# EDGAR Filing Document

**Accession Number:** 0002087834
**File Stem:** 0001213900-26-016443
**Filing Date:** 2026-2
**Character Count:** 856766
**Document Hash:** 5efabb6572ea7d4954d568780d24087e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-016443.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001213900-26-016443

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIBC Private Lending Strategies
- **CENTRAL INDEX KEY:** 0002087834

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24124
- **FILM NUMBER:** 26633360

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2000

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIBC Private Lending Strategies
- **CENTRAL INDEX KEY:** 0002087834

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290753
- **FILM NUMBER:** 26633359

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2000

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

As filed with the Securities and Exchange Commission on February 13, 2026

1933 Act File No. 333-290753 <br> 1940 Act File No. 811-24124

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** ☒<br> **Pre-Effective Amendment No. 1**

**Post-Effective Amendment No.**

**and**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** ☒<br> **Amendment No. 1**

**CIBC PRIVATE LENDING STRATEGIES**<br> (Exact Name of Registrant as Specified in Charter)

c/o UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, WI 53212<br> (Address of Principal Executive Offices)

414-299-2270<br> (Registrant's Telephone Number)

Ohm Srinivasan

CIBC Private Wealth Advisors, Inc.<br> 100 Federal Street, 30<sup>th</sup> Floor <br> Boston, MA 02110<br> (Name and Address of Agent for Service)

Copy to:<br> Joshua B. Deringer, Esq.<br> Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Ste. 2000<br> Philadelphia, PA 19103-6996<br> 215-988-2700

David L. Williams, Esq.

Faegre Drinker Biddle & Reath LLP

320 South Canal Street, Suite 3300

Chicago, Illinois 60606-5707

312-569-1107

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:<br> AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.

 ☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box)

☐ when declared effective pursuant to Section 8(c) of the Securities Act

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _________.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _________.

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933

Pursuant to the provisions of Rule 24f-2 under the Investment Company Act, the Fund declares that an indefinite number of its shares of beneficial interest are being registered under the Securities Act of 1933 by this registration statement.

THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY DETERMINE.

Subject to Completion, February 13, 2026

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**CIBC PRIVATE LENDING STRATEGIES**

PROSPECTUS

**Class I Shares [TICKER]**

[DATE]

CIBC Private Lending Strategies (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund. The Fund operates under an Amended and Restated Agreement and Declaration of Trust dated January 22, 2026 (the "Declaration of Trust"). CIBC Private Wealth Advisors, Inc. (the "Investment Manager") serves as the investment adviser of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund intends to qualify and elect to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund will offer a single class of shares of beneficial interest: Class I Shares.

 

*Total Offering<sup>(1)</sup>*

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| | |
|:---|:---|
|  | **Class I Shares** |
| **Public Offering Price** | Current Net Asset Value |
| **Sales Load Charge** | [ ] |
| **Proceeds to Fund<sup>(2)</sup>** | Current Net Asset Value |

---

 

<sup>(1)</sup> Distribution Services, LLC (the "Distributor") acts as the principal underwriter of the Fund's Shares on a best-efforts basis. The Shares are being offered through the Distributor and may also be offered through other brokers or dealers that have entered into selling agreements with the Distributor. The Investment Manager and/or its affiliates may make payments to selected affiliated or unaffiliated third parties (including parties who have entered into selling agreements with the Distributor) from time to time in connection with the distribution of Shares and/or the servicing of Shareholders and/or the Fund. These payments will be made out of the Investment Manager's and/or its affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. See "DISTRIBUTOR." The minimum initial investment in Class I Shares by any investor is $[50,000]. However, the Fund, in its sole discretion, may accept investments below these minimums. Investors purchasing Shares (as defined herein) will not be charged a sales load by the Fund. Accordingly, the table assumes that no sales load is charged Financial intermediaries may impose separate charges when you purchase Shares of the Fund. See "*FUND SUMMARY — THE OFFERING*."

<sup>(2)</sup> The Fund's expenses are described under "FUND FEES AND EXPENSES" below.

The Fund's investment objective is to seek high current income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in Investment Funds (defined below) that privately lend to borrowers, broadly defined as providing capital or assets to businesses or individuals in exchange for payments, or through the provision of capital to businesses or individuals by acquiring assets from those businesses or individuals that produce regular cash flows as an alternative to a traditional loan, such as receivables factoring or asset-backed lending for real estate or equipment. The Fund may change its 80% policy without shareholder approval if (i) the Fund provides at least 60 days' prior notice of such policy change, (ii) the Fund conducts a tender or repurchase offer at its net asset value in advance of the change, and (iii) the tender or repurchase offer is not oversubscribed. With respect to fund investments, the Fund will focus mainly on strategies that (i) invest in short term assets, (ii) prioritize capital structure seniority, (iii) produce high, stable cash distributions monthly or quarterly, and (iv) exhibit limited sensitivity to public equity and credit market volatility. Investments may be made directly or indirectly through a range of investment vehicles that the Investment Manager believes offer high current income across corporate, real asset and alternative credit opportunities. The Fund intends to use a "multi-manager" strategy whereby the Fund will invest primarily in general or limited partnerships, funds, corporations, trusts or other investment vehicles (collectively, "Investment Funds").

**The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment (see "PRINCIPAL RISK FACTORS" beginning on page 14).**

This prospectus (the "Prospectus") applies to the public offering of shares of beneficial interest of the Fund, designated as Class I ("Class I Shares" or "Shares"). The Shares will be offered in a continuous offering. The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares, but will use its best efforts to solicit orders for the sale of the Shares. The Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable fees, as described herein. The Shares will be issued at net asset value per Share.

No holder of Shares (each, a "Shareholder") will have the right to require the Fund to redeem their Shares. The Fund is a closed-end investment company operating as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of not less than 5% nor more than 25% of the Fund's outstanding Shares on the repurchase request deadline. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund. **There is no assurance that you will be able to tender your Shares when or in the amount that you desire.** (See "OFFERS TO REPURCHASE" beginning on 51 page and "REPURCHASE OFFERS; LIMITED LIQUIDITY" beginning on page 14).

This Prospectus concisely provides information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information (the "SAI"), dated [ ], has been filed with the SEC. You may request a free copy of this Prospectus, the SAI, annual and semi-annual reports and other information about the Fund, and make inquiries without charge by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, or by calling the Fund toll-free at 1 (888) 442-4420. The SAI is incorporated by reference into this Prospectus in its entirety. You may also obtain copies of the SAI, and the annual and semi-annual reports of the Fund, as well as other information about the Fund on the SEC's website (www.sec.gov). The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

This Prospectus is not an offer to sell Shares and is not soliciting an offer to buy Shares in any state or jurisdiction where such offer or sale is not permitted.

 

*Shares are a speculative and illiquid investment involving substantial risk of loss. An investment in the Fund is subject to, among others, the following risks:*

**•** **The Fund does not intend to list the Shares on any securities exchange and the Fund does not expect a secondary market in the Shares to develop.** 

**•** **You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how the Fund performs.** 

**•** **Although the Fund is required to implement and has implemented a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund.** 

**•** **You should consider that you may not have access to the money you invest for an indefinite period of time.** 

**•** **An investment in the Shares is not suitable for you if you have a foreseeable need to access the money you invest.** 

**•** **Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.** 

**•** **All or a portion of an annual distribution may consist solely of a return of capital (i.e., from your original investment) and not a return of net investment income.** 

***No Prior History*. The Fund has no operating history and the Shares have no history of public trading.**

**Neither the SEC nor any state securities commission has determined whether this Prospectus is truthful or complete, nor have they made, nor will they make, any determination as to whether anyone should buy these securities. Any representation to the contrary is a criminal offense.**

You should not construe the contents of this Prospectus or the SAI as legal, tax or financial advice. You should consult with your own professional advisers as to legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

You should rely only on the information contained in this Prospectus and the SAI. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Prospectus or the SAI is accurate as of any date other than the date shown below.

**The Fund's Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.**

THE FUND'S PRINCIPAL UNDERWRITER IS DISTRIBUTION SERVICES, LLC.

The date of this Prospectus is [ ].

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [FUND SUMMARY](#s1_001) | 1 |
| [FUND FEES AND EXPENSES](#s1_002) | 6 |
| [FINANCIAL HIGHLIGHTS](#s1_003) | 8 |
| [USE OF PROCEEDS](#s1_004) | 8 |
| [INVESTMENT OBJECTIVE AND STRATEGIES](#s1_005) | 8 |
| [PRINCIPAL RISK FACTORS](#s1_006) | 16 |
| [MANAGEMENT OF THE FUND](#split2_001) | 46 |
| [INVESTMENT MANAGEMENT FEE](#split2_002) | 47 |
| [DISTRIBUTOR](#split2_003) | 47 |
| [ADMINISTRATION](#split2_004) | 49 |
| [CUSTODIAN](#split2_005) | 49 |
| [FUND EXPENSES](#split2_006) | 49 |
| [VOTING](#split2_007) | 51 |
| [CONFLICTS OF INTEREST](#split2_008) | 51 |
| [OUTSTANDING SECURITIES](#split2_009) | 53 |
| [OFFERS TO REPURCHASE](#split2_010) | 53 |
| [REPURCHASE PROCEDURES](#split2_011) | 54 |
| [TRANSFERS OF SHARES](#split2_012) | 55 |
| [ANTI-MONEY LAUNDERING](#split2_013) | 56 |
| [CREDIT FACILITY](#split2_014) | 56 |
| [CALCULATION OF NET ASSET VALUE](#split2_015) | 56 |
| [TAXES](#split2_016) | 57 |
| [ERISA AND CODE CONSIDERATIONS](#split2_017) | 60 |
| [DESCRIPTION OF SHARES](#split2_018) | 61 |
| [PURCHASING SHARES](#split2_019) | 61 |
| [DERIVATIVE ACTION/EXCLUSIVE FORUM](#split2_020) | 62 |
| [TERM, DISSOLUTION AND LIQUIDATION](#jo_001) | 63 |
| [REPORTS TO SHAREHOLDERS](#jo_002) | 63 |
| [FISCAL YEAR](#jo_003) | 63 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#jo_004) | 63 |
| [INQUIRIES](#jo_005) | 63 |

---

i

**FUND SUMMARY**

This is only a summary and does not contain all of the information that investors should consider before investing in the Fund. Investors should review the more detailed information appearing elsewhere in this Prospectus and SAI, especially the information set forth under the heading "Principal Risk Factors."

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| | |
|:---|:---|
| &nbsp;&nbsp; The Fund and the Shares | &nbsp;&nbsp;CIBC Private Lending Strategies (the "Fund") is a closed-end management investment company structured as an "interval fund" and registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust on September 11, 2025. CIBC Private Wealth Advisors, Inc. (the "Investment Manager") serves as the investment adviser of the Fund. The Investment Manager provides day-to-day investment management services to the Fund. The Fund is non-diversified, which means that under the Investment Company Act, it is not limited in the percentage of its assets that it may invest in any single issuer of securities. |
|  | &nbsp;&nbsp;The Fund is an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("NAV"), of not less than 5% nor more than 25% of the Fund's outstanding Shares (defined below) on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer. |
|  | &nbsp;&nbsp;Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment. |
|  | &nbsp;&nbsp; This Prospectus applies to the offering of shares of beneficial interest designated as Class I ("Class I Shares" or "Shares"). |
|  | &nbsp;&nbsp;The Fund intends to satisfy the diversification requirements necessary to qualify as a RIC under the Code, which generally requires that, at the end of each quarter: (1) at least 50% of the Fund's total assets are invested in (i) cash and cash items (including receivables), Federal Government securities and securities of other RICs; and (ii) securities of separate issuers, each of which amounts to no more than 5% of the Fund's total assets (and no more than 10% of the issuer's outstanding voting shares), and (2) no more than 25% of the Fund's total assets are invested in (i) securities (other than Federal Government securities or the securities of other RICs) of any one issuer; (ii) the securities (other than the securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses; or (iii) the securities of one or more qualified publicly traded partnerships. To continue to qualify as a RIC, the Fund must also satisfy other applicable requirements, including restrictions on the kinds of income that the Fund can earn and requirements that the Fund distribute most of its income to shareholders each year. |
| &nbsp;&nbsp;Investment Objective and Strategies | &nbsp;&nbsp;The Fund's investment objective is to seek high current income. |

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| |
|:---|
| &nbsp;&nbsp; Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in general or limited partnerships, funds, corporations, trusts or other investment vehicles (collectively, "Investment Funds") that privately lend to borrowers, broadly defined as providing capital or assets to businesses or individuals in exchange for payments, or through the provision of capital to businesses or individuals by acquiring assets from those businesses or individuals that produce regular cash flows as an alternative to a traditional loan, such as receivables factoring or a sale leaseback of real estate or equipment. The Fund may change its 80% policy without shareholder approval if (i) the Fund provides at least 60 days' prior notice of such policy change, (ii) the Fund conducts a tender or repurchase offer at its net asset value in advance of the change, and (iii) the tender or repurchase offer is not oversubscribed. With respect to fund investments, the Fund will focus mainly on strategies that (i) invest in short term assets, (ii) prioritize capital structure seniority, (iii) produce high, stable cash distributions monthly or quarterly, and (iv) exhibit limited sensitivity to public equity and credit market volatility. Investments by the Fund may take the form of secured or unsecured bonds and loans with a fixed or floating coupon, a structured capital instrument with preference to common equity holders and a stated contractual interest payment or rate of return, assets with fixed lease payments, or other income producing assets. Investments may be made directly or indirectly through a range of investment vehicles that the Investment Manager believes offer high current income across corporate, real asset and alternative credit opportunities. The Investment Manager will employ a dynamic process that allocates the Fund's assets between Investment Funds and co-investments. Investment Funds may include secondary strategies that primarily acquire credit funds and fund interests or direct investments in equity or other security types. |
| &nbsp;&nbsp; The Fund's investments are expected to consist primarily of: (i) Investment Funds and (ii) co-investments. |
| &nbsp;&nbsp;The Investment Manager believes that the Fund can benefit investors and achieve its objective of attractive current yield and low NAV volatility by diversifying across multiple credit strategies. Unlike many other asset classes, private debt is highly fragmented. As such, due diligence requires assessing the return and risk opportunities for individual types of credit strategies as well as selecting the best managers/funds to implement those credit strategies. |
| &nbsp;&nbsp; The below describes the credit strategies that the Fund may utilize, each of which is considered an investment in Investment Funds that privately lend to borrowers for purposes of the Fund's 80% policy. |
| &nbsp;&nbsp;&nbsp;• *US, Non-US Corporate Direct Lending*: Directly originated by non-bank entities, typically senior secured loans to middle market companies underwritten on a cash flow or EBITDA basis |
| &nbsp;&nbsp;&nbsp;• *Mezzanine*: Directly originated corporate loans (or structured equity) subordinate to senior debt. Can be secured by assets or unsecured, but have priority to equity |
| &nbsp;&nbsp;&nbsp;• *Structured (CLO debt and equity)*: Typically highly levered investments in lower risk credit collateral |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;• *Venture Debt*: Loans to venture capital-backed companies that are typically not yet profitable. Investments can be a combination of cash and PIK income plus equity/warrants |
| &nbsp;&nbsp;&nbsp;• *Asset-based*: Debt or structured equity backed by assets and underwritten to asset value, rather than cash flow. Collateral may include hard assets and/or financial assets such as trade claims and receivables |
| &nbsp;&nbsp;&nbsp;• *Leasing (Aircraft, Equipment, Other)*: Leasing of commoditized equipment or mission critical assets to counterparty over a defined term |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;• *Real Estate Debt*: Loans collateralized by real estate. Typically takes the form of (i) a whole loan with the senior portion syndicated to a bank partner or (ii) a mezzanine unsecured loan |
| &nbsp;&nbsp;&nbsp;• *Transitional Real Estate*. Short-term loans to properties undergoing redevelopment, repositioning, or lease-up. Underwritten to asset value and future stabilization, often collateralized by the real estate. |
| &nbsp;&nbsp;&nbsp;• *Infrastructure*: Senior and mezzanine debt (or structured equity) investments backed by infrastructure assets |
| &nbsp;&nbsp;&nbsp;• *Royalties*: Investments in intellectual property rights with credit-like cash flow characteristics or debt investments to companies collateralized by intellectual property rights |
| &nbsp;&nbsp;&nbsp;• *Insurance-linked*: Sale of reinsurance policies tied primarily to weather events and other natural disasters |
| &nbsp;&nbsp;&nbsp;• *Legal Finance*: Lending to law firms or claimants to fund litigation costs and/or general working capital needs, secured by future proceeds from either ongoing or settled cases |
| &nbsp;&nbsp;&nbsp;• *Marketplace Lending*: Loans to consumers either originated on an individual basis or rediscount lending to platforms that originate consumer loans |
| &nbsp;&nbsp;&nbsp;• *Working Capital*. Short-duration loans or advances to businesses to finance operational needs, typically secured by receivables, inventory, or other current assets |
| &nbsp;&nbsp;There is no limit on the duration, maturity or credit quality of any investment in the Fund's portfolio, and the Fund's assets will be dynamically allocated across durations, maturities and credit qualities. The Fund's allocations among assets will vary over time in response to changing market opportunities. There can be no assurance that the Fund will achieve its investment objective. The Fund may invest in below-investment grade debt securities or "junk" debt securities and non-rated debt or equity securities. These investments could constitute a material percentage of the Fund's holdings at any given point in time. The Fund expects that a majority of its assets in debt instruments will be in floating rate and short term fixed-rate securities. |
| &nbsp;&nbsp; The Fund leverages and may continue to leverage its investments, including through borrowings by one or more special purpose vehicles ("SPVs") that are wholly-owned subsidiaries of the Fund. The Fund may borrow cash for a number of reasons, including without limitation, in connection with its investment activities, to make distributions, to satisfy repurchase requests from Shareholders, and to otherwise provide the Fund with temporary liquidity. Borrowing, including any borrowing through any SPVs that are wholly-owned subsidiaries of the Fund, will be limited to 33⅓% of the Fund's assets (50% of its net assets). The Fund may invest indirectly in foreign debt and equity securities, including those from emerging markets, issued in both U.S. dollars and foreign currencies. It is not anticipated that investments in foreign securities and/or emerging markets will constitute a significant portion of the Fund's investments. |

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&nbsp;&nbsp; Except as otherwise indicated, the Fund may change its investment objective and any of its investment policies, restrictions, strategies, and techniques without Shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board" and the members thereof, "Trustees") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify Shareholders of any changes to its investment objective or any of its investment policies, restrictions or strategies. <br>

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| | |
|:---|:---|
| &nbsp;&nbsp; The Investment Manager | &nbsp;&nbsp; As Investment Manager, CIBC Private Wealth Advisors, Inc. provides day-to-day investment management services to the Fund. Its principal place of business is located at 100 Federal Street, 30th Floor, Boston, MA 02110. The Investment Manager is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of December 31, 2024, it had approximately $58 billion in discretionary assets under management. <br>|
| &nbsp;&nbsp;The Administrator | &nbsp;&nbsp; The Fund has retained UMB Fund Services, Inc. (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. See "*FUND FEES AND EXPENSES*" below.<br>|
| &nbsp;&nbsp;Fees and Expenses | &nbsp;&nbsp; The Fund bears its own operating expenses (including, without limitation, its offering expenses not paid by the Investment Manager). A more detailed discussion of the Fund's expenses can be found under "*FUND EXPENSES*."<br>|
|  | &nbsp;&nbsp; *Management Fees*. The Fund pays the Investment Manager a management fee (the "Investment Management Fee") at an annual rate of 1.00%, payable monthly in arrears, accrued daily based upon the Fund's average daily net assets. See "*INVESTMENT MANAGEMENT FEES*." The Investment Management Fee is paid out of the Fund's assets before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund. <br>|
|  | &nbsp;&nbsp; *Administration Fee*. The Fund pays the Administrator tiered fees based on the average monthly NAV of the Fund, subject to a minimum annual fee, as well as certain other fixed, per-account or transactional fees (the "Administration Fees"). The Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore, decrease the net profits or increase the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses and pays the Administrator a fee for transfer agency services. See "*ADMINISTRATION*." |

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|:---|:---|
|  | &nbsp;&nbsp; *Expense Limitation and Reimbursement Agreement*. The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, costs associated with leverage, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 1.50% of the average daily net assets of Class I Shares (the "Expense Limit"). Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses, are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) will exceed 1.50%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and any then-existing expense limit. The Expense Limitation and Reimbursement Agreement is in effect for an initial term of twelve months from the effective date of the Fund's registration statement, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice. See "FUND FEES AND EXPENSES." <br>|
| &nbsp;&nbsp;The Offering | &nbsp;&nbsp; The minimum initial investment in the Fund by any investor in Class I Shares is $[50,000], and the minimum additional investment in the Fund by any Shareholder is $[5,000]. However, the Fund, in its sole discretion, may accept investments below these minimums. |
|  | &nbsp;&nbsp;The Shares will be offered in a continuous offering. Shares will generally be offered for purchase on any day the New York Stock Exchange ("NYSE") is open for business (each, a "Business Day"), except that Shares may be offered more or less frequently as determined by the Fund in its sole discretion. Once a prospective investor's purchase order is received, a confirmation is sent to the investor. Potential investors should send subscription funds by wire transfer pursuant to instructions provided to them by the Fund. Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. |

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|:---|:---|
|  | &nbsp;&nbsp;A prospective investor must submit a completed investor application on or prior to the acceptance date set by the Fund. The Fund reserves the right to reject, in its sole discretion, any request to purchase Shares in the Fund at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time at the Board's discretion. |
|  | &nbsp;&nbsp; Your financial intermediary may impose additional charges when you purchase Shares of the Fund.<br>|
| &nbsp;&nbsp;Distribution Policy | &nbsp;&nbsp;The Fund intends to make quarterly distributions of substantially all of its net investment income. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. The Fund is not a suitable investment for any investor who requires regular dividend income. |

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|:---|:---|
| | &nbsp;&nbsp; Each Shareholder whose Shares are registered in their own name will automatically be a participant under the Fund's dividend reinvestment program (the "DRIP") and have all income dividends and/or capital gains distributions automatically reinvested in Shares priced at the then-current NAV unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash. A Shareholder receiving Shares under the DRIP instead of cash distributions may still owe taxes and, because Fund Shares are generally illiquid, may need other sources of funds to pay any taxes due. Inquiries concerning income dividends and/or capital gains distributions should be directed to the Fund's Administrator, UMB Fund Services, Inc. at 1 (888) 442-4420 or 235 West Galena Street, Milwaukee, WI 53212.<br>|
| <br>&nbsp;&nbsp;Repurchase Offers | &nbsp;&nbsp; The Fund provides a limited degree of liquidity to its Shareholders by conducting quarterly offers to repurchase its Shares at their NAV on the date on which the repurchase price for Shares is determined (the "Valuation Date"). **Each repurchase offer will be for no less than 5% nor more than 25% of the Fund's Shares outstanding. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.** Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be no more than fourteen (14) days prior to the Valuation Date. See "*OFFERS TO REPURCHASE*" and "*REPURCHASE PROCEDURES*."<br>|
| &nbsp;&nbsp;Risk Factors | &nbsp;&nbsp;The Fund is subject to substantial risks — including strategy risks, market risks, liquidity risks, credit risks, prepayment risks, valuation risks, and interest rate risks. While the Investment Manager will attempt to moderate any risks, there can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses. There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Investment Manager and its affiliates and employees with respect to the management of accounts for other clients as well as the investment of proprietary assets. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested. |

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|:---|:---|
|  | &nbsp;&nbsp; Accordingly, the Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment. Past results of the Investment Manager, its principals, and the Fund are not indicative of future results. Prospective investors should review carefully the "*PRINCIPAL RISK FACTORS*" section of this Prospectus.<br>|
| &nbsp;&nbsp;Summary of Taxation | &nbsp;&nbsp;The Fund intends to elect to be treated and to qualify each year as a RIC for U.S. federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that it distributes its net income and gains to Shareholders each year. See "*TAXES*." |

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**FUND FEES AND EXPENSES**

The following tables describe the aggregate fees and expenses that the Fund expects to incur and that the Shareholders can expect to bear, either directly or indirectly, through the Fund's investments.

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| | |
|:---|:---|
| **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS** <br> **ATTRIBUTABLE TO SHARES)<sup>(1)</sup>**  | **Class I<br> Shares**  |
| Management Fees<sup>(2)</sup> | 1.00% |
| Fees and Interest Payments on Borrowed Funds<sup>(3)</sup> | [ ]% |
| Acquired Fund Fees and Expenses<sup>(3) (4)</sup> | [ ]% |
| Other Expenses<sup>(3)</sup> | [ ]% |
| Total Annual Expenses | [ ]% |
| Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement<sup>(5)</sup> | [ ]% |
| Net Annual Expenses<sup>(5)</sup> | [ ]% |

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<sup>(1)</sup> This table summarizes the expenses of the Fund and is designed to help investors understand the costs and expenses they will bear, directly or indirectly, by investing in the Fund. For purposes of determining net assets in fee table calculations, derivatives are valued at market value. This table assumes estimated average net assets of approximately $[ ].

<sup>(2)</sup> Management Fees include the Investment Management Fee paid to the Investment Manager at an annual rate of 1.00% payable monthly in arrears, accrued daily based upon the Fund's average daily net assets. The Investment Management Fee paid to the Investment Manager will be paid out of the Fund's assets. The Investment Management Fee is paid before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund.

<sup>(3)</sup> "Fees and Interest Payments on Borrowed Funds," "Other Expenses," and "Acquired Fund Fees and Expenses" represent estimated amounts for the current fiscal year.

<sup>(4)</sup> Shareholders indirectly bear a portion of the asset-based fees, incentive allocations and other expenses incurred by the Fund as an investor in Investment Funds. Managers of registered investment companies and private funds ("Underlying Managers") generally receive management fees, typically ranging between [ ]% and [ ]% per annum of such fund's assets under their management, as well as, in some cases, quarterly or annual incentive allocations typically ranging between [ ]% and [ ]% of any profits earned during the applicable calculation period. These incentive allocations are generally calculated and only payable after a return hurdle has been met. [The Investment Manager does not participate in any of the fees or allocations paid to these managers.]

<sup>(5)</sup> The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, costs associated with leverage, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 1.50% of the average daily net assets of Class I Shares (the "Expense Limit"). Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses, are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) will exceed 1.50%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and any then-existing expense limit. The Expense Limitation and Reimbursement Agreement is in effect for an initial term of twelve months from the effective date of the Fund's registration statement, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice.

The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. "Other Expenses," as shown above, is an estimate based on anticipated investments in the Fund and anticipated expenses for the current fiscal year of the Fund's operations, and includes, among other things, professional fees and other expenses that the Fund will bear, including ongoing offering costs and fees and expenses of the Administrator and custodian. For a more complete description of the various fees and expenses of the Fund, see "*INVESTMENT MANAGEMENT FEES," "ADMINISTRATION," "FUND EXPENSES*," and "*PURCHASING SHARES*."

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that all distributions are reinvested at NAV and that the percentage amounts listed under annual expenses remain the same in the years shown (in the example). The assumption in the hypothetical example of a 5% annual return is the same as that required by regulation of the SEC applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Shares.

**EXAMPLE [To be completed by amendment]**

**Class I Shares**

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|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on a $1,000**<br> **Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $[ ] | $[ ] | $[ ] | $[ ] |

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The example is based on the annual fees and expenses of Class I Shares set out in the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the example. A greater rate of return than that used in the example would increase the dollar amount of the asset-based fees paid by the Fund.

**FINANCIAL HIGHLIGHTS**

Because the Fund has no performance history as of the date of this Prospectus, there are no financial highlights for the Fund.

**USE OF PROCEEDS**

The proceeds from the continuous offering of the Fund's Shares, not including the amount of the Fund's fees and expenses (including, without limitation, offering expenses not paid by the Investment Manager), will be invested by the Fund in accordance with the Fund's investment objective and strategies as soon as practicable and not later than six months after receipt, subject to market conditions, the availability of suitable investments, and the extent to which proceeds are held in cash to pay dividends or expenses, satisfy repurchase offers or for temporary defensive purposes.

Delays in fully investing the Fund's assets may occur, for example, because of the time required to complete certain transactions in Investment Funds and the Investment Manager's ability to find suitable investments may be delayed. While the Fund is expected to be partially-invested within three months, the aforementioned delays may inhibit the Fund from being fully-invested at all times. A delay in the anticipated use of proceeds could lower returns and reduce the Fund's distributions to Shareholders. Pending such use, the Fund may take temporary defensive measures and invest a portion of proceeds in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, municipal bonds, bank accounts, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities and other high-quality debt instruments maturing in one year or less from the time of investment. In addition, subject to applicable law, the Fund may maintain a portion of its assets in cash or short-term securities or money market funds to meet operational needs or to maintain liquidity. The Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

**INVESTMENT OBJECTIVE AND STRATEGIES**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is to seek high current income. There can be no assurance that the Fund will achieve its investment objective.

Except as otherwise indicated, the Fund may change its investment objectives and any of its investment policies, restrictions, strategies, and techniques without Shareholder approval. The investment objectives of the Fund are not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board" and the members thereof, "Trustees") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify Shareholders of any changes to its investment objectives or any of its investment policies, restrictions, strategies or techniques.

**INVESTMENT STRATEGIES AND OVERVIEW OF INVESTMENT PROCESS**

Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in Investment Funds that privately lend to borrowers, broadly defined as providing capital or assets to businesses or individuals in exchange for payments, or through the provision of capital to businesses or individuals by acquiring assets from those businesses or individuals that produce regular cash flows as an alternative to a traditional loan, such as receivables factoring or asset-backed lending for real estate or equipment. The Fund may change its 80% policy without shareholder approval if (i) the Fund provides at least 60 days' prior notice of such policy change, (ii) the Fund conducts a tender or repurchase offer at its net asset value in advance of the change, and (iii) the tender or repurchase offer is not oversubscribed. With respect to fund investments, the Fund will focus mainly on strategies that (i) invest in short term assets, (ii) prioritize capital structure seniority, (iii) produce high, stable cash distributions monthly or quarterly, and (iv) exhibit limited sensitivity to public equity and credit market volatility. Investments made by the Fund may take the form of secured or unsecured bonds and loans with a fixed or floating coupon, a structured capital instrument with a preference to common equity holders and a stated contractual interest payment or rate of return, assets with fixed lease payments, or other assets with predictable cash flow streams. Investments may be made directly or indirectly through a range of investment vehicles that the Investment Manager believes offer high current income across corporate, real asset and alternative credit opportunities.

The Fund's investments are expected to consist primarily of: (i) Investment Funds, and (ii) co-investments. The Investment Manager will employ a dynamic process that allocates the Fund's assets among these components based on market opportunities, risk profile, and desired income characteristics. Investment Funds may include secondary strategies that primarily acquire credit funds and fund interests or direct investments in equity or other security types.

The Investment Manager believes that the Fund can benefit investors and achieve its objectives of attractive current yield and low NAV volatility by diversifying across multiple credit strategies. Unlike many other asset classes, private debt is highly fragmented. As such, due diligence requires assessing the return and risk opportunities for individual types of credit strategies as well as selecting the best managers/funds to implement those credit strategies.

 

*Credit Strategy Selection*

Credit strategy descriptions and characteristics are provided in the table below. Each of the credit strategies described below constitutes investing in Investment Funds that privately lend to borrowers for purposes of the Fund's 80% policy. Credit strategies may change over time, may provide regular or irregular payment streams, and the Fund may invest outside of the following strategies.

**<u>Primary Credit Strategies</u>**

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| <br> **Credit Strategy** | **General Description** | **Characteristics** |
| Asset-Based | Debt or structured equity backed by assets and underwritten to asset value, rather than cash flow. Collateral may include hard assets and/or financial assets such as trade claims and receivables | Rapid amortization, short term, typically self-liquidating, and often generating stable current income |
| Leasing (Aircraft, Equipment, Other) | Leasing of commoditized equipment or mission critical assets to counterparty over a defined term | Duration and amortization vary by asset type, fixed payment structures, residual value risk exists with some asset types |

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|:---|:---|:---|
| Transitional Real Estate Lending | Short- to medium-term loans to real estate projects undergoing development, repositioning, or significant improvement. Financing typically supports property transition to stabilized operations or improved value prior to permanent financing or sale. | Short term, moderate/high LTV loans collateralized by real estate assets. May involve both residential and commercial properties. |
| Marketplace Lending | Loans to consumers either originated on an individual basis or rediscount lending to platforms that originate consumer loans | Current income on highly diversified pools of small balance consumer loans that self-liquidate and recycle regularly |
| Working Capital | Financing provided to businesses to cover operational expenses, manage cash flow gaps, and support day-to-day activities. May include receivables finance, supply chain finance, or inventory finance. | Short term contracts that amortize quickly and self-liquidate. May be secured or unsecured. Typically well diversified across borrowers and hard asset industries. |

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**<u>Other Credit Strategies</u>**

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|:---|:---|:---|
| <br> **Credit Strategy** | **General Description** | **Characteristics** |
| US, Non-US Corporate Direct Lending | Directly originated by non-bank entities, typically senior secured loans to middle market companies underwritten on a cash flow or EBITDA basis | Current income and low volatility |
| Mezzanine | Directly originated corporate loans (or structured equity) subordinate to senior debt. Can be secured by assets or unsecured, but have priority to equity | Focus on total return, combination of cash and PIK income, plus equity warrants |
| Structured | Packaged loan pools that typically include multiple risk-return tranches at different levels of leverage | Current income generated by highly diversified loan pools with multi-year, structural leverage. Risk and return profiles vary by tranche. Loan pools may consist of cash flow-based or asset-based loans. |

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Venture Debt Loans to venture capital-backed companies that are typically not yet profitable. Investments can be a combination of cash and PIK income plus equity/warrants Contractual yield plus private equity-type upside potential

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|:---|:---|:---|
| Real Estate Debt <br>| Directly originated real estate loans or investments in diversified pools of real estate loans, which may be divided into multiple risk-return classes | Current income, hard asset collateral, and lower correlation to corporate credit. |
| Infrastructure | Senior and mezzanine debt (or structured equity) investments backed by infrastructure assets | Current income on high quality hard asset collateral, often with long term contractual cash flows |
| Royalties | Investments in intellectual property rights with credit-like cash flow characteristics or debt investments to companies collateralized by intellectual property rights | Often steady income generation with low correlation to corporate credit. Includes healthcare, entertainment and other IP rights |
| Insurance-linked Strategies | Sale of reinsurance policies often tied to weather events and other natural disasters | Range of sub-strategies, some of which have high return potential, risk of large drawdowns, and low correlation to risk assets |
| Legal Finance | Lending to law firms or claimants to fund litigation costs and/or general working capital needs, secured by future proceeds from either ongoing or settled cases | Wide range of sub-strategies with different maturities and risk-return profiles but all with low correlations to risk assets |

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The Investment Manager conducts ongoing due diligence on each credit strategy for new funds in which the Fund may invest, using the criteria described below. Investments in funds purchased on the secondary market are approved by the Investment Manager's investment committee, but may not be rated pursuant to the below.

