A.DescriptionoftheAdvisoryFirm AlmitasCapitalLLC(“Almitas”orthe“Firm”)isaDelawarelimitedliabilitycompany.Almitas wasformedonJanuary7,2013.RonaldDeanMassistheprincipalowner,ManagingPrincipal andChiefComplianceOfficerofAlmitas.Mr.MassisaCharteredFinancialAnalyst.
B.TypesofAdvisoryServices Almitasservesasgeneralpartnerandinvestmentadvisertoprivateinvestmentfunds(the “Funds”).Almitasmaydecideinthefuturetoprovideservicestoadditionaltypesofclients (collectively,the“Clients”).
Pursuant to the Funds’ offering memorandum, limited partnership agreement and subscriptiondocuments(the“GoverningDocuments”),Almitasseekstoidentifyinvestments whichtradeatadiscounttointrinsicvalue.Specifically,AlmitasinveststheFunds’assetsin accordancewiththeFunds’investmentobjectivesandonadiscretionarybasisamongclosed- end funds, mortgage real estate investment trusts (“REITs”), individual debt securities (including,withoutlimitation,mortgageandcommercialmortgagebackedsecurities,asset backedsecurities,andcorporateandgovernmentdebtsecurities),commonandpreferred equitysecurities.TheFirmmayinvestinbothdomesticandforeignsecurities,denominated inU.S.dollarsorforeigncurrencies.TotheextentspecificallyauthorizedbytheFunds,the Firmmayusemarginandshortsellingaspartoftheinvestmentstrategy.
The Funds are offering limited partnership interests (“Interests”) to certain qualified investors as described in Item 7 below (such investors or prospective investors, the “Investors”).
C.ClientTailoredServicesandClientImposedRestrictions Advisory services are tailored to achieve the Clients’ investment objectives. Generally, Almitashastheauthoritytoselectwhichandhowmanysecuritiesandotherinstrumentsto buyorsellwithoutconsultationwiththeClientsortheInvestors.
D.WrapFeePrograms Almitasdoesnotparticipateinwrapfeeprograms.
E.AmountsUnderManagement TheminimuminitialinvestmentthatwillbeacceptedfromanewInvestorintheFundsis $500,000.00, which may be waived by Almitas in its sole discretion. The Firm has the followingassetsundermanagement:
DiscretionaryAmounts:Non-DiscretionaryAmounts:DateCalculated:
$346,095,323 $0December31,2018 please register to get more info

A.FeeSchedule ThefeesandcompensationpayabletoAlmitasarenegotiableandvaryamongitsClients.
However,therangeofcompensationisgenerallyasfollows: 1.ManagementFee Almitas’ quarterly management fee for Investors in the Funds is generally 0.25% (a 1% annualrate).However,theFirmmaychangeorwaivesuchfeesinitssolediscretion.


2.IncentiveFee Almitasgenerallyreceivesanincentivefeeequaltoapercentageofthenetincomeallocated toeachInvestorforthequarter,butonlytotheextentnetincomeallocatedtothatInvestor exceedsanycumulativelossesthatwereallocatedtothatInvestorforearlierperiodsandthat havenotbeenrecovered(a“highwatermark”).Themaximumincentivefeethatcouldbe chargedpursuanttotheFunds’GoverningDocumentsis15%.TheFirmoffersanincentive feeof10%foraninvestor’sfirsttwoyearsandhasthediscretiontootherwisewaiveorlower feesforanyparticularInvestorintheFund.
Theincentivefee,whenassessed,willonlybechargedtoaccountsofthoseInvestorsand Clients(respectively)whoare“qualifiedclients”asdefinedinRule205-3oftheInvestment Advisers Act of 1940, as amended (“Advisers Act”). Almitas may change or waive the incentivefeesinitssolediscretion.
3.FeeComparison The expenses of the Funds, including the management fee and incentive fee that may be assessed,mayconstituteahigherpercentageofaveragenetassetsthanwouldbefoundin otherinvestmentvehicles.
B.PaymentofFees Managementfees,incentivefees,andthird-partyfees(discussedbelow)aredeductedfrom Fundassets.Managementfees,whicharepaidinarrears,arewithdrawnattheendofthe quarter and as of any date on which an Investor makes a withdrawal. Incentive fees are allocatedasofthelastbusinessdayofthecalendarquarterandasofanydateonwhichan Investormakesawithdrawalorreceivesadistributionfromitsaccount(s).
C.Third-PartyFees TheFundsshallpaysuchcostsandexpensesasAlmitasshallreasonablydeterminetobe necessary, appropriate, advisable or convenient to carry on its business and realize its objective, including but not limited to: (i) management fees; (ii) all general investment expenses(i.e.,expenseswhichtheFirmreasonablydeterminestobedirectlyrelatedtothe investmentoftheClient’sassets);(iii)alladministrative,legal,accounting,auditing,record- keeping,taxformpreparation,complianceandconsultingcostsandexpenses;(iv)fees,costs and expenses of third-party service providers that provide such services; and, (v) any extraordinaryexpenses,amongotherexpenses.
Almitas’ fees are exclusive of brokerage commissions, transaction fees, and other related costsandexpenseswhichshallbeincurredbytheFunds.Suchcharges,feesandcommissions areexclusiveofandinadditiontoAlmitas’managementfee,andtheFirmshallnotreceive anyportionofthesecommissions,fees,andcosts.
PleaseseeItem12ofthisBrochureregardingbrokerage.
D.PrepaymentofFees AlmitaswillproratethemanagementfeeforFundwithdrawalsmadepriortoquarterend.
E.OutsideCompensationfortheSaleofSecurities NeitherAlmitasnoritssupervisedpersonsacceptcompensationforthesaleofsecuritiesor otherinvestmentproductsoutsideofitsassociationwiththeFirm.

The foregoing discussion in Item 5 represents Almitas’ basic compensation
arrangements. The management fees and incentive fees described above are
structuredtocomplywithRule205-3undertheAdvisersActandapplicablestatelaws.
