A.DescriptionoftheAdvisoryFirm JBCapitalisaNewYorksoleproprietorship.JBCapitalfiledanAssumedNameCertificate with Westchester County in New York on January 29, 1993. Alan W. Weber is the sole proprietorandportfoliomanagerofJBCapital.
B.TypesofAdvisoryServices Mr.Weberservesasageneralpartner,andinvestmentadvisertoaprivateinvestmentfund (the “Fund”). The Firm may decide in the future to sponsor or manage additional private investmentfunds(collectivelywiththeFund,the“Clients”).
Pursuant to each Fund’s offering memorandum, limited partnership agreement, and agreement for admission (“Governing Documents”), JB Capital seeks to provide Investors (definedbelow)initsFundlongtermgrowthofcapitalbyapplyingfundamentalanalysisto publiclytradedsecurities.Theprimarygoalofthisanalysisistoidentifycompanieswhich demonstratestableorgrowingcashflow,achangeintheirfundamentaldynamicsnotyet reflected in the market, unique products, and/or superior shareholder-oriented management.
TheFundisofferinglimitedpartnershipinterests(“Interests”)tocertainqualifiedinvestors as described in response to Item 7, below (such investors are referred to herein as “Investors”).
C.ClientTailoredServicesandClientImposedRestrictions AdvisoryservicesaretailoredtoachievetheClients’investmentobjectives.JBCapitalhasthe authority to select which and how many securities and other instruments to buy or sell withoutconsultationwiththeFundoritsInvestors.
D.WrapFeePrograms JBCapitaldoesnotparticipateinwrapfeeprograms.
E.AmountsUnderManagement JBCapitalmanagestheassetsoftheClientsandhasthefollowingassetsundermanagement:
DiscretionaryAmounts:Non-DiscretionaryAmounts:DateCalculated:
$ 272,500,000$0December31,2019 please register to get more info

A.FeeSchedule ThefeesandcompensationpayabletoJBCapitalarenegotiableandvaryamongits Clients.However,therangeofcompensationisgenerallyasfollows: 1.ManagementFee TheFirmdoesnotreceivemanagementfeesfromtheFund.
2.Performance-basedFees FromtheFund,JBCapitalgenerallyreceivesanallocationequaltoapercentageofthenet incomeallocatedtoeachInvestorfortheyear,butonlytotheextentnetincomeallocatedto thatInvestorexceedsanycumulativelossesthatwereallocatedtothatInvestorforearlier periodsandthathavenotbeenrecovered(a“highwatermark”).Thisallocationisgenerally equalto20%oftheexcessofnetprofitsofanInvestor’saccountandistypicallymadeatthe endofeachcalendaryear.
TheallocationwillonlybechargedtoaccountsofthoseInvestorswhoare“qualifiedclients” asdefinedinRule205-3oftheInvestmentAdvisersActof1940,asamended(“AdvisersAct”), inaccordancewithapplicablestatelaw.
3.FeeComparison Clientexpenses,includinganyperformance-basedfees,mayconstituteahigherpercentage ofaveragenetassetsthancouldbefoundinotherinvestmentprograms.
B.PaymentofFees Performance-based fees, and third-party fees (discussed below) are deducted from Client assets.Performance-basedfeesaredeterminedasofthelastbusinessdayofthecalendar yearandasofanydateonwhichanInvestormakesawithdrawalorreceivesadistribution fromsuchInvestor’scapitalaccount.
C.Third-PartyFees Clients shall pay such costs and expenses as JB Capital shall reasonably determine to be necessary, appropriate, advisable or convenient to carry on its business and realize its objective, including but not limited to: (i) all general investment expenses (i.e., expenses whichJBCapitalreasonablydeterminestobedirectlyrelatedtotheinvestmentoftheClient’s assets); (ii) all administrative, legal, accounting, auditing, record-keeping, tax form preparation,complianceandconsultingcostsandexpenses;(iii)fees,costsandexpensesof third-party service providers that provide such services; and, (iv) any extraordinary expenses,amongotherexpenses.