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| | |
|:---|:---|
| **Strategy Criteria:** | **Description:** |
| Current yield | Loan's annual contractual income divided by the loan's price |
| Income risk | Likelihood of receiving stated cash coupons on scheduled dates |
| Principal risk | Likelihood of receiving stated principal payments on or before scheduled dates |
| Priority | Seniority in right of payment and claim on assets |
| Market size | Breadth and depth of credit strategy based on historical origination volume, fundraising data, and/or other factors |
| Market growth | Speed of growth in total origination volume, capital raised, and/or other variables |
| Liquidity | Ease and speed of converting an investment to a cash amount equal to or near the investment's fair value |
| Price volatility | Frequency and magnitude of periodic valuation changes |
| Complexity | Function of underlying loan structure, seniority, collateral type, securitization, jurisdiction, technological requirements, and/or other factors |
| Leverage | Function of target leverage level, structure, cost, diversity of providers, term, revocability, and/or other factors |

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Manager quality Function of the team's experience, pedigree, depth, key person sensitivity, incentive structures, operational resources, and/or other factors <br> Fee appropriateness Function of expected returns, competitive landscape, potential discounts, expense caps, and/or other factors

**Manager/Investment Selection**

The Fund intends to use a "multi-manager" strategy whereby the Fund will invest primarily in Investment Funds. Most Investment Funds in which the Fund invests will directly originate loans or purchase pools of loans from originators. The Fund may also include secondary strategies that primarily acquire credit funds and, fund interests or direct investments in equity or other security types.

The Investment Manager seeks to achieve the objectives of the Fund by investing in Investment Funds as well as co-investments managed or originated by firms deemed to be high quality through the Investment Manager's due diligence process. The selection process for investing in the foregoing Investment Funds or co-investments will entail the following:

&nbsp;&nbsp;&nbsp;&nbsp;· **Sourcing.** The Investment Manager reviews a large number of funds and managers per year. These manager
 interactions arise mainly via (i) the Investment Manager's extensive network and (ii)
 a high volume of inbound inquiries from investment firms soliciting new fund commitments.
 Regarding the latter, the Investment Manager's large asset base makes it a highly visible
 and desirable limited partner.

The Investment Manager may also review opportunities to purchase LP interests in Investment Funds on the secondary market. These opportunities may arise via relationships with secondaries brokers, asset management firms, or other channels.

Overall, the universe of sourced opportunities covers a wide range of private credit strategies, improving the Investment Manager's ability to identify attractive market opportunities, recognize high-quality investment teams, and exercise relative value assessments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Screening.** Following an initial meeting, call, or review of an Investment Fund's marketing
 materials, the Investment Manager filters out primary and secondary opportunities that fail
 to meet its investment standards or near-term priorities. Funds may be removed from consideration
 for a wide range of reasons, including (but not limited to) (i) weak and/or short track records,
 (ii) elevated risk profiles, (iii) asset-liability management concerns, (iv) indistinguishable
 advantages related to sourcing, underwriting, or execution, and (v) insufficient liquidity.

Similarly, the Investment Manager may filter out managers for a wide range of reasons, including (but not limited to) (i) insufficient experience, (ii) insufficient strategy expertise, (iii) insufficient organizational resources, and (iv) past regulatory or legal issues.

Regarding secondaries, the Investment Manager will conduct much of the same analysis but may also filter out opportunities that are (i) expected to price at particularly narrow discounts and/or (ii) demonstrating elevated signs of credit stress.

&nbsp;&nbsp;&nbsp;&nbsp;· **Due Diligence.** For funds that pass the initial screening process, the Investment Manager conducts
more thorough strategy analysis on a wide variety of topics. This analysis includes (but is not limited to) closer inspection of (i) current
and past transaction terms, (ii) portfolio construction characteristics and trends (if any), (iii) sourcing relationships, (iv) loss mitigation
strategies, and (v) key details from the fund's legal documents.

The Investment Manager will also rely on industry-level due diligence provided by Underlying Managers. Most of the Investment Funds in which the Fund invests will be well diversified across sectors and/or borrowers; however, the Fund may also invest in sector-specific funds. In these cases, the Investment Manager will conduct additional industry research, including (but not limited to) analyses of (i) future supply and demand, (ii) political and legislative factors, and (iii) macroeconomic trends. The Investment Manager will also spend additional time evaluating these fund managers' risk management track records and practices.

For secondary opportunities, the Investment Manager will conduct much of the same analysis but will spend more time focusing on the existing portfolio's underlying credit characteristics, performance trends, and stressed positions (if any). If the opportunity involves a continuation vehicle, the Investment Manager will also evaluate closely the terms of the new vehicle.

Across primaries and secondaries, the Investment Manager will also conduct a thorough review of various manager-level details, including (but not limited to) (i) team composition and historical turnover, (ii) firm ownership structure, (iii) employee compensation and incentives strategies, (iv) regulatory review, (v) technological capabilities, and (vi) operations processes.

&nbsp;&nbsp;&nbsp;&nbsp;· **Approval — Research Group.** When the Investment Manager identifies a fund that meet its strategic
needs and a manager that has differentiated itself from its peer group, the Investment Manager's Multi-Manager Investment Program
("MMIP") team will collectively review the opportunity. During these review sessions, the lead investment analyst will field
questions from team members and aggregate a list of follow-up due diligence topics.

At approximately this time, the Investment Manager will also engage a third-party consultant to begin conducting full operational due diligence on the fund and manager. No investment may be executed without a full operational due diligence report in which the fund and manager receive "passing" scores from the consultant.

&nbsp;&nbsp;&nbsp;&nbsp;· **Final Approval — Investment Committee.** Pending sufficient responses to follow-up due
 diligence questions, the MMIP team will present and defend an investment proposal to the
 MMIP Investment Committee ("Investment Committee"). The Investment Committee
 consists of the Investment Manager's CIO and other senior investment professionals
 across the CIBC Private Wealth Advisors platform, each of whom (i) evaluates the merits and
 risks of the proposed Investment Fund, (ii) poses questions to the lead investment analyst,
 (iii) suggests additional follow-up due diligence topics (if necessary), and ultimately (iv)
 votes to approve or reject the proposal. For an Investment Fund to receive approval, a majority
 of voting Investment Committee members must vote to approve the proposal.

&nbsp;&nbsp;&nbsp;&nbsp;· **Ongoing Monitoring.** After the Investment Manager executes a fund investment, the MMIP team conducts
 ongoing due diligence on the Underlying Manager's organization and strategy implementation.
 The Investment Manager relies on Underlying Managers to monitor investments held by underlying
 Investment Funds but conducts ongoing monitoring of these Underlying Managers through several
 practices, including (i) reviewing periodic portfolio reports provided by Underlying Managers,
 (ii) engaging in monthly or quarterly portfolio update discussions, and (iii) speaking with
 relevant third parties (such as other investors or peers in private credit), as appropriate.

Regarding organizational due diligence, the MMIP team monitors various topics, which may include (but are not limited to) (i) team growth and employee turnover, (ii) platform-level fundraising, (iii) ownership changes, and (iv) new strategic partnerships.

Regarding ongoing strategy due diligence, the MMIP team monitors the fund from various angles, which may include (but are not limited to) (i) changes in typical loan terms, (ii) changes in underlying credit performance – e.g., covenant breaches, internal risk ratings, and/or defaults, (iii) portfolio construction, (iv) leverage facilities, (v) trends in sourcing, and (vi) fund-level performance.

Through these ongoing monitoring practices, the Investment Manager aims to ensure that each Underlying Manager is achieving several objectives, which may include (but are not limited to) (i) executing investments consistent with such manager's stated strategy and guidance, (ii) maintaining a portfolio consistent with the manager's stated guidelines and constraints, and (iii) mitigating risk appropriately when unexpected events arise.

Additionally, through third-party engagements, the Investment Manager seeks to confirm information received from Underlying Managers and/or confirm that this information aligns with broader market trends. If ongoing monitoring highlights positive attributes in a particular Investment Fund, the Fund may increase its relative weighting in that investment (subject to Fund-level diversification considerations). Conversely, if monitoring uncovers unexpected risks or underperformance, the Fund may decrease an Investment Fund's relative weighting or begin the process of fully redeeming its capital.

In addition, the Investment Manager typically sources co-investment opportunities through partnerships with managers vetted by the MMIP team in connection with Investment Fund opportunities. Co-investments will typically be overflow opportunities that arise solely from the Investment Fund's own allocation – meaning instances where the Fund is offered an investment opportunity that exceeds an Investment Fund's capacity or allocation limits . These overflow opportunities are held in separate accounts, often referred to as "fund-of-one" structures, that the Investment Manager establishes alongside the Investment Funds.

A "fund-of-one" structure is a single-investor vehicle established specifically to participate in overflow investment opportunities that the Investment Fund itself cannot fully accommodate. Each fund-of-one is managed independently, but by the same Investment Manager team responsible for managing the parallel commingled vehicle in which the Fund invests. These vehicles allow the Investment Manager to allocate surplus or excess investment capacity in a flexible manner, ensuring that the Fund can benefit from attractive opportunities even if its initial allocation is limited by size or other constraints.

For example, if the Investment Manager invests in ABC Credit Fund LP, the Investment Manager may, in the future, establish a co-investment account structured as a fund-of-one to hold overflow allocations to investments in that fund, strictly in connection with the Fund's own investment activity. In as many cases as possible, the Investment Manager will seek to negotiate for no-fees (or significantly reduced fees) on these separate accounts.

The Investment Manager will not conduct preliminary due diligence on each co-investment. Rather, the MMIP team and the corresponding Underlying Manager will typically establish a "credit box" (i.e., a set of credit parameters that each prospective co-investment must meet), which the Underlying Manager will use to determine which co-investment opportunities to allocate to the corresponding separate account. Overall, each co-investment will meet the thresholds that each Underlying Manager has established and communicated to the MMIP team. The Underlying Manager's due diligence on these types of investments may examine some or all of the following deal attributes, along with other factors: (i) transaction dynamics such as deal rationale, use of proceeds, co-investment rationale; (ii) investment profile including credit metrics, size of the borrower or transaction, resiliency of business model, market position, industry fundamentals, quality of collateral, capital structure position, location in the case of physical assets and relative value assessment; (iii) historical financial performance, future projections, growth assumptions, free cash flow generation, de-leveraging profile and key financial credit metrics; (iv) legal considerations including the strength of the credit structure and related documentation; (v) performance track record of the manager who sourced the opportunity; and (vi) sponsor experience and track record, if applicable.

The main role the Investment Manager will play in these types of co-investment partnerships is communicating the Fund's available liquidity to the Underlying Manager as it works toward closing a co-investment deal. Each co-investment separate account will function as a fund-of-one for overflow opportunities associated only with the Fund's investment activity and will be managed by the same team responsible for the parallel vehicle in which the Fund invests. The fund-of-one structure provides a tailored approach for each overflow investment, ensuring that such opportunities can be efficiently accessed and managed for the benefit of the Fund and its investors.

Separately, the Investment Manager's operations due diligence process employs and collaborates with an independent consultant to assess the operational risks associated with each investment opportunity.

Key value drivers in the Investment Manager's operations due diligence process include:

i. <u>Governance</u>: Evaluation of the regulatory and compliance program, role of the advisory board, and business risk management practices.

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| | |
|:---|:---|
| ii. <u>Infrastructure</u>: | Assessment of the non-investment personnel, segregation of duties and cash controls, service provider selection, and technology infrastructure. |
| iii. <u>Processes</u>: | Review of financing arrangements, investor transparency and disclosures, and ongoing investor communication. |
| iv. <u>Valuation</u>: | Evaluation of the valuation methodology, valuation review procedures, accounting processes, and fund expenses. |

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***Portfolio Construction***

The Investment Manager will seek to mitigate certain investment risks associated with credit-oriented portfolios through the construction of a portfolio emphasizing the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Investment Manager will allocate mainly to Investment Funds that invest in short-term assets,
 with maturities typically ranging from 0 to 3 years, in order to reduce exposure to prolonged
 credit risk, maintain relatively high liquidity, and allow for more dynamic capital reallocation
 as market conditions evolve.

&nbsp;&nbsp;&nbsp;&nbsp;· Investment selection will prioritize senior positions within the capital structure, thereby improving
recovery prospects in the event of borrower default and providing enhanced protection relative to subordinated debt or equity.

&nbsp;&nbsp;&nbsp;&nbsp;· The portfolio will be constructed to generate high, stable cash distributions on a monthly or quarterly
basis, supporting predictable income for investors and enabling ongoing assessment of underlying credit performance.

&nbsp;&nbsp;&nbsp;&nbsp;· Strategies included in the portfolio will be selected for their limited sensitivity to public equity and
credit market volatility, helping to insulate returns from broader market swings and systemic disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio exposure will be diversified across multiple strategies and issuers to further mitigate idiosyncratic
risk and enhance overall resilience.

&nbsp;&nbsp;&nbsp;&nbsp;· The Investment Manager will conduct ongoing monitoring and diligence of portfolio holdings to identify
and address emerging risks as market conditions change.

&nbsp;&nbsp;&nbsp;&nbsp;· No single position, measured as the Fund's total exposure to any individual underlying credit (on
a look-through basis, rather than the amount invested in any Investment Fund), will represent more than 5% of total assets for the first
50% of total assets, nor more than 25% of total assets for the remaining 50%.

&nbsp;&nbsp;&nbsp;&nbsp;· Interest rate risk should be mitigated as most assets pay floating rate cash interest and/or mature within
short periods.

&nbsp;&nbsp;&nbsp;&nbsp;· The Investment Manager may diversify asset origination across calendar years ("vintages")
in order to balance out the impact of credit cycles on valuation, unless the Investment Manager, based upon its assessment, believes certain
vintage years are particularly attractive or unattractive.

&nbsp;&nbsp;&nbsp;&nbsp;· The Investment Manager seeks a portfolio that is diversified across industries unless in its view certain
industries provide an attractive or unattractive return/risk tradeoff.

&nbsp;&nbsp;&nbsp;&nbsp;· The Investment Manager seeks a high level of interest income primarily from traditional senior secured
loan strategies but may also take advantage of debt opportunities that extend lower in the capital structure or strategies that utilize
leverage. When pursuing these opportunities, the Investment Manager will mitigate credit risks as much as possible through increased number
of credits the Fund has exposure to and the selection of managers underwriting individual credits. The Investment Manager may seek to
reduce credit risk at any time through allocations to senior secured loans or holdings of cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;· The Investment Manager may use leverage which is capped by regulation by a minimum 300% asset coverage
ratio.

**Other Information Regarding Investment Strategy**

There is no limit on the duration, maturity or credit quality of any investment in the Fund's portfolio.

The Fund may leverage its investments, including through borrowings by one or more special purpose vehicles ("SPVs") that are wholly-owned subsidiaries of the Fund. Certain Fund investments may be held by these SPVs. The Fund may borrow cash for a number of reasons, including without limitation, in connection with its investment activities, to make distributions, to satisfy repurchase requests from Shareholders, and to otherwise provide the Fund with temporary liquidity. Borrowing, including any borrowing through SPVs that are wholly-owned subsidiaries of the Fund, will be limited to 33⅓% of the Fund's assets (50% of its net assets).

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. During such times, the Investment Manager may determine that a large portion of the Fund's assets should be invested in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, municipal bonds, bank accounts, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities and other high-quality debt instruments maturing in one year or less from the time of investment. In these and in other cases, the Fund may not achieve its investment objective. The Investment Manager may invest the Fund's cash balances in any investments it deems appropriate.

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") may vary from year to year and will not be a limiting factor when the Investment Manager deems portfolio changes appropriate. The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Investment Manager, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. If securities are not held for the applicable holding periods, gain or loss from sales will be short-term capital gain or loss and dividends paid on them will not qualify for the advantageous federal tax rates.

**PRINCIPAL RISK FACTORS**

All investments carry risks to some degree. The Fund cannot guarantee that its investment objective will be achieved or that its strategy of investing in the Investment Funds will be successful, and its NAV may decrease. **An investment in the Fund involves substantial risks, including the risk that the entire amount invested may be lost.**

**GENERAL RISKS**

 

*NO OPERATING HISTORY.* The Fund was organized on September 11, 2025. It had not yet commenced operations as of the date of this Prospectus and has no operating history. The Fund may not succeed in meeting its objective, and its NAV may decrease. As a new fund, there is no assurance that the Fund will grow or maintain an economically viable size, which may result in increased Fund expenses or a determination to liquidate the Fund.

 

*MINIMAL CAPITALIZATION.* The Fund is not obligated to raise any specific amount of capital prior to commencing operations. There is a risk that the amount of capital actually raised by the Fund through the offering of its Shares may be insufficient to achieve profitability or allow the Fund to realize its investment objective. An inability to raise additional capital may adversely affect the Fund's financial condition, liquidity and results of operations, as well as its compliance with regulatory requirements. Further, if the Fund is unable to raise sufficient capital, Shareholders may bear higher expenses due to a lack of economies of scale.

 

 

*REPURCHASE OFFERS; LIMITED LIQUIDITY.* The Fund is a closed-end investment company structured as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline, pursuant to Rule 23c-3 under the Investment Company Act. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer.

Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

The Fund's repurchase policy will have the effect of decreasing the size of the Fund over time from what it otherwise would have been. Such a decrease may therefore force the Fund to sell assets it would not otherwise sell. It may also reduce the investment opportunities available to it and cause its expense ratio to increase.

Notices of each repurchase offer are sent to shareholders at least 21 days before the "Repurchase Request Deadline" (*i.e.*, the date by which Shareholders can tender their Shares in response to a repurchase offer). The Fund determines the NAV applicable to repurchases no later than the fourteen (14) days after the Repurchase Request Deadline (or the next business day, if the 14<sup>th</sup> day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between [one and three business days] after the Repurchase Pricing Date and will distribute payment no later than seven (7) calendar days after such date. If a Shareholder tenders all of its Shares (or a portion of its Shares) in connection with a repurchase offer made by the Fund, that tender may not be rescinded by the Shareholder after the Repurchase Request Deadline. Because the NAV applicable to a repurchase is calculated 14 days after the Repurchase Request Deadline, a Shareholder will not know its repurchase price until after it has irrevocably tendered its Shares. See "*OFFERS TO REPURCHASE*" and "*REPURCHASE PROCEDURES*." Shareholders may be subject to market risk in relation to the tender of their Shares for repurchase because like other market investments, the value of the Fund's Shares may move up or down, sometimes rapidly and unpredictably, between the date a repurchase offer terminates and the repurchase date. Likewise, because the Fund's investments may include securities denominated in foreign currencies, changes in currency values between the date a repurchase offer terminates and the repurchase date may also adversely affect the value of the Fund's Shares. To mitigate currency valuation risk associated with such investments, the Investment Manager may utilize currency swaps or similar derivative instruments as a hedging mechanism. However, there can be no assurance that such hedging strategies will be effective at mitigating all currency valuation risk.

 

*DISTRIBUTION POLICY.* The Fund's distribution policy is to make quarterly distributions of substantially all of its net investment income. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. All or a portion of an annual distribution may consist solely of a return of capital (*i.e.*, from your original investment) and not a return of net investment income. Shareholders should not assume that the source of a distribution from the Fund is net investment income. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares.

 

Under the Investment Company Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance, the value of the Fund's total assets (including the proceeds of such issuance) less all liabilities and indebtedness not represented by senior securities is at least equal to 200% of the total of the aggregate amount of senior securities representing indebtedness plus the aggregate liquidation value of any outstanding preferred stock. Stated another way, the Fund may not issue preferred stock that, together with outstanding preferred stock and debt securities, has a total aggregate liquidation value and outstanding principal amount of more than 50% of the value of the Fund's total assets, including the proceeds of such issuance, less liabilities and indebtedness not represented by senior securities. In addition, the Fund is not permitted to declare any distribution on its common stock, or purchase any of the Fund's Shares of common stock (through repurchase offers or otherwise) unless the Fund would satisfy this 200% asset coverage requirement test after deducting the amount of such distribution or share price, as the case may be. The Fund may, as a result of market conditions or otherwise, be required to purchase or redeem preferred stock, or sell a portion of its investments when it may be disadvantageous to do so, in order to maintain the required asset coverage. Common stockholders would bear the costs of issuing additional preferred stock, which may include offering expenses and the ongoing payment of distributions. Under the Investment Company Act, the Fund may only issue one class of preferred stock.

 

*COST OF CAPITAL AND NET INVESTMENT INCOME RISK.* If the Fund uses debt to finance investments, its net investment income may depend, in part, upon the difference between the interest rate at which it borrows funds and the interest rate of investments made using those funds. As a result, a significant change in market interest rates can have a material adverse effect on the Fund's net investment income. In periods of rising interest rates when it has debt outstanding, the Fund's cost of funds will increase, which could reduce the Fund's net investment income. The Fund may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the Investment Company Act. These activities may limit the Fund's ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the Fund's business, financial condition and results of operations.

 

*NON-DIVERSIFIED STATUS.* The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Although the Investment Manager follows a general policy of seeking to spread the Fund's capital among multiple Investment Funds, the Investment Manager may depart from such policy from time to time and one or more Investment Funds may be allocated a relatively large percentage of the Fund's assets. Consequently, if one or more securities are allocated a relatively large percentage of the Fund's assets, losses suffered by such securities could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. The Fund intends to satisfy the diversification requirements necessary to qualify as a RIC under the Code. See "*TAXES*."

 

*LEGAL, TAX AND REGULATORY.* Legal, tax and regulatory changes at the federal, state and local levels could occur that may materially adversely affect the Fund and Investment Funds. For example, the regulatory environment for leveraged investors is evolving, and changes in the direct or indirect regulation of leveraged investors may materially adversely affect the ability of the Fund or the Investment Funds to pursue their investment objectives or strategies. Increased regulatory oversight and other legislation or regulation could result. Such legislation or regulation could pose additional risks and result in material adverse consequences to the Fund and/or limit potential investment strategies that would have otherwise been used by the Fund in order to seek to obtain higher returns.

The current presidential administration has called for and is seeking to quickly enact significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. Significant uncertainty exists with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund's business, they could adversely affect the Fund's business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund's business and the business of the Fund's competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them.

Each prospective investor should also be aware that developments in the tax laws of the United States or other jurisdictions where the Fund or its Investment Funds invest could have a material effect on the tax consequences to the Shareholders. In the event of any such change in law, each Shareholder is urged to consult its own tax advisers.

 

*DEPENDENCE ON THE INVESTMENT MANAGER.* The success of the Fund depends upon the ability of the Investment Manager to develop and implement investment strategies that achieve the investment objective of the Fund. Shareholders will have no right or power to participate in the management or control of the Fund.

 

*MANAGEMENT RISK.* The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Investment Manager's judgments about the attractiveness, value and potential appreciation of a particular sector and securities or the financial performance of portfolio companies in which the Fund invests may prove to be incorrect and may not produce the desired results.

 

*PORTFOLIO TURNOVER.* The Fund may sell securities without regard to the length of time they have been held to take advantage of new investment opportunities, when the Investment Manager feels either the securities no longer meet its investment criteria or the potential for capital appreciation has lessened, or for other reasons. The Fund's portfolio turnover rate may vary from year to year. A high portfolio turnover rate (100% or more) increases the Fund's transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund's performance. Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover. The turnover rate will not be a limiting factor, however, if the Investment Manager considers portfolio changes appropriate.

 

*LARGE SHAREHOLDER TRANSACTIONS RISK.* Shares of the Fund may be offered to certain other investment companies, large retirement plans and other large investors. As a result, the Fund is subject to the risk that those Shareholders may purchase or redeem a large amount of Shares of the Fund. In addition, large purchases of Fund Shares could adversely affect the Fund's performance to the extent that the Fund does not immediately invest cash it receives and therefore holds more cash than it ordinarily would. Large Shareholder activity could also generate increased transaction costs and cause adverse tax consequences. While the Fund's structure as an interval fund would limit the impact of significant shareholder repurchase requests, shareholders may receive only a prorated portion of their requested repurchase amount if the Fund's periodic repurchase offers are oversubscribed.

 

*NON-QUALIFICATION AS A REGULATED INVESTMENT COMPANY.* If for any taxable year the Fund were to fail to qualify as a RIC under Subchapter M of Subtitle A, Chapter 1, of the Code, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions. To qualify as a RIC, the Fund must meet three numerical requirements each year regarding (i) the diversification of the assets it holds, (ii) the income it earns, and (iii) the amount of taxable income that it distributes to Shareholders. These requirements and certain additional tax risks associated with investments in the Fund are discussed in "*TAXES*" in this Prospectus.

 

 

*CYBERSECURITY RISK.* Cybersecurity refers to the combination of technologies, processes and procedures established to protect information technology systems and data from unauthorized access, attack or damage. The Fund and its affiliates and third-party service providers are subject to cybersecurity risks. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. The Fund's and its affiliates' and third-party service providers' computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. In addition, the Fund and the Investment Manager have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in the Fund's operations or the operations of their respective affiliates and third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect the Fund's business, financial condition or results of operations. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, the Fund may be required to expend significant additional resources to modify the Fund's protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. While the Fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect a Fund or its shareholders.

 

*OPERATIONAL RISK.* An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

 

*RELIANCE ON TECHNOLOGY.* The Fund's business is highly dependent on the communications and information systems of the Investment Manager. In addition, certain of these systems are provided to the Investment Manager by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in the Fund's activities. This, in turn, could have a material adverse effect on the Fund's operating results.

**GENERAL INVESTMENT-RELATED RISKS**

 

*MARKET RISK.* An investment in Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in Shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your Shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

 

*GENERAL ECONOMIC AND MARKET CONDITIONS.* The success of the Fund's investment program may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, trade policies, treaties and tariffs, changes in laws, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of investments held by the Fund. Unexpected volatility or illiquidity could impair the Fund's profitability or result in losses. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.

Interest rates in the United States and many other countries have risen in recent periods and may continue to rise in the future. See "Interest Rate Risk" below for more information. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively.

Additionally, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government defaults, government shutdowns, political changes, diplomatic developments or the imposition of sanctions and other similar measures, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), natural/environmental disasters, climate-change and climate related events can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, changes in interest rates, inflation/deflation, travel restrictions or quarantines, and significantly adversely impact the economy. In addition, the current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad could have an adverse impact on a Fund's investments and operations.

The United Kingdom ("UK") left the European Union ("EU") on January 31, 2020, and a transition period during which the UK and EU negotiated terms of departure ended on December 31, 2020. The departure is commonly referred to as "Brexit." The UK and EU reached an agreement, effective January 1, 2021, on the terms of their future trading relationship, which principally relates to the trading of goods. Further insecurity in EU membership or the abandonment of the euro could exacerbate market and currency volatility and negatively impact investments in securities issued by companies located in EU countries. Brexit also may cause additional member states to contemplate departing the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets. As a result, markets in the UK, Europe and globally could experience increased volatility and illiquidity, and potentially lower economic growth which in return could potentially have an adverse effect on the value of the Fund's investments. Market disruption in the EU and globally may have a negative effect on the value of the Fund's investments. Additionally, there could be additional risks if one or more additional EU member states seek to leave the EU. Additionally, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict in Europe and the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect the Fund's investments in securities and instruments that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent the Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact the Fund's ability to achieve their investment objectives, prevent the Fund from receiving payments otherwise due, increase diligence and other similar costs to the Fund, render valuation of affected investments challenging, or require the Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect the Fund's performance with respect to such investments, and thus the Fund's performance as a whole. Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. Significant uncertainty continues to exist about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; the stability of global financial markets; and global economic conditions.

The Fund cannot predict the effects or likelihood of such events on the U.S. and global economies, the value of the Shares or the NAV of the Fund. The issuers of securities, including those held in the Fund's portfolio, could be materially impacted by such events, which may, in turn, negatively affect the value of such securities or such issuers' ability to make interest payments or distributions to the Fund. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

 

*ECONOMIC RECESSION OR DOWNTURN RISK.* Many of the Fund's investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund's non-performing assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession may result in losses of value in the Fund's portfolio and a decrease in the Fund's revenues, net income and NAV. Unfavorable economic conditions also could increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from increasing investments and harm the Fund's operating results.

 

*RISKS OF SECURITIES ACTIVITIES.* The Fund will invest and trade in a variety of different securities, and utilize a variety of investment instruments and techniques. Each security and each instrument and technique involves the risk of loss of capital. While the Investment Manager attempts to moderate these risks, there can be no assurance that the Fund's investment activities will be successful or that the Shareholders will not suffer losses.

 

*COUNTERPARTY RISK.* Many of the markets in which the Fund effects its transactions are "over the counter" or "inter-dealer" markets. The participants in these markets are typically not subject to credit evaluation and regulatory oversight as are members of "exchange based" markets. These risks may differ materially from those associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily marking to market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such counterparty risk is accentuated in the case of contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating its investments with one counterparty. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties' financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

 

*SOURCING INVESTMENT OPPORTUNITIES RISK.* The Fund has not identified the potential investments for its portfolio that it will acquire. It cannot be certain that the Investment Manager will be able to continue to locate a sufficient number of suitable investment opportunities to allow the Fund to fully implement its investment strategy. In addition, privately negotiated investments generally, and specifically in Investment Funds, loans and illiquid securities of private middle-market companies require substantial due diligence and structuring, and the Fund may not be able to achieve its anticipated investment pace. These factors increase the uncertainty, and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital, its investment income and, in turn, the results of its operations, will likely be materially adversely affected.

 

 

 *COMPETITION FOR ASSETS RISK.* The current lending market in which Investment Funds participate is competitive and rapidly changing. The Investment Funds may face increasing competition for access to corporate loans and especially direct loans as the lending industry continues to evolve. They may also face competition from other institutional lenders such as pooled investment vehicles and commercial banks that are substantially larger and have considerably greater financial and other resources than the Investment Funds These potential competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments as compared to the Investment Funds and establish relationships with direct lending managers. A direct lending manager may have similar arrangements with other parties, thereby reducing the potential investments of the Investment Funds through such manager. There can be no assurance that the competitive pressures they may face will not erode their ability to deploy capital. If the Investment Funds are limited in their ability to invest in corporate and/or direct loans, the Fund may be forced to invest in cash, cash equivalents or other assets that may result in lower returns than otherwise may be available through investments in corporate and direct loans. If an Investment Fund's access to corporate and/or direct loans is limited, it would also be subject to increased concentration and counterparty risk.

The commercial lending business is highly competitive. Without a sufficient number of new qualified loan requests, there can be no assurances that the Investment Funds will be able to compete effectively for corporate and direct loans with other market participants. General economic factors and market conditions, including the general interest rate environment, unemployment rates, and perceived consumer demand may affect borrower willingness to seek corporate and/or direct loans and investor ability and desire to invest in such loans.

 

 *INTEREST RATE RISK.* The Fund is subject to the risks of changes in interest rates. While it is expected that the majority of the Fund's investments in loans held by the Investment Funds will be in floating rate loans, which typically re-price every 30 to 90 days, some of these investments may be in fixed rate loans and similar debt obligations. The value of such fixed rate loans is susceptible to general changes in interest rates. A decline in interest rates could reduce the amount of current income the Fund is able to achieve from interest on fixed-income securities and convertible debt held by the Investment Funds. An increase in interest rates could reduce the value of any fixed income securities and convertible securities owned by the Investment Funds. To the extent that the cash flow from a fixed income security is known in advance, the present value (*i.e.*, discounted value) of that cash flow decreases as interest rates increase; to the extent that the cash flow is contingent, the dollar value of the payment may be linked to then prevailing interest rates. Moreover, the value of many fixed income securities depends on the shape of the yield curve, not just on a single interest rate. Thus, for example, a callable cash flow, the coupons of which depend on a short-term rate, may shorten (*i.e.*, be called away) if the long rate decreases. In this way, such securities are exposed to the difference between long rates and short rates.

The Fund expects that a majority of its assets in debt instruments held by the Investment Funds will be in floating rate and short term fixed-rate securities. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. When an Investment Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the NAV of the Fund's Shares.

Interest rates in the United States and many other countries have risen in recent periods and may continue to rise in the future. Because longer-term inflationary pressure may result from the U.S. government's fiscal policies, the Fund may experience rising interest rates, rather than falling rates, over its investment horizon. To the extent the Fund or an Investment Fund borrows money to finance its investments, the Fund's or the Investment Fund's performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund's cost of funds could increase. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund's or an Investment Fund's financial condition and results of operations.

In addition, a decline in the prices of the debt the Fund or an Investment Fund owns could adversely affect the Fund's NAV. Changes in market interest rates could also affect the ability of operating companies in which the Fund or an Investment Fund invests to service debt, which could materially impact the Fund or an Investment Fund in which the Fund may invest, thus impacting the Fund.

 

 

 *LIBOR DISCONTINUATION RISK.* Most London Interbank Offered Rates ("LIBOR") were generally phased out by the end of 2021, and some regulated entities have ceased to enter into new LIBOR-based contracts beginning January 1, 2022. As of September 30, 2024, the UK FCA has confirmed that all publications of LIBOR, including all synthetic publications of the 1-, 3-, and 6-month U.S. dollar LIBOR settings, have ceased. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Although the transition away from LIBOR has become increasingly well-defined, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. Instruments in which the Investment Fund invests historically paid interest at floating rates based on LIBOR or were subject to interest caps or floors based on LIBOR. The Investment Fund and issuers of instruments in which the Investment Fund invests also historically obtained financing at floating rates based on LIBOR. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. All of the aforementioned may adversely affect an Investment Fund's performance or NAV.

 

*SOFR RISK.* SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, including following the discontinuation of LIBOR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

 

*EXTENSION RISK.* Rising interest rates tend to extend the duration of long-term, fixed rate securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

 

 *PREPAYMENT RISK.* When interest rates decline, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in the Investment Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

 

 *REINVESTMENT RISK.* Income from the Fund's portfolio will decline if and when an Investment Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio's current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing an Investment Fund to invest in lower-yielding securities. An Investment Fund may also choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by an Investment Fund from its investments is likely to have a negative effect on dividend levels, NAV and/or overall return of the Fund's Shares.