Fees and other compensation are negotiable in certain circumstances and
arrangements with any particular Client or Investor may vary. Although Almitas
believesitsfeesarecompetitive,lowerfeesforcomparableservicesmaybeavailable
fromotherinvestmentadvisers. please register to get more info

AsdiscussedinItem5.A.,Almitasgenerallyreceivesanincentivefeeequaltoapercentageof thenetincomeallocatedtoeachInvestorforthequarter.
Almitas currently only provides investment management services to the Funds. Should Almitas provide investment advisory services to more Clients, differences in Almitas’ compensationarrangementswithitsClients,particularlyifsomeClientsweretopayhigher performance-based compensation, could create incentives for Almitas to manage Client portfolios so as to favor those portfolios of Clients paying higher performance-based compensation. Notwithstanding these conflicts, the Firm will allocate transactions and opportunitiesamongthevariousClientsitmanagesinamanneritbelievestobeasequitable aspossible,consideringeachClient’sobjectives,programs,limitationsandcapitalavailable forinvestment,butevenClientswithsimilarobjectiveswilloftenhavedifferentinvestment portfolios.
The incentive fee, when assessed, may provide a possible incentive for Almitas to make riskierormorespeculativeinvestmentsonbehalfofaClientthanitmightmakeotherwise.
Notwithstandingthispotentialincentive,theFirmwillevaluateinvestmentsinamannerthat itconsiderstobeinthebestinterestofitsClients,giventhoseClients’investmentobjectives, investmentstrategies,suitabilityoftheinvestment,andriskprofile.
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Almitas provides investment advisory services to the Funds. Almitas may in the future provideservicestoadditionalordifferenttypesofClients.
TheFirmintendstorestrictthenumberofInvestorsintheFundsandwillofferInterestsonly through non-public transactions in order to maintain their exclusion from “investment company”statusundertheInvestmentCompanyActof1940,asamended(the“Investment CompanyAct”).
EachInvestorgenerallymustbean“accreditedinvestor”(asdefinedinRegulationDunder the Securities Act of 1933), an Investor who is eligible to enter into a performance fee arrangementunderfederallawandmustmeetothercriteriaasspecifiedintheGoverning Documents.ProspectiveInvestorsintheFundsmustmeeteligibilitycriteriaandaresubject tocertainwithdrawalrequirementsandlimitations.ProspectiveInvestorsareencouragedto thoroughlyreviewtheFunds’GoverningDocuments,whichsetforthallofthetermsindetail.
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A.MethodsofAnalysis TheFirm’sprimarymethodofanalysisisfundamentalanalysisusingfinancialnewspapers and magazines; inspection of corporate activities; research materials prepared by others; corporateratingservices;annualreports,prospectuses,filingswiththeSEC;andcompany pressreleases.
B.InvestmentStrategies Almitas is a value investor, focused on investments which trade at a discount to intrinsic value. Specifically, Almitas invests each Client’s assets in accordance with each Client’s investment objectives and primarily on a discretionary basis among closed-end funds, mortgage real estate investment trusts (“REITs”), individual debt securities (including, without limitation, mortgage and commercial mortgage backed securities, asset backed securities, and corporate and government debt securities), common and preferred equity securities.TheFundsmayalsopurchase residentialloans,commercialrealestateloans,and consumerloans,orinvestinpooledinvestmentvehiclesthatpurchasesuchloans.Almitas mayinvestinbothdomesticandforeignsecurities,denominatedinU.S.dollarsorforeign currencies.
WhiletheFirm’sstrategiesaregenerallylongerterminnature,attimestheFirmwillutilize trading(securitiessoldwithin30days),andtoalesserextent,shortsales,optiontradesor investingonmargin.TheFirmmaysellshortETFsorindividualclosedendfunds,mortgage REITs,equityorfixedincomesecurities,oruseequity,interestrate,commodity,andcurrency futuresoroptionsonfuturesasahedgeincertainstrategies.
C.RisksofInvestmentsandStrategiesUtilized
Investing in securities involves risk of loss that Clients and Investors should be
preparedtobear.
Investmentandtradingriskfactorsmayinclude: GeneralInvestmentandTradingRisks.Clientsmayinvestinsecuritiesandotherfinancial instrumentsusingstrategiesandinvestmenttechniqueswithsignificantriskcharacteristics.
Theinvestmentprogramutilizessuchinvestmenttechniquesasoptiontransactions,margin transactions,shortsales,forwards,leverageandderivativestrading,theuseofwhichcan,in certaincircumstances,maximizetheadverseimpacttowhichaclientmaybesubject.
Common Stocks and Equity-Related Securities. Prices of common stock react to the economicconditioncompanythatissuedthesecurity,industryandmarketconditions,and otherfactorsandmayfluctuatewidely.Investmentsrelatedtothevalueofstocksmayrise andfallbasedonanissuer’sactualandanticipatedearnings,changesinmanagement,the potentialfortakeoversandacquisitions,andothereconomicfactors.Similarly,thevalueof other equity-related securities, including preferred stock, warrants and options may also varywidely.FrequenttradingofsecuritiesisamodestpartofAlmitas’strategyandfrequent tradingentailsincreasedbrokeragecostsandpotentiallynegativetaximplications.
Small-andMid-CapRisks.Securitiesofsmall-capissuersmaypresentgreaterrisksthan thoseoflarge-capissuers.Forexample,somesmall-andmid-capissuersoftenhavelimited product lines, markets, or financial resources. They may be subject to high volatility in revenues,expensesandearnings.Theirsecuritiesmaybethinlytraded,maybefollowedby fewerinvestmentresearchanalystsandmaybesubjecttowiderpriceswingsandthusmay createagreaterchanceoflossthanwheninvestinginsecuritiesoflarger-capissuers.The market prices of securities of small- and mid-cap issuers generally are more sensitive to changesinearningsexpectations,tocorporatedevelopmentsandtomarketrumorsthanare themarketpricesoflarge-capissuers.
