THE FUND - Thirty Eight Hundred Fund - Wells Fargo

The Fund currently has one direct beneficial owner, Thirty-Eight Hundred Investments Limited (the “Feeder Fund”), a Cayman Islands exempted company, that owns all of the outstanding Common Shares, which were acquired prior to the registration of the Fund under the 1940 Act. In turn, all of the Common Shares are indirectly beneficially owned by Wells Fargo & Company (“Wells Fargo”). An “exempted” company is a company incorporated under the laws of the Cayman Islands but exempted from paying tax to the Cayman Islands Government.