 

 

 *INFLATION/DEFLATION RISK.* Inflation risk is the risk that the value of assets or income from an Investment Fund's investments will be worth less in the future as inflation decreases the purchasing power and value of payments at future dates. As inflation increases, the real value of an Investment Fund's portfolio could decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change), and an Investment Fund's investments may not keep pace with inflation, which would generally adversely affect the real value of Shareholders' investment in the Fund. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of an Investment Fund's portfolio.

 

*DEPENDENCE ON KEY PERSONNEL RISK.* The Investment Manager may be dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund's investments. If the Investment Manager were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Investment Manager may not be successful in selecting the best-performing securities or investment techniques for the Fund's portfolio, and the Fund's performance may lag behind that of similar funds. The Investment Manager has informed the Fund that its investment professionals are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. In addition, individuals not currently associated with the Investment Manager may become associated with the Fund, and the performance of the Fund may also depend on the experience and expertise of such individuals.

 

 *INDUSTRY/SECTOR CONCENTRATION RISK*. The value of the investments of a fund that focuses its investments in a particular industry or market sector will be highly sensitive to financial, economic, political and other developments affecting that industry or market sector, and conditions that negatively impact that industry or market sector will have a greater impact on the fund as compared with a fund that does not have its holdings concentrated in a particular industry or market sector. Events negatively affecting the market sectors in which the Investment Funds have invested are therefore likely to cause the value of the Fund's Shares to decrease, perhaps significantly. At times, the performance of investments in those industries may lag the performance of other sectors or the market as a whole.

**INVESTMENT STRATEGY-SPECIFIC INVESTMENT-RELATED RISKS**

In addition to the risks generally described in this Prospectus, the following are some of the specific risks of the investment strategy. Many of the risk factors discussed in this section apply to the Underlying Managers and Investment Funds, in addition to the Fund.

 

*INVESTMENT FUND RISK.* The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of Investment Funds, mutual funds (including money market funds), BDCs (defined below), closed-end funds, exchange-traded funds ("ETFs") and other Investment Funds. The Fund's ability to achieve its investment objective depends largely on the performance of the Investment Funds selected. Each Investment Fund has its own investment risks, and those risks can affect the value of the Investment Funds' securities and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any Investment Fund will be achieved. An Investment Fund may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such Investment Fund at a time that is unfavorable to the Fund. In addition, one Investment Fund may buy the same securities that another Investment Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose. There is also the risk that the ETFs in which the Fund invests that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transactions costs and other expenses of the ETFs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. The shares of listed closed-end funds may also frequently trade at a discount to their NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase. The Fund may also be unable to liquidate its investment in a private Investment Funds when desired. This risk is described in more detail under "*PRIVATE INVESTMENT FUNDS RISK*" below.

The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objectives and permissible under the Investment Company Act. Under one provision of the Investment Company Act, the Fund may not acquire the securities of other investment companies if, as a result, (i) more than 10% of the Fund's total assets would be invested in securities of other investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one investment company being held by the Fund or (iii) more than 5% of the Fund's total assets would be invested in any one investment company. In some instances, the Fund may invest in an investment company in excess of these limits. For example, the Fund may invest in other registered investment companies, such as mutual funds, closed-end funds and ETFs, and in BDCs in excess of the statutory limits imposed by the Investment Company Act in reliance on Rule 12d1-4 under the Investment Company Act. These investments would be subject to the applicable conditions of Rule 12d1-4, which in part would affect or otherwise impose certain limits on the investments and operations of the underlying fund. Accordingly, if the Fund serves as an "underlying fund" to another investment company, the Fund's ability to invest in other investment companies, private funds and other investment vehicles may be limited and, under these circumstances, the Fund's investments in other investment companies, private funds and other investment vehicles will be consistent with applicable law and/or exemptive relief obtained from the SEC. The requirements of Rule 12d1-4 will be implemented by the Fund with respect to such fund of funds arrangements.

 

 

 *PRIVATE INVESTMENT FUNDS RISK.* The Fund may invest in private Investment Funds that are not registered as investment companies under the Investment Company Act. As a result, the Fund as an investor in these funds, would not have the benefit of certain regulatory protections afforded to investors in registered investment companies. For example, underlying private Investment Funds are generally not subject to restrictions under the Investment Company Act regarding the use of leverage, concentration of investments, or transactions with affiliates, and may utilize investment strategies – including borrowing, derivatives, and affiliate transactions – that are not permitted for registered funds. These practices may increase the risk profile of the underlying private Investment Funds and, consequently, of the Fund's investment.

The Fund may not have the same amount of information about the identity, value, or performance of the private Investment Funds' investments as such private Investment Funds' managers. Reporting requirements for private Investment Funds are typically less robust and less frequent than those required of registered investment companies, which may result in limited transparency for the Fund and its investors.

Investments in private Investment Funds generally will be illiquid and may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a private Investment Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a private Investment Fund, the Fund may receive securities that are illiquid or difficult to value.

The Fund may not be able to withdraw from a private Investment Fund except at certain designated times (such as quarterly or annually), and withdrawals may be subject to significant notice periods, gates, suspensions, or other restrictions, thereby limiting the ability of the Fund to withdraw assets from the private Investment Fund due to poor performance or other reasons. Liquidity terms may vary significantly among private Investment Funds and may include lock-up periods, redemption fees, or other limitations. As a result, the Fund may be exposed to liquidity risk and may not be able to promptly respond to changing market conditions or fund-level needs.

The fees paid by private Investment Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains ("performance fees" or "carried interest"). The Fund will bear its proportionate share of the management fees and other expenses that are charged by a private Investment Fund in addition to the management fees and other expenses paid by the Fund.

Additionally, private Investment Funds may be organized in legal jurisdictions outside the United States, which may present additional risks. These risks can include different legal and regulatory frameworks, lack of investor protections, variation in bankruptcy or insolvency laws, and limited recourse against the fund or its managers in the event of disputes. Investments in offshore or non-U.S. private Investment Funds may also have adverse tax consequences for the Fund, such as potential exposure to foreign taxes, changes in U.S. tax law affecting the treatment of income or gains, and complex reporting requirements.

 

*LACK OF CONTROL OVER PRIVATE INVESTMENT FUNDS AND OTHER PORTFOLIO INVESTMENTS.* Once the Fund has invested in a private Investment Fund or other similar investment vehicle, the Investment Manager generally will have no control over the investment decisions made by such Investment Fund. The Investment Manager may be constrained by the withdrawal limitations imposed by private Investment Funds, which may restrict the Fund's ability to terminate investments in private Investment Funds that are performing poorly or have otherwise had adverse changes. The Investment Manager will be dependent on information provided by the private Investment Funds, including quarterly unaudited financial statements, which if inaccurate, could adversely affect the Investment Manager's ability to manage the Fund's investment portfolio in accordance with its investment objectives and/or the Fund's ability to calculate its NAV accurately. By investing in the Fund, a Shareholder will not be deemed to be an investor in any Investment Fund and will not have the ability to exercise any rights attributable to an investor in any such Investment Fund related to their investment.

 

 

 *DEBT SECURITIES.* One of the fundamental risks associated with debt and debt-related securities is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Adverse changes in the financial condition of an issuer or in general economic conditions (or both) may impair the ability of such issuer to make such payments and result in defaults on, and declines in, the value of its debt. The Fund's return to Shareholders would be adversely impacted if issuers of debt securities in which Investment Funds invest become unable to make such payments when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

 

*DEFAULT RISK.* The ability of the Fund to generate income through its investments in Investment Funds that make loan investments (or in such investing directly) is dependent upon payments being made by the borrower underlying such loan investments. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan.

A portion of the loans in which the Investment Funds may invest will not be secured by any collateral, will not be guaranteed or insured by a third party and will not be backed by any governmental authority. The Investment Funds may need to rely on the collection efforts of third parties, which also may be limited in their ability to collect on defaulted loans. The Investment Funds may not have direct recourse against borrowers, may not be able to contact a borrower about a loan and may not be able to pursue borrowers to collect payment under loans. To the extent a loan is secured, there can be no assurance as to the amount of any funds that may be realized from recovering and liquidating any collateral or the timing of such recovery and liquidation and hence there is no assurance that sufficient funds (or, possibly, any funds) will be available to offset any payment defaults that occur under the loans. Loans are credit obligations of the borrowers and the terms of certain loans may not restrict the borrowers from incurring additional debt. If a borrower incurs additional debt after obtaining a loan through a platform, the additional debt may adversely affect the borrower's creditworthiness generally, and could result in the financial distress, insolvency or bankruptcy of the borrower. This circumstance would ultimately impair the ability of that borrower to make payments on its loans and the Investment Funds' ability to receive the principal and interest payments that they expects to receive on such loan. To the extent borrowers incur other indebtedness that is secured, the ability of the secured creditors to exercise remedies against the assets of that borrower may impair the borrower's ability to repay its loans, or it may impair a third party's ability to collect, on behalf of the Investment Funds, on the loan upon default. To the extent that a loan is unsecured, borrowers may choose to repay obligations under other indebtedness (such as loans obtained from traditional lending sources) before repaying an unsecured loan because the borrowers have no collateral at risk. The Investments Funds will not be made aware of any additional debt incurred by a borrower or whether such debt is secured.

If a borrower files for bankruptcy, any pending collection actions will automatically be put on hold and further collection action will not be permitted absent court approval. It is possible that a borrower's liability on its loan will be discharged in bankruptcy. In most cases involving the bankruptcy of a borrower with an unsecured loan, unsecured creditors will receive only a fraction of any amount outstanding on the loan, if anything.

 

 *SECURED DEBT.* Secured debt holds the most senior position in the capital structure of a borrower. Secured debt in most circumstances is fully collateralized by assets of the borrower. Thus, it is generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders. However, there is a risk that the collateral securing the loans held by Investment Funds may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the borrower to raise additional capital. Also, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. In some circumstances, the Investment Funds' security interest could be subordinated to claims of other creditors. In addition, any deterioration in a borrower's financial condition and prospects, including any inability on its part to raise additional capital, may result in the deterioration in the value of the related collateral. Consequently, the fact that debt is secured does not guarantee that an Investment Fund will receive principal and interest payments according to the investment terms or at all, or that the Investment Fund will be able to collect on the investment if one of them is forced to enforce its remedies. Moreover, the security for an Investment Fund's investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the Investment Fund may not have priority over other creditors as anticipated.

Secured debt usually includes restrictive covenants, which must be maintained by the borrower. An Investment Fund may have an obligation with respect to certain senior secured term loan investments to make additional loans, including delayed draw term loans and revolving facilities, upon demand by the borrower. Such instruments, unlike certain bonds, usually do not have call protection. This means that such interests, while having a stated term, may be prepaid, often without penalty. The rate of such prepayments may be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause the actual duration of a senior loan to be shorter than its stated maturity.

Secured debt typically will be secured by pledges of collateral from the borrower in the form of tangible and intangible assets. In some instances, an Investment Fund may invest in secured debt that is secured only by stock of the borrower or its subsidiaries or affiliates. The value of the collateral may decline below the principal amount of the senior secured term loans subsequent to an investment by an Investment Fund.

 

 *SECOND LIEN AND SUBORDINATED LOANS.* An Investment Fund may invest in secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. In addition, the rights an Investment Fund may have with respect to the collateral securing the loans made to borrowers with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that an Investment Fund may enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (i) the ability to cause the commencement of enforcement proceedings against the collateral; (ii) the ability to control the conduct of such proceedings; (iii) the approval of amendments to collateral documents; (iv) releases of liens on the collateral; and (v) waivers of past defaults under collateral documents. An Investment Fund may not have the ability to control or direct such actions, even if the Investment Fund's rights are adversely affected.

 

 *UNSECURED LOANS AND MEZZANINE DEBT.* An Investment Fund may make unsecured loans to borrowers, meaning that such loans will not benefit from any interest in collateral of such borrowers. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Investment Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Investment Fund's unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Investment Fund's unsecured claims generally would rank equally with the unpaid portion of such secured creditors' claims against the borrower's remaining assets, if any.

A portion of an Investment Fund's debt investments may be made in certain securities known as mezzanine investments, which are subordinated debt securities that may be issued together with an equity security (*e.g.*, with attached warrants). Those mezzanine investments may be issued with or without registration rights. Mezzanine investments can be unsecured and generally subordinate to other obligations of the issuer. The expected average life of an Investment Fund's mezzanine investments may be significantly shorter than the maturity of these investments due to prepayment rights. Mezzanine investments share all of the risks of other high yield securities and are subject to greater risk of loss of principal and interest than higher-rated securities. They are also generally considered to be subject to greater risk than securities with higher ratings in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower-rated securities, the yields and prices of those securities may tend to fluctuate more than those for higher-rated securities. The Investment Funds may not anticipate a market for its mezzanine investments, which can adversely affect the prices at which these securities can be sold. In addition, adverse publicity and investor perceptions about lower-rated securities, whether or not based on fundamental analysis, may be a contributing factor in a decrease in the value and liquidity of those lower-rated securities. Mezzanine securities are often even more subordinated than other high yield debt, as they often represent the most junior debt security in an issuer's capital structure.

 

 

 *ROYALTIES.* An Investment Fund may invest in royalties, either directly purchasing the asset generating royalties or providing loans secured by royalties. Investments in royalties incorporate a number of general market risks along with risks specific to various underlying royalty strategies, such as music and healthcare, among others. Included in these risks could be volatility in commodities, regulatory changes, delays in government approvals, patent defense and enforcement, product liabilities, product pricing and the dependence on third parties to market or distribute the product. The market performance of the target products, therefore, may be diminished by any number of factors that are beyond the Investment Fund's control. Investments by an Investment Fund in royalties are considered to be investments in private lending to borrowers for purposes of the Fund's 80% policy.

 

 *SMALL AND MIDDLE-MARKET COMPANIES.* Investment in private and small or middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and the Fund will rely on the ability of the Investment Manager's or the Underlying Manager's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If they are unable to uncover all material information about these companies, they may not make a fully informed investment decision, and the Investment Fund may lose money on its investments. Small and middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that the Investment Fund holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Investment Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, small and middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies in which an Investment Fund. Small and middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence.

 

 *REAL PROPERTY RISK.* The Investment Funds may gain exposure to loans collateralized or secured by, or relating to, real property, or may invest in equity or debt securities issued by real estate investment trusts ("REITs"). The value of an investment in REIT securities or of the real property underlying a loan will be subject to the risks generally incident to the ownership of improved and unimproved real estate. Factors affecting real estate values include the supply of real property in particular markets, overbuilding, changes in zoning laws, casualty or condemnation losses, delays in completion of construction, changes in operations costs and property taxes, levels of occupancy, adequacy of rent to cover operating expenses, possible environmental liabilities, regulatory limitations on rent, fluctuations in rental income, increased competition, and other risks related to local and regional market conditions. The value of these investments also may be affected by changes in interest rates, macroeconomic developments, and social and economic trends. For instance, during periods of declining interest rates, mortgagors may elect to prepay, which prepayment may diminish the yield on mortgage-backed securities.

Some borrowers may intend to use resale proceeds to repay their loans. A decline in property values could result in a loan that is greater than the property value, which could increase the likelihood of borrower default.

The payment schedules with respect to many real estate-related loans are based on projected revenues generated by the property over the term of the loan. These projections are based on factors such as expected vacancy rates, expense rates and other projected income and expense figures relating to the property. The actual revenues generated by a property could fall short of projections, due to factors such as lower-than-expected rental revenues, or greater-than-expected vacancy rates or property management expenses. In such cases, a borrower may be unable to repay a loan. To the extent an Investment Fund has exposure to construction or rehabilitation/renovation loans, it may be adversely impacted by, among other things, risks involving the timeliness of the project's completion, the integrity of appraisal values, whether or not the completed property can be sold for the amount anticipated and the length of the construction and/or sale process.

A borrower's ability to repay a loan relating to real property or the value of securities issued by a REIT that holds real property might also be adversely affected if toxic environmental contamination were to be discovered to exist on the property. Environmental contamination may give rise to a diminution in value of the underlying property or may lead to liability for clean-up costs or other remedial actions. A platform or third-party servicer could be forced to take on potential additional liabilities and responsibilities in the event of foreclosure. A platform may choose not to foreclose on a contaminated property as the potential liability could exceed the value of the real property or the principal balance of the related loan. The failure to perform the required remedial actions could, in some jurisdictions, give rise to a lien on mortgaged property to ensure the reimbursement of remedial costs, which could decrease the value of the property that serves as collateral.

The state of law is currently unclear as to whether and under what circumstances clean-up costs, or the obligation to take remedial actions, can be imposed on a secured lender (which may, under certain circumstances, include an alternative lending platform, or an Investment Fund). If an Investment Fund or a platform does become liable for cleanup costs, it may bring an action for contribution against the current owners or operators, the owners or operators at the time of on-site disposal activity or any other party who contributed to the environmental hazard, but these persons or entities may be bankrupt or otherwise judgment-proof. Furthermore, an action against the borrower may be adversely affected by the limitations on recourse in the loan documents.

 

 *INFRASTRUCTURE.* An Investment Fund may invest its assets in securities issued by companies in the infrastructure industry. Infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown including surplus capacity, government budgetary constraints and other factors. Additionally, infrastructure companies may be subject to regulation by various governmental authorities and also may be affected by governmental regulation of rates charged to customers, service interruptions and/or legal challenges due to environmental, operational or other issues and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. There is also the risk that publicly-funded infrastructure projects, especially in emerging markets, may be subject to changing regulations and the effects of public corruption, resulting in delays and cost overruns. Other risks include environmental damage due to a company's operations or an accident, changes in market sentiment toward infrastructure and terrorist acts. Infrastructure securities may also be highly illiquid investments.

These investments may be in units of master limited partnerships ("MLPs"). MLP common units represent an equity ownership interest in an MLP. Some infrastructure companies in which an Investment Fund may invest are organized as LLCs which are treated in the same manner as MLPs for U.S. federal income tax purposes. An Investment Fund may invest in LLC common units which represent an ownership interest in the LLC. Interests in MLP and LLC common units entitle the holder to a share of the company's success through distributions and/or capital appreciation. I-Shares represent an indirect ownership interest in MLP common units issued by an MLP affiliate, which is typically a publicly traded LLC. Securities of MLP affiliates also include publicly traded equity securities of LLCs that own, directly or indirectly, general partner interests of an MLP.

 

*BUSINESS DEVELOPMENT COMPANIES ("BDCs").* The Fund may invest in private BDCs and publicly traded BDCs. A BDC is a type of closed-end investment company regulated under the Investment Company Act. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. BDCs invest in such diverse industries as healthcare, chemical and manufacturing, technology and service companies. At least 70% of a BDC's investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income at the corporate level, provided the income is distributed to their shareholders and that the BDC complies with the applicable requirements of Subchapter M of Subtitle A, Chapter 1, of the Code.

Investments in BDCs may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various risks, including management's ability to meet the BDC's investment objective and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. Private BDCs are illiquid investments, and there is no guarantee the Fund will be able to liquidate or sell its private BDC investments.

Certain BDCs may use leverage in their portfolios through borrowings or the issuance of preferred stock. While leverage may increase the yield and total return of a BDC, it also subjects the BDC to increased risks, including magnification of any investment losses and increased volatility. In addition, a BDC's income may fall if the interest rate on any borrowings of the BDC rises.

To comply with the Investment Company Act, the Investment Manager may be required to vote shares of a BDC held by the Fund in the same general proportion as shares held by other shareholders of the BDC.

Please see "*INVESTMENT FUND RISK*" for additional information regarding recent SEC regulations with respect to the Fund's investments in other investment companies.

 

 *WAREHOUSE INVESTMENT RISK.* An Investment Fund may invest in "Warehouses," which are financing structures created prior to and in anticipation of closings of CLOs or collateralized debt obligations ("CDOs") and issuing securities and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO or CDO vehicles. To finance the acquisition of a Warehouse's assets, a financing facility (a "Warehouse Facility") is often opened by (i) the entity or affiliates of the entity that will become the collateral manager of the CLO or CDO upon its closing and/or (ii) third-party investors that may or may not invest in the CLO or CDO. The period from the date that a Warehouse is opened and asset accumulation begins to the date that the CLO or CDO closes is commonly referred to as the "warehousing period." In practice, investments in Warehouses ("Warehouse Investments") are structured in a variety of legal forms, including subscriptions for equity interests or subordinated debt investments in SPVs that obtain a Warehouse Facility secured by the assets acquired in anticipation of a CLO or CDO closing.

A Warehouse Investment generally bears the risk that (i) the warehoused assets (typically senior secured corporate loans) will drop in value during the warehousing period, (ii) certain of the warehoused assets default or for another reason are not permitted to be included in a CLO or CDO and a loss is incurred upon their disposition, and (iii) the anticipated CLO or CDO is delayed past the maturity date of the related Warehouse Facility or does not close at all, and, in either case, losses are incurred upon disposition of all of the warehoused assets. In the case of (iii), a particular CLO or CDO may not close for many reasons, including as a result of a market-wide material adverse change, a manager-related material adverse change or the discretion of the manager or the underwriter.

There can be no assurance that a CLO or CDO related to Warehouse Investments will be consummated. In the event a planned CLO or CDO is not consummated, investors in a Warehouse (which may include an Investment Fund) may be responsible for either holding or disposing of the warehoused assets. Because leverage is typically used in Warehouses, the potential risk of loss may be increased for the owners of Warehouse Investments. This could expose an Investment Fund to losses, including in some cases a complete loss of all capital invested in a Warehouse Investment.

An Investment Fund may invest in Warehouse Investments and in CLOs or CDOs that acquire warehoused assets, including from Warehouses in which other clients of the Investment Manager have directly or indirectly invested. This involves certain conflicts and risks.

The Warehouse Investments represent leveraged investments in the underlying assets of a Warehouse. Therefore, the value of a Warehouse Investment is often affected by, among other things, (i) changes in the market value of the underlying assets of the Warehouse; (ii) distributions, defaults, recoveries, capital gains, capital losses and prepayments on the underlying assets of the Warehouse; and (iii) the prices, interest rates and availability of eligible assets for reinvestment. Due to the leveraged nature of a Warehouse Investment, a significant portion (and in some circumstances all) of the Warehouse Investments made by an Investment Fund may not be repaid.

 

 *STRUCTURED PRODUCT RISK.* When investing in a structured product (including CLOs and CDOs), the Investment Funds may have the right to receive payments only from the structured product and generally will not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of assets underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter-term financing to purchase longer-term securities, the issuer may be forced to sell its securities at below-market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Investment Funds. Certain structured products may be thinly traded or have a limited trading market. CLOs, CDOs and credit-linked notes are typically privately offered and sold. As a result, investments in structured products may be characterized by the Investment Funds as illiquid securities. In addition to the general risks associated with fixed-income securities, structured products carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in structured products are subordinate to other classes or tranches thereof; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; (v) a forced "fire sale" liquidation may occur due to technical defaults such as coverage test failures and (vi) the manager of the CLO or CDO may perform poorly.

 

Investors in CLOs and CDOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving S&P Global Ratings ("S&P") ratings of A to AAA and the latter receiving ratings of B to BBB. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.

Because the loans held in the pool often may be prepaid without penalty or premium, CLOs and CDOs can be subject to higher prepayment risks than most other types of debt instruments. Prepayments may result in a capital loss to an Investment Fund to the extent that the prepaid securities purchased at a market discount from their stated principal amount will accelerate the recognition of interest income by the Investment Fund, which would be taxed as ordinary income when distributed to the Shareholders. The credit characteristics of CLOs and CDOs also differ in a number of respects from those of traditional debt securities. The credit quality of most CLOs and CDOs depends primarily upon the credit quality of the assets/collateral underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement to such securities.

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by an Investment Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for an Investment Fund to sell such securities.

In addition to the typical risks associated with fixed-income securities and asset-backed securities, CLOs and CDOs carry other risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value or quality, or be downgraded by a rating agency; (iii) an Investment Fund may invest in tranches of CLOs and CDOs that are subordinate to other tranches, diminishing the likelihood of payment; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes with the issuer or unexpected investment results; (v) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (vi) the manager of the CLO or CDO may perform poorly.

 

*ASSET-BACKED SECURITIES RISK.* Asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. For instance, asset-backed securities may be particularly sensitive to changes in prevailing interest rates. In addition, the underlying assets are subject to prepayments that shorten the securities' weighted average maturity and may lower their return. Asset-backed securities are also subject to risks associated with their structure and the nature of the assets underlying the security and the servicing of those assets. Payment of interest and repayment of principal on asset-backed securities is largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other credit enhancements. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence by, or defalcation of, their servicers. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer credit laws with respect to the assets underlying these securities, which may give the debtor the right to avoid or reduce payment. In addition, due to their often complicated structures, various asset-backed securities may be difficult to value and may constitute illiquid investments. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in asset-backed securities.

 

 *MORTGAGE-BACKED SECURITIES RISK.* The Investment Funds' investments in securitization vehicles or other special purpose entities that hold mortgages or mortgage-backed securities may involve risks that differ from or are greater than risks associated with other types of investments. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-backed security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. For example, the COVID-19 pandemic impacted the rate of loan modification, forbearance and other forms of relief that may extend the effective duration of a mortgage-backed security.

Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Investment Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Investment Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause the Investment Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Investment Fund may have to reinvest that money at the lower prevailing interest rates.

The mortgage-backed securities in which an Investment Fund invests are also subject to risks associated with their structure and the nature of the underlying mortgages and the servicing of those mortgages; for this reason, many of the other risks described herein are relevant to the mortgage-backed securities to which the Investment Fund has exposure. There is risk that the underlying debt securities will default. In the event of default, the holder of a mortgage-backed security may not have a security interest in the underlying collateral, and even if such a security interest exists, the recovery on repossessed collateral might be unavailable or inadequate to support payments on the underlying investments. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving mortgage loans. The risks and returns for investors like the Investment Funds in mortgage-backed securities depend on the tranche in which the investor holds an interest. Many mortgage-backed securities in which an Investment Fund invests may be difficult to value and may be deemed illiquid. Mortgage-backed securities may have the effect of magnifying the Investment Fund's exposure to changes in the value of the underlying mortgages and may also result in increased volatility in the Investment Fund's NAV. This means the Investment Fund may have the potential for greater gains, as well as the potential for greater losses, than if the Investment Fund owned the underlying mortgages directly. The value of an investment in an Investment Fund may be more volatile and other risks tend to be compounded if and to the extent that the Investment Fund is exposed to mortgage-backed securities. Any mishandling of related documentation by a servicer may also affect the rights of the security holders in and to the underlying collateral.

 

 *HIGH YIELD DEBT.* An Investment Fund may invest in high yield debt (or "junk bonds"). A substantial portion of the high yield debt in which the Investment Fund intends to invest are rated below investment-grade by one or more nationally recognized statistical rating organizations or are unrated but of comparable credit quality to obligations rated below investment-grade, and have greater credit and liquidity risk than more highly rated debt obligations. Lower-rated securities may include securities that have the lowest rating or are in default. High yield debt is generally unsecured and may be subordinate to other obligations of the obligor. The lower rating of high yield debt reflects a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. Many issuers of high yield debt are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of high yield debt may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. High yield debt may be more susceptible to real or perceived adverse economic and individual corporate developments than would investment grade debt securities. Certain of these securities may not be publicly traded, and therefore, it may be difficult to accurately value certain portfolio securities and to obtain information as to the true condition of the issuers. Overall declines in the below investment-grade bond and other markets may adversely affect such issuers by inhibiting their ability to refinance their debt at maturity. High yield debt is often less liquid than higher rated securities. Because investment in high yield debt involves greater investment risk, achievement of an Investment Fund's investment objectives will be more dependent on the Investment Manager's analysis than would be the case if the Investment Fund were investing in higher quality debt securities.

High yield debt is often issued in connection with leveraged acquisitions or recapitalizations in which the issuers incur a substantially higher amount of indebtedness than the level at which they had previously operated. High yield debt has historically experienced greater default rates than has been the case for investment-grade securities. An Investment Fund may also invest in equity securities issued by entities with unrated or below investment-grade debt.

High yield debt may also be in the form of zero-coupon or deferred interest bonds, which are bonds that are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero-coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. Such investments experience greater volatility in market value due to changes in the interest rates than bonds that provide for regular payments of interest.

Investing in lower-rated securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities, including a high degree of credit risk. Lower-rated securities may be regarded as predominately speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers/issues of lower-rated securities may be more complex than for issuers/issues of higher quality debt securities. Securities that are in the lowest rating category are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default and/or to be unlikely to have the capacity to pay interest and repay principal. The secondary markets on which lower-rated securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading markets could adversely affect and cause large fluctuations in the value of an Investment Fund's portfolio. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated securities, especially in a thinly traded market.

The use of credit ratings as the sole method of evaluating lower-rated securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of lower-rated securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was rated.

 

 *PREFERRED SECURITIES.* An Investment Fund may invest in preferred securities. There are various risks associated with investing in preferred securities, including credit risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights and special redemption rights. Interest rate risk is, in general, the risk that the price of a debt security falls when interest rates rise. Securities with longer maturities tend to be more sensitive to interest rate changes. Credit risk is the risk that an issuer of a security may not be able to make principal and interest or dividend payments on the security as they become due. Holders of preferred securities may not receive dividends, or the payment can be deferred for some period of time. In bankruptcy, creditors are generally paid before the holders of preferred securities.

 

 *CONVERTIBLE SECURITIES.* An Investment Fund may invest in convertible securities. Convertible securities are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Convertible securities are similar to fixed-income securities because they usually pay a fixed interest rate (or dividend) and are obligated to repay principal on a given date in the future. The market value of fixed-income and preferred securities tends to decline as interest rates increase and tends to increase as interest rates decline. Convertible securities have characteristics of a fixed-income security and are particularly sensitive to changes in interest rates when their conversion value is lower than the value of the bond or preferred share. Fixed-income and preferred securities also are subject to credit risk, which is the risk that an issuer of a security may not be able to make principal and interest or dividend payments on the security as they become due. In addition, an Investment Fund may invest in fixed-income and preferred securities rated less than investment grade that are sometimes referred to as high yield. These securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality securities. Fixed-income and preferred securities also may be subject to prepayment or redemption risk. If a convertible security held by an Investment Fund is called for redemption, the Investment Fund will be required to surrender the security for redemption, convert it into the issuing company's common stock or cash or sell it to a third party at a time that may be unfavorable to an Investment Fund. Such securities also may be subject to resale restrictions. The lack of a liquid market for these securities could decrease the Investment Fund's share price. Convertible securities with a conversion value that is the same as the value of the bond or preferred share have characteristics similar to common stocks. The price of equity securities may rise or fall because of economic or political changes. Stock prices in general may decline over short or even extended periods of time. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.

 

 *BANK LOANS.* An Investment Fund may invest in loans originated by banks and other financial institutions. The loans invested in by an Investment Fund may include term loans and revolving loans, may pay interest at a fixed or floating rate and may be senior or subordinated. Special risks associated with investments in bank loans and participations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (ii) so-called lender-liability claims by the issuer of the obligations, (iii) environmental liabilities that may arise with respect to collateral securing the obligations, (iv) the risk that bank loans may not be securities and therefore may not have the protections afforded by the federal securities laws, and (v) limitations on the ability of an Investment Fund to directly enforce its rights with respect to participations. Successful claims in respect of such matters may reduce the cash flow and/or market value of the investment. In addition, the bank loan market may face illiquidity and volatility. There can be no assurance that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity or the market will not experience periods of significant illiquidity in the future.

In addition to the special risks generally associated with investments in bank loans described above, an Investment Fund's investments in second-lien and unsecured bank loans will entail additional risks, including (i) the subordination of the Investment Fund's claims to a senior lien in terms of the coverage and recovery from the collateral and (ii) with respect to second-lien loans, the prohibition of or limitation on the right to foreclose on a second-lien or exercise other rights as a second-lien holder, and with respect to unsecured loans, the absence of any collateral on which the Investment Fund may foreclose to satisfy its claim in whole or in part. In certain cases, therefore, no recovery may be available from a defaulted second-lien or unsecured loan. An Investment Fund's investments in bank loans of below investment grade companies also entail specific risks associated with investments in non-investment grade securities.

 

 *PIK INTEREST.* To the extent that an Investment Fund invests in loans with a payment in kind ("PIK") interest component and the accretion of PIK interest constitutes a portion of the Investment Fund's income, the Investment Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: (i) loans with a PIK interest component may have higher interest rates that reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (ii) loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (iii) the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and (iv) even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower's actual payment is due at the maturity of the loan.

 

 *LITIGATION FINANCE* — An Investment Fund may invest in litigation finance-related investments. Below are risks specific to this kind of investment.

 

 *Evaluation and Disclosure of Cases and Case Performance.* Due to competitive and legal considerations and restrictions, an Investment Fund and its Underlying Manager may not be able to provide to investors details regarding any underlying investment opportunity. Investors will be wholly dependent upon the Underlying Manager's ability to assess and manage investments made by the Investment Fund.

 

 *Recovery Risks and Timing Uncertainty.* Parties to a litigation, arbitration or settlement agreement must have the ability to pay a fee, judgment, award or the agreed upon amount if a case outcome or transaction is ultimately successful or completed. Part of the investment process involves the Investment Manager's or the Underlying Manager's assessment of this ability to pay. However, if the party is unable to pay or further challenges the validity of a judgment or award, an Investment Fund may have difficulties ultimately collecting its share of monetary judgments or awards. Further, given the nature of these recoveries, an Investment Fund will not always control the ultimate timing of an amount recovered, and there is no assurance that the Investment Manager will be able to predict the timing of any such payments.

 

 *Legal Professional Duties.* For most investments, an Investment Fund will not be the client of the law firm representing the party to the litigation or transaction and will not have the ability to control decisions made by the parties or the law firm. Lawyers are generally required to act pursuant to their clients' directives and are fiduciaries to their clients, not to the Investment Fund. The law firms involved also will be subject to an overriding duty to the courts and not the Investment Fund.

