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DISCLAIMER: The information contained herein does not constitute an offer to sell, or a solicitation of an offer to buy an interest in any security. For private funds, such an offer will be made only by means of an offering memorandum, together with a subscription agreement, which must be read and completed in their entirety. This material is intended for informational purposes only and is not and should not be construed as legal advice. Punch & Associates does not provide legal advice, and accordingly encourages you to consult with professional legal advisors with respect to these matters. Moreover, any accounting or tax advice contained herein is based on your particular facts and circumstances, reasonable factual and legal assumptions and considerations that may not be complete, and an analysis of relevant tax authorities that may be subject to change. Punch & Associates will not update this information for any subsequent developments in tax authorities, including laws, regulations, and judicial and administrative decisions. Any tax advice contained herein is not intended to be used, and cannot be used, to avoid tax penalties. Before relying upon any tax advice provided by Punch & Associates, you should consult with your own professional tax advisor. Please see Punch & Associates’ Form ADV Part 2A and Form CRS for additional information about Punch & Associates’ business practices and conflicts identified. All investments are subject to the risk of loss. All performance information is based on estimated, unaudited data unless otherwise noted. This information may be deemed confidential and may not be reproduced or used for any other purpose without express permission.