RisksAssociatedwithInvestmentsinDistressedSecurities.AClientmayinvestin“below investment grade” securities and obligations of domestic and non-U.S. issuers in weak financialcondition,experiencingpooroperatingresults,havingsubstantialcapitalneedsor negativenetworth,facingspecialcompetitiveorproductobsolescenceproblems,including companies involved in bankruptcy or other reorganization and liquidation proceedings.
Thesesecuritiesarelikelytobeparticularlyriskyinvestmentsalthoughtheyalsomayoffer thepotentialforcorrespondinglyhighreturns.Someofthesesecuritiesmaynotbepublicly traded,anditthereforemaybedifficulttoobtaininformationastothetrueconditionofsuch issuers.
Additionally, in certain periods, there may be little or no liquidity in markets for these securities.Suchinvestmentsalsomaybeaffectedadverselybylawsrelatingto,amongother things,fraudulenttransfersandothervoidabletransfersorpayments,lenderliabilityandthe bankruptcy court’s power to disallow, reduce, subordinate or disenfranchise particular claims. Such companies’ securities may be considered speculative, and the ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements,changesinthegeneraleconomicclimate,economicfactorsaffectingaparticular industryorspecificdevelopmentswithinsuchcompanies.
InvestinginHighYieldSecurities.High-yieldsecuritiesaregenerallynotexchangetraded and,asaresult,theseinstrumentstradeintheover-the-countermarketplace,whichisless transparent than the exchange-traded marketplace. High-yield securities face ongoing uncertainties and exposure to adverse business, financial or economic conditions which couldleadtotheissuer’sinabilitytomeettimelyinterestandprincipalpayments.
Credit Default Swaps. A credit default swap is a contract between two parties which transferstheriskoflossifacompanyfailstopayprincipalorinterestontimeorfilesfor bankruptcy.Swaptransactionsdependentuponcrediteventsarepricedincorporatingmany variablesincludingthepricingandvolatilityofthecommonstock,potentiallossupondefault andtheshapeoftheU.S.TreasuryMarketcurve,amongotherfactors.Assuch,therearemany factorsuponwhichmarketparticipantsmayhavedivergentviews.
Convertible Securities. The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasingasinterestratesdecline.Thecreditstandingoftheissuerandotherfactorsmay alsohaveaneffectontheinvestmentvalueofconvertiblesecurities.Theconversionvalueof aconvertiblesecurityisdeterminedbythemarketpriceoftheunderlyingcommonstock.To the extent the market price of the underlying common stock approaches or exceeds the conversionprice,thepriceoftheconvertiblesecuritywillbeincreasinglyinfluencedbyits conversionvalue.Aconvertiblesecuritymaybesubjecttoredemptionattheoptionofthe issuer at a price established in the convertible security’s governing instrument. If a convertiblesecurityiscalledforredemption,aClientwillberequiredtopermittheissuerto redeemthesecurity,convertitintotheunderlyingcommonstockorsellittoathird-party.
Any of these actions could have an adverse effect on the Client’s ability to achieve its investmentobjective.
ExchangeTradedFunds.Exchange-tradedfunds(“ETFs”)areatypeofindexfundbought andsoldonasecuritiesexchange.TherisksofowninganETFgenerallyreflecttherisksof owningtheunderlyingsecuritiestheyaredesignedtotrack,althoughlackofliquidityinan ETFcouldresultinitbeingmorevolatileandETFshavemanagementfeesthatincreasetheir costs.ETFsarealsosubjecttootherrisks,including:(i)theriskthattheirpricesmaynot correlateperfectlywithchangesintheunderlyingindex;and(ii)theriskofpossibletrading haltsduetomarketconditionsorotherreasonsthat,intheviewoftheexchangeuponwhich anETFtrades,wouldmaketradingintheETFinadvisable.
InvestmentsinPrivateFunds.IfaClientinvestsinprivatefunds,theClientissubjecttothe risks of the underlying funds’ investments and subject to the underlying funds’ expenses.
There can be no assurance that the other funds will achieve their objectives or avoid substantiallosses.
PIPES and Other Restricted Securities. In private investments in public equity (“PIPE”) transaction, the Client typically purchases unregistered equity securities of a class of securities that is publicly traded and receives registration rights with respect to the unregisteredsecuritiesthatitpurchases.Thesecuritiesarenotpubliclytradablewhenthe Clientpurchasesthem,however,andtheymayneverbecomepubliclytradable.Restricted securities generally are difficult or impossible to sell at prices comparable to the market pricesofsimilarsecuritiesthatarepubliclytraded.Itishighlyspeculativeastowhetherand whenanissuerwillbeabletoregisteritssecuritiessothattheybecomeeligiblefortrading inpublicmarkets.
Futures,Commodities,andDerivativeInvestments.Thepricesofcommoditiescontracts andderivativeinstruments,includingfuturesandoptions,arehighlyvolatile.Paymentsmade pursuanttoswapagreementsmayalsobehighlyvolatile.Pricemovementsofcommodities, futuresandoptionscontractsandpaymentspursuanttoswapagreementsareinfluencedby, amongotherthings,interestrates,changingsupplyanddemandrelationships,trade,fiscal, monetary and exchange control programs and policies of governments, and national and internationalpoliticalandeconomiceventsandpolicies.Thevalueoffutures,optionsand swap agreements also depends upon the price of the commodities underlying them. In addition,Clientassetsarealsosubjecttotheriskofthefailureofanyoftheexchangeson whichitspositionstradeorofitsclearinghousesorcounterparties.
Almitasmaybuyorsell(write)bothcalloptionsandputoptions,andwhenitwritesoptions, itmaydosoona“covered”oran“uncovered”basis.Acalloptionis“covered”whenthewriter ownssecuritiesofthesameclassandamountasthosetowhichthecalloptionapplies.Aput optioniscoveredwhenthewriterhasanopenshortpositioninsecuritiesoftherelevant classandamount.TheFirm’soptiontransactionsmaybepartofahedgingstrategy(i.e., offsettingtheriskinvolvedinanothersecuritiesposition)oraformofleverage,inwhichthe Firmhastherighttobenefitfrompricemovementsinalargenumberofsecuritieswitha smallcommitmentofcapital.Theseactivitiesinvolverisksthatcanbesubstantial,depending onthecircumstances.