JBCapital’sfeesareexclusiveofbrokeragecommissions,transactionfees,andotherrelated costs and expenses which shall be incurred by the Clients. Such charges, fees and commissionsareexclusiveofandinadditiontoJBCapital’sperformance-basedfees,andJB Capitalshallnotreceiveanyportionofthesecommissions,fees,andcosts.
PleaseseeItem12ofthisBrochureregardingbrokerage.
D.PrepaymentofFees JBCapitalgenerallyrequiresFundInvestorswishingtowithdrawamountsfromtheircapital accounts90dayswrittennoticeforthelastbusinessdayofthesecondorfourthquarterof any given year and does not permit withdrawals on any other date. Any applicable performance-basedfeeswillbecalculatedatthetimeofwithdrawalorclosure,anddeducted fromtheproceeds.
E.OutsideCompensationfortheSaleofSecurities NeitherJBCapitalnoritssupervisedpersonsacceptcompensationforthesaleofsecurities orotherinvestmentproductsoutsideofitsassociationwithJBCapital.

The foregoing discussion in Items 5 represents JB Capital’s basic compensation
arrangements.Thefeesandallocationsdescribedabovearestructuredtocomplywith
Rule 205-3 under the Advisers Act and applicable state laws. Fees and other
compensation are negotiable in certain circumstances and arrangements with any
particular Investor may vary. Although JB Capital believes its fees are competitive,
lowerfeesforcomparableservicesmaybeavailablefromotherinvestmentadvisers. please register to get more info

AsdiscussedinItem5.A.,JBCapitalgenerallyreceivesanallocationequaltoapercentageof thenetincomeallocatedtoeachInvestorfortheyearwithrespecttoitsFunds.Duetothe Fund’s structure, JB Capital allocates investment opportunities to the Fund, and not to individualInvestoraccounts.Therefore,therearenopotentialconflictsofinterestrelatedto theside-by-sidemanagement.
Performance-basedcompensationmayprovideapossibleincentiveforJBCapitaltomake riskierormorespeculativeinvestmentsonbehalfofaClientthanitmightmakeotherwise.
Notwithstandingthispotentialincentive,JBCapitalwillevaluateinvestmentsinamanner that it considers to be in the best interest of its Clients, given those Clients’ investment objectives,investmentstrategies,suitabilityoftheinvestment,andriskprofile.
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JBCapitalprovidesinvestmentadviceandmanagementtopooledinvestmentvehicles(other than investment companies). It may in the future provide the same or similar services to otherprivatelyplacedinvestmentfunds.
JBCapitalintendstorestrictthenumberofInvestorsintheFundsandwillofferInterests onlythroughnon-publictransactionsinordertomaintaintheirexclusionfrom“investment company”statusundertheInvestmentCompanyActof1940,asamended(the“Investment CompanyAct”).
ProspectiveInvestorsintheFundsmustmeeteligibilitycriteria,andaresubjecttocertain withdrawal requirements and limitations. Prospective Investors are encouraged to thoroughlyreviewaFund’sGoverningDocuments,whichsetforthallofthetermsindetail.
ThoughtheClientsgenerallypursuethesamestrategy,offeringtermsmaydiffer.
EachInvestorgenerallymustbean“accreditedinvestor”(asdefinedinRegulationDunder theSecuritiesActof1933),ora“qualifiedpurchaser”(asdefinedinSection2(a)(51)ofthe U.S.InvestmentCompanyActof1940,asamended),andmustmeetothercriteriaasspecified intheGoverningDocuments.Theminimuminitialinvestmentis$200,000,subjecttowaiver atthediscretionofJBCapital.
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A.MethodsofAnalysis JBCapital’sprimarymethodofanalysisisfundamentalandcash-flowanalysisusingvaluation techniques based on a set of internal criteria and independent research which identifies undervaluedcompaniesorsecuritiesinrelationtotheirmarketprice.
B.InvestmentStrategies TheFundintendstoinvestincompanieswithacombinationofthefollowingcharacteristics:
• Stableorgrowingcashflowandtheabilitytogenerateexcessdiscretionary-freecash.

