 2024, the Fund owned 52.67% and 53.48%, respectively of GAIT.</span></div> 0.5267 0.5348 <div style="margin: 0in; vertical-align: baseline;"><b><span>Fair Value</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><table style="font-size: 10pt; width: 100%;"><tr><td style="width: 5%;"></td><td style="width: 3%;"></td><td style="width: 92%;"></td></tr><tr><td></td><td>●</td><td>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.</td></tr><tr><td valign="bottom"> </td><td>●</td><td>Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security.</td></tr><tr><td valign="bottom"> </td><td>●</td><td>Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.</td></tr></table><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 three months ended March 31, 2025 or the year ended December 31, 2024 by the Fund, GAI, GAIT, the Master Funds or Cash Assets.</span></div> <div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>Cash and Cash Equivalents</span></b></div><div style="margin: 0in; font-size: 12pt; text-align: justify;"><span style="font-size:10.0pt">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 March 31, 2025 and December 31, 2024, the Fund held $101,250 and $255,000, respectively, in cash and held no cash equivalents.</span></div> 101250 255000 <div style="margin: 0in; text-align: justify;"><b><span>Recent Accounting Pronouncement</span></b></div><div style="margin: 0in; text-align: justify;"><span>In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”) <i>Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures</i>. 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. The Investment Committee acts as the Fund’s CODM. The Fund represents a single 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 single 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.</span></div> <div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>Indemnifications</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 March 31, 2025 and December 31, 2024, no accruals have been recorded by the Fund for indemnifications.</span></div> <div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>3. Capital Accounts</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>The Fund offers members Class 0 and Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units. All Classes are currently issued. The Fund may issue additional Classes in the future subject to different fees, expenses, or other terms, or invest in other investment programs or combinations of investment programs managed by the Manager. </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Subscriptions</span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 period end or on period end, if any, for Fund shares related to the subsequent period is considered a subscription received in advance on the period end date. 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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Redemption of Units</span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 three 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 end of a period, based upon end-of-period share values, if any, are reflected as redemptions payable on the Statement of Financial Condition.</span></div> 10000 5000 P3D P3D 10000 10000 P15D <div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>4. Fees and Related Party Transactions</span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span> </span></b></div><div style="margin: 0in; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Advisory Fees</span></i></div><div style="margin: 0in; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 three months ended March 31, 2025 and 2024, the Advisory Fees allocated to the Fund by Class 0, Class 2, Class 3-A and Class 3-B of GAIT totaled $141,370 and $132,311, respectively.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span> </span></b></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Sponsor Fees</span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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. For the three months ended March 31, 2025 and 2024, the Sponsor Fees allocated to the Fund by Class 0 and Class 2 of GAIT totaled $56,233 and $65,440, respectively.</span></div><table cellpadding="0" style="font-size: 10pt; line-height: 115%; width: 50%; border-collapse: collapse; margin-left: auto; margin-right: auto; border-spacing: 0px;" width="100%"> <tr><td style="width: 25%;"></td><td style="width: 25%;"></td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0in; text-align: center;" valign="top"> <div style="margin: 0in; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal">Class 0</b></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal">Class 2</b></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="border: none; padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">0.50%</div> </td> <td style="border: none; padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">1.25%</div> </td> </tr> </table><div style="margin: 0in; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Incentive Allocation</span></i></div><div style="margin: 0in; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 three months ended March 31, 2025, Incentive Allocation of $27,535 was allocated to the Fund by GAIT.<span style="mso-spacerun:yes">  </span>For the three months ended March 31, 2024, Incentive Allocation of $171,726 was allocated to the Fund by GAIT.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in;"><i style="mso-bidi-font-style:normal"><span>Administrator’s Fees</span></i></div><div style="margin: 0in;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>For the three months ended March 31, 2025 and 2024, GAIT paid SEI monthly administrator’s fees based on GAIT’s Members’ Capital, calculated as of the last business day of each month. In addition, GAIT </span><span style="font-size:10.0pt;line-height:115%">paid SEI for regulatory compliance services and </span><span>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 three months ended March 31, 2025 and 2024 were $13,243 and $11,047, respectively. </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Professional Fees</span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span>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 the three months ended March 31, 2025 and 2024 were $76,499 and $55,991, respectively.</span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><span> </span></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span>Operating Expenses</span></i></div><div style="margin: 0in; text-align: justify; vertical-align: baseline;"><i style="mso-bidi-font-style:normal"><span> </span></i></div><div style="margin: 0in; text-align: justify;">GAIT shall pay, or reimburse the Manager, for expenses arising in connection with the Fund’s investments, operations, and business (“operating expenses”). For the three months ended March 31, 2025 and 2024, 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 three months ended March 31, 2025 and 2024 were $5,899 and $5,569, respectively.</div> 0.015 0.015 0.015 0.02 141370 132311 0 0 For the three months ended March 31, 2025 and 2024, the Sponsor Fees allocated to the Fund by Class 0 and Class 2 of GAIT totaled $56,233 and $65,440, respectively.<table cellpadding="0" style="font-size: 10pt; line-height: 115%; width: 50%; border-collapse: collapse; margin-left: auto; margin-right: auto; border-spacing: 0px;" width="100%"> <tr><td style="width: 25%;"></td><td style="width: 25%;"></td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0in; text-align: center;" valign="top"> <div style="margin: 0in; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal">Class 0</b></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal">Class 2</b></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="border: none; padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">0.50%</div> </td> <td style="border: none; padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">1.25%</div> </td> </tr> </table> 56233 65440 0.005 0.0125 0.20 27535 171726 13243 11047 76499 55991 5899 5569 <div style="margin: 0in; vertical-align: baseline;"><b><span>5. Income Taxes</span></b></div><div style="margin: 0in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify;"><span>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.