Ingeneral,withouttakingintoaccountotherpositionsortransactions Almitasmayenter into,theprincipalrisksinvolvedinoptionstradingcanbedescribedasfollows:WhenAlmitas buysanoption,adecrease(orinadequateincrease)inthepriceoftheunderlyingsecurityin the case of a call, or an increase (or inadequate decrease) in the price of the underlying security in the case of a put, could result in a total loss of their investment in the option (includingcommissions).TheFirmcouldmitigatethoselossesbysellingshort,orbuyingputs on,thesecuritiesforwhichitholdscalloptions,orbytakingalongposition(e.g.,bybuying thesecuritiesorbuyingcallsonthem)insecuritiesunderlyingputoptions.
WhenAlmitassells(writes)anoption,theriskcanbesubstantiallygreaterthanwhenitbuys anoption.Thesellerofanuncoveredcalloptionbearstheriskofanincreaseinthemarket priceoftheunderlyingsecurityabovetheexerciseprice.Theriskistheoreticallyunlimited unlesstheoptionis“covered.”Ifitiscovered,theFirmwouldforegotheopportunityfor profit on the underlying security should the market price of the security rise above the exerciseprice.Ifthepriceoftheunderlyingsecurityweretodropbelowtheexerciseprice, thepremiumreceivedontheoption(aftertransactioncosts)wouldprovideprofitthatwould reduceoroffsetanylosstheFirmmightsufferasaresultofowningthesecurity.Swapsand certainoptionsandothercustominstrumentsaresubjecttotheriskofnon-performanceby the swap counterparty, including risks relating to the creditworthiness of the swap counterparty,marketrisk,liquidityriskandoperationsrisk.
HighlyVolatileMarkets.Thepricesoffinancialinstrumentscanbehighlyvolatile.Price movementsofforwardandotherderivativecontractsareinfluencedby,amongotherthings, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international politicalandeconomiceventsandpolicies.Clientsarealsosubjecttotheriskoffailureofany oftheexchangesonwhichtheirpositionstradeorofitsclearinghouses.
Use of Leverage and Financing. A Client may pledge its securities in order to borrow additionalfundsforinvestmentpurposes.Anyeventwhichadverselyaffectsthevalueofan investment by the Client would be magnified to the extent the Client is leveraged. The cumulativeeffectoftheuseofleveragebyaClientinamarketthatmovesadverselytothe Client’sinvestmentscouldresultinasubstantiallossthatwouldbegreaterthaniftheClient werenotleveraged.
HedgingTransactions.WhileaClientmayenterintohedgingtransactionstoseektoreduce risk,suchtransactionsmayresultinapooreroverallperformancefortheClientthanifithad notengagedinanysuchhedgingtransactions.Foravarietyofreasons,Almitasmaynotseek to establish a perfect correlation between such hedging instruments and the portfolio holdingsbeinghedged.SuchimperfectcorrelationmaypreventaClientfromachievingthe intendedhedgeorexposetheClienttoriskofloss.
DerivativesandHedging.Derivativesarefinancialinstrumentsorarrangementsinwhich the risk and return are related to changes in the value of other assets, reference rates or indices.AClient’sabilitytoprofitoravoidriskthroughinvestmentortradinginderivatives willdependonAlmitas’abilitytoanticipatechangesintheunderlyingassets,referencerates orindices.
ShortSelling.Shortsellinginvolvessellingsecuritieswhicharenotownedandborrowing themfordeliverytothepurchaser,withanobligationtoreplacetheborrowedsecuritiesata laterdate.Shortsellingallowstheinvestortoprofitfromdeclinesinmarketpricestothe extentsuchdeclineexceedsthetransactioncostsandthecostsofborrowingthesecurities.A shortsalecreatestheriskofatheoreticallyunlimitedloss,inthatthepriceoftheunderlying securitycouldtheoreticallyincreasewithoutlimit,thusincreasingthecosttotheClientof buying those securities to cover the short position. There can be no assurance that the securitiesnecessarytocoverashortpositionareavailableforpurchaseatornearprices quotedinthemarket.Purchasingsecuritiestocloseouttheshortpositioncanitselfcausethe priceofthesecuritiestorisefurther,therebyexacerbatingtheloss.
ForwardTrading.Forwardcontractsandoptionsthereon,unlikefuturescontracts,arenot tradedonexchangesandarenotstandardized;ratherbanksanddealersactasprincipalsin these markets, negotiating each transaction on an individual basis. Forward and “cash” trading is substantially unregulated; there is no limitation on daily price movements and speculativepositionlimitsarenotapplicable.Disruptionscanoccurinanymarketdueto unusuallyhightradingvolume,politicalinterventionorotherfactors.Marketilliquidityor disruptioncouldresultinmajorlosses.
Limited Diversification. Investments may be primarily focused geographically in North American countries. Furthermore, broad diversification of investments in number or by industryorgeographyisnotaprimaryinvestmentofAlmitas.Thislimiteddiversitycould expose Clients to losses disproportionate to market movements in general if there are disproportionatelygreateradversepricemovementsinthoseinvestments.
Non-U.S.Securities.Investmentsinsecuritiesofnon-U.S.issuersposearangeofpotential riskswhichcouldincludeexpropriation,confiscatorytaxation,impositionofwithholdingor othertaxesondividends,interest,capitalgainsorotherincome,politicalorsocialinstability, illiquidity, price volatility and market manipulation. In addition, less information may be availableregardingsecuritiesofnon-U.S.issuers,andnon-U.S.issuersmaynotbesubjectto accounting,auditingandfinancialreportingstandardsandrequirementscomparabletooras uniformasthoseofU.S.issuers.