 

 *Reliance on Outside Counsel and Experts.* As part of the due diligence process in which the Investment Fund engages, the Investment Fund might rely on the advice and opinion of outside counsel and other experts in assessing potential opportunities. Further, the applicable Investment Fund will sometimes be dependent upon the skills and efforts of independent law firms to complete any settlement or underlying litigation or transactional matter. There is no guarantee that the ultimate outcome of any opportunities will be in line with a law firm's or expert's initial assessment.

 

 *Settlements.* Some litigation finance investments pertain to litigation in which a settlement agreement or some form of agreement in principle between the parties exists. However, in some circumstances, these settlements, whether finalized or under a memorandum of understanding, require court approval or procedural steps beyond the Underlying Manager's or the Investment Fund's control. If parties to an agreement or agreement in principle, or the relevant judicial authorities, terminate or reject a settlement, the Investment Fund could suffer losses in its litigation finance investments.

 

 *REINSURANCE-RELATED SECURITIES.* The principal risk of an investment in a reinsurance-related security is that a triggering event — for example — (i) a natural event, such as a hurricane, tornado or earthquake of a particular size/magnitude in a designated geographic area; or (ii) a non-natural event, such as large aviation disaster — will occur and an Investment Fund will lose all or a significant portion of the principal it has invested in the security and the right to additional interest payments with respect to the security. If multiple triggering events occur that impact a significant portion of the portfolio of an Investment Fund, the Investment Fund could suffer substantial losses and an investor will lose money. There is inherent uncertainty as to whether, when or where such events will occur. There is no way to accurately predict whether a triggering event will occur and, because of this significant uncertainty, reinsurance-related securities carry a high degree of risk.

Catastrophe bonds carry large uncertainties and major risk exposures to adverse conditions. If a trigger event, as defined within the terms of the bond, involves losses or other metrics exceeding a specific magnitude in the geographic region and time period specified therein, an Investment Fund may lose a portion or all of its investment in such security, including accrued interest and/or principal invested in such security. Such losses may be substantial. Because catastrophe bonds cover "catastrophic" events that, if they occur, will result in significant losses, catastrophe bonds carry a high degree of risk of loss and are considered "high yield" or "junk bonds." The rating, if any, primarily reflects the rating agency's calculated probability that a pre-defined trigger event will occur. Thus, lower-rated bonds have a greater likelihood of a triggering event occurring and loss to an Investment Fund. Catastrophe bonds are also subject to extension risk. The sponsor of such an investment might have the right to extend the maturity of the bond or note to verify that the trigger event did occur or to process and audit insurance claims. The typical duration of mandatory and optional extensions of maturity for reinsurance-related securities currently is between three months to two years. In certain circumstances, the extension may exceed two years. An extension to verify the potential occurrence of a trigger event will reduce the value of the bond or note due to the uncertainty of the occurrence of the trigger event and will hinder an Investment Fund's ability to sell the bond or note. Even if it is determined that the trigger event did not occur, such an extension will delay the Investment Fund's receipt of the bond's or note's principal and prevent the reinvestment of such proceeds in other, potentially higher yielding securities. As a relatively new type of financial instrument, there is limited trading history for these securities, and in certain instances there may be a limited or no active trading market, which may impair the ability of an Investment Fund to realize full value in the event of the need to liquidate such assets.

 

 *DIRECT LENDING RISK.* To the extent an Investment Fund is the sole lender in privately offered debt, it may be solely responsible for the expense of servicing that debt, including, if necessary, taking legal actions to foreclose on any security instrument securing the debt (*e.g.*, the mortgage or, in the case of a mezzanine loan, the pledge). This may increase the risk and expense to the Investment Fund compared to syndicated or publicly offered debt.

 

 *DIRECT ORIGINATION RISK.* A significant portion of an Investment Fund's investments may be originated. The results of an Investment Fund's operations depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, an Investment Fund's inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Investment Fund's investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to its Shareholders. In addition, competition for originations of and investments in an Investment Fund's target investments may lead to the price of such assets increasing or the decrease of interest income from loans originated by an Investment Fund, which may further limit its ability to generate desired returns. Also, as a result of this competition, desirable investments may be limited in the future, and the Investment Funds may not be able to take advantage of attractive investment opportunities from time to time, as an Investment Fund can provide no assurance that the Investment Manager or any Underlying Manager will be able to identify and make investments that are consistent with its investment objective.

In addition, an Investment Fund may originate certain of its investments with the expectation of later syndicating a portion of such investment to third parties. Prior to such syndication, or if such syndication is not successful, an Investment Fund's exposure to the originated investment may exceed the exposure that the Investment Manager (or the Underlying Manager) intended to have over the long-term or would have had had it purchased such investment in the secondary market rather than originating it.

 

 *"COVENANT-LITE" LOANS RISK.* There may be instances in which an Investment Fund invests in covenant-lite loans, which means the obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by an Investment Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. As a result, the Investment Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's revenues, net income and NAV.

 

 *ILLIQUID PORTFOLIO INVESTMENTS.* The Fund (or an Investment Fund) is expected to invest in securities that are subject to legal or other restrictions on transfer or for which no liquid market exists. The Fund (or an Investment Fund) may make investments that may become less liquid in response to market developments or geopolitical events such as sanctions, trading halts or wars, or adverse investor perceptions. The market prices, if any, for such securities may be volatile and the Fund (or an Investment Fund) may not be able to sell them when the Investment Manager desires to do so or to realize what the Investment Manager perceives to be their fair value in the event of a sale. The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over the counter markets. Restricted securities may sell at prices that are lower than similar securities that are not subject to restrictions on resale.

Investors acquiring direct loans hoping to recoup their entire principal must generally hold their loans through maturity. Direct loans may not be registered under the Securities Act of 1933, as amended (the "Securities Act") and are not listed on any securities exchange. Accordingly, those loan investments may not be transferred unless they are first registered under the Securities Act and all applicable state or foreign securities laws or the transfer qualifies for an exemption from such registration. A reliable secondary market has yet to develop, nor may one ever develop for direct loans and, as such, these investments should be considered illiquid. Until an active secondary market develops, an Investment Fund may intend to primarily hold its direct loans until maturity. An Investment Fund may not be able to sell any of its direct loans even under circumstances when the Investment Manager believes it would be in the best interests of the Investment Fund to sell such investments. In such circumstances, the overall returns to an Investment Fund from its direct loans may be adversely affected. Moreover, certain direct loans may be subject to certain additional significant restrictions on transferability. Although an Investment Fund may attempt to increase its liquidity by borrowing from a bank or other institution, its assets may not readily be accepted as collateral for such borrowing.

 

*VALUATION RISK.* Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for most of the Fund's investments to trade. Due to the lack of centralized information and trading, the valuation of Investment Funds, loans, fixed-income instruments and other Fund holdings may result in more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund is less than the value of such loans or fixed-income instruments carried on the Fund's books.

Shareholders should recognize that valuations of illiquid assets involve various judgments and consideration of factors that may be subjective. As a result, the NAV of the Fund, as determined based on the fair value of its investments, may vary from the amount ultimately received by the Fund from its investments. This could adversely affect Shareholders whose Shares are repurchased as well as new Shareholders and remaining Shareholders. For example, in certain cases, the Fund might receive less than the fair value of its investment, resulting in a dilution of the value of the Shares of Shareholders who do not tender their Shares in any coincident repurchase offer and a windfall to tendering Shareholders; in other cases, the Fund might receive more than the fair value of its investment, resulting in a windfall to Shareholders remaining in the Fund, but a shortfall to tendering Shareholders.

 

*VALUATION OF THE FUND'S INVESTMENT IN OTHER INVESTMENT FUNDS.* The valuation of the Fund's investments in Investment Funds is typically based on valuations provided by the Underlying Managers to such funds on a quarterly basis. In addition to quarterly valuations provided by the Underlying Managers, the Fund undertakes daily valuations and the daily issuance of Shares. A significant portion of the Fund's invested securities may lack a readily available market price and, therefore, require fair valuation by the Underlying Manager. In this context, the Investment Manager may encounter a conflict of interest when valuing these securities, as their value can impact the Investment Manager's compensation or their capacity to raise additional funds. There are no guarantees or assurances regarding the valuation methodology employed or the adequacy of systems utilized by any Underlying Manager. Additionally, there is no assurance regarding the accuracy of valuations provided by the Underlying Managers, their compliance with internal policies or procedures for record-keeping and valuation, or the stability of their policies, procedures, and systems without prior notice to the Fund. Consequently, it is possible that a Underlying Manager's valuation of securities may not align with the ultimate realized amount upon the disposition of such securities. The information provided by a Underlying Manager may be subject to inaccuracy due to fraudulent activity, incorrect valuations, or inadvertent errors. It is important to note that the Fund may not identify valuation errors for a significant period of time, if at all.

 

*VALUATION ADJUSTMENTS IN INVESTMENT FUNDS.* The Fund calculates its NAV on a daily basis using the quarterly valuations provided by the Underlying Managers. However, it's important to note that these valuations may not capture market changes or other events that take place after the end of the quarter. The Fund will adjust the valuation of its holdings in Investment Funds to account for such events, in accordance with its valuation policies. However, it is important to note that there is no guarantee that the Fund will accurately determine the fair value of these investments. Furthermore, it is possible that the valuations reported by the Underlying Managers may be subject to subsequent adjustments or revisions. Since such adjustments or revisions to the NAV of the Fund are based on information available only at the time of the adjustment or revision, they may not impact the amount of repurchase proceeds received by Shareholders who had their Shares repurchased before these adjustments occurred. Consequently, if the subsequent adjusted valuations from the Underlying Managers or revisions to the NAV of an Investment Fund have an adverse impact on the Fund's NAV, the remaining outstanding Shares may be negatively affected due to prior repurchases. This may result in a potential benefit for Shareholders who had their Shares repurchased at a NAV higher than the adjusted amount. Contrarily, any increases in the NAV resulting from such subsequent adjustments may exclusively benefit the outstanding Shares, potentially disadvantaging Shareholders who had previously had their Shares repurchased at a NAV lower than the adjusted amount. These principles also extend to the purchase of Shares, meaning that new Shareholders may be similarly affected.

 

 *FOCUSED INVESTMENT RISK.* To the extent that the Fund focuses its investments in a particular industry, the Fund's NAV will be more susceptible to events or factors affecting companies in that industry. These may include, but are not limited to, governmental regulation, inflation, rising interest rates, cost increases in raw materials, fuel and other operating expenses, technological innovations that may render existing products and equipment obsolete, competition from new entrants, high research and development costs, increased costs associated with compliance with environmental or other regulation and other economic, market, political or other developments specific to that industry. The Fund may also invest a substantial portion of its assets in companies in related sectors that may share common characteristics, are often subject to similar business risks and regulatory burdens and whose securities may react similarly to the types of events and factors described above, which will subject the Fund to greater risk. The Fund also will be subject to focused investment risk to the extent that it invests a substantial portion of its assets in a particular country or geographic region. The foregoing risks are also indirectly applicable to the Fund to the extent that any Investment Fund in which it invests engages in similar industry or geographic concentration.

 

 *LENDER LIABILITY CONSIDERATIONS AND EQUITABLE SUBORDINATION.* A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, an Investment Fund may be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination."

Because affiliates of, or persons related to, the Investment Manager may hold equity or other interests in obligors of an Investment Fund, the Investment Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

 

 *PARTICIPATION ON CREDITORS' COMMITTEES AND BOARDS OF DIRECTORS.* An Underlying Manager and its affiliates, on behalf of its Investment Fund or of other funds or accounts they manage, may participate on committees formed by creditors to negotiate with the management of financially troubled companies that may or may not be in bankruptcy. The Investment Manager may also seek to negotiate directly with debtors with respect to restructuring issues. In the situation where a representative of the Investment Manager chooses to join a creditors' committee, the representative would likely be only one of many participants, each of whom would be interested in obtaining an outcome that is in its individual best interest. There can be no assurance that the representative would be successful in obtaining results most favorable to the Investment Fund in such proceedings, although the representative may incur significant legal fees and other expenses in attempting to do so. As a result of participation by the representative on such committees, the representative may be deemed to have duties to other creditors represented by the committees, which might thereby expose the Investment Fund to liability to such other creditors who disagree with the representative's actions.

It is possible that an Underlying Manager and/or its affiliates will be represented on the boards of some of the companies in which its Investment Fund makes investments. Such representation may have the effect of impairing the ability of an Underlying Manager to sell its Investment Fund's related securities when, and upon the terms, it might otherwise desire, including as a result of applicable securities laws.

 

*NEED FOR FOLLOW-ON INVESTMENTS.* Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio company as "follow-on" investments, including exercising warrants, options or convertible securities that were acquired in the original or subsequent financing; in seeking to: (i) increase or maintain in whole or in part the Fund's position as a creditor or the Fund's equity ownership percentage in a portfolio company; or (ii) preserve or enhance the value of the Fund's investment. The Fund has discretion to make follow-on investments, subject to the availability of capital resources. Failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of an underlying portfolio company and the Fund's initial investment, or may result in a missed opportunity for the Fund to increase its participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, the Investment Manager may elect not to make a follow-on investment because the Investment Manager may not want to increase the Fund's level of risk or because the Investment Manager prefers other opportunities for the Fund.

 

 *LOAN PARTICIPATIONS AND ASSIGNMENTS.* An Investment Fund may acquire interests in loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, an Investment Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and an Investment Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, an Investment Fund will assume the credit risk of both the borrower and the institution selling the participation. A selling institution voting in connection with a potential waiver of a default by a borrower may have interests different from those of an Investment Fund, and the selling institution might not consider the interests of an Investment Fund in connection with its vote. Notwithstanding the foregoing, many participation agreements with respect to loans provide that the selling institution may not vote in favor of any amendment, modification or waiver that forgives principal, interest or fees, reduces principal, interest or fees that are payable, postpones any payment of principal (whether a scheduled payment or a mandatory prepayment), interest or fees or releases any material guarantee or collateral without the consent of the participant (at least to the extent the participant would be affected by any such amendment, modification or waiver). In addition, many participation agreements with respect to loans that provide voting rights to the participant further provide that if the participant does not vote in favor of amendments, modifications or waivers, the selling institution may repurchase such participation at par.

 

 *NON-PERFORMING LOANS.* An Investment Fund may invest in non-performing and sub-performing loans which often involve workout negotiations, restructuring and the possibility of foreclosure. These processes are often lengthy and expensive. In addition, an Investment Fund's investments may include securities and debt obligations of financially distressed issuers, including companies involved in bankruptcy or other reorganization and liquidation proceedings. As a result, an Investment Fund's investments may be subject to additional bankruptcy related risks, and returns on such investments may not be realized for a considerable period of time.

An investment in subordinated (residual) classes of asset-backed securities is typically considered to be an illiquid and highly speculative investment, as losses on the underlying assets are first absorbed by the subordinated classes. The risks associated with an investment in such subordinated classes of asset-backed securities include credit risk, regulatory risk pertaining to an Investment Fund's ability to collect on such securities and liquidity risk.

 

 *DISTRESSED SECURITIES.* Certain of the companies in whose securities an Investment Fund may invest may be in transition, out of favor, financially leveraged or troubled, or potentially troubled, and may be or have recently been involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. The characteristics of these companies can cause their securities to be particularly risky, although they also may offer the potential for high returns. These companies' securities may be considered speculative, and the ability of the companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic factors affecting a particular industry or specific developments within the companies. Such investments can result in significant or even total losses. In addition, the markets for distressed investment assets are frequently illiquid. Also, among the risks inherent in investments in a troubled issuer is that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Investment Manager's or an Underlying Manager's judgments about the credit quality of a financially distressed issuer and the relative value of its securities may prove to be wrong.

In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new security the value of which will be less than the purchase price to an Investment Fund of the security in respect to which such distribution was made. Consequently, an Investment Fund will be subject to significant uncertainty as to when, and in what manner, and for what value obligations evidenced by securities of financially distressed issuers will eventually be satisfied (*e.g.*, through a liquidation of the issuer's assets, an exchange offer or plan of reorganization, or a payment of some amount in satisfaction of the obligation). In certain transactions, an Investment Fund may not be "hedged" against market fluctuations, or, in liquidation situations, may not accurately value the assets of the company being liquidated. This can result in losses, even if the proposed transaction is consummated.

 

*SECONDARY INVESTMENTS RISKS.* The performance of the Fund's secondary investments will be influenced, in part, by the acquisition price paid, which can be determined through negotiations relying on incomplete or imperfect information. There is a risk that investors who exit a co-investment or an Investment Fund through a secondary transaction may have access to superior knowledge regarding the value of their investment. As a result, the Fund may end up paying a higher price for a secondary investment compared to what it would have paid if it had the same information. In certain instances, the Fund may acquire certain secondary investments as a portfolio, and in such situations, it may not be feasible for the Fund to selectively exclude investments that the Investment Manager deems less appealing due to commercial, tax, legal, or other considerations. When the Fund acquires a secondary Investment Fund, it is typically not empowered to make modifications or amendments to the constituent documents (e.g., limited partnership agreements) of that secondary Investment Fund. Additionally, the Fund usually does not have the authority to negotiate the economic terms of the interests it is acquiring except with regard to the acquisition price paid which is negotiated directly with and affected to the sellers of such positions, rather than the underlying general partner of said Investment Fund(s). Furthermore, it is important to note that the costs and resources necessary for investigating the commercial, tax, and legal aspects of secondary investments may be higher compared to those associated with primary investments. When the Fund acquires a secondary Investment Fund, it may also assume contingent liabilities related to that interest. Specifically, if the seller of the interest has previously received distributions from the relevant secondary Investment Fund and, subsequently, the secondary Investment Fund demands the return of any portion of those distributions, the Fund (as the purchaser of the interest) may be obliged to pay an equivalent amount to the secondary Investment Fund. While the Fund may have the option to seek reimbursement from the seller for any funds paid to the secondary Investment Fund, there is no guarantee that the Fund would possess such a right or succeed in such a claim.

 

*COMMITMENT RISK IN FUND INVESTMENTS.* The Fund may allocate a significant portion of its portfolio to cash or cash equivalents in preparation for funding capital calls. These capital calls, issued periodically by Investment Funds that the Fund may own, require the Fund to make additional contributions. However, holding a substantial cash position may have a negative impact on the overall performance of the Fund.

Failure by the Fund to make timely capital contributions towards its unfunded commitments may have various consequences. It could impair the Fund's ability to pursue its investment program, necessitate borrowing, subject the Fund and Shareholders to penalties imposed by the Investment Funds (including complete loss of the Fund's investment), or otherwise devalue the Fund's investments and relationships with Underlying Managers.

 

 *MARKETPLACE LENDING.* An Investment Fund may also invest in marketplace lending investments. An Investment Fund's marketplace lending investments may be made through a combination of: (i) investing in loans to consumers, small- and mid-sized companies ("SMEs") and other borrowers, including borrowers of student loans, originated through online platforms (or an affiliate) that provide a marketplace for lending ("Marketplace Loans") through purchases of whole loans (either individually or in aggregations); (ii) investing in notes or other pass-through obligations issued by a marketplace lending platform (or an affiliate) representing the right to receive the principal and interest payments on a Marketplace Loan (or fractional portions thereof) originated through the platform ("Pass-Through Notes"); (iii) purchasing asset-backed securities representing ownership in a pool of Marketplace Loans; (iv) investing in private investment funds that purchase Marketplace Loans, (v) acquiring an equity interest in a marketplace lending platform (or an affiliate); and (vi) providing loans, credit lines or other extensions of credit to a marketplace lending platform (or an affiliate) (the foregoing listed investments are collectively referred to herein as the "Marketplace Lending Instruments"). Marketplace Lending Instruments are generally not rated and constitute a highly risky and speculative investment. There can be no assurance that payments due on underlying Marketplace Loans will be made. The Shares therefore should be purchased only by investors who could afford the loss of the entire amount of their investment.

A substantial portion of the Marketplace Loans in which an Investment Fund may invest will not be secured by any collateral, will not be guaranteed or insured by a third party and will not be backed by any governmental authority. Accordingly, the platforms and any third-party collection agencies will be limited in their ability to collect on defaulted Marketplace Loans. With respect to Marketplace Loans secured by collateral, there can be no assurance that the liquidation of any such collateral would satisfy a borrower's obligation in the event of a default under its Marketplace Loan. Furthermore, Marketplace Loans may not contain any cross-default or similar provisions. A cross-default provision makes a default under certain debt of a borrower an automatic default on other debt of that borrower. The effect of this can be to allow other creditors to move more quickly to claim any assets of the borrower. To the extent a Marketplace Loan does not contain a cross-default provision, the loan will not be placed automatically in default upon that borrower's default on any of the borrower's other debt obligations, unless there are relevant independent grounds for a default on the loan. In addition, the Marketplace Loan will not be referred to a third-party collection agency for collection because of a borrower's default on debt obligations other than the Marketplace Loan. If a borrower first defaults on debt obligations other than the Marketplace Loan, the creditors to such other debt obligations may seize the borrower's assets or pursue other legal action against the borrower, which may adversely impact the ability to recoup any principal and interest payments on the Marketplace Loan if the borrower subsequently defaults on the loan. In addition, an operator of a platform is generally not required to repurchase Marketplace Loans from a lender except under very narrow circumstances, such as in cases of verifiable identity fraud by the borrower or as may otherwise be negotiated by an Investment Fund when purchasing whole loans.

 

 *REGULATORY RISK/LOAN INDUSTRY.* The loan industry is highly regulated and the alternative lending-related securities in which an Investment Fund invests are subject to extensive rules and regulations issued by governmental authorities in each of the jurisdictions in which an Investment Fund invests. These authorities also may impose obligations and restrictions on the platforms' activities or those of other entities involved in the alternative lending process. These rules and regulations, as well as any change thereof, could increase an Investment Fund's or the platforms' expenses and/or decrease the value of an Investment Fund's investments in alternative lending-related securities. As a result of COVID-19, changes to federal, state or local law or regulation may negatively affect an Investment Fund's ability to receive payments of interest and repayments of principal on its investments.

The platforms' failure to comply with the requirements of applicable law may cause, among other things, the platforms to be required to register with or be licensed by governmental authorities and/or the revocation of requisite licenses, the voiding of loan contracts, impairment of the enforcement of loans or collection of interest, indemnification liability to contract counterparties, class action lawsuits, administrative enforcement actions and/or civil and criminal liability in the relevant jurisdiction. The evolving nature of the platforms' respective business models may complicate their ability to determine the applicability of, and to effect compliance with, such requirements. Moreover, legal and regulatory requirements and any interpretations of those requirements are subject to periodic changes. Any such failure to comply with, or change in, applicable law necessitating new significant compliance obligations could have an adverse effect on the platforms' compliance costs and ability to operate. The platforms could seek to pass through any increase in their costs to their borrowers or investors, such as an Investment Fund, in the form of higher origination or servicing fees.

In connection with the sale and servicing of the whole loans, fractions of whole loans or pools of whole loans, the platforms typically make representations and warranties to investors, such as an Investment Fund, that the loans were originated and are being serviced in accordance with and in compliance with applicable laws (and in some cases specifically with the laws described herein) in all material respects. Despite these representations and warranties, an Investment Fund cannot guarantee that the platforms have been and will continue to be in compliance with all applicable laws. If those representations and warranties were not correct, the platforms could be required to repurchase the loans or indemnify an Investment Fund for losses, but an Investment Fund cannot be certain that the platform would be required and able to repurchase loans or indemnify an Investment Fund for losses in all such cases.

In addition to laws governing the activities of lenders and servicers, a limited number of states require purchasers of certain loans, primarily consumer loans, to be licensed or registered in order to own the loans or, in certain states, to collect a rate of interest above a specified rate.

In addition, regulators, enforcement agencies and courts are increasingly considering the role of non-bank lenders. There is no guarantee that laws and regulations applicable to non-bank lenders will not change in a manner that adversely affects or restricts an Investment Fund, including the ability of an Investment Fund to acquire loans from the platforms, or otherwise restricts or materially increases the cost to an Investment Fund of pursuing potential investment strategies.

Finally, increased reporting, registration, and compliance requirements may divert the attention of personnel and the management team of an Underlying Manager, and may furthermore place an Investment Fund at a competitive disadvantage to the extent that the Underlying Manager or companies in which an Investment Fund invests are required to disclose sensitive business information. The Fund will be indirectly required to bear an Investment Fund's expenses relating to compliance-related matters and regulatory filings.

 

 *SERVICER RISK.* The Investment Funds' direct and indirect investments in loans originated or sourced by alternative lending platforms are typically serviced by that platform or a third-party servicer. In the event that the servicer is unable to service the loan, there can be no guarantee that a backup servicer will be able to assume responsibility for servicing the loans in a timely or cost-effective manner; any resulting disruption or delay could jeopardize payments due to t an Investment Fund in respect of its investments or increase the costs associated with these investments. If the servicer becomes subject to a bankruptcy or similar proceeding, there is some risk that an Investment Fund's investments could be recharacterized as a secured loan to the platform, as described more fully (with respect to the potential bankruptcy of a platform) above under "Regulatory Risk," which could result in uncertainty, costs and delays from having an Investment Fund's investment deemed part of the bankruptcy estate of the platform, rather than an asset owned outright by an Investment Fund.

 

 *EQUITY INVESTMENTS.* When an Investment Fund invests in loans and debt securities, the Investment Fund may acquire warrants or other equity securities of borrowers as well. An Investment Fund may also invest in warrants and equity securities directly. To the extent an Investment Fund holds equity investments, the Investment Fund will attempt to dispose of them and realize gains upon the disposition of such equity investments. However, the equity interests an Investment Fund receives may not appreciate in value and may decline in value. As a result, an Investment Fund may not be able to realize gains from its equity interests, and any gains that an Investment Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses an Investment Fund experiences.

Warrants are securities that give the holder the right, but not the obligation, to purchase equity securities of the company issuing the warrants, or a related company, at a fixed price either on a date certain or during a set period. The price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer.

 

 *FOREIGN INVESTMENTS RISK.* Foreign securities may be issued and traded in foreign currencies. As a result, changes in exchange rates between foreign currencies may affect their values in U.S. dollar terms. For example, if the value of the U.S. dollar goes up, compared to a foreign currency, a loan payable in that foreign currency will go down in value because it will be worth fewer U.S. dollars. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. An Investment Fund may employ hedging techniques to minimize these risks, but the Investment Fund can offer no assurance that the Investment Fund will, in fact, hedge currency risk or, that if the Investment Fund does, such strategies will be effective.

The political, economic, and social structure of some foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, foreign ownership limitations and tax increases. A government may take over assets or operations of a company or impose restrictions on the exchange or export of currency or other assets. Some countries also may have different legal systems that may make it difficult for an Investment Fund to vote proxies, exercise stockholder rights, and pursue legal remedies with respect to foreign investments. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of an Investment Fund's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and to take into account with respect to an Investment Fund's investments in foreign securities. Brokerage commissions and other fees generally are higher for foreign securities. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the United States. The procedures and rules governing foreign transactions and custody (holding of an Investment Fund's assets) may involve delays in payment, delivery or recovery of money or investments. Foreign companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies, and some countries may lack uniform accounting and auditing standards. Thus, there may be less information publicly available about foreign companies than about most U.S. companies. Certain foreign securities may be less liquid (harder to sell) and more volatile than many U.S. securities. This means an Investment Fund may at times be unable to sell foreign securities at favorable prices. Dividend and interest income from foreign securities may be subject to withholding taxes by the country in which the issuer is located, and the Fund may not be able to pass through to its Shareholders foreign tax credits or deductions with respect to these taxes.

An Investment Fund may invest in foreign securities of issuers in so-called "emerging markets" (or less developed countries). Such investments are particularly speculative and entail all of the risks of investing in foreign securities but to a heightened degree. "Emerging market" countries generally include all countries in the following regions: Asia (excluding Japan), Eastern Europe, the Middle East, Africa and Latin America, or such countries as reasonably determined by the Investment Manager from time to time. Emerging markets generally have less developed trading markets and exchanges, thus securities of issuers in emerging and developing markets may be more difficult to sell at acceptable prices and may show greater price volatility than securities of issuers in more developed markets. Settlements of securities trades in emerging and developing markets may be subject to greater delays than in other markets so that an Investment Fund might not receive the proceeds of a sale of a security on a timely basis. Investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody and the imposition of exchange controls (including repatriation restrictions). Since emerging markets generally have less developed legal systems, the legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited. In addition, emerging markets countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. There may be significant differences between financial statements prepared in accordance with an emerging market's accounting standards as compared to financial statements prepared in accordance with international accounting standards. Consequently, the quality of certain foreign audits may be unreliable, which may require enhanced procedures, and an Investment Fund may not be provided with the same level of protection or information as would generally apply in developed countries, potentially exposing an Investment Fund to significant losses. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from substantial economic, political and social disruptions.

 

 *CURRENCY RISK.* An Investment Fund may engage in practices and strategies that will result in exposure to fluctuations in foreign exchange rates, in which case the Investment Fund will be subject to foreign currency risk. A portion of an Investment Fund's assets may be denominated directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

Currency rates in foreign (non-U.S.) countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, rates of inflation, balance of payments and governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or foreign (non-U.S.) governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These fluctuations may have a significant adverse impact on the value of an Investment Fund's portfolio and/or the level of Investment Fund distributions made indirectly to Shareholders. An Investment Fund may intend to hedge exposure, including through the use of currency swaps, to reduce the risk of loss due to fluctuations in currency exchange rates relative to the U.S. dollar. There is no assurance, however, that these strategies will be available or will be used by an Investment Fund or, if used, that they will be successful. As a result, an Investment Fund's investments in foreign currency-denominated securities may reduce the returns of the Fund.

Currency risk may be particularly high to the extent that an Investment Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. These currency transactions may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) currencies or engaging in foreign currency transactions that are economically tied to developed foreign countries.

 

*INVESTMENTS IN CASH, CASH-EQUIVALENT INVESTMENTS OR MONEY MARKET FUNDS.* A portion of the Fund's assets may be invested in cash, cash-equivalent investments or money market funds when, for example, other investments are unattractive, to provide a reserve for anticipated obligations of the Fund or for other temporary purposes. Although such a practice may assist in the preservation of capital, the assumption of cash positions may also impact overall investment return. Cash investment practices of the Fund may be expected, therefore, to affect total investment performance of the Fund. Although a money market fund seeks to preserve a $1.00 per share NAV, it cannot guarantee it will do so. The sponsor of a money market fund has no legal obligation to provide financial support to the money market fund and investors in money market funds should not expect that the sponsor will provide support to a money market fund at any time.

 

 *RIC-RELATED RISKS OF INVESTMENT GENERATING NON-CASH TAXABLE INCOME.* Certain of the Fund's investments will require the Fund to recognize taxable income in a tax year in excess of the cash generated on those investments during that year. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of Shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund may realize additional gain or loss on such liquidations. In the event the Fund realizes additional net capital gains from such liquidation transactions, Shareholders may receive larger capital gain distributions than they would in the absence of such transactions.

Instruments that are treated as having OID for U.S. federal income tax purposes may have unreliable valuations because their continuing accruals require judgments about the collectability of the deferred payments and the value of any collateral. Loans that are treated as having OID generally represent a significantly higher credit risk than coupon loans. Accruals on such instruments may create uncertainty about the source of Fund distributions to Shareholders. OID creates the risk of non-refundable cash payments to the Investment Manager based on accruals that may never be realized. In addition, the deferral of payment-in-kind interest also reduces a loan's loan-to-value ratio at a compounding rate.

 

 *UNCERTAIN TAX TREATMENT.* An Investment Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for an Investment Fund. U.S. federal income tax rules are not entirely clear about issues such as when an Investment Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by an Investment Fund to the extent necessary in connection with the Investment Fund's intention to distribute sufficient income each tax year to minimize the risk that it becomes subject to U.S. federal income or excise tax.

\* \* \*

 

*LIMITS OF RISK DISCLOSURES.* The above discussions relate to the various principal risks associated with the Fund, its investments and Shares and are not intended to be a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read this entire Prospectus and consult with their own advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not currently contemplated or described in this Prospectus.

 

*ARTIFICIAL INTELLIGENCE*. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.

**In view of the risks noted above, the Fund should be considered a speculative investment and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.**

**No guarantee or representation is made that the investment program of the Fund will be successful or that the Fund will achieve its investment objective.**

**MANAGEMENT OF THE FUND**

 

*THE BOARD OF TRUSTEES.* The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Shareholders. A majority of the Board is and will be persons who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Trustees"). To the extent permitted by the Investment Company Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or service providers. See "*BOARD OF TRUSTEES AND OFFICERS*" in the Fund's SAI for the identities of the Trustees and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

 

 

 *THE INVESTMENT MANAGER.* CIBC Private Wealth Advisors, Inc. (the "Investment Manager") serves as the investment adviser of the Fund and is responsible for determining and implementing the Fund's overall investment strategy. The Investment Manager is located at 100 Federal Street, 30th Floor, Boston, MA 02110 and is an investment adviser registered with the SEC under the Advisers Act. [As of December 31, 2024, the Investment Manager had approximately $58 billion in discretionary assets under management.]

The Investment Manager and its affiliates may serve as investment managers to [other persons or entities (including prospective investors in the Fund)] that have investment programs which are similar to the investment program of the Fund, and the Investment Manager or one of its affiliates may in the future serve as the investment manager or otherwise manage or direct the investment activities of other registered and/or private investment companies with investment programs similar to the investment program of the Fund. See "*CONFLICTS OF INTEREST*."

 

*PORTFOLIO MANAGERS.* The key personnel of the Investment Manager who currently have primary responsibility for management of the Fund (the "Portfolio Managers") are as follows:

[To be completed by amendment]

The Fund's SAI provides additional information about the Portfolio Managers' compensation, other accounts managed, and ownership of Fund's Shares.

 

*THE INVESTMENT MANAGEMENT AGREEMENT.* The Investment Management Agreement between the Investment Manager and the Fund became effective as of [ ], 2025, and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "*VOTING*." The Investment Management Agreement will terminate automatically if assigned (as defined in the Investment Company Act), and is terminable at any time without penalty upon sixty (60) days' written notice to the Fund by either the Board, by vote of a majority of the outstanding voting securities (as defined in the Investment Company Act) of the Fund or by the Investment Manager.

A discussion regarding the basis for the Board's approval of the Investment Management Agreement will be available in the Fund's first annual or semi-annual report to Shareholders.

**INVESTMENT MANAGEMENT FEE**

The Fund pays to the Investment Manager an investment management fee (the "Investment Management Fee") in consideration of the advisory and other services provided by the Investment Manager to the Fund. Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.00% on an annualized basis of the Fund's average daily net assets. The Investment Management Fee will be paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Investment Manager for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Investment Manager for that month. The Investment Management Fee will be accrued daily, and will be due and payable monthly in arrears within ten (10) Business Days after the end of the month.