• A change in the fundamental dynamics of a company or industry which is not reflectedinthemarket.Thismayincludeachangeinsupply/demand,pricingpower, managementorotherbusinessmatters.

• Auniqueproduct,franchiseorstrongmarketposition.

• Superiorshareholder-orientedmanagement.
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 economicconditionsofthecompanythatissuedthesecurity,industryandmarketconditions, andotherfactorsandmayfluctuatewidely.Investmentsrelatedtothevalueofstocksmay riseandfallbasedonanissuer’sactualandanticipatedearnings,changesinmanagement, thepotentialfortakeoversandacquisitions,andothereconomicfactors.Similarly,thevalue ofotherequity-relatedsecurities,includingpreferredstock,warrants,andoptionsmayalso varywidely.
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,tocorporatedevelopments,andtomarketrumorsthanare 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.
Thesesecuritiesarelikelytobeparticularlyriskyinvestments,althoughtheyalsomayoffer thepotentialforcorrespondinglyhighreturns.Someofthesesecuritiesmaynotbepublicly traded,anditthereforemaybedifficulttoobtaininformationastothetrueconditionofsuch issuers.Additionally,incertainperiods,theremaybelittleornoliquidityinmarketsforthese securities.Suchinvestmentsalsomaybeaffectedadverselybylawsrelatingto,amongother things,fraudulenttransfersandothervoidabletransfersorpayments,lenderliabilityandthe bankruptcy court’s power to disallow, reduce, subordinate or disenfranchise particular claims.Suchcompanies’securitiesmaybeconsideredspeculative,andtheabilityofsuch 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.
Commodities and Derivative Investments. The prices of commodities contracts and derivative instruments, including futures and options, are highly volatile. Payments made 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.
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.TherisksofowninganETFgenerallyreflectstherisksof owningtheunderlyingsecuritiestheyaredesignedtotrack,althoughlackofliquidityinan ETFcouldresultinitbeingmorevolatileandETFshavemanagementfeesthatincreasetheir costs.ETFsarealsosubjecttootherrisks,including:(i)theriskthattheirpricesmaynot correlateperfectlywithchangesintheunderlyingindex;and(ii)theriskofpossibletrading haltsduetomarketconditionsorotherreasonsthat,intheviewoftheexchangeuponwhich anETFtrades,wouldmaketradingintheETFinadvisable.
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.
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,JBCapitalmaynot seektoestablishaperfectcorrelationbetweensuchhedginginstrumentsandtheportfolio holdingsbeinghedged.Suchimperfectcorrelationmaypreventaclientfromachievingthe intendedhedgeorexposetheclienttoriskofloss.
DerivativesandHedging.Derivativesarefinancialinstrumentsorarrangementsinwhich theriskandreturnarerelatedtochangesinthevalueofotherassets,referencerates,or indices.Aclient’sabilitytoprofitoravoidriskthroughinvestmentortradinginderivatives willdependonJBCapital’sabilitytoanticipatechangesintheunderlyingassets,reference rates,orindices.
ShortSelling.Shortsellinginvolvessellingsecuritieswhicharenotownedandborrowing themfordeliverytothepurchaser,withanobligationtoreplacetheborrowedsecuritiesata laterdate.Shortsellingallowstheinvestortoprofitfromdeclinesinmarketpricestothe extentsuchdeclinesexceedthetransactioncostsandthecostsofborrowingthesecurities.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.
Limited Diversification. Investments may be primarily focused geographically in North American countries. Furthermore, broad diversification of investments in number or by industryorgeographyisnotaprimaryinvestmentofJBCapital.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.
IlliquidInvestments.Securitiesandotherassetsmaybesubjecttolegalorotherrestrictions on transfer or for which no liquid market exists. The market prices, if any, for such investmentstendtobevolatileandmaynotbereadilyascertainable,andaclientmaynotbe abletosellthemwhenitdesirestodosoortorealizewhatitperceivestobetheirfairvalue intheeventofasale.
