Enlightenment Research, LLC

Enlightenment Research, LLC is a registered investment adviser with the SEC, established in November 2012. The firm primarily provides investment advisory services to a Delaware series private investment fund on a discretionary basis. As of the brochure's date, Enlightenment manages approximately $198,418 million in discretionary assets. The firm's investment strategy focuses on fundamental long/short equities and statistical arbitrage within the MSCI Barra US Equity Model Long-Term universe. Clients should be aware of the risks involved, including market risk, strategy risk, individual stock risk, execution risk, and other factors that may impact investment performance. Enlightenment's compensation includes reimbursement of certain expenses and fees based on a percentage of the Account's performance. The firm may engage in performance-based compensation, potentially incentivizing riskier investments. Clients are informed about the potential conflicts of interest, legal, regulatory, and tax risks, as well as the firm's Code of Ethics and personal trading policies. Enlightenment does not currently compensate for client referrals and does not have custody of client assets. The firm exercises investment discretion and may vote on client securities following specific policies. Clients can request additional information on the firm's proxy voting policies and procedures.