**DISTRIBUTOR**

Distribution Services, LLC (the "Distributor") is the distributor (also known as principal underwriter) of the Shares of the Fund and is located at 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Under a distribution agreement with the Fund (the "Distribution Agreement"), the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Fund Shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Fund.

The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of Shares of the Fund. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Fund and/or the Investment Manager, typically enter into such agreements alongside the Distributor. These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than the Distributor. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Fund. Such financial intermediaries may receive different commissions, reallowances if any, as well as shareholder servicing and other payments with respect to different classes of Shares of the Fund.

Investors who purchase Shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase Shares. Investors purchasing Shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers, will be the shareholder of record, although customers may have the right to vote Shares depending upon their arrangement with the financial intermediary. The Investment Manager pays the Distributor a fee for certain distribution-related services.

Pursuant to the Distribution Agreement, the Distributor is solely responsible for its costs and expenses incurred in connection with its qualification as a broker-dealer under state or federal laws. The Distribution Agreement also provides that the Fund will indemnify the Distributor and its affiliates and certain other persons against certain liabilities. Specifically, the Distribution Agreement provides that the Fund and the Investment Manager will indemnify, defend and hold the Distributor, its employees, agents, directors and officers and any person who controls the Distributor free and harmless from and against any and all claims arising out of or based upon (i) any material action (or omission to act) of the Distributor or its agents taken in connection with the Distribution Agreement; provided that such action (or omission to act) is taken without willful misfeasance, gross negligence or reckless disregard by the Distributor of its duties and obligations under the Distribution Agreement; (ii) any untrue or alleged untrue statement of a material fact contained in the Prospectus or related offering materials or any omission or alleged omission to state a material fact required to be stated in the Prospectus or related offering materials or necessary to make the statements in any Prospectus or related offering materials not misleading, unless such statement or omission was made in reliance upon, and in conformity with, information furnished in writing to the Fund or the Investment Manager in connection with the preparation of the Fund's Prospectus or related offering materials by or on behalf of the Distributor; (iii) any material breach of the agreements, representations, warranties and covenants by the Fund and the Investment Manager in the Distribution Agreement; or (iv) the reliance on or use by the Distributor or its agents or subcontractors of information, records, documents or services which will be prepared, maintained or performed by the Fund or the Investment Manager.

No sales charge is expected to be charged with respect to investments by the Investment Manager and its respective affiliates, directors, trustees, principals, officers and employees and others in the Fund's sole discretion. The Investment Manager and/or its affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into selling agreements with the Distributor) from time to time in consideration of services, arrangements, significant investments in Fund Shares or other activities that the Investment Manager and its affiliates believe may, among other things, benefit the Fund's business, facilitate investment in the Fund or otherwise benefit the Fund's shareholders. Payments of the type described above are sometimes referred to as revenue sharing payments. These payments will be made out of the Investment Manager's and/or its affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount, and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. Contact your financial intermediary for details about revenue sharing payments it receives or may receive.

**ADMINISTRATION**

The Fund has retained the Administrator, UMB Fund Services, Inc., whose principal business address is 235 West Galena Street, Milwaukee, WI 53212, to provide administrative services, and to assist with operational needs. The Fund has entered into an Administration, Fund Accounting and Recordkeeping Agreement with the Administrator under which the Administrator performs certain administration and accounting services for the Fund, including, among other things: customary fund accounting services, including computing the Fund's net asset values and maintaining books, records and other documents relating to the Fund's financial and portfolio transactions, and customary fund administration services, including assisting the Fund with regulatory filings, tax compliance and other oversight activities. In consideration for these services, the Fund pays the Administrator tiered fees based on the average monthly net asset value of the Fund, subject to a minimum annual fee, as well as certain other fixed, per-account or transactional fees. The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses and pays the Administrator a fee for transfer agency services.

**CUSTODIAN**

UMB Bank, n.a. (the "Custodian") serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. subcustodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Investment Manager or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. subcustodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 1010 Grand Boulevard, Kansas City, MO 64106.

**FUND EXPENSES**

The Fund pays all of its expenses, or reimburses the Investment Manager or its affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with the organization of the Fund and the offering and issuance of Shares; all fees and expenses reasonably incurred in connection with the operation of the Fund; all fees and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the Fund's investments, and enforcing the Fund's rights in respect of such investments; quotation or valuation expenses; the Investment Management Fee, the Administration Fee, servicing and other similar fees and expenses; out-of-pocket costs directly relating to investment transactions that are not consummated; other investment-related expenses, such as brokerage commissions, dealer spreads; transfer fees; fees on any borrowings or any expenses relating to leverage or indebtedness (including any interest thereon); professional fees; out-of-pocket costs directly relating to investment transactions that are not consummated; other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; reasonable research and due diligence expenses relating to the identification and selection of investments (including expenses of news and quotation subscriptions, market or industry research, consultants or experts); investment-related software and databases relating thereto; fees and expenses of outside legal counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund), including foreign legal counsel; litigation costs and expenses, judgments and settlements directly related to the preservation of the value of investments; reasonable legal, third party consultant, and investment-related software and databases expenses incurred in relation to entering into, the reviewing, reporting, monitoring, confirming and/or administration of the investments (including expenses of engaging third party valuation consultants and agents and expenses of loan administration with non-affiliates) and other matters (including online systems used to obtain pricing and trading information and systems used for the allocation of investments); accounting, auditing and tax preparation expenses; fees and expenses in connection with repurchase offers and any repurchases or redemptions of Shares; taxes and governmental fees (including tax preparation fees); fees and expenses of any custodian, subcustodian, transfer agent, and registrar, and any other agent of the Fund; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions with any custodian or other agent engaged by the Fund; bank services fees; costs and expenses relating to any amendment of the Declaration of Trust or other organizational documents of the Fund; any fees and expenses in connection with seeking the SEC's approval of any exemptive relief (or amending existing exemptive relief); expenses of preparing, amending, printing, and distributing the Prospectus and any other sales material (and any supplements or amendments thereto), reports, notices, other communications to Shareholders, and proxy materials; all taxes, fees or other governmental charges and expenses of preparing, printing, and filing reports and other documents with government agencies; expenses incurred by the Investment Manager in responding to a legal, administrative, judicial or regulatory action, claim, or suit relating to the Fund; expenses of Shareholders' meetings, including the solicitation of proxies in connection therewith; expenses of corporate data processing and related services; shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the Board who are not employees of the Investment Manager or its affiliates; insurance premiums; and ad hoc expenses incurred at the specific request of the Investment Manager or the Board; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund. The Fund may need to sell portfolio securities to pay fees and expenses, which could cause the Fund to realize taxable gains.

"Extraordinary Expenses" means all expenses incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the rights against any person or entity; costs and expenses for indemnification or contribution payable to any person or entity; expenses of a reorganization, restructuring or merger, as applicable; expenses of holding, or soliciting proxies for, a meeting of shareholders; and the expenses of engaging a new administrator, custodian or transfer agent.

The Investment Manager will bear all of its expenses and costs incurred in providing investment advisory services to the Fund, including travel and certain other expenses related to the selection and monitoring of investments. In addition, the Investment Manager is responsible for the payment of the compensation and expenses of those officers of the Fund affiliated with the Investment Manager, and making available, without expense to the Fund, the services of such individuals, subject to their individual consent to serve and to any limitations imposed by law.

The Fund will bear directly certain ongoing offering costs of Shares which will be expensed as they are incurred. Offering costs cannot be deducted by the Fund or the Shareholders.

The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, costs associated with leverage, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 1.50% of the average daily net assets of Class I Shares (the "Expense Limit"). Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses, are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) will exceed 1.50%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and any then-existing expense limit. The Expense Limitation and Reimbursement Agreement is in effect for an initial term of twelve months from the effective date of the Fund's registration statement, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice. See "FUND FEES AND EXPENSES."

The Fund's fees and expenses will decrease the net profits or increase the net losses of the Fund that are credited to Shareholders.

**VOTING**

Each Shareholder will have the right to cast a number of votes, based on the number of such Shareholder's Shares, at any meeting of Shareholders called by the Board. Each Share is entitled to one vote per Share. Except for the exercise of such voting privileges, Shareholders will not be entitled to participate in the management or control of the Fund's business and may not act for or bind the Fund. Shareholders of the Fund shall have power to vote only: (a) for the election of one or more Trustees in order to comply with the provisions of the Investment Company Act (including Section 16(a) thereof); (b) with respect to any contract entered into pursuant to Article V of the Fund's Declaration of Trust to the extent required by the Investment Company Act; (c) with respect to termination of the Fund or a Class thereof to the extent required by applicable law; and (d) with respect to such additional matters relating to the Fund as may be required by the Fund's Declaration of Trust, the By-laws of the Fund or any registration of the Fund as an investment company under the Investment Company Act with the SEC (or any successor agency) or as the Trustees may consider necessary or desirable.

**CONFLICTS OF INTEREST**

[To be updated by amendment]

The Fund and the Investment Manager may be subject to a number of actual and potential conflicts of interest.

The Investment Manager and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund. The Investment Manager and its affiliates may provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund) which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund; which may compete with the Fund for investment opportunities; and which may, subject to applicable law, co-invest with the Fund in certain transactions. In addition, the Investment Manager and its affiliates and clients may themselves invest in securities that would be appropriate for the Fund. By acquiring Shares, each Shareholder will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest, except as may otherwise be provided under provisions of Federal securities law which cannot be waived or modified.

Although the Investment Manager and its affiliates will seek to allocate investment opportunities among the Fund and their other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity which comes to the attention of the Investment Manager or its affiliates will be appropriate for the Fund or will be referred to the Fund. The Investment Manager and its affiliates are not obligated to refer any investment opportunity to the Fund.

The directors, partners, trustees, managers, members, officers and employees of the Investment Manager and its affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Investment Manager or its affiliates). As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, the Fund and the Investment Manager have individually adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Codes of Ethics may be obtained by calling the SEC at 1-202-551-8090. The Codes of Ethics are also available on the EDGAR Database on the SEC's Internet site at *http://www.sec.gov*, and copies may be obtained, after paying a duplicating fee, by email at publicinfo@sec.gov.

The Fund may be considered an affiliate with respect to certain of its portfolio companies if certain Investment Funds, accounts or investment vehicles managed by the Investment Manager also hold interests in these portfolio companies, and as such, these interests may be considered a joint enterprise under the Investment Company Act. To the extent that the Fund's interests in these portfolio companies may need to be restructured in the future or to the extent that the Fund chooses to exit certain of these transactions, its ability to do so will be limited.

The Investment Manager may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the issuers of certain investments, including, without limitation, investments being considered for acquisition by the Fund or held in the Fund's portfolio. For example, principals and other employees of the Investment Manager may serve as directors of, or in a similar capacity with, portfolio companies in which the Fund invests, the securities of which are purchased or sold on the Fund's behalf. The Investment Manager may (but is not required to) seek to avoid receipt of Confidential Information from issuers so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. The Investment Manager may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Investment Manager intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates.

Many of the Fund's portfolio investments are expected to be Investment Funds and other securities that are not publicly traded and for which no market based price quotation is available. Pursuant to Rule 2a-5, the Board will approve the delegation of day-to-day responsibility for determining fair values in accordance with the Fund's Valuation Procedures, to be reviewed and approved in advance, to the Investment Manager as Valuation Designee (the "Valuation Designee"). The participation of the investment professionals of the Investment Manager in the Fund's valuation process could result in a conflict of interest as the Investment Management Fee is based on the value of the Fund's assets. A conflict of interest may also result when the Investment Manager determines the amount of leverage used by the Fund, as leverage will increase the Fund's assets and the management fee. Investments in PIK and OID securities may provide certain additional benefits to the Investment Manager, including increased management fees resulting from the receipt of such PIK securities interest received on these investments increasing the size of the loan balance of underlying loans.

The professional staff of the Investment Manager will devote such time and effort in conducting activities on behalf of the Fund as the Investment Manager reasonably determines to be appropriate for its respective duties to the Fund. However, the Investment Manager's staff is currently committed to and expects to be committed in the future to providing investment advisory services as well as other services to other clients (including other registered and unregistered pooled investment vehicles) and engaging in other business ventures in which the Fund has no interest. As a result of these separate business activities, the Investment Manager has actual or potential conflicts of interest in allocating management time, services and functions among the Fund and other business ventures or clients.

Multiple clients of the Investment Manager may hold or acquire positions directly or indirectly in the securities of the same companies. Such investments and transactions may raise potential conflicts of interest for the Investment Manager's clients (including the Fund), particularly if different clients are invested in different classes or types of securities or investments of the same company. In that regard, actions may be taken by some clients, either at their own direction or at the Investment Manager's direction, that may be inconsistent, if not adverse to other clients, including, but not limited to, interests in different parts of a company's capital structure during a restructuring, bankruptcy or other insolvency proceeding or similar matter. When the Investment Manager has clients that are invested in different parts of a company's capital structure, their interests may diverge in the case of financial distress. In a bankruptcy proceeding, one client's interests may be subordinated or otherwise adversely affected due to another client's involvement and actions relating to their investment. In addition, when one client is a creditor of a company in which another client holds more junior securities, actions may be taken, either at the client's direction or at the Investment Manager's direction with respect to their rights as a creditor that may be adverse to the interests of the other clients.

The Investment Manager may receive more compensation with respect to certain similarly managed accounts or funds (hereinafter, "similar accounts") than that received with respect to the Fund or may receive compensation based in part on the performance of those similar accounts. This may create a potential conflict of interest for the Investment Manager or its portfolio managers by providing an incentive to favor these similar accounts when, for example, placing securities transactions. In addition, the Investment Manager or its affiliates could be viewed as having a conflict of interest to the extent that the Investment Manager or an affiliate has a proprietary investment in similar accounts, the portfolio managers have personal investments in similar accounts or the similar accounts are investment options in the Investment Manager's or its affiliates' employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon the Investment Manager and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as the Investment Manager or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts.

By acquiring Shares, each Shareholder will be deemed to have acknowledged the existence of the above actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest, except as may otherwise be provided under provisions of applicable Federal securities law which cannot be waived or modified.

The Investment Manager may have other relationships, including significant financial relationships, with potential sub-advisers or their affiliates or other third parties, which may create a conflict of interest, including recommending clients invest in investment products sponsored by other third parties.

**OUTSTANDING SECURITIES**

As of the date of this Prospectus, there were no outstanding Shares of the Fund.

**OFFERS TO REPURCHASE**

A substantial portion of the Fund's investments are illiquid. For this reason, the Fund is structured as a closed-end interval fund which means that the Shareholders will not have the right to redeem their Shares on a daily basis. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares.

The Fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers quarterly.

For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. A Shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the Shareholder's purchase of the Shares.

Shares will be repurchased at their NAV no later than the fourteenth day after the Repurchase Request Deadline, or the next Business Day if the fourteenth day is not a Business Day. Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be no more than fourteen (14) days prior to the date on which the repurchase price for Shares is determined (the "Valuation Date"). Shareholders who tender may not have all of the tendered Shares repurchased by the Fund. If over-subscriptions occur, the Fund may elect to repurchase less than the full amount that a Shareholder requests to be repurchased. In such an event, the Fund may repurchase only a pro rata portion of the amount tendered by each Shareholder.

Notwithstanding the foregoing, under certain circumstances, the Fund may, in its discretion, accept Shares tendered by Shareholders who own fewer than 100 Shares and tender all of their Shares for repurchase in a repurchase offer. In that case, these Shares would be accepted before prorating the Shares tendered by other Shareholders. In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional Shares in an amount determined by the Board that are tendered by an estate (an "Estate Offer"). If an Estate Offer is oversubscribed, the Fund will repurchase such Shares on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in an Estate Offer.

If the Fund repurchases any Shares pursuant to an Estate Offer, this will not affect the number of Shares that it repurchases from other Shareholders in the quarterly repurchase offers.

In certain circumstances, the Board may require a Shareholder to tender its Shares if, among other reasons, the Board determines that continued ownership of such Shares by the Shareholder may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal consequences, or would otherwise be in the best interests of the Fund. Any such redemption will be conducted consistent with the requirements of Rule 23c-2 under the Investment Company Act.

A Shareholder who tenders for repurchase only a portion of his Shares in the Fund will be required to maintain a minimum account balance of $[2,500]. If a Shareholder tenders a portion of his Shares and the repurchase of that portion would cause the Shareholder's account balance to fall below this required minimum of $[2,500], the Fund reserves the right to repurchase all of such Shareholder's outstanding Shares. Such minimum capital account balance requirement may also be waived by the Board in its sole discretion, subject to applicable federal securities laws.

**REPURCHASE PROCEDURES**

Once each quarter, the Fund will offer to repurchase at per-class NAV per Share no less than 5% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the Investment Company Act). Shareholders will be notified in writing of each quarterly repurchase offer, how they may request that the Fund repurchase their Shares, and the date the repurchase offer ends (the "Repurchase Request Deadline") (*i.e.*, the date by which Shareholders can tender their Shares in response to a repurchase offer). Shares will be repurchased at the per-class NAV per Share determined as of the close of business no later than the fourteenth day after the Repurchase Request Deadline, or the next Business Day if the fourteenth day is not a Business Day (each a "Repurchase Pricing Date").

Shareholders will be notified in writing about each quarterly repurchase offer, how they may request that the Fund repurchase their Shares, and the "Repurchase Request Deadline," which is the date the repurchase offer ends. The time between the notification to Shareholders and the Repurchase Request Deadline is generally thirty (30) days, but may vary from no more than forty-two (42) days to no less than twenty-one (21) days. Shares tendered for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. The Shareholder Notification will contain information Shareholders should consider in deciding whether to tender their Shares for repurchase.

The Shareholder Notification also will include detailed instructions on how to tender Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment (the "Repurchase Payment Deadline"). The Shareholder Notification also will set forth the NAV per Share that has been computed no more than seven (7) days before the date of such notification, and how Shareholders may ascertain the NAV per Share after the notification date. Payment pursuant to the repurchase will be made by checks to the Shareholder's address of record, or credited directly to a predetermined bank account on the Repurchase Payment Date, which will be no more than seven (7) days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act, regulations thereunder and other pertinent laws.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than $[2,500] worth of Shares and who tender all of their Shares, before prorating other amounts tendered. [In addition, the Fund may accept the total number of Shares tendered in connection with required minimum distributions from an individual retirement account ("IRA") or other qualified retirement plan. It is the Shareholder's obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan.]

The Fund may suspend or postpone a repurchase offer only: (a) if making or effecting the repurchase offer would cause the Fund to lose its status as a RIC under the Code; (b) for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (d) for such other periods as the SEC may by order permit for the protection of Shareholders of the Fund.

The Fund must maintain liquid assets equal to the Repurchase Offer Amount from the time that the Shareholder Notification is sent to Shareholders until the Repurchase Pricing Date. The Fund will ensure that a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take whatever action it deems appropriate to ensure compliance.

The Fund may cause a mandatory repurchase or redemption of all or some of the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, at NAV in accordance with the Declaration of Trust and Section 23 of the Investment Company Act and Rule 23c-2 thereunder.

**TRANSFERS OF SHARES**

No person shall become a substituted Shareholder of the Fund without the consent of the Fund, which consent may be withheld in its sole discretion. Shares held by Shareholders may be transferred only: (i) by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances). The Board has delegated the authority to approve investment transfers to any officer of the Fund.

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Notice of a proposed transfer of a Share must also be accompanied by a properly completed investor application in respect of the proposed transferee. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. The Board generally will not consent to a transfer of Shares by a Shareholder (i) unless such transfer is to a single transferee, or (ii) if, after the transfer of the Shares, the balance of the account of each of the transferee and transferor is less than $[2,500]. Each transferring Shareholder and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

Any transferee acquiring Shares by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder, will be entitled to the distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Declaration of Trust and to tender the Shares for repurchase by the Fund, but will not be entitled to the other rights of a Shareholder unless and until the transferee becomes a substituted Shareholder as specified in the Declaration of Trust. If a Shareholder transfers Shares with the approval of the Board, the Fund shall as promptly as practicable take all necessary actions so that each transferee or successor to whom the Shares are transferred is admitted to the Fund as a Shareholder.

By subscribing for Shares, each Shareholder agrees to indemnify and hold harmless the Fund, the Board, the Investment Manager, the Administrator, the Custodian and each other Shareholder, and any affiliate of the foregoing against all losses, claims, damages, liabilities, costs, and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs, and expenses or any judgments, fines, and amounts paid in settlement), joint or several, to which such persons may become subject by reason of or arising from any transfer made by that Shareholder in violation of the Declaration of Trust or any misrepresentation made by that Shareholder in connection with any such transfer.

**ANTI-MONEY LAUNDERING**

If the Fund, the Investment Manager or any governmental agency believes that the Fund has sold Shares to, or is otherwise holding assets of, any person or entity that is acting, directly or indirectly, in violation of U.S., international or other anti-money laundering laws, rules, regulations, treaties or other restrictions, or on behalf of any suspected terrorist or terrorist organization, suspected drug trafficker, or senior foreign political figure(s) suspected of engaging in corruption, the Fund, the Investment Manager or such governmental agency may freeze the assets of such person or entity invested in the Fund or suspend the repurchase of Shares. The Fund may also be required to, or deem it necessary or advisable to, remit or transfer those assets to a governmental agency, in some cases without prior notice to the investor.

**CREDIT FACILITY**

The Fund, or SPVs that are wholly-owned subsidiaries of the Fund, may enter into one or more credit agreements or other similar agreements negotiated on market terms (each, a "Borrowing Transaction") with one or more banks or other financial institutions which may or may not be affiliated with the Investment Manager (each, a "Financial Institution") as chosen by the Investment Manager and approved by the Board. The Fund may borrow under a credit facility for a number of reasons, including without limitation, in connection with its investment activities, to make quarterly income distributions, to satisfy repurchase requests from Shareholders, and to otherwise provide the Fund with temporary liquidity. To facilitate such Borrowing Transactions, the Fund may pledge its assets to the Financial Institution.

As of the date of this Prospectus, the Fund has not established any credit facilities with any Financial Institution.

**CALCULATION OF NET ASSET VALUE**

[To be updated by amendment]

**GENERAL**

The Fund calculates its NAV as of the close of business on each business day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date").

The Board, including a majority of Independent Trustees, will approve valuation procedures for the Fund (the "Valuation Procedures"). The Valuation Procedures provide that the Fund will value its investments at fair value unless market quotations are "readily available" as defined in the Investment Company Act.

[As a general matter, to value the Fund's investments, the Valuation Designee will use current market values when readily available, and otherwise value the Fund's investments with fair value methodologies that the Investment Manager believes to be consistent with those used by the Fund for valuing its investments. These fair value calculations will involve significant professional judgment by the Valuation Designee in the application of both observable and unobservable attributes, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no single standard for determining fair value of an investment. Likewise, there can be no assurance that the Fund will be able to purchase or sell an investment at the fair value price used to calculate the Fund's NAV.]

**SUSPENSION OF CALCULATION OF NET ASSET VALUE**

As noted above, the Administrator calculates the Fund's NAV as of the close of business on each Business Day. However, there may be circumstances where it may not be practicable to determine an NAV, including, but not limited to during any period when the principal stock exchanges for securities in which the Fund has invested its assets are closed other than for weekends and customary holidays (or when trading on such exchanges is restricted or suspended), or an emergency exists as determined by the SEC, making securities sales or determinations of NAV not practicable, or the SEC permits a delay for the protection of shareholders. In such circumstances, the Board (after consultation with the Investment Manager) may suspend the calculation of NAV. The Fund will not accept subscriptions for Shares if the calculation of NAV is suspended, and the suspension may require the termination of a pending repurchase offer by the Fund (or the postponement of the Valuation Date for a repurchase offer). Notwithstanding a suspension of the calculation of NAV, the Fund will be required to determine the value of its assets and report NAV in its semi-annual and annual reports to Shareholders and in its reports on Form N-PORT filed with the SEC after the end of the first and third quarters of the Fund's fiscal year. The Administrator will resume calculation of the Fund's NAV after the Board (in consultation with the Investment Manager) determines that conditions no longer require suspension of the calculation of NAV.

**TAXES**

**INTRODUCTION**

The following is a summary of certain material federal income tax consequences of acquiring, holding and disposing of Shares. Because the federal income tax consequences of investing in the Fund may vary from Shareholder to Shareholder depending on each Shareholder's unique federal income tax circumstances under law, this summary does not attempt to discuss all of the income tax consequences of such an investment. Among other things, except in certain limited cases, this summary does not purport to deal with persons in special situations (such as financial institutions, non-U.S. persons, insurance companies, entities exempt from federal income tax, RICs, dealers in commodities and securities and pass-through entities). Further, to the limited extent this summary discusses possible foreign, state and local income tax consequences, it does so in a very general manner. Finally, this summary does not purport to discuss tax consequences such as estate and gift tax consequences other than those arising under the federal income tax laws. ***You are therefore urged to consult your tax advisers to determine the federal, state, local and foreign tax consequences of acquiring, holding and disposing of Shares.***

The following summary is based upon the Code as well as administrative regulations and rulings and judicial decisions thereunder, as of the date hereof, all of which are subject to change at any time (possibly on a retroactive basis). Accordingly, no assurance can be given that the tax consequences to the Fund or its shareholder will continue to be as described herein.

The Fund has not sought or obtained a ruling from the Internal Revenue Service (the "IRS") (or any other federal, state, local or foreign governmental agency) or an opinion of legal counsel as to any specific federal, state, local or foreign tax matter that may affect it. Accordingly, although this summary is considered to be a correct interpretation of applicable law, no assurance can be given that a court or taxing authority will agree with such interpretation or with the tax positions taken by the Fund.

Except where specifically noted, this summary relates solely to U.S. Shareholders. A U.S. Shareholder for purposes of this discussion is a person who is a citizen or a resident alien of the U.S., a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S. or any political subdivision thereof, an estate whose income is subject to U.S. federal income tax regardless of its source or a trust if: (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (ii) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

**TAXATION OF SHAREHOLDERS**

**Distributions to Shareholders.** The Fund contemplates declaring as dividends each year all or substantially all of its taxable income and intends to make quarterly distributions. In general, distributions will be taxable to you for federal, state and local income tax purposes unless you are a tax-exempt entity, including qualified retirement plans or IRAs. Distributions are taxable whether they are received in cash or reinvested in Shares. Each Shareholder whose Shares are registered in its own name will automatically be a participant under the Fund's dividend reinvestment program (the "DRIP") and have all income dividends and/or capital gains distributions automatically reinvested in Shares priced at the then-current NAV unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash. A Shareholder receiving Shares under the DRIP instead of cash distributions may still owe taxes and, because Fund Shares are generally illiquid, may need other sources of funds to pay any taxes due. Thus, to the extent a Shareholder participates in the DRIP, a Shareholder may thus recognize income and gains taxable for federal, state and local income tax purposes and not receive any cash distributions to pay any resulting taxes. Shareholders receiving distributions in the form of additional Shares, rather than cash, generally will have a cost basis in each such Share equal to the greater of the NAV or fair market value of a Share on the reinvestment date.

Dividends paid out of the Fund's net investment income generally will be taxable to a Shareholder as ordinary income to the extent of the Fund's earnings and profits. The Fund may be able to report a portion of its income as "qualified dividend income," however, which is taxable to non-corporate Shareholders at rates of up to 20% (plus a 3.8% net investment income tax for certain Shareholders). In general, dividends may be reported by the Fund as qualified dividend income if they are attributable to qualified dividend income received by the Fund. Qualified dividend income generally means dividend income received from investments in common and preferred stock of U.S. companies and stock of certain qualified foreign corporations, provided that certain holding period and other requirements are met by both the Fund and the Shareholders.

Fund distributions, if any, that are attributable to net capital gains (the excess, if any, of net long-term capital gains over net short-term capital losses) or to "qualified dividend income" earned by the Fund would be taxable to non-corporate Shareholders at the reduced rates applicable to long-term capital gains. Shareholders must have owned the Shares for at least sixty-one (61) days during the one hundred twenty-one (121) day period beginning sixty (60) days before the ex-dividend date to benefit from the lower rates on qualified dividend income. Because the Fund's income is derived primarily from sources that do not pay "qualified dividend income," dividends from the Fund generally are not expected to qualify for taxation at the long-term capital gain rates available to individuals on qualified dividend income. Distributions of short-term capital gain are taxable to Shareholders as ordinary income.

A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will first be treated by a Shareholder as a return of capital, which is applied against and reduces the Shareholder's basis in his or her Shares. To the extent that the amount of any such distribution exceeds the Shareholder's basis in his or her Shares, the excess will be treated by the Shareholder as gain from a sale or exchange of Shares.

A dividend or distribution received shortly after the purchase of Shares reduces the NAV of the Shares by the amount of the dividend or distribution and, although in effect a return of capital will be taxable to the Shareholder. If the NAV of Shares were reduced below the Shareholder's cost by dividends and distributions representing gains realized on sales of securities, such dividends and distributions, although also in effect returns of capital, would be taxable to the Shareholder in the same manner as other dividends or distributions.

Shareholders are generally taxed on any dividends from the Fund in the year they are actually distributed. Dividends declared in October, November or December of a year, and paid in January of the following year, will generally be treated for federal income tax purposes as having been paid to Shareholders on December 31<sup>st</sup> of the year in which the dividend was declared.

Shareholders will be notified annually as to the U.S. federal tax status of distributions, and Shareholders receiving distributions in the form of additional Shares will receive a report as to the NAV of those Shares.

Shareholders should contact the Fund's Administrator, UMB Fund Services, Inc. at 1 (888) 442-4420 or 235 West Galena Street, Milwaukee, WI 53212 to make elections to receive income dividends and/or capital distributions in cash; to terminate their participation in the program; and for any other inquiries related to the DRIP.

**Certain Withholding Taxes.** The Fund may be subject to taxes, including foreign withholding taxes, attributable to investments of the Fund. The Fund does not expect to be eligible to treat withholding and other foreign income taxes, as paid by its Shareholders for purposes of the foreign tax credit or deduction of foreign taxes.

**Sales, Exchanges and Redemptions.** Shareholders will recognize a taxable gain or loss on a sale, exchange or redemption of Shares in an amount equal to the difference between the Shareholder's tax basis in the Shares and the amount the Shareholder receives for them. Generally, this gain or loss will be long-term or short-term depending on whether the holding period for such Shares in the hands of the Shareholder exceeds twelve (12) months, except that a capital loss on Shares held for six (6) months or less will be treated as long-term capital loss to the extent of any capital gains dividends received on the Shares during that holding period. Additionally, any loss realized on a disposition of Shares of the Fund may be disallowed under "wash sale" rules to the extent the Shares disposed of are replaced with other Shares of the Fund within a period of sixty-one (61) days beginning thirty (30) days before and ending thirty (30) days after the Shares are disposed of, such as pursuant to a dividend reinvestment in Shares of the Fund. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired.

The Fund is required to compute and report the cost basis on Shares sold or exchanged. The Fund has elected to use the first in, first out ("FIFO") method unless it is instructed to select a different method, or a Shareholder chooses to specifically identify Shares at the time of each sale or exchange. If a Shareholder's account is held by a broker or other adviser, they may select a different method. In these cases, Shareholders should contact the holder of the Shares to obtain information with respect to the available methods and elections for such accounts. Shareholders should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on federal and state income tax returns.

Pursuant to the Regulations directed at tax shelter activity, taxpayers are required to disclose to the IRS certain information on Form 8886 if they participate in a "reportable transaction." A transaction may be a "reportable transaction" based upon any of several indicia with respect to a Shareholder, including the recognition of a loss in excess of certain thresholds (for individuals, $2 million in one year or $4 million in any combination of years). In addition, significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Investors should consult their own tax advisers concerning any possible disclosure obligation with respect to their investment in Shares.

**Additional Medicare Tax.** A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a Shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain Shareholders that are estates and trusts. For these purposes, interest, dividends, and certain capital gains (among other categories of income) are generally taken into account in computing a Shareholder's net investment income.

**IRAs and Other Tax Qualified Plans.** In general, dividends received and gains realized with respect to Shares held in an IRA or other tax qualified plan are not currently taxable unless the Shares were acquired with borrowed funds. However, a tax-exempt shareholder may recognize unrelated business taxable income if the Fund recognizes certain "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits or equity interests in taxable mortgage pools.

**State and Local Taxes.** In addition to the U.S. federal income tax consequences summarized above, you may be subject to state and local taxes on distributions and redemptions. State income taxes may not apply, however, to the portions of the Fund's distributions, if any, that are attributable to interest on U.S. government securities.

**U.S. Tax Treatment of Foreign Shareholders.** Nonresident aliens, foreign corporations and other foreign investors in the Fund will generally be exempt from U.S. federal income tax on Fund distributions attributable to net capital gains. However, the Fund does not expect to make significant distributions that will be designated as net capital gains. The exemption may not apply, however, if the investment in the Fund is connected to a trade or business of the foreign investor in the United States or if the foreign investor is present in the United States for one hundred eighty-three (183) days or more in a year and certain other conditions are met.

Fund distributions attributable to other categories of Fund income, such as interest, and dividends from companies whose securities are held by the Fund, will generally be subject to a 30% withholding tax when paid to foreign Shareholders. However, the Fund may be able to report a portion of the distributions made as interest related dividends or short-term capital gain dividends, both of which are generally exempt from this withholding tax. Moreover, any withholding tax may be reduced (and, in some cases, eliminated) under an applicable tax treaty between the United States and a Shareholder's country of residence or incorporation, provided that the Shareholder furnishes the Fund with a properly completed appropriate Form W-8 to establish entitlement for these treaty benefits.

In addition, the Fund will be required to withhold 30% tax on payments to foreign entities that do not meet specified information reporting requirements under the Foreign Account Tax Compliance Act even if such payments would otherwise be exempt from withholding under the rules described in the preceding paragraph.

All foreign Shareholders should consult their own tax advisers regarding the tax consequences of an investment in the Fund, including the tax consequences in their country of residence.