Counterparty Risk. Transactions may be affected in “over-the-counter” or “interdealer” markets.Theparticipantsinsuchmarketsaretypicallynotsubjecttocreditevaluationand regulatoryoversightasaremembersof“exchange–based”markets.Thisexposesclientsto theriskthatacounterpartywillnotsettleatransactioninaccordancewithitstermsand conditionsbecauseofadisputeoverthetermsofthecontract(whetherornotbonafide)or becauseofacreditorliquidityproblem,thuscausingclientstosufferaloss.
MoreinformationabouttheClients’investmentsandtheassociatedriskfactorsisavailable intheGoverningDocuments.

Theforegoinglistofriskfactorsdoesnotpurporttobeacompleteenumerationor
explanation of every risk involved in an investment with JB Capital. Prospective
Investors and Clients should read the entire Brochure as well the Governing
Documents,Agreement,andothermaterialsthatmaybeprovidedbyJBCapitaland
consultwiththeirownadviserspriortoengagingJBCapital’sservices. please register to get more info

NeitherJBCapitalnoritsmanagementpersonshavebeenapartytoanylegalordisciplinary eventsthatwouldbematerialtoaclient’sorprospectiveclient’sevaluationofitsinvestment advisorybusinessortheintegrityofitsmanagement.
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A.RegistrationasaBroker-DealerorBroker-DealerRepresentative Mr.WeberisaregisteredrepresentativeandresearchanalystofRobotti&Company,LLC (“Robotti”),aregisteredbroker-dealer.
As a registered representative of Robotti, Mr. Weber is licensed to execute brokerage transactionsandreceivecompensationbasedonthepurchaseorsaleofsecurities.However, inhiscapacityasaresearchanalyst,Mr.Weberdoesnotreceivecompensationinconnection withthepurchaseorsaleofsecuritiesorotherinvestmentproductsthroughRobotti.
Although this presents a conflict of interest, Mr. Weber is obligated by his fiduciary responsibilitytoalwaysactinthebestinterestsofJBCapital’sclients.Inanefforttomitigate thisconflict,theFirmhasimplementedaCodeofEthics,whichdetailsMr.Weber’sfiduciary dutiesanddisclosurerequirements.Finally,theonlymutualclientofJBCapitalandRobotti istheFund.Itisnotanticipatedthattherewillbeothermutualclientsinthefuture.Firm policy requires that any such relationships will be subject to full, timely, and written disclosuretoaffectedClientsorInvestors.
B.Registration as a Futures Commission Merchant, Commodity Pool Operator, or a CommodityTradingAdviser Neither JB Capital nor its management persons are registered as a futures commission merchant,commoditypooloperator,orcommoditytradingadviser.
C.RelationshipsMaterialtothisAdvisoryBusinessandPossibleConflictsofInterest Therearenootherrelationshipsorarrangementsthatarematerialtothisadvisorybusiness.
D.SelectionofOtherAdvisorsorManagers JBCapitaldoesnotutilizenorselectotheradvisorsorthird-partymanagers.Allassetsare managedbyJBCapital.
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PersonalTrading
A.CodeofEthics JB Capital has adopted a Code of Ethics (the “Code”) pursuant to Rule 204A-1 under the Investment Advisers Act of 1940, as amended. The Code governs the activities of each member,officer,directorandemployeeofJBCapital(collectively,“Employees”).JBCapital holds its Employees to a high standard of integrity and maintains business practices that reflectsitsfiduciarydutytotheClient.InservingitsClient,JBCapitalstrivestoavoidconflicts ofinterestortheappearanceofconflictsofinterestinconnectionwiththepersonaltrading activitiesofitsEmployeesandClientsecuritiestransactions.Whenpersonscoveredbythe Codeengageinpersonalsecuritiestransactions,theymustadheretothefollowinggeneral principlesaswellastotheCode’sspecificprovisions:(a)atalltimestheinterestsofClient mustbeparamount;(b)personaltransactionsmustbeconductedconsistentwiththeCode inmannerthatavoidsanyactualorpotentialconflictofinterest;and(c)noinappropriate advantageshouldbetakenofanypositionoftrustandresponsibility.Employeescoveredby the Code have certain trading restrictions and reporting obligations of their personal securitiestransactions.EachEmployeeisprovidedwithacopyoftheCodeandmustannually certify that he/she has received it and has complied with its provisions. In addition, any EmployeewhobecomesawareofanypotentialviolationoftheCodeisobligatedtoreport thepotentialviolationtotheChiefComplianceOfficer.
