SIR CAPITAL MANAGEMENT, L.P.

SIR currently provides investment advisory services to the Funds, which are exempt from registration under the Investment Company Act of 1940. SIR may in the future provide investment advisory services to other types of clients, including individuals, trusts, investment companies, pension plans, sovereign wealth funds, family offices and endowments. Investors in the Funds are required to meet suitability requirements under the Securities Act of 1933, the Investment Advisers Act of 1940, and the Investment Company Act. The Managing Members and certain employees of SIR may serve on the boards of directors or advisory committees of other organizations, some of which may be shareholders or partners of the Funds. These positions may create conflicts of interest between the services and advice provided to such organizations and the responsibilities owed to the Funds. While the Managing Members and employees will seek to limit any such conflicts and act in accordance with their fiduciary duties, there can be no assurance that serving in these positions will have no impact on their ability to perform their responsibilities on behalf of the Funds.

The Hedged Equity Funds aim for superior absolute returns that are not correlated with market indices. They utilize a wide range of relative-value strategies and instruments, often maintaining a low net exposure. Their core investments typically have a 3 to 6 month time horizon, but can range from several days to 12 to 18 months or more. The Hedged Equity Funds actively trade around their core positions to reduce volatility and generate returns, maintaining a diversified portfolio of 50 to 100 long and short positions. The Energy Opportunities Funds focus on long-term capital appreciation and risk-adjusted returns by investing in energy and related industries. They employ a traditional long/short hedge fund strategy, aiming for higher volatility and concentration than the Hedged Equity Funds. They generally have a higher net exposure to the energy sector, leading to greater correlation with energy indices and broader markets. The Energy Opportunities Funds are expected to trade less frequently and have a longer time horizon compared to the Hedged Equity Funds.

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