The U.S. Court of Appeals for the Fifth Circuit issued its opinion that the Securities and Exchange Commission exceeded its statutory authority in adopting the Private Fund Rules and deeming all portions of the rules unauthorized. We do not expect that the SEC will file an appeal or re-propose the rules in a different form. However, we do believe that there are currently rules in effect that the SEC can and may utilize to address concerns and require disclosures related to practices that were intended to be addressed by the Private Fund Rules.