JBCapitalwillprovideacopyofitsCodeofEthicstoClientsandprospectiveClientsupon request.SucharequestmaybemadebysubmittingawrittenrequesttoJBCapitalatthe addressonthecoverpagetothisBrochure.
B.RecommendationsInvolvingMaterialFinancialInterests Neither JB Capital nor its related persons recommend to Clients, or buy or sell for Client accounts,securitiesinwhichJBCapitalorarelatedpersonhasamaterialfinancialinterest.
C.InvestingPersonalMoneyintheSameSecuritiesasClients JBCapital’sPoliciesandProceduresprohibititsEmployeesandrelatedpersonsfromtrading aheadofClientsinthesameinstrumentsthat JBCapitalbuysorsellsforClientaccounts.
However, there may be circumstances in which the Firm, its Employees, and/or related personshaveholdingsinthesameinstrumentsthatFirmbuysorsellsforClientaccounts.
TheFirm,itsEmployees,and/orrelatedpersonsmayownsecurities,oroptionsonsecurities, ofissuerswhosesecuritiesaresubsequentlyboughtforClientaccountsbecauseoftheFirm’s recommendationsregardingaparticularsecurity.JBCapital’spolicyastosuchtransactions isthatneithertheFirmnoranyofitsEmployeesorrelatedpersonsaretobenefitfromprice movementsthatmaybecausedbytransactionsforClientaccountsorotherwise.TheFirm addressesthisconflictbyrequiringEmployeestosignandadheretoFirm’sCodeofEthics andtoreportpersonalsecuritiesholdingsandtransactionstotheFirm.
D.TradingSecuritiesAt/AroundtheSameTimeasClients’Securities Asdiscussedabove,fromtimetotime,theFirm,itsEmployees,orrelatedpersonsoftheFirm maybuyorsellsecuritiesforthemselvesthattheFirmalsorecommendstotheClient.The Firmwillalwaysdocumentanytransactionsthatcouldbeconstruedasconflictsofinterest andwillalwaystransactClientbusinessbeforethebusinessofitsEmployeesand/orrelated personswhensimilarsecuritiesarebeingboughtorsold.
E.OwnershipInterestintheFund Mr.WebercurrentlymaintainsaninterestintheFund,whichrepresentsasignificantamount oftheFund’sassets.TheinvestmentobjectivesandrisktoleranceofMr.Webermaydepart fromthoseoftheotherInvestors,whichcreatesapotentialforharmtotheotherInvestors.
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A.FactorsUsedtoSelectorRecommendingBroker-Dealers JBCapitalwillalwayshavediscretionastotheplacementofbrokerage(andaccordingly,the commissionratespaid).Inselectingbrokerstoeffectportfoliotransactions,theJBCapital considers such factors as price, quality of execution, expertise in particular markets, the abilityofthebrokerstoeffectthetransactions,thebrokers’facilities,reliability,reputation, experience,financialresponsibilityinparticularmarkets,familiaritybothwithinvestment practices generally and techniques employed by clients and certain brokerages, research services (“soft dollar items”) provided by such brokers, and clearing and settlement capabilities.TheFirmissubjectatalltimestoprinciplesofbestexecution,inaccordancewith its Policies and Procedures. In selecting broker/dealers to execute transactions, the Firm neednotsolicitcompetitivebidsanddoesnothaveanobligationtoseekthelowestavailable commission cost. JB Capital believes that the broker-dealers that it recommends provide competitivetransactionandcustodycosts,helpingclientstoeliminateorcontrolcostsand optimizethecustodialstructuretothebenefitofaccountholders.Whenpossible,JBCapital seeks to pre-negotiate preferred terms for its clients, providing clients with the benefits associatedwiththeeconomyofscaleandcustodialknowledgeofthefirm.