EmergingMarkets.InadditiontotherisksassociatedwithinvestmentsoutsideoftheUnited States, investments in emerging markets (i.e., the developing countries) may involve additional risks. Emerging markets generally are not as efficient as those in developed countries.Insomecases,amarketforthesecuritymaynotexistlocally,andtransactionswill needtobemadeonaneighboringexchange.Volumeandliquiditylevelsinemergingmarkets arelowerthanindevelopedcountries.Whenseekingtosellemergingmarketsecurities,little ornomarketmayexistforthesecurities.Inaddition,issuersbasedinemergingmarketsare notgenerallysubjecttouniformaccountingandfinancialreportingstandards,practicesand requirements comparable to those applicable to issuers based in developed countries, therebypotentiallyincreasingtheriskoffraudorotherdeceptivepractices.
Illiquid Investments. Securities and other assets, may be subject to legal or other restrictionsontransferorforwhichnoliquidmarketexists.Themarketprices,ifany,for suchinvestmentstendtobevolatileandmaynotbereadilyascertainable,andaClientmay notbeabletosellthemwhenitdesirestodosoortorealizewhatitperceivestobetheirfair valueintheeventofasale.
CounterpartyRisk.Transactionsaremaybeaffectedin“over-the-counter”or“interdealer” markets.Theparticipantsinsuchmarketsaretypicallynotsubjecttocreditevaluationand regulatoryoversightasaremembersof“exchange–based”markets.ThisexposesClientsto theriskthatacounterpartywillnotsettleatransactioninaccordancewithitstermsand conditionsbecauseofadisputeoverthetermsofthecontract(whetherornotbonafide)or becauseofacreditorliquidityproblem,thuscausingClientstosufferaloss.
RealEstateInvestmentRisk.TheFundsmayinvestincompaniesthatinvestinrealestate (“RealEstateCompanies”),suchasRealEstateInvestmentTrusts(“REITs”)orrealestate holdingcompanies,whichexposesinvestorstorisksofowningrealestatedirectly,aswellas to risks that relate specifically to the way in Real Estate Companies are organized and operated. Real estate is highly sensitive to general and local economic conditions and developments and characterized by intense competition and periodic overbuilding. Real EstateCompaniesmaybesubjecttonumerousrisks,includingconcentrationrisk,interest raterisk,leveragerisk,operationalrisk,andthefollowing:
• PropertyRisk.RealEstateCompaniesmaybesubjecttorisksrelatingtofunctional obsolescenceorreduceddesirabilityofproperties;extendedvacancies;catastrophic events; casualty or condemnation losses; demographic trends; and increasing vacanciesordecliningrents.

• RepaymentRisk.ThepricesofRealEstateCompanysecuritiesmaydropbecauseof thefailureofborrowerstorepaytheirloans,poormanagement,ortheinabilityto obtainfinancingeitheronfavorabletermsoratall.

• U.S.TaxRisk.CertainU.S.RealEstateCompaniesaresubjecttospecialU.S.federaltax requirements. Specifically, a REIT that fails to comply with such tax requirements maybesubjecttoU.S.federalincometaxation,whichmayaffectthevalueoftheREIT andthecharacterizationoftheREIT’sdistributions.TheU.S.federaltaxrequirement that a REIT distributes substantially all of its net income to its shareholders may resultintheREIThavinginsufficientcapitalforfutureexpenditures.
Residential Mortgage-Backed Securities. The loans underlying residential mortgage- backedsecurities(“RMBS”)havehadinmanycaseshigherdefaultratesthanthoseloansthat meetgovernmentunderwritingrequirements.RMBSmaybebackedbysubprimemortgage loans.Duetothehigherdelinquencyratesandlossesassociatedwithsubprimemortgage loans,theperformanceofanRMBScouldbecorrespondinglyadverselyaffected.
Asset-Backed Securities. The underlying assets and loans for asset-backed securities (“ABS”),thosethatarebackedbyconsumerdebt,aresubjecttoprepaymentsthatshortenthe securities’ weighted average life and may lower their returns. If the credit support or enhancementisexhausted,lossesordelaysinpaymentmayresultiftherequiredpayments ofprincipalandinterestarenotmade.Thevalueofthesesecuritiesalsomaychangebecause ofchangesinthemarket’sperceptionofthecreditworthinessoftheservicingagentforthe pool,theoriginatorofthepool,orthefinancialinstitutionprovidingthecreditsupportor enhancement.
Commercial Mortgage-Backed Securities. Commercial Mortgage-Backed Securities (“CMBS")issuedorguaranteedbytheU.S.Government,itsagenciesorinstrumentalities,or privateissuerssuchasbanks,insurancecompanies,andsavingsandloansareoftensubject to more rapid repayment than their stated maturity dates would indicate as a result of principalprepaymentsontheunderlyingloans.Thiscanresultinsignificantlygreaterprice andyieldvolatilitythanwithtraditionalfixed-incomesecurities.Duringperiodsofdeclining interestrates,prepaymentscanbeexpectedtoacceleratewhichwillshortenthesesecurities’ weighted average life and may lower their return. Conversely, in a rising interest rate environment, a declining prepayment rate will extend the weighted average life of these securitieswhichgenerallywouldcausetheirvaluestofluctuatemorewidelyinresponseto changesininterestrates.
InvestmentsinOtherPrivateFunds.TheinvestmentperformanceoftheFundsisaffected bytheinvestmentperformanceofthepooledinvestmentvehiclesinwhichtheyinvest(the “UnderlyingFunds”).TheFundsaresubjecttotherisksoftheUnderlyingFunds’investments andsubjecttotheUnderlyingFunds’expenses.Additionally,thesuccessoftheFundswill depend on the investment skills of the Underlying Funds’ investment advisers (the “UnderlyingAdvisers”).ThereturnofanyoneoftheUnderlyingFundsisimpactedbythe ability of the Underlying Advisers to successfully apply their investment techniques to generateprofitsforsuchfund.ThevolatilityoftheUnderlyingFundwilldependonthenature oftheUnderlyingFund’sexposuretoinvestmentsandontheUnderlyingAdviser’sabilityto reduce risk by trading, hedging, minimizing the use of leverage and utilizing arbitrage techniques.TherecanbenoassurancethattheUnderlyingFundswillachievetheirobjectives oravoidsubstantiallosses.
