A. Description of Advisory Firm and Principal Owner FrontRange Capital Advisers, LLC (referred to herein as “FrontRange”), was founded in 2011 and organized as a Delaware limited liability company for the purpose of providing investment advisory services to certain pooled investment vehicles, including without limitation co-investment vehicles (collectively, the “FrontRange Funds”). There are two members of FrontRange, which are FrontRange Property Partners Management, LLC (“FRPPM”) and FrontRange Corporate Partners Management, LLC. The only principal owner of FrontRange is David R. Robertson. Mr. Robertson owns 25% or more of FrontRange indirectly through his interest in FrontRange Capital Partners, LLC. FrontRange Capital Partners, LLC is a member of each of FRPPM and FrontRange Corporate Partners Management, LLC. As of the date of this 2024 brochure amendment, in addition to David Robertson being a member of FRPPM as mentioned above, Christopher Davis, Scott Berry, Matt Smith, and Greg Moran are also members of FRPPM. However, none of Christopher Davis, Scott Berry, Matt Smith, or Greg Moran owns 25% or more of FrontRange as of the date of this 2024 brochure amendment. B. Description of Advisory Services Offered FrontRange provides discretionary investment advisory services to the FrontRange Funds, which consist primarily of advisory services around direct and indirect investments in real estate and real estate-related companies and businesses, as well as direct and indirect investments in companies in areas other than real estate. Historically, the FrontRange Funds have made direct and indirect investments consisting of (i) debt and equity investments in real estate companies, (ii) acquisitions of real estate properties, (iii) entry into joint ventures or otherwise providing debt and equity investments for development or acquisition of real estate properties, (iv) equity investments in third-party real estate funds, and (v) debt and equity investments in non-real estate companies. FrontRange specializes in the acquisition, asset management, improvement, and disposition of real estate properties and companies, as well as other private companies, primarily within the United States. C. Explanation of any Individually Tailored Advisory Services

The advisory services to the FrontRange Funds are detailed in the applicable FrontRange Fund’s offering documents and limited partnership or other governing documents. The FrontRange Funds, rather than individual investors, are the clients of FrontRange. Thus, with respect to the FrontRange Funds, FrontRange does not tailor its advisory services to the individual needs of investors, nor has it historically accepted investor-imposed investment restrictions. FrontRange may, in the future, establish a separately managed account that would tailor its investment objectives to those of a specific investor that may be different than those of the FrontRange Funds. Such investment objectives, fee arrangements and terms would be individually negotiated. In addition, the FrontRange Funds (through their respective general partners or as otherwise permitted in the respective governing documents) may enter into side letters or other similar agreements with certain investors that have the effect of establishing rights under, or altering or supplementing the terms (including without limitation economic terms) of, the governing documents with respect to such investors. As permitted by the governing documents, FrontRange Funds (through their respective general partners or as otherwise permitted in the respective governing documents) may offer the right to participate in co- investment opportunities of the FrontRange Funds to other private investors, separately managed accounts, groups, individuals, partnerships, or corporations, including any investor and any FrontRange Fund, whenever and in whatever amounts the general partner, in its sole discretion, so determines. Subject to applicable governing documents, such co-investment vehicles will typically invest and dispose of their investments at the same time and on the same investment terms as the primary FrontRange Fund making the investment. D. Description of any Wrap Fee Programs FrontRange does not participate in wrap-fee programs. E. Disclosure of Assets Under Management on a Discretionary and Non-Discretionary Basis. As of December 31, 2023, FrontRange managed approximately $921,969,372 of FrontRange Fund assets on a discretionary basis. FrontRange does not currently manage any FrontRange Fund assets on a non- discretionary basis.