CertainbrokersutilizedbyJBCapitalmayprovidegeneralassistancetoJBCapital,including, butnotlimitedtotechnicalsupport,consultingservices,andconsultingservicesrelatedto staffing needs. In selecting a broker, JB Capital may also consider the broker’s general assistanceandconsultingservices.TotheextentJBCapitalwouldotherwisebeobligatedto pay for such assistance, it has a conflict of interest in considering those services when selectingabroker.
1.ResearchandOtherSoftDollarBenefits JBCapitalcurrentlydoesnotanticipatereceivingresearchorotherproductsorserviceother than execution from a broker-dealer or third-party in connection with Client securities transactions(“softdollarbenefits”).However,inthefuture,JBCapitalshallhavetherightif, ingoodfaith,itconsidersittobeinthebestinterestofthe ClientandconsistentwithJB Capital’s obligations to do so, to enter into “soft dollar” arrangements with one or more broker-dealers.All“softdollar”arrangementswillfallwithinthesafeharborprovidedby Section28(e)oftheSecuritiesExchangeAct,asthatsafeharboriscurrentlyinterpretedby the Securities and Exchange Commission. If in the future the Firm obtains “soft-dollar” benefits,thisBrochurewillbeappropriatelyamended.
2.BrokerageforClientReferrals JBCapitaldoesnotconsider,inselectingorrecommendingbroker-dealers,clientreferrals fromabroker-dealer.IftheFirmreceivesreferralsinthefuture,itwillappropriatelyamend thisBrochure.
3.DirectedBrokerage JB Capital does not accept directed brokerage arrangements. Securities transactions are executedbybrokersselectedbyJBCapitalinitsdiscretionandwithouttheconsentofClients or Fund Investors. The Firm may enter into directed brokerage arrangements only in its discretion.
B.AggregatingTradingforMultipleClientAccounts JBCapitaldoesnotcurrentlyaggregatetradesamongClientaccounts,giventhecurrent Clientbase.Ifinthefuture,theFirm’sclientbaseshouldchange,thisBrochurewillbe appropriatelyamended.
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A.FrequencyandNatureofPeriodicReviewandWhoMakesThoseReviews JBCapitalreviewsClientaccountsonadailybasistoensureconsistencywiththeClient’s strategyandperformanceobjectives.Assetallocation,cashmanagement,marketprospects andindividualissueprospectsareconsidered.ThereviewsareconductedbyMr.Weber.
B.FactorsThatWillTriggeraNon-PeriodicReviewofClientAccounts Reviews may take place more frequently if triggered by economic, market, or political conditions.
C.ContentandFrequencyofRegularReports InvestorsintheFundswillgenerallyreceiveauditedyear-endfinancialstatementsannually.
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A.EconomicBenefitsProvidedbyThirdParties JBCapitaldoesnotreceiveanyeconomicbenefit,directlyorindirectly,fromanythirdparty foradvicerenderedtotheClient.
B.CompensationtoNon-AdvisoryPersonnelforClientReferrals Currently,neitherJBCapitalnoritsrelatedpersonsdirectlyorindirectlycompensateany personwhoisnotadvisorypersonnelforClientreferrals.IfinthefuturetheFirmentersinto sucharrangements,thisBrochurewillbeappropriatelyamended.
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AruleundertheInvestmentAdvisersActprovidesthat,becauseJBCapitalisthegeneral partner of the Fund, it is considered to have “custody” of the Fund’s assets, even though independent custodians (Prime Brokers) actually hold those assets. That rule generally requiresinvestmentadvisersthathave“custody”ofClientassetstocausecertainaccount statements detailing holdings and transactions to be sent to Clients, and imposes certain otherobligations.However,adviserstoinvestmentfundsliketheFundneednotcomplywith thoserequirementsif,amongotherthings,theFundprovidesInvestorswithauditedfinancial statements by a specified time each year and those financial statements meet certain requirements.JBCapitalsatisfiesthoseconditionsandthereforeisnotsubjecttoreporting andotherobligations.