General Risks of Lending. Certain Underlying Funds or the Funds may invest in loan products, including residential loans, commercial real estate loans, and consumer loans.
Therearemanyrisksassociatedwithinvestmentsinloanproducts,includingtheriskofnon- paymentbytheborrower,theriskofdefaultbytheborrower,theriskofbankruptcyorother eventswhichaffecttheborrower’sabilitytorepaytheloansasscheduled,andotherrelated risks.TheoccurrenceofanyoftheseriskscouldmateriallyaffecttheabilityoftheUnderlying Fund or the Funds to achieve their investment objectives. Such risks, and the negative consequencesassociatedtherewith,mayincreaseinrelationtothelengthofthetermofthe loan.Thebankruptcyofaborrowermayresultinthedischargeoftheunderlyingloanbya bankruptcycourtandthelossofallunpaidprincipalandinterestassociatedtherewith.Such adischargemaypreventtheUnderlyingFundortheFundfrombeingrepaidbytheborrower.
TheloanswhichanUnderlyingFundortheFundsmayacquiremaybeilliquidbecausethey aresubjecttotransferrestrictionsandbecausethereisnoreadymarketforsuchloans.The UnderlyingFundortheFundsmaynotbeabletoliquidatethoseloanspromptlyiftheneed should arise, and its ability to realize gains, or to avoid losses in periods of rapid market activity,maythereforebeaffected.AninvestmentintheFundsissuitableonlyforcertain sophisticatedinvestorswhodonotrequireliquidityfortheirinvestments.
MoreinformationabouttheClients’investmentsandtheassociatedriskfactorsisavailable intheGoverningDocuments.

Theforegoinglistofriskfactorsdoesnotpurporttobeacompleteenumerationor
explanationoftherisksinvolvedinaninvestmentwithAlmitas.ProspectiveInvestors
should read the entire Brochure as well as the Governing Documents, and other
materialsthatmaybeprovidedbyAlmitasandconsultwiththeirownadvisersprior
toengagingAlmitas’services. please register to get more info

Almitasanditsmanagementpersonshavenotbeenapartytoanylegalordisciplinaryevents that would be material to a Client’s or Investor’s, or prospective Client’s or Investor’s, evaluationofitsinvestmentadvisorybusinessortheintegrityofitsmanagement.
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A.RegistrationasaBroker-DealerorBroker-DealerRepresentative NeitherAlmitasnoritsmanagementpersonsareregisteredasabroker-dealerorbroker- dealerrepresentative.
B.Registration as a Futures Commission Merchant, Commodity Pool Operator, or a CommodityTradingAdvisor Neither Almitas nor its management persons are registered as a futures commission merchant,commoditypooloperator,oracommoditytradingadvisor.
C.RelationshipsMaterialtothisAdvisoryBusinessandPossibleConflictsofInterest Therearenootherrelationshipsorarrangementsthatarematerialtothisadvisorybusiness.
D.SelectionofOtherAdvisorsorManagers Almitas does not utilize or select other advisors or third-party managers. All assets are managedbytheFirm.
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PersonalTrading
A.CodeofEthics Almitas has adopted a Code of Ethics (the “Code”) pursuant to Rule 204A-1 under the InvestmentAdvisersActof1940,asamended,andapplicablestatelaw.TheCodegovernsthe activities of each member, officer, director and employee of Almitas (collectively, “Employees”). Almitas holds its Employees to a high standard of integrity and business practicesthatreflectitsfiduciarydutytotheClient.InservingitsClient,theFirmstrivesto avoidconflictsofinterestortheappearanceofconflictsofinterestinconnectionwiththe personaltradingactivitiesofitsEmployeesandClientsecuritiestransactions.
When persons covered by the Code engage in personal securities transactions, they must adheretothefollowinggeneralprinciplesaswellastotheCode’sspecificprovisions:(a)at all times the interests of Client must be paramount; (b) personal transactions must be conductedconsistentwiththeCodeinamannerthatavoidsanyactualorpotentialconflict ofinterest;and(c)noinappropriateadvantageshouldbetakenofanypositionoftrustand responsibility. Employees covered by the Code have certain trading restrictions and reportingobligationsoftheirpersonalsecuritiestransactions.EachEmployeeisprovided with a copy of the Code and must annually certify that they have received it and have compliedwithitsprovisions.Inaddition,anyEmployeewhobecomesawareofanypotential violationoftheCodeisobligatedtoreportthepotentialviolationtotheChiefCompliance Officer.
Almitas will provide a copy of its Code of Ethics to Clients and prospective Clients upon request. Such a request may be made by submitting a written request to Almitas at the addressonthecoverpagetothisBrochure.
B.RecommendationsInvolvingMaterialFinancialInterests Almitas may recommend to Clients investment products in which Almitas has a material financial interest or may buy or sell for itself securities that Almitas also recommends to Clients.Thispresentsapotentialconflictofinterestbecauseitmaycreateafinancialincentive for the Firm to recommend certain investments to Clients. To mitigate this risk,the Firm requiresthatallemployeessignandadheretoitsCodeofEthics.TheFirmalsodocuments anytransactionsthatcouldbeconstruedasconflictsofinterest.
C.InvestingPersonalMoneyintheSameSecuritiesasClients Almitas, its Employees and/or the related persons may personally buy or sell the same instrumentsthatAlmitasbuysorsellsforClientaccounts,anditortheymayownsecurities, or options on securities, of issuers whose securities are subsequently bought for Clients because of Almitas’ recommendations regarding a particular security. This presents a potential conflict of interest because it may create a financial incentive for the Firm to recommendcertaininvestmentstoClients.TheFirm’spolicyastosuchtransactionsisthat neither the Firm nor any of its Employees or related persons are to benefit from price movementsthatmaybecausedbytransactionsforClients.Further,theFirmaddressesthis conflictbyrequiringEmployeestosignandadheretotheFirm’sCodeofEthicsandtoreport personalsecuritiesholdingsandtransactionstotheFirm.