**Information Reporting and Backup Withholding.** Under applicable "backup withholding" requirements, the Fund may be required in certain cases to withhold and remit to the IRS a percentage of taxable dividends or gross proceeds realized upon sale payable to Shareholders who have failed to provide a correct tax identification number in the manner required, or who are subject to withholding by the IRS for failure to properly include on their return payments of taxable interest or dividends, or who have failed to certify to the Fund that they are not subject to backup withholding when required to do so or that they are "exempt recipients." The current backup withholding rate is 24%. Corporate Shareholders and certain other Shareholders specified in the Code generally are exempt from such backup withholding. The amount of any backup withholding from a payment to a Shareholder will be allowed as a credit against the Shareholder's U.S. federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is timely furnished to the IRS.

**OTHER TAX MATTERS**

The preceding is a summary of some of the tax rules and considerations affecting Shareholders and the Fund's operations and does not purport to be a complete analysis of all relevant tax rules and considerations, nor does it purport to be a complete listing of all potential tax risks inherent in making an investment in the Fund. A Shareholder may be subject to other taxes, including but not limited to, state and local taxes, estate and inheritance taxes, intangible taxes and foreign taxes that may be imposed by various jurisdictions. It is the responsibility of each Shareholder to file all appropriate tax returns that may be required. Each prospective Shareholder is urged to consult with his or her tax adviser with respect to any investment in the Fund. Additional information concerning the taxation of the Fund and its shareholders is contained in the SAI.

**ERISA AND CODE CONSIDERATIONS**

Persons who are fiduciaries with respect to an employee benefit plan or other arrangements subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") (an "ERISA Plan"), certain IRAs, or certain Keogh plans, should consider, among other things, the matters described below before determining whether to invest in the Fund. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, the avoidance of prohibited transactions, and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, U.S. Department of Labor regulations provide that a fiduciary of the ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, whether the investment is designed reasonably to further the ERISA Plan's purposes, the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current total return of the portfolio relative to the anticipated cash flow needs of the ERISA Plan and the proposed investment, the income taxes (if any) attributable to the investment, and the projected return of the investment relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, an ERISA Plan fiduciary should determine whether such an investment is consistent with ERISA's fiduciary responsibilities and the foregoing considerations. If a fiduciary with respect to any such ERISA Plan breaches such responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary may be held personally liable for losses incurred by the ERISA Plan as a result of such breach. Non-ERISA-covered IRAs and Keogh plans and other arrangements not subject to ERISA, but subject to the prohibited transaction rules of Section 4975 of the Code ("Code Plans"; together with ERISA Plans, "Plans"), should determine whether an investment in the Fund will violate those rules.

Because the Fund will be registered as an investment company under the Investment Company Act, the underlying assets of the Fund will not be considered "plan assets" of the Plans investing in the Fund for purposes of ERISA's fiduciary responsibility rules and ERISA and the Code's prohibited transaction rules. Thus, the Investment Manager will not be a fiduciary within the meaning of ERISA and the Code with respect to the assets of any Plan that becomes a Shareholder of the Fund, solely as a result of the Plan's investment in the Fund.

Certain prospective ERISA Plan investors may currently maintain relationships with the Investment Manager or with other entities that are affiliated with the Investment Manager. Each of such persons may be deemed to be a party in interest to, a disqualified person of, and/or a fiduciary of any ERISA Plan to which it provides investment management, investment advisory, or other services. ERISA and the Code prohibit ERISA Plan assets from being used for the benefit of a party in interest or disqualified person and also prohibit a fiduciary from using its position to cause the ERISA Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. ERISA Plan investors should consult with legal counsel to determine if participation in the Fund is a transaction that is prohibited by ERISA or the Code. ERISA Plan fiduciaries will be required to represent that the decision to invest in the Fund was made by them as fiduciaries that are independent of such affiliated persons, that they are duly authorized to make such investment decisions, and that they have not relied on any individualized advice or recommendation of such affiliated persons as a primary basis for the decision to invest in the Fund.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained herein is, of necessity, general and may be affected by the future publication or the future applicability of final regulations and rulings. Potential investors should consult with their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Shares.

**DESCRIPTION OF SHARES**

The Fund is authorized to offer an unlimited number of Shares. This Prospectus describes a single class of Shares designated as Class I Shares.

From time to time, the Board may create and offer additional classes of Shares in the future, or may vary the characteristics of the Class I Shares described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5) differences in any dividends and NAVs resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) any sales charge, or load, structure; and (7) any conversion features, as permitted under the Investment Company Act.

**PURCHASING SHARES**

**PURCHASE TERMS**

The minimum initial investment in Class I Shares by any investor is $[50,000]. The minimum additional investment in Class I Shares by any investor is $[5,000]. However, the Fund, in its sole discretion, may accept investments below this minimum. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements. Investors subscribing through a given registered investment adviser or broker/dealer may have Shares aggregated to meet these minimums, so long as denominations are not less than $[10,000] and incremental contributions are not less than $[1,000].

Class I Shares is not subject to an initial sales charge.

Shares will generally be offered for purchase on each Business Day, except that Shares may be offered more or less frequently as determined by the Fund in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be payable in cash. Orders will be priced at the appropriate price next computed after the order is received by the Administrator. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Shares in the Fund at any time. In the event that cleared funds and/or a properly completed investor application are not received from a prospective investor prior to the cut-off times pertaining to a particular offering, the Fund may hold the relevant funds and investor application for processing in the next offering.

In general, an investment will be accepted if a completed investor application and funds are received in good order in advance of the cut-off dates identified in a particular offering. The Fund reserves the right to reject, in its sole discretion, any request to purchase Shares in the Fund at any time.

[Investors may also buy Shares of the Fund through financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy Shares of the Fund. Orders will be priced at the appropriate price next computed after it is received by a financial intermediary and received by the Fund. A financial intermediary may hold Shares in an omnibus account in the financial intermediary's name or the financial intermediary may maintain individual ownership records. The Fund may pay the financial intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their financial intermediary to determine if it is subject to these arrangements. Financial intermediaries are responsible for placing orders correctly and promptly with the Fund and forwarding payment promptly. Orders transmitted with a financial intermediary before the close of regular trading (generally 4:00 p.m. Eastern Time) on a day that the NYSE is open for business, will be priced based on the Fund's NAV per Share of that Class next computed after it is received by the financial intermediary. Investors may be charged a fee if they effect transactions through an intermediary, broker or agent.]

The Fund has authorized one or more brokers to receive on its behalf purchase orders. Such brokers are authorized to designate other intermediaries to receive purchase orders on the Fund's behalf. The Fund will be deemed to have received a purchase order when an authorized broker, or if applicable, a broker's authorized designee, receives the order. Customer orders will be priced at the Fund's NAV next computed after they are received by an authorized broker or the broker's authorized designee.

 **DERIVATIVE ACTION/EXCLUSIVE FORUM** 

No person, other than a Trustee, who is not a Shareholder, will be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. Except for claims asserted under the U.S. federal securities laws including, without limitation, the Investment Company Act, no shareholder may maintain a derivative action on behalf of the Fund unless holders of at least ten percent (10%) of the outstanding shares join in the bringing of such action. Notwithstanding the foregoing, neither of the preceding provisions governing derivative actions will apply to claims brought under the federal securities laws.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (a) the Shareholder or Shareholders must make a pre-suit written demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that such Trustee receives remuneration for his service as a Trustee of the Fund or as a trustee or director of one or more investment companies that are under common management with or otherwise affiliated with the Fund; and (b) unless a demand is not required under clause (a) above, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Fund for the expense of any such advisers in the event that the Trustees determine not to bring such action. For purposes of this paragraph, the Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue. If the demand for derivative action has been considered by the Board, and a majority of the Independent Trustees, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Fund, the complaining Shareholders shall be barred from commencing the derivative action. If upon such consideration the appropriate members of the Board determine that such a suit should be maintained, then the appropriate officers of the Fund shall commence initiation of that suit and such suit shall proceed directly rather than derivatively. The Declaration of Trust provides that the foregoing provisions will not apply to claims brought under the federal securities laws.

The Fund's By-Laws provide that each Shareholder irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Fund will be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, then any other court in the State of Delaware with subject matter jurisdiction, and irrevocably waives any right to trial by jury. The exclusive forum provision may require shareholders to bring an action in an inconvenient or less favorable forum. The exclusive forum and jury waiver provisions do not apply to claims arising under the Federal securities laws.

**TERM, DISSOLUTION AND LIQUIDATION**

The Fund may be dissolved upon approval of a majority of the Trustees. Upon the liquidation of the Fund, its assets will be distributed first to satisfy (whether by payment or the making of a reasonable provision for payment) the debts, liabilities and obligations of the Fund, including actual or anticipated liquidation expenses, other than debts, liabilities or obligations to Shareholders, and then to the Shareholders proportionately in accordance with the amount of Shares that they own. Assets may be distributed in-kind on a proportionate basis if the Board or liquidator determines that the distribution of assets in-kind would be in the interests of the Shareholders in facilitating an orderly liquidation.

**REPORTS TO SHAREHOLDERS**

The Fund will furnish to Shareholders as soon as practicable after the end of each of its taxable years such information as is necessary for them to complete U.S. federal and state income tax or information returns, along with any other tax information required by law. The Fund anticipates sending Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act.

**FISCAL YEAR**

The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on September 30.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL**

[ ], located at [ ], serves as the independent registered public accounting firm of the Fund.

Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund and the Independent Trustees.

**INQUIRIES**

Inquiries concerning the Fund and Shares (including procedures for purchasing Shares) should be directed to the Fund's Administrator, UMB Fund Services, Inc. at 235 West Galena Street, Milwaukee, WI 53212.

**CIBC PRIVATE LENDING STRATEGIES**

c/o UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, WI 53212<br> 1 (888) 442-4420

---

| | |
|:---|:---|
| **Investment Manager**<br>CIBC Private Wealth Advisors, Inc.<br> 100 Federal Street, 30th Floor <br> Boston, MA 02110  | **Transfer Agent/Administrator**<br>UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, WI 53212 |
| **Custodian Bank**<br>UMB Bank, n.a.<br> 1010 Grand Boulevard<br> Kansas City, MO 64106 | **Distributor**<br>Distribution Services, LLC<br> 190 Middle Street, Suite 301 <br> Portland, ME 04101  |
| **Independent Registered Public Accounting Firm**<br>[ ]<br> [ ]<br> [ ] | **Fund Counsel**<br>Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Suite 2000<br> Philadelphia, PA 19103-6996 |

---

Subject to Completion, February 13, 2026

The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**STATEMENT OF ADDITIONAL INFORMATION** 

**CIBC PRIVATE LENDING STRATEGIES**

**Class I Shares [TICKER]<br>** 

<br> [DATE]

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

1 (888) 442-4420

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the prospectus (the "Prospectus") of the CIBC Private Lending Strategies (the "Fund") dated [ ], as it may be further amended or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus. A copy of the Prospectus (as well as the Fund's Annual Report and Semi-Annual Report once completed) may be obtained without charge by contacting the Fund at the telephone number or address set forth above. You may also obtain the Prospectus, Annual Report and Semi-Annual Report by visiting the Fund's website at [ ].

This SAI is not an offer to sell shares of beneficial interest ("Shares") of the Fund and is not soliciting an offer to buy Shares in any state where the offer or sale is not permitted.

Capitalized terms not otherwise defined herein have the same meaning set forth in the Prospectus.

Shares are distributed by Distribution Services, LLC ("Distributor") to institutions and financial intermediaries who may distribute Shares to clients and customers (including affiliates and correspondents) of the Fund's investment adviser, and to clients and customers of other organizations. The Fund's Prospectus, which is dated [ ], provides basic information investors should know before investing. This SAI is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [GENERAL INFORMATION](#S3_001) | 1 |
| [INVESTMENT POLICIES AND PRACTICES](#S3_002) | 1 |
| [FUNDAMENTAL POLICIES](#S3_003) | 1 |
| [OTHER POTENTIAL RISKS AND ADDITIONAL INVESTMENT INFORMATION](#S3_004) | 3 |
| [BOARD OF TRUSTEES AND OFFICERS](#S3_005) | 5 |
| [CODES OF ETHICS](#S3_006) | 10 |
| [INVESTMENT MANAGEMENT AND OTHER SERVICES](#S3_007) | 10 |
| [BROKERAGE](#S3_008) | 13 |
| [TAX MATTERS](#S3_009) | 14 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#S3_010) | 17 |
| [ADMINISTRATOR](#S3_011) | 17 |
| [CUSTODIAN](#S3_012) | 17 |
| [DISTRIBUTOR](#S3_013) | 17 |
| [PROXY VOTING POLICIES AND PROCEDURES](#S3_014) | 17 |
| [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#S3_015) | 17 |
| [FINANCIAL STATEMENTS](#S3_016) | 18 |
| [ADDITIONAL INFORMATION](#S3_017) | 18 |
| [APPENDIX A — PROXY VOTING POLICIES AND PROCEDURES](#S3_018) | A-1 |
| [APPENDIX B – FINANCIAL STATEMENTS](#S3_019) | B-1 |

---

i

**GENERAL INFORMATION**

CIBC Private Lending Strategies (the "Fund") is a Delaware statutory trust formed under an Amended and Restated Agreement and Declaration of Trust dated January 22, 2026 (the "Declaration of Trust") and registered as a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Fund operates as an interval fund.

**INVESTMENT POLICIES AND PRACTICES**

The investment objective of the Fund, the principal investment strategies of the Fund and the principal risks associated with such investment strategies are set forth in the Prospectus. Certain additional information regarding the investment program of the Fund is set forth below.

**FUNDAMENTAL POLICIES**

The Fund's fundamental policies, which are listed below, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund. No other policy is a fundamental policy of the Fund, except as expressly stated. At the present time, the Fund's Class I Shares are the only outstanding voting securities of the Fund. As defined by the Investment Company Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the Shareholders of the Fund, duly called, (i) of 67% or more of the Shares represented at such meeting, if the holders of more than 50% of the outstanding Shares are present in person or represented by proxy or (ii) of more than 50% of the outstanding Shares, whichever is less. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action.

Fundamental Policies:

The Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;(1) borrow money and issue senior securities (as defined under the Investment Company Act), except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(2) underwrite securities issued by other persons, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(3) make loans, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(4) purchase or sell commodities or real estate, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(5) not concentrate investments in a particular industry or group of industries, as concentration is defined under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations of state or municipal governments and their political subdivisions.

With respect to these investment restrictions and other policies described in this SAI or the Prospectus, if a percentage restriction is adhered to at the time of an investment or transaction, a later change in percentage resulting from a change in the values of investments or the value of the Fund's total assets, unless otherwise stated, will not constitute a violation of such restriction or policy.

In addition to the above, the Fund has adopted the following additional fundamental policies:

● it will make quarterly repurchase offers for no less than 5% and not more than 25% (except as permitted by Rule 23c-3 under the Investment Company Act ("Rule 23c-3") of the Shares outstanding at per-class net asset value ("NAV") per Share (measured on the repurchase request deadline) less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements;

● each repurchase request deadline will be determined in accordance with Rule 23c-3, as may be amended from time to time. Currently, Rule 23c-3 requires the repurchase request deadline to be no less than 21 and no more than 42 days after the Fund sends a notification to Shareholders of the repurchase offer; and

● each repurchase pricing date will be determined in accordance with Rule 23c-3, as may be amended from time to time. Currently, Rule 23c-3 requires the repurchase pricing date to be no later than the 14th day after a repurchase request deadline, or the next business day if the 14th day is not a business day.

THE FUND MAY CHANGE ITS INVESTMENT OBJECTIVE, POLICIES, RESTRICTIONS, STRATEGIES, AND TECHNIQUES.

Except as otherwise indicated, the Fund may change its investment objectives and any of its policies, restrictions, strategies, and techniques without Shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board" and the members thereof, "Trustees") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund may change its policy to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in general or limited partnerships, funds, corporations, trusts or other investment vehicles (collectively, "Investment Funds") that privately lend to borrowers, without shareholder approval if (i) the Fund provides at least 60 days' prior notice of such policy change, (ii) the Fund conducts a tender or repurchase offer at its net asset value in advance of the change, and (iii) the tender or repurchase offer is not oversubscribed.

Non-Fundamental Policies:

The following investment limitation of the Fund is non-fundamental and may be changed by the Board without Shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may purchase or sell financial and physical commodities, commodity contracts based on (or relating to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities.

The following descriptions of the Investment Company Act may assist investors in understanding the Fund's fundamental and non-fundamental investment policies and restrictions.

**<u>Borrowing.</u>** The Investment Company Act restricts an investment company from borrowing in excess of 33⅓% of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the Investment Company Act shall not be regarded as borrowings for the purposes of the Fund's investment restriction.

**<u>Concentration.</u>** The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions such as with respect to investments in obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC guidance.

**<u>Senior Securities.</u>** Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The Investment Company Act generally prohibits funds from issuing senior securities unless immediately after the issuance of the leverage the fund has satisfied the asset coverage test with respect to senior securities representing indebtedness prescribed by the Investment Company Act; that is, the value of the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total assets") is at least 300% of the senior securities representing indebtedness (effectively limiting the use of leverage through senior securities representing indebtedness to 33⅓% of the fund's total assets, including assets attributable to leverage). In addition, the Fund is not permitted to declare any cash dividend or other distribution on common shares unless, at the time of such declaration, this asset coverage test is satisfied. Rule 18f-4 under the Investment Company Act permits the Fund to enter into derivatives and other transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the Investment Company Act, provided that the Fund complies with the conditions of Rule 18f-4.

**<u>Underwriting.</u>** Under the Investment Company Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

**<u>Lending.</u>** Under the Investment Company Act, an investment company may only make loans if expressly permitted by its investment policies.

 **OTHER POTENTIAL RISKS AND ADDITIONAL INVESTMENT INFORMATION** 

 

 *DERIVATIVE INSTRUMENTS RISK.* An Investment Fund may use options, swaps, futures contracts, forward agreements, reverse repurchase agreements and other similar transactions. An Investment Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, an Investment Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If an Investment Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Investment Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain of the derivative investments in which an Investment Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Investment Manager to predict pertinent market movements, which cannot be assured. In addition, amounts paid by an Investment Fund as premiums and cash or other assets held in margin accounts with respect to the Investment Fund's derivative investments would not be available to the Investment Fund for other investment purposes, which may result in lost opportunities for gain.

Rule 18f-4 under the Investment Company Act permits a fund to enter into derivatives transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of senior securities contained in Section 18 of the Investment Company Act, provided that the Fund complies with the conditions of the Rule. The Fund's use of derivatives transactions and other similar instruments is generally subject to a value-at-risk leverage limit, derivatives risk management program, and reporting requirements under Rule 18f-4 unless the Fund qualifies as a "limited derivatives user" as defined in the rule or the Fund's use of such an instrument satisfies the conditions of certain exemptions under the rule. Derivatives, reverse repurchase agreements and other such instruments may represent a form of economic leverage and create special risks. The use of these forms of leverage increases the volatility of the Fund's investment portfolio and could result in larger losses to shareholders than if these strategies were not used.

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The requirements of Rule 18f-4 are also applicable to Investment Funds to the extent they are registered under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;• *Reverse Repurchase Agreements*. Reverse repurchase agreements involve the
 risk that the buyer of the securities sold by an Investment Fund might be unable to deliver them when the Investment Fund seeks to
 repurchase. In the event that the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent,
 the buyer, trustee or receiver may receive an extension of time to determine whether to enforce an Investment Fund's obligation
 to repurchase the securities, and an Investment Fund's use of the proceeds of the reverse repurchase agreement may effectively
 be restricted pending such decision.

&nbsp;&nbsp;&nbsp;&nbsp;• *Futures.* A futures contract is a standardized agreement to buy or sell
 a specific quantity of an underlying instrument at a specific price at a specific future time. The value of a futures contract tends
 to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract,
 futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment
 of a cash settlement amount on the settlement date. A decision as to whether, when and how to use futures involves the exercise of
 skill and judgment, and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events.
 In addition to the derivatives risks discussed above, the prices of futures can be highly volatile, using futures can lower total
 return, and the potential loss from futures can exceed an Investment Fund's initial investment in such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;• *Options.* If an Investment Fund buys an option, it buys a legal contract
 giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument
 at an agreed-upon price typically in exchange for a premium paid by an Investment Fund. If an Investment Fund sells an option, it
 sells to another person the right to buy from or sell to an Investment Fund a specific amount of the underlying instrument or futures
 contract on the underlying instrument at an agreed-upon price typically in exchange for a premium received by the Investment Fund.
 A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived option
 transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and
 the use of options can lower total returns.

&nbsp;&nbsp;&nbsp;&nbsp;• *Swaps.* A swap contract is an agreement between two parties pursuant to
 which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated
 by reference to specified securities, indexes, reference rates, currencies or other instruments. Most swap agreements provide that
 when the period payment dates for both parties are the same, the payments are made on a net basis (*i.e.*, the two payment streams
 are netted out, with only the net amount paid by one party to the other). An Investment Fund's obligations or rights under
 a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement,
 based on the relative values of the positions held by each counterparty. Swap agreements are particularly subject to counterparty
 credit, liquidity, valuation, correlation and leverage risk. Certain standardized swaps are now subject to mandatory central clearing
 requirements, and others are now required to be exchange-traded. While central clearing and exchange-trading are intended to reduce
 counterparty and liquidity risk, they do not make swap transactions risk-free. Swaps could result in losses if interest rate or foreign
 currency exchange rates or credit quality changes are not correctly anticipated by an Investment Fund or if the reference index,
 security or investments do not perform as expected. An Investment Fund's use of swaps may include those based on the credit
 of an underlying security, commonly referred to as "credit default swaps." Where an Investment Fund is the buyer of a
 credit default swap contract, it would be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation
 from the counterparty to the contract only in the event of a default or similar event by a third party on the debt obligation. If
 no default occurs, an Investment Fund would have paid to the counterparty a periodic stream of payments over the term of the contract
 and received no benefit from the contract. When an Investment Fund is the seller of a credit default swap contract, it receives the
 stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation
 upon the default or similar event of that obligation. The use of credit default swaps can result in losses if an Investment Fund's
 assumptions regarding the creditworthiness of the underlying obligation prove to be incorrect. An Investment Fund will "cover"
 its swap positions by segregating an amount of cash and/or liquid securities as required by the Investment Company Act and applicable
 SEC interpretations and guidance from time to time.

The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives, or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of an Investment Fund's derivative transactions, impede the employment of an Investment Fund's derivatives strategies, or adversely affect the Investment Fund's performance.

**BOARD OF TRUSTEES AND OFFICERS**

The business operations of the Fund are managed and supervised under the direction of the Board, subject to the laws of the State of Delaware and the Fund's Declaration of Trust. The Board has overall responsibility for the management and supervision of the business affairs of the Fund on behalf of its Shareholders, including the authority to establish policies regarding the management, conduct and operation of its business. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company organized as a corporation. The officers of the Fund conduct and supervise the daily business operations of the Fund.

The Trustees are not required to contribute to the capital of the Fund or to hold Shares. A majority of Trustees of the Board are not "interested persons" (as defined in the Investment Company Act) of the Fund (collectively, the "Independent Trustees"). Any Trustee who is not an Independent Trustee is an interested trustee ("Interested Trustee").

The identity of Trustees of the Board and officers of the Fund, and their brief biographical information, including their addresses, their year of birth and descriptions of their principal occupations during the past five years is set forth below.

The Trustees serve on the Board for terms of indefinite duration. A Trustee's position in that capacity will terminate if the Trustee is removed or resigns or, among other events, upon the Trustee's death, incapacity, retirement or bankruptcy. A Trustee may resign upon written notice to the other Trustees of the Fund and may be removed either by (i) the vote of at least two-thirds of the Trustees of the Fund not subject to the removal vote or (ii) the vote of Shareholders of the Fund holding not less than two-thirds of the total number of votes eligible to be cast by all Shareholders of the Fund. In the event of any vacancy in the position of a Trustee, the remaining Trustees of the Fund may appoint an individual to serve as a Trustee so long as immediately after the appointment at least two-thirds of the Trustees of the Fund then serving have been elected by the Shareholders of the Fund. The Board may call a meeting of the Fund's Shareholders to fill any vacancy in the position of a Trustee of the Fund and must do so if the Trustees who were elected by the Shareholders of the Fund cease to constitute a majority of the Trustees then serving on the Board.

INDEPENDENT TRUSTEES

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <br> Year of Birth** | **Positions(s)<br> Held with <br> the Fund** | **Length of <br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of <br> Portfolios <br> in Fund <br> Complex\* <br> Overseen by <br> Trustee** | **Other <br> Directorships <br> Held by <br> Trustee <br> During Past <br> 5 Years** |
| J. Michael Fields <br> Year of Birth: 1973 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Trustee | Since Inception | &nbsp;&nbsp;&nbsp;&nbsp;Independent Consultant, (June 2023 – Present); Chief Operating Officer, The Strategic Group (2017 – May 2023); Secretary, Hatteras Master Fund Complex (2009 – 2016); Chief Financial Officer, Hatteras Master Fund Complex (2004 – 2009). | 5 | Independent Board Member, Constitution Capital Access Fund, LLC (2022 – Present) |
| Stephen A. Mace <br> Year of Birth: 1957 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Trustee | Since Inception | General Counsel, American Life Financial Partners, LLC (a Delaware insurance holding company), and its subsidiaries (2020 - Present); President, Admiralty Advisors, LLC (2020 - Present); President, Alpine Capital Research, LLC (an SEC-registered investment adviser) (2016 - 2020). | 5 | None. |
| Stacy Roode <br> Year of Birth: 1968 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Trustee | Since Inception | Senior Vice President, Fidelity Investments (2018 – 2020); Global Transfer Agent Manager, Shareholder Services Inc. (2009 – 2018); President, Oppenheimer Funds (1992 – 2018). | 5 | Independent Board of Trustees, XD Fund Trust (2023 – Present) |

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\* The fund complex consists of the Fund, Callodine Specialty Income Fund, Pursuit Asst-Based Income Fund, the Redwood Private Real Estate Debt Fund and Megacorn Fund.

INTERESTED TRUSTEES AND OFFICERS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name, Address and<br> Year of Birth**  | **Positions(s)<br> Held with <br> the Fund** | **Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios <br> in Fund <br> Complex\* <br> Overseen by <br> Trustee** | **Other <br> Directorships <br> Held by <br> Trustee <br> During Past <br> 5 Years** |
| Amy J. Small\*\* <br> Year of Birth: 1982 <br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212  | Trustee | Since Inception | Executive Vice President, Executive Director – Institutional Custody Business Line, Director of Institutional Banking Operations, UMB Bank, n.a; (2018 – present); Director of Finance (2016 – 2018), Director of Financial Control, Operations, and Business Development, DST Systems, inc. (2000 – 2018) | 5 |  |
| Derek Mullins <br> Year of Birth: 1973 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | President, Principal Executive Officer | Since Inception | Managing Partner, PINE Advisor Solutions (since 2018). | N/A | N/A |
| Daniel Hess <br> Year of Birth: 1974 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Principal Financial Officer and Principal Accounting Officer | Since Inception | Director of PFO Services at PINE Advisor Solutions (2025 – Present); Managing Director, U.S. Bancorp Asset Management, Inc. ("USBAM")1 (2001 – 2025). | N/A | N/A |
| Amy Siefer <br> Year of Birth: 1977 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Chief Compliance Officer | Since Inception | Director of Fund CCO Services, PINE Advisor Solutions LLC (2024 – present); Vice President at Citi Fund Services Ohio, Inc. (2012 – 2024). | N/A | N/A |
| Carlene Pollock <br> Year of Birth: 1973 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Assistant Treasurer | Since Inception | Associate Director of PFO Services at PINE Advisor Solutions (2025 – Present); Director and CFO Barings Funds Trust (2016-2021). | N/A | N/A |
| Ann Maurer <br> Year of Birth: 1972 <br>c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Secretary | Since Inception | Senior Vice President, Client Services (2017 – Present); Vice President, Senior Client Service Manager (2013 – 2017); Assistant Vice President, Client Relations Manager (2002 – 2013), each with UMB Fund Services, Inc. | N/A | N/A |

---

\* The fund complex consists of the Fund, Callodine Specialty Income Fund, Pursuit Asst-Based Income Fund, the Redwood Private Real Estate Debt Fund and Megacorn Fund.

\*\* Ms. Small is deemed an Interested Trustee because of her affiliation with the Fund's Custodian.

The Board believes that each of the Trustees' experience, qualifications, attributes and skills on an individual basis, and in combination with those of the other Trustees, lead to the conclusion that each Trustee should serve in such capacity. Among the attributes common to all Trustees is the ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, the Investment Manager, the Fund's other service providers, counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Trustees. A Trustee's ability to perform his or her duties effectively may have been attained through the Trustee's business, consulting, and public service; experience as a board member of non-profit entities or other organizations; education or professional training; and/or other life experiences. In addition to these shared characteristics, set forth below is a brief discussion of the specific experience, qualifications, attributes or skills of each Trustee.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *J. Michael Fields.* Mr. Fields has been a Trustee since the Fund's inception. Mr. Fields has more than 19 years of experience in the financial services industry.

 

 *Stephen A. Mace.* Mr. Mace has been a Trustee since the Fund's inception. Mr. Mace has more than 41 years of experience in the financial services industry.

 *Stacy Roode.* Ms. Roode has been a Trustee since the Fund's inception. Ms. Roode has more than 31 years of experience in the financial service industry.

 

 *Amy Small.* Ms. Small has been a Trustee since the Fund's inception. Ms. Small has more than 20 years of experience in the financial services industry.

 

Specific details regarding each Trustee's principal occupations during the past five years are included in the table above.

**Leadership Structure and Oversight Responsibilities**

Overall responsibility for oversight of the Fund rests with the Board. The Fund has engaged the Investment Manager to manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Investment Manager, and other service providers in the operations of the Fund in accordance with the provisions of the Investment Company Act, applicable provisions of state and other laws and the Fund's Declaration of Trust. The Board is currently composed of four members, three of whom are Independent Trustees. The Board will hold regularly scheduled meetings four times each year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Trustees have also engaged independent legal counsel to assist them in performing their oversight responsibility. The Independent Trustees will meet with their independent legal counsel in person prior to and/or during each quarterly in-person board meeting. As described below, the Board has established an Audit Committee and a Nominating Committee, and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

The Board has appointed Stephen A. Mace, an Independent Trustee, to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as liaison with the Investment Manager, other service providers, counsel and other Trustees generally between meetings. The Chairman serves as a key point person for dealings between management and the Trustees. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has not appointed a lead independent trustee. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview and it allocates areas of responsibility among committees of Trustees and the full Board in a manner that enhances effective oversight.

The Fund is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and will be addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Investment Manager and other service providers (depending on the nature of the risk), which carry out the Fund's investment management and business affairs. The Investment Manager and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each of the Investment Manager and other service providers has its own independent interests in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board will require senior officers of the Fund, including the President, Treasurer and Chief Compliance Officer, and the Investment Manager to report to the full Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Board and the Audit Committee will also receive regular reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. The Board will also receive reports from certain of the Fund's other primary service providers on a periodic or regular basis, including the Fund's Custodian, Distributor and Administrator. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

**Committees of the Board of Trustees**

 

*Audit Committee*

The Board has formed an Audit Committee that is responsible for overseeing the Fund's accounting and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of the Fund's financial statements and the independent audit of those financial statements; and acting as a liaison between the Fund's independent auditors and the full Board. In performing its responsibilities, the Audit Committee will select and recommend annually to the entire Board a firm of independent certified public accountants to audit the books and records of the Fund for the ensuing year, and will review with the firm the scope and results of each audit. The Audit Committee will consist of each of the Fund's Independent Trustees. As the Fund is recently organized, the Audit Committee did not hold any meetings during the last year.

 

 

*Nominating Committee*

The Board has formed a Nominating Committee that is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates to be presented to Shareholders for election. In performing its responsibilities, the Nominating Committee will consider candidates recommended by management of the Fund and by Shareholders and evaluate them both in a similar manner, as long as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending Shareholder and information concerning the Shareholder's interests in the Fund in sufficient detail to establish that the Shareholder held Shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the Nominating Committee in evaluating the recommended nominee's qualifications to serve as a trustee. The Nominating Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the Board's prior approval, the Nominating Committee may employ and compensate counsel, consultants or advisers to assist it in discharging its responsibilities. The Nominating Committee will consist of each of the Fund's Independent Trustees. As the Fund is recently organized, the Nominating Committee did not hold any meetings during the last year.

**Trustee Ownership of Securities**

The Fund has not commenced operations; therefore, none of the Trustees own Shares of the Fund.

**Independent Trustee Ownership of Securities**

As of the date of this SAI, none of the Independent Trustees (or their immediate family members) owned securities of the Investment Manager or of an entity (other than a registered investment company or business development company) controlling, controlled by or under common control with the Investment Manager.

**Trustee Compensation**

In consideration of the services rendered by the Independent Trustees, the Fund will pay each Independent Trustee a retainer of $[ ] per quarter. [ ] and [ ] and [ ] each receive an additional $[ ] for their service as chair of the Board, chair of the Audit Committee and chair of the Nominating Committee, respectively. Each Independent Trustee will also receive an additional $[ ] for each meeting of the Audit Committee and $[ ] for any special meeting. Interested Trustees will be compensated by the Fund's administrator and/or its affiliates and will not be separately compensated by the Fund.

**CODES OF ETHICS**

The Fund, Investment Manager and Distributor have each adopted a code of ethics pursuant to Rule 17j-1 of the Investment Company Act, which is designed to prevent affiliated persons of the Fund, Investment Manager and Distributor from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund. [The codes of ethics permit persons subject to them to invest in securities, including securities that may be held or purchased by the Fund, subject to a number of restrictions and controls.] Compliance with the codes of ethics is carefully monitored and enforced.

The codes of ethics are included as exhibits to the Fund's registration statement filed with the SEC and are available on the EDGAR database on the SEC's Internet site at *http://www.sec.gov*, and may also be obtained after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**INVESTMENT MANAGEMENT AND OTHER SERVICES**

**The Investment Manager**

CIBC Private Wealth Advisors, Inc. (the "Investment Manager") serves as the investment adviser to the Fund. The Investment Manager is located at 100 Federal Street, 30th Floor, Boston, MA 02110 and is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended. Subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund, the Investment Manager is responsible for the management and operation of the Fund and the investment of the Fund's assets. The Investment Manager provides such services to the Fund pursuant to the Investment Management Agreement.

The Investment Management Agreement became effective as of [ ] and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement continues in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval.

Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.00% on an annualized basis of the Fund's average daily net assets, subject to certain adjustments. The Investment Management Fee will be paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Investment Manager for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Investment Manager for that month. The Investment Management Fee will be accrued daily and will be due and payable monthly in arrears within ten (10) business days after the end of the month.