</span></div><div style="margin: 0in;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify;"><span>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-U.S. 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 three months ended March 31, 2025 and 2024.</span></div> <div style="margin: 0in; vertical-align: baseline;"><b><span>6. Risk Factors </span></b></div><div style="margin: 0in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in; text-align: justify;"><span>Global 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.</span></div> <div style="margin: 0in; vertical-align: baseline;"><b><span>7. Financial Highlights</span></b></div><div style="margin: 0in; vertical-align: baseline;"><b><span> </span></b></div><div style="margin: 0in -0.05in 0in 0in; text-align: justify; vertical-align: baseline;"><span>The following is the per Unit operating performance calculation for the three months ended March 31, 2025 and 2024<span style="mso-bidi-font-weight:bold">: </span></span></div><div style="margin: 0in;"> </div> <div style="text-align: center;"> <table cellpadding="0" style="font-size: 10pt; line-height: 115%; margin-left: auto; margin-right: auto; border-collapse: collapse; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; white-space: nowrap; border-spacing: 0px;" width="656"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 0</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 2</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-A</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-B</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b style="mso-bidi-font-weight: normal">Per unit operating performance</b></div> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, December 31, 2023</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">224.32</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">158.20</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income:</div> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net investment loss</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.05</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.25</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net gain on investments</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">20.05</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">14.14</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="height: 3.25pt; background-color: rgb(204, 238, 255);"> <td style="height: 3.25pt; text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">20.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">13.89</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, March 31, 2024</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">244.32</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">172.09</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, December 31, 2024</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">235.13</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">164.69</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">95.51</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Initial subscription, January 1, 2025</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">97.68</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income:</div> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net investment income (loss)</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.61</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.12</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.02</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.30</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> </tr> <tr style="mso-yfti-irow:13"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net gain on investments</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">6.17</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">4.32</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.56</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.50</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> </tr> <tr style="height: 3.25pt; background-color: rgb(204, 238, 255);"> <td style="height: 3.25pt; text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">6.78</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">4.44</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.54</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.20</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:15;mso-yfti-lastrow:yes"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, March 31, 2025</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">241.91</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">169.13</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">100.22</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">97.71</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> </tr> </table> </div><div style="margin: 0in;"> </div> <div style="text-align: justify;"> <span>The following represents ratios to average Members’ Capital and total return for the three months ended March 31, 2025 and 2024:</span></div> <div style="float: left; width: 36.0pt; white-space: nowrap;">  </div><table cellpadding="0" style="font-size: 10pt; line-height: 115%; border-collapse: collapse; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; white-space: nowrap; border-spacing: 0px;" width="100%"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;page-break-inside:avoid; height:12.3pt"> <td style="height: 12.3pt; text-align: center; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 0</b></div> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 2</b></div> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-A</b></div> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-B</b></div> </td> </tr> <tr style="mso-yfti-irow:1;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt; text-align: center; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:2;page-break-inside:avoid;height:12.3pt"> <td style="height: 12.3pt;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> </tr> <tr style="break-inside: avoid; height: 10.35pt; background-color: rgb(204, 238, 255);"> <td style="height: 10.35pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total return before Incentive Allocation</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">2.88</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">9.46</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">2.69</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">9.26</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">3.01</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">2.88</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;page-break-inside:avoid;height:12.3pt"> <td style="height: 12.3pt;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.55</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.47</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.41</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.58</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 11.85pt; background-color: rgb(204, 238, 255);"> <td style="height: 11.85pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total return after Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.88</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">8.91</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.69</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">8.79</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.60</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.30</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:6;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 8.55pt; background-color: rgb(204, 238, 255);"> <td style="height: 8.55pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Net investment income before Incentive Allocation</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.26</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.49</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.07</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.30</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.38</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.25</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:8;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.51</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.45</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.40</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.56</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 