D.TradingSecuritiesAt/AroundtheSameTimeasClients’Securities Asdiscussedabove,fromtimetotime,Almitas,itsEmployees,orrelatedpersonsofAlmitas maybuyorsellsecuritiesforthemselvesthatAlmitasalsorecommendstotheClient.The Firmwillalwaysdocumentanytransactionsthatcouldbeconstruedasconflictsofinterest andwillalwaystransactClientbusinessbeforethebusinessofitsEmployeesand/orrelated personswhensimilarsecuritiesarebeingboughtorsold.
E.OwnershipInterestintheFunds

Mr. Mass currently maintains an interest in the Fund, which represents a majority of the Funds’ assets. The investment objectives and risk tolerance of Mr. Mass may depart from thoseoftheotherInvestors,whichcreatesapotentialforharmtotheotherInvestors.
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A.FactorsUsedtoSelectorRecommendingBroker-Dealers Almitaswillalwayshavediscretionastotheplacementofbrokerage(andaccordingly,the commission rates paid). In selecting brokers to effect portfolio transactions, Almitas considers such factors as price, quality of execution, expertise in particular markets, the abilityofthebrokerstoeffectthetransactions,thebrokers’facilities,reliability,reputation, experience,financialresponsibilityinparticularmarkets,familiaritybothwithinvestment practicesgenerallyandtechniquesemployedbyClientsandcertainbrokerageorresearch services (“soft dollar items”) provided by such brokers and clearing and settlement capabilities.TheFirmissubjectatalltimestoprinciplesofbestexecution,inaccordancewith the Firm’s policies and procedures. In selecting broker/dealers to execute transactions, Almitasneednotsolicitcompetitivebidsanddoesnothaveanobligationtoseekthelowest available commission cost. The Firm believes that the broker-dealers that it recommends providecompetitivetransactionandcustodycosts,helpingClientstoeliminateorcontrol costsandoptimizethecustodialstructuretothebenefitofaccountholders.Whenpossible, Almitas seeks to pre-negotiate preferred terms for its Clients providing Clients with the benefitsassociatedwiththeeconomyofscaleandcustodialknowledgeoftheFirm.
CertainbrokersutilizedbyAlmitasmayprovidegeneralassistancetoAlmitas,including,but not limited to technical support, consulting services, and consulting services related to staffingneeds.Inselectingabroker,theFirmmayconsiderthebroker’sgeneralassistance andconsultingservices.TotheextenttheFirmwouldotherwisebeobligatedtopayforsuch assistance,ithasaconflictofinterestinconsideringthoseserviceswhenselectingabroker.
1.ResearchandOtherSoftDollarBenefits Almitas may receive research or other products or services other than execution from a broker-dealerorthird-partyinconnectionwithClientsecuritiestransactions(“softdollar benefits”).TheFirmconsidersittobeinthebestinterestoftheClientandconsistentwith the Firm’s obligations to enter into “soft dollar” arrangements with one or more broker- dealers.All“softdollar”arrangementswillfallwithinthesafeharborprovidedbySection 28(e) of the Securities Exchange Act, as that safe harbor is currently interpreted by the SecuritiesandExchangeCommission.TheFirmhasnotyetobtainedany“softdollar”benefits, but if in the future the Firm obtains such benefits, this Brochure will be appropriately amended.
2.BrokerageforClientReferrals Almitas does not consider, in selecting or recommending broker-dealers, Client referrals from a broker-dealer. The Firm may receive referrals in the future and if it does it will appropriatelyamendthisbrochure.
3.DirectedBrokerage Almitasdoesnotdirectbrokerage.Securitiestransactionsareexecutedbybrokersselected byAlmitasinitsdiscretionandwithouttheconsentoftheClient.TheFirmmayenterinto directedbrokeragearrangementsinitsdiscretion.
B.AggregatingTradingforMultipleClientAccounts AlmitascurrentlyprovidesinvestmentadvisoryservicestotheFunds.
ShouldAlmitasprovideinvestmentadvisoryservicestomoreClients,Almitasmay(butisnot requiredto)combineordersonbehalfofoneClientwithordersforotherClientsforwhichit or its principals have trading authority, or in which it or its principals have an economic interest.Whenitdoes,theFirmwillgenerallyallocatethesecuritiesorproceedsarisingout ofthosetransactions(andtherelatedtransactionexpenses)onanaveragepricebasisamong thevariousparticipants.TheFirmbelievescombiningordersinthiswaywill,overtime,be advantageoustoallparticipants.However,theaveragepricecouldbelessadvantageoustoa ClientthanifthatClienthadbeentheonlyaccounteffectingthetransactionorhadcompleted itstransactionbeforetheotherparticipants.BecauseoftheFirm’srelationshiptotheClients itmanagesbyvirtueofitspositionasaninvestmentmanager,theremaybecircumstancesin whichtransactionsforthoseentitiesmaynot,undercertainlaws,regulationsandinternal policies,becombinedwiththoseofsomeoftheFirm’sanditsaffiliates’otherClients,which mayresultinlessadvantageousexecutionforthoseClients.
AlmitasmayplaceordersforthesamesecurityfordifferentClientsatdifferenttimesandin differentrelativeamountsduetodifferencesininvestmentobjectives,cashavailability,size oforderandpracticabilityofparticipatingin“block”transactions.Thelevelofparticipation bydifferentClientsinthesamesecuritymayalsobedependentuponotherfactorsrelating tothesuitabilityofthesecurityfortheparticularClient.