The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, costs associated with leverage, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 1.50% of the average daily net assets of Class I Shares (the "Expense Limit"). Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses, are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) will exceed 1.50%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and any then-existing expense limit. The Expense Limitation and Reimbursement Agreement is in effect for an initial term of twelve months from the effective date of the Fund's registration statement, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice. See "FUND FEES AND EXPENSES."

**The Portfolio Managers**

The persons who have primary responsibility for the day-to-day management of the Fund's portfolio (the "Portfolio Managers") are as follows:

 

*[ ]*

 

*[ ]*

 

*[ ]*

 

*[ ]*

Information provided below regarding other accounts managed by the Portfolios Managers is as of [ ].

***Other Accounts Managed by the Portfolio Managers***

 ****

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Accounts** | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** |
| ***<u>[Name]</u>*** | | | | | | | | |
| Registered Investment Companies |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Pooled Investment Vehicles |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Accounts |  | [ ] |  | [ ] |  | [ ] |  | [ ] |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of <br> Accounts** | **Number of <br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** |
| ***<u>[Name]</u>*** |  | &nbsp;&nbsp;&nbsp;&nbsp;[ ] |  | [ ] |  | &nbsp;&nbsp;&nbsp;&nbsp;[ ] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| Registered Investment Companies |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Pooled Investment Vehicles |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Accounts |  | [ ] |  | [ ] |  | [ ] |  | [ ] |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Accounts** | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** |
| ***<u>[Name]</u>*** | | | | | | | | |
| Registered Investment Companies |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Pooled Investment Vehicles |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Accounts |  | [ ] |  | [ ] |  | [ ] |  | [ ] |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Accounts** | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Number of<br> Accounts<br> Subject to a<br> Performance<br> Fee** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** |
| ***<u>[Name]</u>*** | | | | | | | | |
| Registered Investment Companies |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Pooled Investment Vehicles |  | [ ] |  | [ ] |  | [ ] |  | [ ] |
| Other Accounts |  | [ ] |  | [ ] |  | [ ] |  | [ ] |

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***Conflicts of Interest***

The Investment Manager and Portfolio Managers may manage multiple funds and/or other accounts, and as a result may be presented with one or more of the following actual or potential conflicts:

The management of multiple funds and/or other accounts may result in the Investment Manager or Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Manager seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment discipline. Other accounts managed by a Portfolio Manager may not be managed using the same investment models that are used in connection with the management of the Fund.

If the Investment Manager or a Portfolio Manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Investment Manager has adopted procedures for allocating portfolio transactions across multiple accounts.

The Investment Manager has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

**Compensation of the Portfolio Managers**

[ ]

**Portfolio Manager Ownership of Shares**

The Fund has not yet commenced operation; therefore, none of the members of the Portfolio Managers own Shares of the Fund.

**BROKERAGE**

In following the Fund's investment strategy, the Investment Manager expects few of the Fund's transactions to involve brokerage. To the extent the Fund's transactions involve brokerage, the Fund does not expect to use one particular broker or dealer. It is the Fund's policy to obtain the best results in connection with effecting its portfolio transactions, taking into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm and the firm's risk in positioning a block of securities. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Investment Manager may place a combined order for two or more accounts it manages, including the Fund, that are engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of the Investment Manager that the advantages of combined orders outweigh the possible disadvantages of separate transactions. The Investment Manager believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund.

The Investment Manager may pay a higher commission than otherwise obtainable from other brokers in return for brokerage or research services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

While it is the Fund's general policy to seek to obtain the most favorable price and execution available in selecting a broker-dealer to execute portfolio transactions for the Fund, weight is also given to the ability of a broker-dealer to furnish brokerage and research services as defined in Section 28(e) of the Securities Exchange Act of 1934, as amended, to the Fund or to the Investment Manager, even if the specific services are not directly useful to the Fund and may be useful to the Investment Manager in advising other clients. When one or more brokers is believed capable of providing the best combination of price and execution, the Investment Manager may select a broker based upon brokerage or research services provided to the Investment Manager. In negotiating commissions with a broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission or spread has been determined in good faith by the Investment Manager to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer. The standard of reasonableness is to be measured in light of the Investment Manager's overall responsibilities to the Fund.

**TAX MATTERS**

The following is intended to be a general summary of certain additional U.S. federal income tax consequences of investing, holding and disposing of Shares of the Fund. It is not intended to be a complete discussion of all such federal income tax consequences, nor does it purport to deal with all categories of investors. INVESTORS ARE THEREFORE ADVISED TO CONSULT WITH THEIR TAX ADVISORS BEFORE MAKING AN INVESTMENT IN THE FUND.

Set forth below is a discussion of certain U.S. federal income tax issues concerning the Fund and the purchase, ownership and disposition of Shares. This discussion does not purport to be complete or to deal with all aspects of federal income taxation that may be relevant to Shareholders in light of their particular circumstances. Unless otherwise noted, this discussion assumes you are a U.S. Shareholder and that you hold your Shares as a capital asset. This discussion is based upon present provisions of the Internal Revenue Code of 1986, as amended (the "Code"), the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, which change may be retroactive. Prospective investors should consult their own tax advisers with regard to the federal tax consequences of the purchase, ownership, or disposition of Shares, as well as the tax consequences arising under the laws of any state, foreign country, or other taxing jurisdiction.

The Fund intends to elect to be treated as a regulated investment company ("RIC") under U.S. federal income tax law and to qualify as such for each taxable year. As a RIC, the Fund will generally not be subject to U.S. federal corporate income taxes, to the extent that it distributes out to Shareholders its net taxable income and gain each year. To qualify for treatment as a RIC, the Fund must meet three important tests each year.

First, the Fund must derive with respect to each taxable year at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests in qualified publicly traded partnerships. It should be noted that to the extent the Fund earns any fees from the origination of loans, such fee income may not be included as income that satisfies the 90% test described in the preceding sentence.

Second, generally, at the close of each quarter of its taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. Government securities, securities of other RICs, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of its total assets in securities of the issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer), and no more than 25% of the value of the Fund's total assets may be invested in the securities of (1) any one issuer (other than U.S. government securities and securities of other RICs), (2) two or more issuers (other than securities of other RICs) that the Fund controls and which are engaged in the same or similar trades or businesses, or (3) one or more qualified publicly traded partnerships.

Third, the Fund must distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) and 90% of its tax-exempt income, if any, for the year. If the Fund were to fail to make sufficient distributions, it could be liable for corporate income tax and for excise tax in respect of the shortfall or, if the shortfall is large enough, the Fund could be disqualified as a RIC.

The Fund might not distribute all of its net investment income, and the Fund is not required to distribute any portion of its net capital gain. If the Fund qualifies for treatment as a RIC but does not distribute all of its net capital gain and net investment income, it will be subject to tax at regular corporate rates on the amount retained. If the Fund retains any net capital gain, it may designate the retained amount of capital gain as undistributed capital gain in a notice to its Shareholders who, if subject to federal income tax on long-term capital gains: (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their share of such undistributed amount; (ii) will be deemed to have paid their proportionate share of the tax paid by the Fund on such undistributed amount and will be entitled to credit that amount of tax against their federal income tax liabilities, if any; and (iii) will be entitled to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of Shares owned by a Shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the Shareholder's gross income and the tax deemed paid by the Shareholder.

As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that the Fund distributes to the Shareholders. The Fund intends to distribute to its Shareholders, at least annually, substantially all of its net investment income and net capital gain. Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that were not distributed during those years. To prevent application of the excise tax, the Fund intends to make its distributions in accordance with the calendar year distribution requirement.

The Fund intends to comply with the foregoing requirements. If for any taxable year the Fund were not to qualify as a RIC, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to Shareholders. In that event, taxable Shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, and corporate Shareholders could be eligible for the dividends-received deduction.

If the Fund fails to satisfy the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for certain relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. In order to be eligible for the relief provisions with respect to a failure to meet the diversification requirements, the Fund may be required to dispose of certain assets. If the Fund has not made sufficient distributions during a taxable year, it may satisfy its minimum distribution requirement by declaring "spillover dividends" within a limited time period after the close of the applicable taxable year, or if a determination is made that increases the Fund's investment company taxable income for a prior year, the Fund may utilize "deficiency dividends," in each case to avoid disqualification as a RIC. If these relief provisions are not available to the Fund and it fails to qualify for treatment as a RIC for a taxable year, the Fund will be taxable at regular corporate tax rates (and, to the extent applicable, at corporate alternative minimum tax rates). In such an event, all distributions (including capital gain distributions) will be taxable as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits, subject to the dividends-received deduction for corporate Shareholders and to the tax rates applicable to qualified dividend income distributed to non-corporate Shareholders. In such an event, distributions in excess of the Fund's current and accumulated earnings and profits will be treated first as a return of capital to the extent of the holder's adjusted tax basis in the Shares (reducing that basis accordingly), and any remaining distributions will be treated as a capital gain. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. In addition, if the Fund were to fail to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Fund-level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year.

The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to the Shareholders.

**Investments in Non-U.S. Securities**

The Fund may invest in non-U.S. securities, which investments could subject the Fund to complex provisions of the Code applicable to equity interests in passive foreign investment companies (each, a "PFIC"). A PFIC is an equity interest (under Treasury regulations that may be promulgated in the future, generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations (i) that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or (ii) where at least 50% of the corporation's assets (computed based on average fair market value) either produce or are held for the production of passive income. If the Fund invests in PFICs, the Fund could be subject to U.S. federal income tax and nondeductible interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its Shareholders. The Fund would not be able to pass through to its Shareholders any credit or deduction for such a tax. A "qualified electing fund" election or a "mark-to-market" election may be available that would ameliorate these adverse tax consequences, but such elections could require the Fund to recognize taxable income or gain (subject to the distribution requirements applicable to RICs, as described above) without the concurrent receipt of cash. In order to satisfy the distribution requirements and avoid a tax at the Fund level, the Fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the Fund. Gains from the sale of stock of PFICs may also be treated as ordinary income. In order for the Fund to make a qualified electing fund election with respect to a PFIC, the PFIC would have to agree to provide certain tax information to the Fund on an annual basis, which it might not agree to do. The Fund may limit and/or manage its holdings in PFICs to limit its tax liability or maximize its returns from these investments.

Dividends received by the Fund on foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. Shareholders of the Fund generally will not be entitled to a credit or deduction with respect to any such taxes paid by the Fund.

Gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

**Investment in Domestic Subsidiaries**

The Fund contemplates investing up to 25% of its assets in one or more U.S. subsidiaries to enable it to indirectly make investments that would not generate qualifying income for a RIC. Any net income that such a subsidiary recognizes will be subject to federal and state corporate income tax, but the dividends that the subsidiary pays to the Fund (i.e., those gains, net of the tax paid and any other expenses of the subsidiary, such as its management and advisory fees) will be eligible to be treated as "qualified dividend income" under the Code. Although it is possible that multiple subsidiaries may be required to be aggregated for purposes of the 25% value limit described above, losses of one subsidiary will not offset income of another subsidiary.

**Other Taxes**

The Fund also may be subject to state, local, and foreign taxes that could reduce cash distributions to Shareholders.

**Capital Loss Carryforwards**

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to offset capital gains in future years. The Fund is permitted to carry forward indefinitely a net capital loss from any taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to Shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. Under certain circumstances, the Fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

The foregoing discussion is a summary only and is not intended as a substitute for careful tax planning. Purchasers of Shares should consult their own tax advisers as to the tax consequences of investing in such Shares, including under state, local and other tax laws.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL**

[ ], located at [ ], has been selected as the independent registered public accounting firm for the Fund and in such capacity will audit the Fund's annual financial statements and financial highlights.

Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund and the Independent Trustees.

**ADMINISTRATOR**

The Fund has contracted with UMB Fund Services, Inc. (the "Administrator") to provide it with certain administrative and accounting services.

**CUSTODIAN**

UMB Bank, n.a. (the "Custodian"), serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with U.S. and non-U.S. subcustodians (which may be banks, trust companies, securities depositories and clearing agencies) in accordance with the requirements of Section 17(f) of the Investment Company Act. Assets of the Fund are not held by the Investment Manager, or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. subcustodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 1010 Grand Boulevard, Kansas City, MO 64106.

**DISTRIBUTOR**

Distribution Services, LLC, (the "Distributor") is the distributor of Shares and is located at 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. Pursuant to the Distribution Agreement, the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Shares. The Distributor and its officers have no role in determining the investment policies of the Fund.

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Investment Manager. The Investment Manager will vote such proxies in accordance with its proxy policies and procedures. A copy of the Investment Manager's proxy policies and procedures are included as Appendix A to this SAI.

The Fund will be required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at 1 (888) 442-4420 or (ii) by visiting the SEC's website at *www.sec.gov*.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of [ ], there were no Shares of the Fund outstanding, and therefore were no record or beneficial owners of 5% or more of the Fund or any Share class.

**FINANCIAL STATEMENTS**

Appendix B to this SAI provides financial information regarding the Fund. The Fund's financial statements have been audited by [ ].

**ADDITIONAL INFORMATION**

A registration statement on Form N-2, including amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC. The Prospectus and this Statement of Additional Information do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed and copied on the EDGAR database on the SEC's website at http://www.sec.gov. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov).

**APPENDIX A — PROXY VOTING POLICIES AND PROCEDURES**

**CIBC Private Wealth Advisors, Inc.<br> PROXY POLICY AND PROCEDURE**

**[To be added by amendment]**

**APPENDIX B – FINANCIAL STATEMENTS**

**[To be added by amendment]**

**PART C:<br> OTHER INFORMATION**

**CIBC PRIVATE LENDING STRATEGIES (the "<u>Registrant</u>")**

**Item 25.** **Financial Statements and Exhibits**

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| | |
|:---|:---|
| (1) | Financial Statements: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. |
| (2) | Exhibits |
| (a)(1) | [Amended and Restated Agreement and Declaration of Trust is filed herewith.](ea0276928-01_ex99a1.htm) |
| (a)(2) | [Certificate of Trust is incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-290753) as previously filed on October 7, 2025.](https://www.sec.gov/Archives/edgar/data/2087834/000121390025097075/ea025888801_ex99-a2.htm) |
| (b) | [By-Laws are incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (File No. 333-290753) as previously filed on October 7, 2025.](https://www.sec.gov/Archives/edgar/data/2087834/000121390025097075/ea025888801_ex99-b.htm) |
| (c) | Not applicable. |
| (d) | Refer to Exhibit (a)(1), (b). |
| (e) | Not applicable. |
| (f) | Not applicable. |
| (g) | [Form of Investment Management Agreement is filed herewith.](ea0276928-01_ex99g.htm) |
| (h) | [Form of Distribution Agreement is filed herewith.](ea0276928-01_ex99h.htm) |
| (i) | Not applicable. |
| (j) | [Form of Custody Agreement is filed herewith.](ea0276928-01_ex99j.htm) |
| (k)(1) | [Form of Administration, Fund Accounting and Recordkeeping Agreement is filed herewith.](ea0276928-01_ex99k1.htm) |
| (k)(2) | [Form Expense Limitation and Reimbursement Agreement is filed herewith.](ea0276928-01_ex99k2.htm) |
| (k)(3) | [Form of Joint Insured Bond Agreement is filed herewith.](ea0276928-01_ex99k3.htm) |
| (k)(4) | [Form of Joint Liability Insurance Agreement is filed herewith.](ea0276928-01_ex99k4.htm) |
| (k)(5) | [Form of Platform Management Agreement is filed herewith.](ea0276928-01_ex99k5.htm) |
| (l) | Opinion and Consent of Faegre Drinker Biddle & Reath LLP to be filed by amendment. |
| (m) | Not applicable. |
| (n) | Not applicable. |
| (o) | Not applicable. |
| (p) | Not applicable. |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of Registrant is filed herewith.](ea0276928-01_ex99r1.htm) |
| (r)(2) | [Code of Ethics of CIBC Private Wealth Advisors, Inc. is filed herewith.](ea0276928-01_ex99r2.htm) |
| (s) | Not applicable. |
| (t) | [Powers of Attorney is filed herewith.](ea0276928-01_ex99t.htm) |

---

**Item 26.** **Marketing Arrangements**

Not applicable.

**Item 27.** **Other Expenses of Issuance and Distribution of Securities Being Registered**

All figures are estimates:

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| | |
|:---|:---|
| Registration fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| Legal fees | $[ ] |
| Printing fees | $[ ] |
| Blue Sky fees | $[ ] |
| Transfer Agent fees | $[ ] |
| Total | $[ ] |

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**Item 28.** **Persons Controlled by or Under Common Control With Registrant**

[To be completed by amendment]

**Item 29.** **Number of Holders of Securities**

---

| | |
|:---|:---|
| **Title of Class** | **Number of <br> Shareholders<sup>\*</sup>** |
|  Class I Shares | 0 |

---

\* As of [ ].

---

| | |
|:---|:---|
| **Item** | **30. Indemnification** |

---

Sections 8.1-8.5 of Article VIII of the Registrant's Agreement and Declaration of Trust states:

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| | |
|:---|:---|
| &nbsp;&nbsp; Section 8.1 | &nbsp;&nbsp; <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder.<br>|
| &nbsp;&nbsp;Section 8.2 | &nbsp;&nbsp; <u>Indemnification</u>. The Trust shall indemnify each of its Trustees, officers and persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise, and may indemnify any trustee, director or officer of a predecessor organization (each a "Covered Person"), against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including reasonable accountants' and counsel fees) reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative, regulatory, or legislative body, in which he may be involved or with which he may be threatened, while as a Covered Person or thereafter, by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of his duties involved in the conduct of such Covered Person's office (such willful misfeasance, bad faith, gross negligence or reckless disregard being referred to herein as "Disabling Conduct"). Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of (a) an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification.<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Section 8.3 | &nbsp;&nbsp; <u>Indemnification Determinations</u>. Indemnification of a Covered Person pursuant to Section 8.2 shall be made if (a) the court or body before whom the proceeding is brought determines, in a final decision on the merits, that such Covered Person was not liable by reason of Disabling Conduct or (b) in the absence of such a determination, a majority of a quorum of disinterested, non-party Trustees or independent legal counsel in a written opinion make a reasonable determination, based upon a review of the facts, that such Covered Person was not liable by reason of Disabling Conduct.<br>|
| &nbsp;&nbsp;Section 8.4 | &nbsp;&nbsp; <u>Indemnification Not Exclusive</u>. The right of indemnification provided by this Article VIII shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, "Covered Person" shall include such person's heirs, executors and administrators, and a "disinterested, non-party Trustee" is a Trustee who is neither an Interested Person of the Trust nor a party to the proceeding in question.<br>|
| &nbsp;&nbsp;Section 8.5 | &nbsp;&nbsp; <u>Shareholders</u>. Each Shareholder of the Trust and each Class shall not be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Class. The Trustees shall have no power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay pursuant to terms hereof or by way of subscription for any Shares or otherwise.<br>|
|  | &nbsp;&nbsp;In case any Shareholder or former Shareholder of any Class shall be held to be personally liable solely by reason of his being or having been a Shareholder of such Class and not because of his acts or omissions or for some other reason, the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the applicable Class to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Class, shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Class and satisfy any judgment thereon from the assets of the Class. The indemnification and reimbursement required by the preceding sentence shall be made only out of assets of the one or more Classes whose Shares were held by said Shareholder at the time the act or event occurred that gave rise to the claim against or liability of said Shareholder. The rights accruing to a Shareholder under this Section shall not impair any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust or any Class thereof to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein. |

---

Additionally, the Registrant's various agreements with its service providers contain indemnification provisions.

**Item 31.** **Business and Other Connections of Investment Adviser**

Information as to the directors and officers of the Registrant's investment adviser, CIBC Private Wealth Advisors, Inc. (the "Investment Manager"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Manager, and each director, executive officer, managing member or partner of the Investment Manager, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV, File No. 801-57986 as filed with the Securities and Exchange Commission, and is incorporated herein by reference.

**Item 32.** **Location of Accounts and Records**

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained at the offices of (1) the Registrant's Administrator and/or (2) the Investment Manager. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. UMB Fund Services, Inc.<br>
235 West Galena Street<br>
Milwaukee, WI 53212

2. CIBC Private Wealth Advisors, Inc.<br>
 100 Federal Street, 30th Floor Boston, MA 02110

**Item 33.** **Management Services**

Not applicable.

**Item 34.** **Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended ("Securities Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver in the State of Colorado on the 13th day of February, 2026.

---

| | |
|:---|:---|
| <br> CIBC Private Lending Strategies  | <br> CIBC Private Lending Strategies  |
| By: | /s/ Derek Mullins |
|  | Name: Derek Mullins |
|  | Title: President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Derek Mullins | President (Principal Executive Officer) | February 13, 2026 |
| Derek Mullins |  |  |
| /s/ Daniel Hess | Principal Accounting Officer (Principal Financial Officer) | February 13, 2026 |
| Daniel Hess |  |  |
| \*J. Michael Fields | Trustee | February 13, 2026 |
| Michael Fields |  |  |
| \*Stephen A. Mace | Trustee | February 13, 2026 |
| Stephen A. Mace |  |  |
| \*Stacy Roode | Trustee | February 13, 2026 |
| Stacy Roode |  |  |
| \*Amy J. Small | Trustee | February 13, 2026 |
| Amy J. Small |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; \*By: | &nbsp;&nbsp; /s/ Ann Maurer |
|  | &nbsp;&nbsp; Ann Maurer |
|  | &nbsp;&nbsp; Attorney-In-Fact (Pursuant to Power of Attorney) |

---

**Exhibit Index**

---

| | |
|:---|:---|
| (a)(1)  | [Amended and Restated Agreement and Declaration of Trust](ea0276928-01_ex99a1.htm) |
| (g) | [Form of Investment Management Agreement](ea0276928-01_ex99g.htm) |
| (h) | [Form of Distribution Agreement](ea0276928-01_ex99h.htm) |
| (j) | [Form of Custody Agreement](ea0276928-01_ex99j.htm) |
| (k)(1) | [Form of Administration, Fund Accounting and Recordkeeping Agreement](ea0276928-01_ex99k1.htm) |
| (k)(2) | [Form of Expense Limitation and Reimbursement Agreement](ea0276928-01_ex99k2.htm) |
| (k)(3) | [Form of Joint Insured Bond Agreement](ea0276928-01_ex99k3.htm) |
| (k)(4) | [Form of Joint Liability Insurance Agreement](ea0276928-01_ex99k4.htm) |
| (k)(5) | [Form of Platform Management Agreement](ea0276928-01_ex99k5.htm) |
| (r)(1) | [Code of Ethics of Registrant](ea0276928-01_ex99r1.htm) |
| (r)(2) | [Code of Ethics of CIBC Private Wealth Advisors, Inc.](ea0276928-01_ex99r2.htm) |
| (t) | [Powers of Attorney](ea0276928-01_ex99t.htm) |

---

## Ex-99.(A)(1)

**Exhibit (a)(1)**

CIBC PRIVATE LENDING STRATEGIES

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

Dated: January 22, 2026

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| **ARTICLE I NAME AND DEFINITIONS** | **ARTICLE I NAME AND DEFINITIONS** | **1** |
| Section 1.1 | Name | 1 |
| Section 1.2 | Definitions | 1 |
| **ARTICLE II BENEFICIAL INTEREST** | **ARTICLE II BENEFICIAL INTEREST** | **2** |
| Section 2.1 | Shares of Beneficial Interest | 2 |
| Section 2.2 | Issuance of Shares | 3 |
| Section 2.3 | Register of Shares and Share Certificates | 3 |
| Section 2.4 | Transfer of Shares | 3 |
| Section 2.5 | Treasury Shares | 4 |
| Section 2.6 | Establishment of Classes | 4 |
| Section 2.7 | Investment in the Trust | 4 |
| Section 2.8 | No Preemptive Rights | 5 |
| Section 2.9 | Conversion Rights | 5 |
| Section 2.10 | Legal Proceedings | 5 |
| Section 2.11 | Status of Shares | 6 |
| **ARTICLE III THE TRUSTEES** | **ARTICLE III THE TRUSTEES** | **6** |
| Section 3.1 | Management of the Trust | 6 |
| Section 3.2 | Term of Office of Trustees | 7 |
| Section 3.3 | Vacancies and Appointment of Trustees | 7 |
| Section 3.4 | Temporary Absence of Trustee | 8 |
| Section 3.5 | Number of Trustees | 8 |
| Section 3.6 | Effect of Death, Resignation, Etc. of a Trustee | 8 |
| Section 3.7 | Ownership of Assets of the Trust | 8 |
| Section 3.8 | No Accounting | 8 |
| **ARTICLE IV POWERS OF THE TRUSTEES** | **ARTICLE IV POWERS OF THE TRUSTEES** | **9** |
| Section 4.1 | Powers | 9 |
| Section 4.2 | Issuance and Repurchase of Shares | 12 |
| Section 4.3 | Trustees and Officers as Shareholders | 13 |
| Section 4.4 | Action by the Trustees and Committees | 13 |
| Section 4.5 | Chairperson of the Trustees | 13 |
| Section 4.6 | Principal Transactions | 13 |
| **ARTICLE V INVESTMENT ADVISER, INVESTMENT SUB-ADVISER, PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER **AGENT, CUSTODIAN AND OTHER CONTRACTORS** | **ARTICLE V INVESTMENT ADVISER, INVESTMENT SUB-ADVISER, PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER **AGENT, CUSTODIAN AND OTHER CONTRACTORS** | **14** |
| Section 5.1 | Certain Contracts | 14 |
| **ARTICLE VI SHAREHOLDER VOTING POWERS AND MEETINGS** | **ARTICLE VI SHAREHOLDER VOTING POWERS AND MEETINGS** | **16** |
| Section 6.1 | Voting | 16 |

---

-i-

**TABLE OF CONTENTS**

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| Section 6.2 | Meetings | 16 |
| Section 6.3 | Quorum and Required Vote | 17 |
| Section 6.4 | Action by Written Consent | 17 |
| **ARTICLE VII DISTRIBUTIONS AND REPURCHASES** | **ARTICLE VII DISTRIBUTIONS AND REPURCHASES** | **17** |
| Section 7.1 | Distributions. | 17 |
| Section 7.2 | Transfer of Shares | 18 |
| Section 7.3 | Repurchases | 19 |
| Section 7.4 | Redemptions at the Option of the Trust | 19 |
| Section 7.5 | Suspension of the Right of Repurchase | 19 |
| Section 7.6 | Redemption of Shares to Qualify as a Regulated Investment Company | 20 |
| Section 7.7 | Net Asset Value | 20 |
| **ARTICLE VIII LIMITATION OF LIABILITY AND INDEMNIFICATION** | **ARTICLE VIII LIMITATION OF LIABILITY AND INDEMNIFICATION** | **20** |
| Section 8.1 | Limitation of Liability | 20 |
| Section 8.2 | Indemnification | 21 |
| Section 8.3 | Indemnification Determinations | 21 |
| Section 8.4 | Indemnification Not Exclusive | 21 |
| Section 8.5 | Shareholders | 21 |
| **ARTICLE IX MISCELLANEOUS** | **ARTICLE IX MISCELLANEOUS** | **22** |
| Section 9.1 | Trust Not a Partnership | 22 |
| Section 9.2 | Trustees' and Officers' Good Faith Action, Expert Advice, No Bond or Surety | 22 |
| Section 9.3 | Establishment of Record Dates | 22 |
| Section 9.4 | Dissolution and Termination of Trust. | 23 |
| Section 9.5 | Merger, Consolidation, Incorporation | 24 |
| Section 9.6 | Filing of Copies, References, Headings | 24 |
| Section 9.7 | Applicable Law | 25 |
| Section 9.8 | Amendments | 25 |
| Section 9.9 | Fiscal Year | 25 |
| Section 9.10 | Provisions in Conflict with Law | 26 |
| Section 9.11 | Allocation of Certain Expenses | 26 |
| Section 9.12 | Delivery by Electronic Transmission or Otherwise | 26 |

---

-ii-

**CIBC PRIVATE LENDING STRATEGIES**

**<u>AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST</u>**

THIS AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST of CIBC Private Lending Strategies, a Delaware statutory trust, made as of January 22, 2026 by the Trustees.

WHEREAS, the Trustees have heretofore formed a statutory trust under the laws of Delaware for the investment and reinvestment of its assets by the execution of the Agreement and Declaration of Trust of CIBC Private Lending Strategies on September 11, 2025;

WHEREAS, the Trustees desire to amend and restate such Declaration of Trust in its entirety;

WHEREAS, the Trustees desire that the beneficial interest in the trust assets be divided into transferable shares of beneficial interest, as hereinafter provided;

WHEREAS, the Trustees declare that all money and property contributed to the trust established hereunder shall be held and managed in trust for the benefit of the holders of the shares of beneficial interest issued hereunder and subject to the provisions hereof;

NOW, THEREFORE, in consideration of the foregoing, the Trustees hereby declares that all money and property contributed to the trust hereunder shall be held and managed in trust under this Amended and Restated Agreement and Declaration of Trust ("Trust Instrument") as herein set forth below.

<u>ARTICLE I</u>

<u>NAME AND DEFINITIONS</u>

Section 1.1 <u>Name</u>. The name of the trust established hereby is "CIBC Private Lending Strategies."

Section 1.2 <u>Definitions</u>. Wherever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Act" means the Delaware Statutory Trust Act, 12 <u>Del. C.</u> §§ 3801 <u>et seq</u>., as from time to time amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "By-laws" means the By-laws referred to in Section 4.1(e) hereof, as from time to time amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The terms "Affiliated Person," "Assignment," "Commission," "Interested Person" and "Principal Underwriter" shall have the meanings given them in the 1940 Act. "Majority Shareholder Vote" shall have the same meaning as the term "vote of a majority of the outstanding voting securities" is given in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Class" means any division of Shares of the Trust, which Class is or has been established in accordance with the provisions of Article II hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Net Asset Value" means the net asset value of each Class of the Trust determined in the manner provided in Section 7.7 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Outstanding Shares" means those Shares recorded from time to time in the books of the Trust or its transfer agent as then issued and outstanding, but shall not include Shares which have been redeemed or repurchased by the Trust and which are at the time held in the treasury of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) "Shareholder" means a record owner of Outstanding Shares of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Shares" means the transferable units of beneficial interest into which the beneficial interest of the Trust or Class thereof shall be divided and may include fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) "Trust" refers to CIBC Private Lending Strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Trustee" or "Trustees" means the person or persons who has or have signed this Trust Instrument, so long as such person or persons shall continue in office in accordance with the terms hereof, and all other persons who may from time to time be duly qualified and serving as Trustees in accordance with the provisions of Article III hereof, and reference herein to a Trustee or to the Trustees shall refer to the individual Trustees in their capacity as Trustees hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Trust Property" means any and all property, real or personal, tangible or intangible, which is owned or held by or for the account of the Trust, or the Trustees on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Valuation Date" means the date on which the value of Shares being repurchased will be determined by the Trustees in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The "1940 Act" refers to the Investment Company Act of 1940 and the rules and regulations thereunder and exemptions granted therefrom, all as may be amended from time to time.

<u>ARTICLE II</u>

<u>BENEFICIAL INTEREST</u>

Section 2.1 <u>Shares of Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into such transferable Shares of one or more separate and distinct Classes as the Trustees shall from time to time create and establish. The number of Shares of each Class authorized hereunder is unlimited. Each Share shall have a par value of $0.001, unless otherwise determined by the Trustees in connection with the creation and establishment of a Class. All Shares issued hereunder, including without limitation, Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and nonassessable.

Section 2.2 <u>Issuance of Shares</u>. The Trustees in their discretion may, from time to time, without vote of the Shareholders, issue Shares of each Class to such party or parties and for such amount and type of consideration (or for no consideration if pursuant to a Share dividend or split-up), subject to applicable law, including cash or securities (including Shares of a different Class), at such time or times and on such terms as the Trustees may deem appropriate, and may in such manner acquire other assets (including the acquisitions of assets subject to, and in connection with, the assumption of liabilities) and businesses. In connection with any issuance of Shares, the Trustees may issue fractional Shares and Shares held in the treasury. The Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust. The Trustees may classify and reclassify any unissued Shares or any Shares previously issued and reacquired of any Class into one or more Classes that may be established and designated from time to time.

Any Trustee, officer or other agent of the Trust, and any organization in which any such person is interested, may acquire, own, hold and dispose of Shares of any Class of the Trust to the same extent as if such person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell or cause to be issued and sold and may repurchase Shares of any Class from any such person or any such organization subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of Shares of such Class generally.

Section 2.3 <u>Register of Shares and Share Certificates</u>. A register shall be kept at the principal office of the Trust or an office of the Trust's transfer agent which shall contain the names and addresses of the Shareholders of each Class, the number of Shares of that Class held by each of them respectively and a record of all transfers thereof. As to Shares for which no certificate has been issued, such register shall be conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or other distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or other distribution, nor to have notice given to him as herein or in the By-laws provided, until he has given his address to the transfer agent or such other officer or agent of the Trust as shall keep the said register for entry thereon. The Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate rules and regulations as to their use. In the event that one or more certificates are issued, whether in the name of a Shareholder or a nominee, such certificate or certificates shall constitute evidence of ownership of Shares for all purposes, including transfer, assignment or sale of such Shares, subject to such limitations as the Trustees may, in their discretion, prescribe.

Section 2.4 <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only in accordance with Section 7.2 herein and only by the record holder thereof or by his agent thereunto duly authorized in writing, upon delivery to the Trustees or the Trust's transfer agent of a duly executed instrument of transfer, together with a Share certificate, if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Trustees. Upon such delivery the transfer shall be recorded on the register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor the Trust, nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

Section 2.5 <u>Treasury Shares</u>. Shares held in the treasury shall, until reissued pursuant to Section 2.2 hereof, not confer any voting rights on the Trustees, nor shall such Shares be entitled to any dividends or other distributions declared with respect to the Shares.

Section 2.6 <u>Establishment of Classes</u>. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable.

Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares.

All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust except as the context otherwise requires.

All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.

Section 2.7 <u>Investment in the Trust</u> . The Trustees shall accept investments in any Class from such persons and on such terms as they may from time to time authorize. At the Trustees' discretion, such investments, subject to applicable law, may be in the form of cash or securities in which the Trust is authorized to invest, valued as provided in Section 7.7 hereof. Unless the Trustees otherwise determine, investments shall be credited to each Shareholder's account in the form of full Shares at the Net Asset Value per Share next determined after the investment is received. Without limiting the generality of the foregoing, the Trustees may, in their sole discretion, (a) fix the Net Asset Value per Share of the initial capital contribution, (b) impose sales or other charges upon investments in the Trust or (c) issue fractional Shares.