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Funds’GoverningDocumentsgenerallyauthorizeJBCapitaltoinvestandtradetheassetsin abroadrangeofinvestments,tobeselectedattheFirm’ssolediscretion,withnospecific limitationsastotype,amount,concentration,orleverage.Further,theFirmmayenterinto anytypeofinvestmenttransactionandemployanyinvestmentmethodologyorstrategyit deemsappropriate.
Pursuant to the Funds’ Governing Documents, each Investor designates JB Capital as its attorney-in-facttoexecute,certify,acknowledge,file,recordandsweartoallinstruments, agreementsanddocumentsnecessaryoradvisabletocarryingouttheClients’businessand affairs,includingexecutionoftheClients’governingdocuments.AnInvestor’sexecutionofa Fund’ssubscriptionagreementconstitutesitsexecutionoftheFund’sGoverningDocuments andthetermsandconditionssetforththerein.
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JB Capital exercises voting authority over Client proxies and has adopted proxy voting policiesandproceduresinaccordancewithRule206(4)-6oftheInvestmentAdvisersActof 1940, as amended. The policies require JB Capital to vote proxies received in a manner consistentwiththebestinterestsoftheClient.
ThepoliciesalsorequireJBCapitaltovoteproxiesinaprudentanddiligentmannerintended toenhancetheeconomicvalueoftheassetsoftheClients.However,thepoliciespermitthe FirmtoabstainfromvotingproxiesintheeventthattheClients’economicinterestinthe matterbeingvoteduponislimitedrelativetotheClients’overallportfolio,ortheimpactof theClients’votewillnothaveaneffectonitsoutcomeorontheClients’economicinterests.
CertainsectionsofJBCapital’sproxyvotingguidelinesaresummarizedbelow:
• JBCapitalvotesfor:uncontesteddirectornomineesrecommendedbymanagement; theelectionofauditorsrecommendedbymanagement,unlessadisputeexistsover policies;limitingdirectors’liability;andeliminatingpreemptiverights.

• JB Capital votes against proposals to: entrench the board or adopt anti-takeover measures;proposalstoprovidecumulativevotingrights;andsocialissues.
AlthoughmanyproxyproposalscanbevotedinaccordancewithJBCapital’sproxyvoting guidelines, some proposals will require special consideration, and the Firm will make a decisiononacase-by-casebasisinthesesituations.Theseproposalscaninclude:eliminating director mandatory retirement policies, rotating annual meeting locations and dates, grantingoptionsandstocktomanagementanddirectors,andindemnifyingdirectorsand/or officers.
Where a proxy proposal raises a material conflict between JB Capital’s interests and the interestsoftheClients,itwillseektoresolvetheconflictinthebestinterestoftheClients.
ClientsmayobtainacopyofJBCapital’scompleteproxyvotingpoliciesandproceduresupon request.ClientsmayalsoobtaininformationfromtheFirmabouthowitvotedanyproxies onbehalfoftheiraccount(s). please register to get more info

JB Capital has no financial commitment that impairs its ability to meet contractual and fiduciarycommitmentstoClients,andhasnotbeenthesubjectofabankruptcypetition.
A.BalanceSheet JBCapitaldoesnotrequirenorsolicitprepaymentofmorethan$1200infeesperclient,six monthsormoreinadvance,andthereforedoesnotneedtoincludeabalancesheetwiththis Brochure.
B.FinancialCondition JBCapitalhasdiscretionaryauthorityovertheClient’sassets.Atthistime,neithertheFirm nor its management persons have any financial conditions that are likely to reasonably impairitsabilitytomeetcontractualcommitmentstoClients.
C.BankruptcyPetitionsinPreviousYears JBCapitalhasnotbeenthesubjectofabankruptcypetitioninthelasttenyears.

Item19–RequirementsforState-RegisteredAdvisers
JBCapitalisregisteredasaninvestmentadviserwiththeSEC.Thisitemisnotapplicable.
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