Inaddition,Almitasand/oritsrelatedpersonsorClientsmaybuyorsellspecificsecurities foritsortheirownaccountthatarenotdeemedappropriateforClientaccountsatthetime, basedonpersonalinvestmentconsiderationsthatdifferfromtheconsiderationsonwhich decisionsastoinvestmentsinClientaccountsaremade.Whereexecutionopportunitiesfor a particular security are limited, the Firm attempts in good faith to allocate such opportunitiesamongClientsinamannerthat,overtime,isequitabletoallClients.
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A.FrequencyandNatureofPeriodicReviewandWhoMakesThoseReviews Almitas monitors the Funds on an ongoing basis to ensure consistency with the Client’s strategyandperformanceobjectives.Assetallocation,cashmanagement,marketprospects andindividualissueprospectsareconsidered.ThereviewsareconductedbyRonaldDean Mass.
B.FactorsThatWillTriggeraNon-PeriodicReviewofClientAccounts Reviews may take place more frequently if triggered by economic, market, or political conditions.
C.ContentandFrequencyofRegularReports Investorswillgenerallyreceiveunauditedreportsofperformancequarterlyandwillreceive auditedyear-endfinancialstatementsannually.
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A.EconomicBenefitsProvidedbyThirdParties Almitasdoesnotreceiveanyeconomicbenefit,directlyorindirectlyfromanythirdpartyfor advicerenderedtotheClient.
B.CompensationtoNon-AdvisoryPersonnelforClientReferrals Currently, neither Almitas nor its related persons directly or indirectly compensate any personwhoisnotadvisorypersonnelforClientreferrals.IfinthefuturetheFirmentersinto sucharrangements,thisBrochurewillbeappropriatelyamended.
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A rule under the Investment Advisers Act provides that, because Almitas is the general partner of the Fund, it is considered to have “custody” of the Fund’s assets, even though independentcustodiansactuallyholdthoseassets.Thatrulegenerallyrequiresinvestment advisersthathave“custody”ofClientassetstocausecertainaccountstatementsdetailing holdings and transactions to be sent to Clients and imposes certain other obligations.
However, advisers to investment funds like the Fund need not comply with those requirements if, among other things, the Fund provides Investors with audited financial statements by a specified time each year and those financial statements meet certain requirements.TheFirmsatisfiesthoseconditionsandthereforeisnotsubjecttoreporting andotherobligations.
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TheGoverningDocumentsgenerallyauthorizeAlmitastoinvestandtradetheClients’assets inabroadrangeofinvestments,tobeselectedatAlmitas’solediscretion,withnospecific limitationsastotype,amount,concentration,orleverage.Further,theFirmmayenterinto anytypeofinvestmenttransactionandemployanyinvestmentmethodologyorstrategyit deemsappropriate.
Pursuant to the applicable Governing Documents, each Investor designates Almitas as its attorney-in-facttoexecute,certify,acknowledge,file,recordandsweartoallinstruments, agreementsanddocumentsnecessaryoradvisabletocarryingouttheClients’businessand affairs, including without limitation execution of the Fund’s governing documents. An Investor’s execution of the Fund’s subscription agreement constitutes its execution of the Fund’sgoverningdocuments. please register to get more info

AlmitasexercisesvotingauthorityoverClientproxiesandhasadoptedproxyvotingpolicies andproceduresinaccordancewithRule206(4)-6oftheInvestmentAdvisersActof1940,as amended.ThepoliciesrequiretheFirmtovoteproxiesreceivedinamannerconsistentwith thebestinterestsoftheClient.
ThepoliciesalsorequireAlmitastovoteproxiesinaprudentanddiligentmannerintended toenhancetheeconomicvalueoftheassetsoftheClient.However,thepoliciespermitthe FirmtoabstainfromvotingproxiesintheeventthattheClient’seconomicinterestinthe matterbeingvoteduponislimitedrelativetotheClient’soverallportfolioortheimpactof theClient’svotewillnothaveaneffectonitsoutcomeorontheClient’seconomicinterests.
CertainofAlmitasproxyvotingguidelinesaresummarizedbelow:
• Almitasvotesfor:uncontesteddirectornomineesrecommendedbymanagement;the election of auditors recommended by management unless a dispute exists over policies;limitingdirectors’liability;andeliminatingpreemptiverights.

• Almitas votes against proposals to: entrench the board or adopt anti-takeover measures;proposalstoprovidecumulativevotingrights;andsocialissues.
Although many proxy proposals can be voted in accordance with Almitas’ proxy voting guidelines, some proposals will require special consideration, and Almitas will make a decisiononacase-by-casebasisinthesesituations,includingproposalsto:eliminatedirector mandatoryretirementpolicies;rotateannualmeetinglocationsanddates;grantoptionsand stocktomanagementanddirectors;andindemnifydirectorsand/orofficers.
WhereaproxyproposalraisesamaterialconflictbetweenAlmitas’interestsandtheinterests oftheClients,theFirmwillseektoresolvetheconflictinthebestinterestoftheClients.
ClientsmayobtainacopyoftheFirm’scompleteproxyvotingpoliciesandproceduresupon request.ClientsmayalsoobtaininformationfromtheFirmabouthowtheFirmvotedany proxiesonbehalfoftheiraccount(s). please register to get more info

Almitashasnofinancialcommitmentthatimpairsitsabilitytomeetcontractualandfiduciary commitmentstoClientsandhasnotbeenthesubjectofabankruptcypetition.
A.BalanceSheet Almitasdoesnotrequirenorsolicitprepaymentofmorethan$1200infeesperclient,six monthsormoreinadvanceandthereforedoesnotneedtoincludeabalancesheetwiththis Brochure.
B.FinancialCondition AlmitashasdiscretionaryauthorityovertheClient’sassets.Atthistime,neithertheFirmnor itsmanagementpersonshaveanyfinancialconditionsthatarelikelytoreasonablyimpairits abilitytomeetcontractualcommitmentstoClients.
C.BankruptcyPetitionsinPreviousYears Almitashasnotbeenthesubjectofabankruptcypetitioninthelasttenyears.

Item19–RequirementsforState-RegisteredAdvisers
Notapplicable.
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