10.5pt; background-color: rgb(204, 238, 255);"> <td style="height: 10.5pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Net investment income (loss) after Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.26</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.02</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.07</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.15</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.02</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.31</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:10;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 0.15in; background-color: rgb(204, 238, 255);"> <td style="height: 0.15in;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total expenses before Incentive Allocation</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.77</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.71</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.95</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.91</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.64</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.78</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:12;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">0.51</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">0.45</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.40</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.56</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 9.15pt; background-color: rgb(204, 238, 255);"> <td style="height: 9.15pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total expenses after Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.77</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">1.22</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.95</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">1.36</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">1.04</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">1.34</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> </table><div style="text-align: justify;"> </div> <div style="margin-bottom: 14pt; text-align: justify;"> <span>Total return is calculated for Class 0, Class 2, Class 3-A 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 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, Class 3-A 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, Class 3-A and Class 3-B Units of the Fund for the three months ended March 31, 2025 and 2024 and are not annualized.</span></div> <div style="margin: 0in -0.05in 0in 0in; text-align: justify; vertical-align: baseline;"><span>The following is the per Unit operating performance calculation for the three months ended March 31, 2025 and 2024<span style="mso-bidi-font-weight:bold">: </span></span></div><div style="margin: 0in;"> </div> <div style="text-align: center;"> <table cellpadding="0" style="font-size: 10pt; line-height: 115%; margin-left: auto; margin-right: auto; border-collapse: collapse; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; white-space: nowrap; border-spacing: 0px;" width="656"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 0</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 2</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-A</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-B</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b style="mso-bidi-font-weight: normal">Per unit operating performance</b></div> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, December 31, 2023</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">224.32</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">158.20</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income:</div> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net investment loss</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.05</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.25</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net gain on investments</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">20.05</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">14.14</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="height: 3.25pt; background-color: rgb(204, 238, 255);"> <td style="height: 3.25pt; text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">20.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">13.89</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, March 31, 2024</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">244.32</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">172.09</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, December 31, 2024</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">235.13</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">164.69</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">            ‑</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">$</td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">95.51</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Initial subscription, January 1, 2025</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">97.68</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income:</div> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> <td style="width: 1%;" valign="bottom"> </td><td style="width: 9%;" valign="bottom"> </td><td style="width: 1%;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net investment income (loss)</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.61</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.12</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.02</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.30</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> </tr> <tr style="mso-yfti-irow:13"> <td style="text-align: left; padding-left: 20px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net gain on investments</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">6.17</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">4.32</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.56</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.50</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> </tr> <tr style="height: 3.25pt; background-color: rgb(204, 238, 255);"> <td style="height: 3.25pt; text-align: left; padding-left: 10px;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net income</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">6.78</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">4.44</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.54</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 3.25pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.20</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:15;mso-yfti-lastrow:yes"> <td style="text-align: left;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Net asset value per Unit, March 31, 2025</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">241.91</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">169.13</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">100.22</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">$</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">97.71</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom"> </td> </tr> </table> </div> 224.32 158.2 0 0 -0.05 -0.25 0 0 20.05 14.14 0 0 20 13.89 0 0 244.32 172.09 0 0 235.13 164.69 0 95.51 0 0 97.68 0 0.61 0.12 -0.02 -0.3 6.17 4.32 2.56 2.5 6.78 4.44 2.54 2.2 241.91 169.13 100.22 97.71 <div style="text-align: justify;"> <span>The following represents ratios to average Members’ Capital and total return for the three months ended March 31, 2025 and 2024:</span></div> <div style="float: left; width: 36.0pt; white-space: nowrap;">  </div><table cellpadding="0" style="font-size: 10pt; line-height: 115%; border-collapse: collapse; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; white-space: nowrap; border-spacing: 0px;" width="100%"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;page-break-inside:avoid; height:12.3pt"> <td style="height: 12.3pt; text-align: center; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 0</b></div> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 2</b></div> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-A</b></div> </td> <td colspan="6" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; text-align: center;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>Class 3-B</b></div> </td> </tr> <tr style="mso-yfti-irow:1;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt; text-align: center; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2025</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; text-align: center; width: 9%;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;"><b>2024</b></div> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; text-align: center; width: 1%;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:2;page-break-inside:avoid;height:12.3pt"> <td style="height: 12.3pt;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> <td style="border: none; width: 1%;" valign="top"> </td><td style="border: none; height: 12.3pt; width: 9%;" valign="top"> </td><td style="border: none; width: 1%;" valign="top"> </td> </tr> <tr style="break-inside: avoid; height: 10.35pt; background-color: rgb(204, 238, 255);"> <td style="height: 10.35pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total return before Incentive Allocation</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">2.88</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">9.46</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">2.69</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">9.26</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">3.01</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">2.88</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 10.35pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;page-break-inside:avoid;height:12.3pt"> <td style="height: 12.3pt;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.55</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.47</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.41</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.58</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.3pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 11.85pt; background-color: rgb(204, 238, 255);"> <td style="height: 11.85pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total return after Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.88</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">8.91</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.69</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">8.79</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.60</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">2.30</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 11.85pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:6;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 8.55pt; background-color: rgb(204, 238, 255);"> <td style="height: 8.55pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Net investment income before Incentive Allocation</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.26</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.49</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.07</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.30</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.38</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.25</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 8.55pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:8;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.51</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.45</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.40</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.56</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">) </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 10.5pt; background-color: rgb(204, 238, 255);"> <td style="height: 10.5pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Net investment income (loss) after Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.26</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.02</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.07</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">(0.15</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.02</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">(0.31</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">)%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 10.5pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:10;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> <td style="border: none; width: 1%;" valign="bottom"> </td><td style="border: none; height: 12.7pt; width: 9%;" valign="bottom"> </td><td style="border: none; width: 1%;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 0.15in; background-color: rgb(204, 238, 255);"> <td style="height: 0.15in;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total expenses before Incentive Allocation</div> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.77</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.71</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.95</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top">0.91</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.64</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="top">0.78</td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="top">%</td> <td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="height: 0.15in; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:12;page-break-inside:avoid;height:12.7pt"> <td style="height: 12.7pt;" valign="bottom"> <div style="margin: 0in; vertical-align: baseline;">Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">0.51</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.00</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">0.45</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.40</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.56</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; height: 12.7pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="break-inside: avoid; height: 9.15pt; background-color: rgb(204, 238, 255);"> <td style="height: 9.15pt;" valign="top"> <div style="margin: 0in; vertical-align: baseline;">Total expenses after Incentive Allocation</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.77</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">1.22</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">0.95</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="bottom">1.36</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">1.04</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="bottom"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right; font-weight: bold;" valign="bottom">1.34</td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left; font-weight: bold;" valign="bottom">%</td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; height: 9.15pt; margin: 0in; vertical-align: baseline; width: 9%; text-align: right;" valign="top"> ‑ </td><td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double windowtext; margin: 0in; vertical-align: baseline; width: 1%; text-align: left;" valign="top"> </td> </tr> </table> 0.0288 0.0946 0.0269 0.0926 0.0301 0 0.0288 0 0 -0.0055 0 -0.0047 -0.0041 0 -0.0058 0 0.0288 0.0891 0.0269 0.0879 0.026 0 0.023 0 0.0026 0.0049 0.0007 0.003 0.0038 0 0.0025 0 0 -0.0051 0 -0.0045 -0.004 0 -0.0056 0 0.0026 -0.0002 0.0007 -0.0015 -0.0002 0 -0.0031 0 0.0077 0.0071 0.0095 0.0091 0.0064 0 0.0078 0 0 0.0051 0 0.0045 0.004 0 0.0056 0 0.0077 0.0122 0.0095 0.0136 0.0104 0 0.0134 0 <div style="margin: 0in; text-align: justify; vertical-align: baseline;"><b style="mso-bidi-font-weight:normal"><span>8. Subsequent Events</span></b></div><div style="text-align: justify; clear: both;"> </div> <div style="text-align: justify; clear: both; background-color: rgb(255, 255, 255);"><span>The Fund had subscriptions of approximately $0.2 million and no redemptions from April 1, 2025 through May 15, 2025, the date through which subsequent events were evaluated by management. These amounts have not been included in the consolidated financial statements.</span> </div> 200000 0 false false false false 0001461237 false Q1 --12-31