Section 2.8 <u>No Preemptive Rights</u>. Shareholders shall have no preemptive or other similar rights to subscribe to any additional Shares or other securities issued by the Trust or the Trustees, whether of the same or another Class.

Section 2.9 <u>Conversion Rights</u>. The Trustees shall have the authority to provide from time to time that the holders of Shares of any Class shall have the right to convert or exchange said Shares for or into Shares of one or more other Classes in accordance with such requirements and procedures as may be established from time to time by the Trustees.

Section 2.10 <u>Legal Proceedings</u>. No person, other than a Trustee, who is not a Shareholder of the Trust or of a particular Class shall be entitled to bring any derivative action, suit or other proceeding on behalf of or with respect to the Trust or such Class. Further, each complaining Shareholder must have been a Shareholder of the Trust or the affected Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a person who was a Shareholder at that time and each complaining Shareholder must be a Shareholder of the Trust or the affected Class, as applicable, as of the time the written demand is made upon the Trustees. No Shareholder may maintain a derivative action with respect to the Trust or any Class of the Trust unless holders of at least ten percent (10%) of the outstanding Shares of the Trust, or 10% of the outstanding Shares of the Class to which such action relates, join in the bringing of such action. All matters relating to the bringing of derivative actions in the right of the Trust shall be governed by this Section 2.10 and Section 3816 of the Act.

In addition to the requirements set forth in Section 3816 of the Act, a Shareholder may bring a derivative action on behalf of the Trust or any Class of the Trust only if the following conditions are met: (a) the Shareholder or Shareholders must make a pre-suit written demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that such Trustee receives remuneration for his service as a Trustee of the Trust or as a trustee or director of one or more investment companies that are under common management with or otherwise affiliated with the Trust; and (b) unless a demand is not required under clause (a) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisers in the event that the Trustees determine not to bring such action. For purposes of this Section 2.10, the Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue. If the demand for derivative action has been considered by the Board of Trustees, and a majority of those Trustees who are not deemed to be Interested Persons of the Trust, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Trust or the affected Class, as applicable, the complaining Shareholders shall be barred from commencing the derivative action. If upon such consideration the appropriate members of the Board of Trustees determine that such a suit should be maintained, then the appropriate officers of the Trust shall commence initiation of that suit and such suit shall proceed directly rather than derivatively. The Board of Trustees, or the appropriate officers of the Trust, shall inform the complaining Shareholders of any decision reached under this paragraph in writing within ten business days of such decision having been reached.

For purposes of this Section 2.10, a written demand upon the Trustees must include at least the following: (a) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made; (b) a statement to the effect that the complaining Shareholder(s) believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the right of the Trust or the affected Class, as applicable, and an explanation of why the complaining Shareholders believe that to be the case; (c) a certification that each complaining Shareholder was a Shareholder of the Trust or the affected Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a person who was a Shareholder at that time and each complaining Shareholder was a Shareholder of the Trust or the affected Class, as applicable, as of the time the written demand upon the Trustees, as well as information reasonably designed to allow the Trustees to verify that certification; and (d) a certification that each complaining Shareholder will be a Shareholder of the Trust or the affected Class, as applicable, as of the commencement of the derivative action.

This Section 2.10 will not apply to claims brought under the federal securities laws.

Section 2.11 <u>Status of Shares</u>. Shares shall be deemed to be personal property giving only the rights provided in this Trust Instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners.

<u>ARTICLE III</u>

<u>THE TRUSTEES</u>

Section 3.1 <u>Management of the Trust</u>. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Trust Instrument. The Trustees shall have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependen-cies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Trust Instrument, the presumption shall be in favor of a grant of power to the Trustees.

The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the aforesaid power. The powers of the Trustees may be exercised without order of or resort to any court.

Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 3.3 hereof, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders.

Section 3.2 <u>Term of Office of Trustees</u> . Subject to any limitations on the term of service imposed by the By-laws or any retirement policy adopted by the Trustees, each Trustee shall hold office during the existence of this Trust, and until its termination as herein provided; except: (a) that any Trustee may resign as Trustee by written instrument signed by him and delivered to the Chairperson, President, Secretary, or other Trustee of the Trust, which shall take effect upon such delivery or upon such later date as is specified therein; (b) that any Trustee may be removed, with or without cause, at any time by written instrument, signed by a majority of the Trustees prior to such removal, specifying the date when such removal shall become effective; (c) that any Trustee who requests in writing to be retired or who has died, become physically or mentally incapacitated by reason of disease or otherwise, or is otherwise unable to serve, may be retired by written instrument signed by a majority of the other Trustees, specifying the date of his retirement; and (d) that a Trustee may be removed, with or without cause, at any meeting of the Shareholders of the Trust by a vote of Shareholders owning at least two-thirds of the outstanding Shares of the Trust.

Section 3.3 <u>Vacancies and Appointment of Trustees</u>. In the case of the declination to serve, death, resignation, retirement, removal, physical or mental incapacity by reason of disease or otherwise of a Trustee, or a Trustee is otherwise unable to serve, or an increase in the number of Trustees, a vacancy shall occur. Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled, the other Trustees shall have all the powers hereunder and the certificate of the other Trustees of such vacancy shall be conclusive. In the case of an existing vacancy, the remaining Trustee or Trustees shall fill such vacancy by appointing such other person as such Trustee or Trustees in their discretion shall see fit consistent with the limitations under the 1940 Act, unless such Trustee or Trustees determine, in accordance with Section 3.5, to decrease the size of the Board to the number of remaining Trustees.

An appointment of a Trustee may be made by the Trustees then in office in anticipation of a vacancy to occur by reason of retirement, resignation or increase in number of Trustees effective at a later date, provided that said appointment shall become effective only at or after the effective date of said retirement, resignation or increase in number of Trustees.

An appointment of a Trustee shall be effective upon the acceptance of the person so appointed to serve as Trustee, except that any such appointment in anticipation of a vacancy shall become effective at or after the date such vacancy occurs.

Section 3.4 <u>Temporary Absence of Trustee</u>. Any Trustee may, by power of attorney, delegate his power for a period not exceeding six months at any one time to any other Trustee or Trustees, provided that in no case shall less than two Trustees personally exercise the other powers hereunder except as herein otherwise expressly provided or unless there is only one or two Trustees.

Section 3.5 <u>Number of Trustees</u>. The number of Trustees shall be one, or such other number as shall be fixed from time to time by the Trustees.

Section 3.6 <u>Effect of Death, Resignation, Etc. of a Trustee</u>. The declination to serve, death, resignation, retirement, removal, incapacity, or inability of the Trustees, or any one of them, shall not operate to terminate the Trust or to revoke any existing agency created pursuant to the terms of this Trust Instrument.

Section 3.7 <u>Ownership of Assets of the Trust</u>. Legal title in and beneficial ownership of all of the assets of the Trust shall at all times be considered as vested in the Trust, except that the Trustees may cause legal title in and beneficial ownership of any Trust Property to be held by, or in the name of one or more of the Trustees acting for and on behalf of the Trust, or in the name of any person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust. The Shares shall be personal property giving only the rights specifically set forth in this Trust Instrument. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities of the Trust issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country.

Section 3.8 <u>No Accounting</u>. Except to the extent required by the 1940 Act or, if determined to be necessary or appropriate by the other Trustees under circumstances which would justify his or her removal for cause, no person ceasing to be a Trustee for reasons including, but not limited to, death, resignation, retirement, removal or incapacity (nor the estate of any such person) shall be required to make an accounting to the Shareholders or remaining Trustees upon such cessation.

<u>ARTICLE IV</u>

<u>POWERS OF THE TRUSTEES</u>

Section 4.1 <u>Powers</u>. The Trustees in all instances shall act as principals, and are and shall be free from the control of the Shareholders. The Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust. The Trustees shall have full authority and power to make any and all investments which they, in their sole discretion, shall deem proper to accomplish the purpose of this Trust. Subject to any applicable limitation in this Trust Instrument, the Trustees shall have power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To invest and reinvest cash and other property, and to hold cash or other property uninvested, and to sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To operate as and carry on the business of an investment company, and exercise all the powers necessary and appropriate to the conduct of such operations, including the power to invest all or any part of its assets in the securities of another investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To borrow money and in this connection issue notes or other evidence of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting as security the Trust Property; to endorse, guarantee, or undertake the performance of an obligation, liability or engagement of any person and to lend Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To provide for the distribution of interests of the Trust either through a Principal Underwriter in the manner hereinafter provided for or by the Trust itself, or both, or otherwise pursuant to a plan of distribution of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To adopt By-laws not inconsistent with this Trust Instrument providing for the conduct of the business of the Trust and to amend and repeal them to the extent that they do not reserve that right to the Shareholders, which By-laws shall be deemed a part of this Trust Instrument and are incorporated herein by reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To elect and remove such officers and appoint and terminate such agents and contractors as they consider appropriate, any of whom may be a Trustee, and may provide for the compensation of all of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To establish separate Classes having such relative rights, powers and duties as they may provide, consistent with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To employ one or more banks, trust companies or companies that are members of a national securities exchange or such other entities as custodians of any assets of the Trust, subject to the 1940 Act and to any conditions set forth in this Trust Instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To retain one or more transfer agents and shareholder servicing agents, or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) To set record dates in the manner provided herein or in the By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To delegate such authority (which delegation may include the power to subdelegate) as they consider desirable to any officers of the Trust and to any investment adviser, manager, administrator, custodian, underwriter or other agent or independent contractor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To join with other holders of any securities or debt instruments in acting through a committee, depository, voting trustee or otherwise, and in that connection to deposit any security or debt instrument with, or transfer any security or debt instrument to, any such committee, depository or trustee, and to delegate to them such power and authority with relation to any security or debt instrument (whether or not so deposited or transferred) as the Trustees shall deem proper and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depository or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To the extent permitted by law, indemnify any person with whom the Trust has dealings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To engage in and to prosecute, defend, compromise, abandon, or adjust by arbitration, or otherwise, any actions, suits, proceedings, disputes, claims and demands relating to the Trust, and out of the assets of the Trust to pay or to satisfy any debts, claims or expenses incurred in connection therewith, including those of litigation, and such power shall include without limitation the power of the Trustees or any appropriate committee thereof, in the exercise of their or its good faith business judgment, to dismiss any action, suit, proceeding, dispute, claim or demand, derivative or otherwise, brought by any person, including a Shareholder in its own name or the name of the Trust, whether or not the Trust or any of the Trustees may be named individually therein or the subject matter arises by reason of business for or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To purchase and pay for entirely out of Trust Property such insurance as they may deem necessary or appropriate for the conduct of the business of the Trust, including, without limitation, insurance policies insuring the Trust Property and payment of distributions and principal on its investments, and insurance policies insuring the Shareholders, Trustees, officers, representatives, employees, agents, investment advisers, managers, administrators, custodians, underwriters, or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person in such capacity, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust, subject to the provisions of Section 9.4(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities, debt instruments or property; and to execute and deliver powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities, debt instruments or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities or debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) To hold any security or property in a form not indicating any trust, whether in bearer, book entry, unregistered or other negotiable form; or either in the name of the Trustees or of the Trust or in the name of a custodian, subcustodian or other depository or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation, issuer or concern, any security or debt instrument of which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation, issuer or concern, and to pay calls or subscriptions with respect to any security or debt instrument held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To litigate, compromise, arbitrate, or otherwise adjust claims in favor of or against the Trust or any matter in controversy including, but not limited to, claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To make distributions of income and of capital gains to Shareholders in the manner herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) To establish, from time to time, a minimum investment for Shareholders in the Trust or in one or more Classes thereof, and to require the repurchase of the Shares of any Shareholders whose investment is less than such minimum upon giving notice to such Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) To cause each Shareholder, or each Shareholder of any particular Class, to pay directly, in advance or arrears, for charges of the Trust's custodian or transfer, shareholder servicing or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To establish one or more committees comprised of one or more of the Trustees, and to delegate any of the powers of the Trustees to said committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (bb) To interpret the investment policies, practices or limitations of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To establish a registered office and have a registered agent in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) To compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other agents, consultants, contractors and employees of the Trust or the Trustees on such terms as they deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) To invest part or all of the Trust Property, or to dispose of part or all of the Trust Property and invest the proceeds of such disposition, in interests issued by one or more other investment companies or pooled portfolios (including investment by means of transfer of part or all of the Trust Property in exchange for an interest or interests in such one or more investment companies or pooled portfolios) all without any requirement of approval by Shareholders. Any such other investment company or pooled portfolio may (but need not) be a trust (formed under the laws of any state or jurisdiction), which is classified as a partnership for federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) In general, to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees, or to see to the application of any payments made or property transferred to the Trustees or upon their order.

Section 4.2 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, exchange, and otherwise deal in Shares; to suspend or terminate the sales of Shares of any Class for any period of time; to establish terms and conditions, including any fees or expenses, regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance, disposition or exchange of or dealing in Shares of any Class; and subject to the provisions set forth in Article II and Article VII, to apply to any such repurchase, retirement, cancellation or acquisition of Shares any funds or property of the Trust, or a particular Class of the Trust, with respect to which such Shares are issued.

Section 4.3 <u>Trustees and Officers as Shareholders</u>. Any Trustee, officer or other agent of the Trust may acquire, own and dispose of Shares to the same extent as if such person were not a Trustee, officer or agent; and the Trustees may issue and sell or cause to be issued and sold Shares to and buy such Shares from any such person or any firm or company in which such person invested, subject to the general limitations herein contained as to the sale and purchase of such Shares.

Section 4.4 <u>Action by the Trustees and Committees</u>. The Trustees (and any committee thereof) may act at a meeting held in person or in whole or in part by conference telecommunications equipment. One-third, but not less than two, of the Trustees shall constitute a quorum at any meeting unless there is only one Trustee. Except as the Trustees may otherwise determine, one-third of the members of any committee shall constitute a quorum at any meeting. The vote of a majority of the Trustees (or committee members) present at a meeting at which a quorum is present shall be the act of the Trustees (or any committee thereof). The Trustees (and any committee thereof) may also act by written consent signed by a majority of the Trustees (or committee members). Regular meetings of the Trustees may be held at such places and at such times as the Trustees may from time to time determine. Special meetings of the Trustees (and meetings of any committee thereof) may be called orally or in writing by the Chairperson of the Board of Trustees (or the chairperson of any committee thereof) or by any two other Trustees. Notice of the time, date and place of all meetings of the Trustees (or any committee thereof) shall be given by the party calling the meeting to each Trustee (or committee member) by telephone, telefax, telegram or other electronic means sent to the person's home or business address at least twenty-four hours in advance of the meeting or by written notice mailed to the person's home or business address at least seventy-two hours in advance of the meeting. Notice of all proposed written consents of Trustees (or committees thereof) shall be given to each Trustee (or committee member) by telephone, telefax, telegram, or first class mail sent to the person's home or business address. Notice need not be given to any person who attends a meeting without objecting to the lack of notice or who executes a written consent or a written waiver of notice with respect to a meeting. Written consents or waivers may be executed in one or more counterparts. Execution of a written consent or waiver and delivery thereof may be accomplished by telefax or other electronic means approved by the Trustees.

Section 4.5 <u>Chairperson of the Trustees</u>. The Trustees may appoint one of their number to be Chairperson of the Board of Trustees. The Chairperson shall preside at all meetings of the Trustees at which he is present and may be (but is not required to be) the chief executive officer of the Trust.

Section 4.6 <u>Principal Transactions</u> . Except to the extent prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliated Person of the Trust, investment adviser, investment sub-adviser, distributor or transfer agent for the Trust or with any Interested Person of such Affiliated Person or other person; and the Trust may employ any such Affiliated Person or other person, or firm or company in which such Affiliated Person or other person is an Interested Person, as broker, legal counsel, registrar, investment adviser, investment sub-adviser, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

<u>ARTICLE V</u>

<u>INVESTMENT ADVISER, INVESTMENT SUB-ADVISER,</u>

<u>PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER AGENT,</u>

<u>CUSTODIAN AND OTHER CONTRACTORS</u>

Section 5.1 <u>Certain Contracts</u>. Subject to compliance with the provisions of the 1940 Act, but notwithstanding any limitations of present and future law or custom in regard to delegation of powers by trustees generally, the Trustees may, at any time and from time to time and without limiting the generality of their powers and authority otherwise set forth herein, enter into one or more contracts with any one or more corporations, trusts, associations, partnerships, limited partnerships, other type of organizations, or individuals to provide for the performance and assumption of some or all of the following services, duties and responsibilities to, for or of the Trust and/or the Trustees, and to provide for the performance and assumption of such other services, duties and responsibilities in addition to those set forth below as the Trustees may determine to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investment Adviser and Investment Sub-Adviser</u>. The Trustees may in their discretion, from time to time, enter into an investment advisory or management contract or contracts with respect to the Trust whereby the other party or parties to such contract or contracts shall undertake to furnish the Trust with such management, investment advisory, statistical and research facilities and services and such other facilities and services, if any, and all upon such terms and conditions, as the Trustees may in their discretion determine. Notwithstanding any other provision of this Trust Instrument, the Trustees may authorize any investment adviser (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases, sales or exchanges of portfolio securities, other investment instruments of the Trust, or other Trust Property on behalf of the Trustees, or may authorize any officer, agent, or Trustee to effect such purchases, sales or exchanges pursuant to recommendations of the investment adviser (and all without further action by the Trustees). Any such purchases, sales and exchanges shall be deemed to have been authorized by the Trustees.

The Trustees may authorize, subject to applicable requirements of the 1940 Act, the investment adviser to employ, from time to time, one or more sub-advisers to perform such of the acts and services of the investment adviser, and upon such terms and conditions, as may be agreed upon between the investment adviser and sub-adviser. Any reference in this Trust Instrument to the investment adviser shall be deemed to include such sub-advisers, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Underwriter</u>. The Trustees may in their discretion from time to time enter into an exclusive or non-exclusive underwriting contract or contracts providing for the sale of Shares, whereby the Trust may either agree to sell Shares to the other party to the contract or appoint such other party its sales agent for such Shares. In either case, the contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine and may also provide for the repurchase or sale of Shares by such other party as principal or as agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administrator</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties shall undertake to furnish the Trust with administrative services. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer Agent</u>. The Trustees may in their discretion from time to time enter into one or more transfer agency and Shareholder service contracts whereby the other party or parties shall undertake to furnish the Trust with transfer agency and Shareholder services. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Servicing Agent</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties shall undertake to furnish the Trust with Trust and/or Shareholder services. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Fund Accounting</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to handle all or any part of the Trust's accounting responsibilities, whether with respect to the Trust's properties, Shareholders or otherwise. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Custodian and Depository</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to act as depository for and to maintain custody of the property of the Trust or any Class and accounting records in connection therewith. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Parties to Contract</u>. Any contract described in this Article V hereof may be entered into with any corporation, firm, partnership, trust or association, although one or more of the Trustees or officers of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered void or voidable by reason of the existence of any relationship, nor shall any person holding such relationship be disqualified from voting on or executing the same in his capacity as Shareholder and/or Trustee, nor shall any person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was not inconsistent with the provisions of this Article V. The same person (including a firm, corporation, partnership, trust, or association) may be the other party to contracts entered into pursuant to this Article V, and any individual may be financially interested or otherwise affiliated with persons who are parties to any or all of the contracts mentioned in this Section 5.1.

<u>ARTICLE VI</u>

<u>SHAREHOLDER VOTING POWERS AND MEETINGS</u>

Section 6.1 <u>Voting</u>. The Shareholders shall have power to vote only: (a) for the election of one or more Trustees in order to comply with the provisions of the 1940 Act (including Section 16(a) thereof); (b) with respect to any contract entered into pursuant to Article V to the extent required by the 1940 Act; (c) with respect to termination of the Trust or a Class thereof to the extent required by applicable law; and (d) with respect to such additional matters relating to the Trust as may be required by this Trust Instrument, the By-laws or any registration of the Trust as an investment company under the 1940 Act with the Commission (or any successor agency) or as the Trustees may consider necessary or desirable.

Notwithstanding any other provision of this declaration, on any matter submitted to a vote of Shareholders, unless the Trustees determine otherwise, all Shares of all Classes then entitled to vote shall be voted in aggregate, provided, however, that: (a) as to any matter with respect to which a separate vote of any Class is required by the 1940 Act or other applicable law or is required by attributes applicable to any Class, such requirements as to a separate vote by that Class shall apply; (b) unless the Trustees determine that this clause (b) shall not apply in a particular case, to the extent that a matter referred to in clause (a) above affects more than one Class and the interests of each such Class in the matter are identical, then the Shares of all such affected Classes shall vote as a single class; and (c) as to any matter which does not affect the interests of a particular Class, only the holders of Shares of the one or more affected Classes shall be entitled to vote. A Shareholder of each Class shall be entitled to one vote for each Share of such Class on any matter on which such Shareholder is entitled to vote. A Shareholder of each Class shall be entitled to a proportionate fractional vote for each fractional Share of such Class on any matter on which such Shareholder is entitled to vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy or in any manner provided for in the By-laws. A proxy may be given in writing, by telefax, other electronic means or in any other manner provided for in the By-laws. Anything in this Trust Instrument to the contrary notwithstanding, in the event a proposal by anyone other than the officers or Trustees of the Trust is submitted to a vote of the Shareholders of the Trust or one or more Classes thereof, or in the event of any proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or Trustees of the Trust, Shares may be voted only in person or by written proxy. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required or permitted by law, this Trust Instrument or any of the By-laws of the Trust to be taken by Shareholders.

Section 6.2 <u>Meetings</u>. Meetings of Shareholders (including meetings involving only the holders of Shares of one or more but less than all the Classes) may be called by the Trustees from time to time to be held at such place within or without the State of Delaware, and on such date as may be designated in the call thereof for the purpose of taking action upon any matter as to which the vote or authority of the Shareholders of any Class or of the Trust is required or permitted as provided in Section 6.1. Special meetings of the Shareholders may be called by the Trustees. To the extent required by the 1940 Act, special meetings of the Shareholders for the purpose of removing one or more Trustees shall be called by the Trustees upon the written request of Shareholders owning at least 10 percent (10%) of the Outstanding Shares of all Classes entitled to vote. Notice shall be sent, postage prepaid, by mail or such other means determined by the Trustees, at least 7 days prior to any such meeting.

Section 6.3 <u>Quorum and Required Vote</u>. Unless a larger percentage is required by law, by any provision of this Trust Instrument or by the Trustees, one-third of the Shares entitled to vote in person or by proxy on a particular matter shall be a quorum for the transaction of business at a Shareholders' meeting with respect to that matter. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held without the necessity of further notice. Except when a larger vote is required by law, by any provision of this Trust Instrument or by the Trustees, a majority of the Shares voted in person or by proxy on a particular matter at a meeting at which a quorum is present shall decide any questions with respect to that matter and a plurality shall elect a Trustee.

Section 6.4 <u>Action by Written Consent</u>. Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by law, by any provision of this Trust Instrument or by the Trustees) consent to the action in writing. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. The Trustees may adopt additional rules and procedures regarding the taking of Shareholder action by written consents.

<u>ARTICLE VII</u>

<u>DISTRIBUTIONS AND REPURCHASES</u>

Section 7.1 <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time declare and pay dividends or other distributions with respect to any Class. The amount of such dividends or distributions and the payment of them and whether they are in cash or any other Trust Property shall be wholly in the discretion of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends and other distributions may be paid or made to the Shareholders of record at the time of declaring a dividend or other distribution or among the Shareholders of record at such other date or time or dates or times as the Trustees shall determine, which dividends or distributions, at the election of the Trustees, may be paid pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine. All dividends and other distributions on Shares of a particular Class shall be distributed pro rata to the Shareholders of that Class in proportion to the number of Shares of that Class they held on the record date established for such payment, except that in connection with any dividend or distribution program or procedures the Trustees may determine that no dividend or distribution shall be payable on Shares as to which the Shareholder's purchase order and/or payment in the prescribed form has not been received by the time or times established by the Trustees under such program or procedure. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anything in this Trust Instrument to the contrary notwithstanding, the Trustees may at any time declare and distribute a stock dividend pro rata among the Shareholders of a particular Class, as of the record date of that Class fixed as provided in Section (b) hereof. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

Section 7.2 <u>Transfer of Shares.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Shares held by a Shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder or (2) with the consent of the Trustees (which may be withheld in the Trustees' sole and absolute discretion). If a Shareholder transfers Shares with the approval of the Trustees, the Trustees will as promptly as practicable take all necessary actions so that each transferee or successor to whom or to which the Shares are transferred is admitted to the Trust as a Shareholder. The admission of any transferee as a substituted Shareholder will be effective upon the execution and delivery by, or on behalf of, the substituted Shareholder of an investor application form. Each Shareholder and transferee agree to pay all expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with any transfer. In connection with any request to transfer Shares, the Trust may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Trustees as to such matters as the Trustees may reasonably request. If a Shareholder transfers all of its Shares, it will not cease to be a Shareholder unless and until the transferee is admitted to the Trust as a substituted Shareholder in accordance with this Section 7.2(a). Any transfer of Shares permitted under this Section 7.2(a) will be effected in accordance with the provisions of Section 2.4 hereof. Pursuant to Section 4.1(k) hereof, the Trustees hereby delegate to the officers of the Trust all power and authority to approve and effect transfers of Shares pursuant to this Section 7.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliated Person of the Trust, the Trustees, the investment adviser, any sub-adviser and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 7.2 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. A Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Section 7.3 <u>Repurchases</u>. Unless the Trustees otherwise determine with respect to a particular Class at the time of establishing and designating the same, each Shareholder of a particular Class shall have the right at such times as may be permitted by the Trustees to require the Trust to repurchase (out of the assets belonging to the applicable Class) all or any part of his Shares at the net asset value thereof as of the repurchase pricing date established by the Trustees, less any repurchase fee established by the Trustees in their discretion, and subject to such conditions as the Trustees may determine, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the repurchase pricing date established by the Trustees. The repurchase price may in any case or cases be paid in cash or wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the repurchase price shall be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind.

Section 7.4 <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof, unless otherwise prohibited by the 1940 Act, for any reason under the terms established by the Trustees from time to time including but not limited to: (i) if at such time such Shareholder owns Shares having an aggregate net asset value of less than an amount determined from time to time by the Trustees; (ii) to the extent that such Shareholder owns Shares equal to or in excess of a percentage of the outstanding Shares determined from time to time by the Trustees; (iii) the failure of a Shareholder to supply a tax identification number or other identification or if the Trust is unable to verify a Shareholder's identity; (iv) the failure of a Shareholder to pay when due the purchase price of Shares; (v) when the Trust is requested or compelled to do so by governmental authority; or (vi) the determination by the Trustees or pursuant to policies and procedures adopted by the Trustees that ownership of Shares is not in the best interest of the remaining Shareholders of the Trust or applicable Class. Any involuntary redemptions pursuant to this Section 7.4 will be conducted consistent with Rule 23c-2 under the 1940 Act.

Section 7.5 <u>Suspension of the Right of Repurchase</u>. The Trustees may declare a suspension of the right of repurchase or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end. In the event that the Trust is divided into Classes, the provisions of this Section 7.5, to the extent applicable as determined in the discretion of the Trustees and consistent with the 1940 Act, may be equally applied to each such Class.

Section 7.6 <u>Redemption of Shares to Qualify as a Regulated Investment Company</u>. If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Shares has or may become concentrated in any Person to an extent that would disqualify the Trust as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), then the Trustees shall have the power (but not the obligation) by lot or other means deemed equitable by them (i) to call for redemption by any such Person of a number, or principal amount, of Shares sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification and (ii) to refuse to transfer or issue Shares to any Person whose acquisition of Shares in question would result in such disqualification. The redemption shall be effected at the redemption price and in the manner provided herein. The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the requirements of any taxing authority.

Section 7.7 <u>Net Asset Value</u>. The Net Asset Value of each outstanding Share of any Class shall be the quotient obtained by dividing (a) the value of the net assets belonging to that Class less the liabilities belonging to such Class by (b) the total number of Shares of that Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time.

<u>ARTICLE VIII</u>

<u>LIMITATION OF LIABILITY AND INDEMNIFICATION</u>

Section 8.1 <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder.

Section 8.2 <u>Indemnification</u>. The Trust shall indemnify each of its Trustees, officers and persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise, and may indemnify any trustee, director or officer of a predecessor organization (each a "Covered Person"), against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including reasonable accountants' and counsel fees) reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative, regulatory, or legislative body, in which he may be involved or with which he may be threatened, while as a Covered Person or thereafter, by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of his duties involved in the conduct of such Covered Person's office (such willful misfeasance, bad faith, gross negligence or reckless disregard being referred to herein as "Disabling Conduct"). Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of (a) an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification.

Section 8.3 <u>Indemnification Determinations</u>. Indemnification of a Covered Person pursuant to Section 8.2 shall be made if (a) the court or body before whom the proceeding is brought determines, in a final decision on the merits, that such Covered Person was not liable by reason of Disabling Conduct or (b) in the absence of such a determination, a majority of a quorum of disinterested, non-party Trustees or independent legal counsel in a written opinion make a reasonable determination, based upon a review of the facts, that such Covered Person was not liable by reason of Disabling Conduct.

Section 8.4 <u>Indemnification Not Exclusive</u>. The right of indemnification provided by this Article VIII shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, "Covered Person" shall include such person's heirs, executors and administrators, and a "disinterested, non-party Trustee" is a Trustee who is neither an Interested Person of the Trust nor a party to the proceeding in question.

Section 8.5 <u>Shareholders</u>. Each Shareholder of the Trust and each Class shall not be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Class. The Trustees shall have no power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay pursuant to terms hereof or by way of subscription for any Shares or otherwise.

In case any Shareholder or former Shareholder of any Class shall be held to be personally liable solely by reason of his being or having been a Shareholder of such Class and not because of his acts or omissions or for some other reason, the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the applicable Class to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Class, shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Class and satisfy any judgment thereon from the assets of the Class. The indemnification and reimbursement required by the preceding sentence shall be made only out of assets of the one or more Classes whose Shares were held by said Shareholder at the time the act or event occurred that gave rise to the claim against or liability of said Shareholder. The rights accruing to a Shareholder under this Section shall not impair any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust or any Class thereof to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein.

<u>ARTICLE IX</u>

<u>MISCELLANEOUS</u>

Section 9.1 <u>Trust Not a Partnership</u>. It is hereby expressly declared that a trust and not a partnership is created hereby. All persons extending credit to, contracting with or having any claim against the Trust or any Class shall look only to the assets of the Trust or such Class for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Section 9.2 <u>Trustees' and Officers' Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. Subject to the provisions of Article VIII: (i) the Trustees and officers shall not be responsible or liable in any event for any neglect or wrongdoing of any agent, employee, consultant, adviser, administrator, distributor or principal underwriter, custodian or transfer, dividend disbursing, shareholder servicing or accounting agent of the Trust, nor shall any Trustee or officer be responsible for the act or omission of any other Trustee or officer; (ii) the Trustees and officers may take advice of counsel or other experts with respect to the meaning and operation of this Trust Instrument and their duties as Trustees or officers, as applicable, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; (iii) in discharging their duties, the officers, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees and/or officers by any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a contracting party appointed by the Trustees; and (iv) in discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any officer appointed by them, any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a contracting party appointed by the Trustees. The Trustees and officers as such shall not be required to give any bond or surety or any other security for the performance of their duties.

Section 9.3 <u>Establishment of Record Dates</u>. The Trustees may close the Share transfer books of the Trust for a period not exceeding one hundred twenty (120) days preceding the date of any meeting of Shareholders, or the date for the payment of any dividends or other distributions, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect; or in lieu of closing the stock transfer books as aforesaid, the Trustees may fix in advance a date, not exceeding one hundred twenty (120) days preceding the date of any meeting of Shareholders, or the date for payment of any dividend or other distribution, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect, as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of any such dividend or other distribution, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of Shares, and in such case such Shareholders and only such Shareholders as shall be Shareholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or other distribution, or to receive such allotment or rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any Shares on the books of the Trust after any such record date fixed as aforesaid.

Section 9.4 <u>Dissolution and Termination of Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Trust shall continue without limitation of time but subject to the provisions of sub-sections (b) and (c) of this Section 9.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in Section 9.5 to the contrary, the Trustees may without Shareholder approval (unless such approval is required by the 1940 Act) in dissolution of the Trust or any Class, liquidate, reorganize or dissolve the Trust or any Class in any manner or fashion not inconsistent with applicable law, including, without limitation, (i) sell and convey all or substantially all of the assets of the Trust or any Class to another trust, partnership, limited liability company, association or corporation, or to a separate series or class of shares thereof, organized under the laws of any state or jurisdiction, for adequate consideration which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent, of the Trust or any Class, and which may include shares of beneficial interest, stock or other ownership interests of such trust, partnership, limited liability company, association or corporation or of a series thereof; or (ii) at any time sell and convert into money all of the assets of the Trust or any Class.

Following a sale or conversion in accordance with the foregoing sub-Section 9.4(b)(i) or (ii), and upon making reasonable provision, in the determination of the Trustees, for the payment of all liabilities of the Trust or the affected Class as required by applicable law, by such assumption or otherwise, the Shareholders of each Class involved in such sale or conversion shall be entitled to receive, as a Class, when and as declared by the Trustees, the excess of the assets allocated to that Class over the liabilities allocated to such Class. The assets so distributable to the Shareholders of any particular Class shall be distributed among such Shareholders in proportion to the number of Shares of that Class held by them and recorded on the books of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon completion of the distribution of the remaining proceeds or the remaining assets as provided in sub-section (b), the Trust (in the case of a sale or conversion with respect to the Trust) or any affected Class shall terminate and the Trustees and the Trust or any affected Class shall be discharged of any and all further liabilities and duties hereunder and the right, title and interest of all parties with respect to the Trust or such affected Class shall be cancelled and discharged.

Upon termination of the Trust, following completion of winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust's certificate of trust to be filed in accordance with the Act, which certificate of cancellation may be signed by any one Trustee.

Section 9.5 <u>Merger, Consolidation, Incorporation</u>. Anything in this Trust Instrument to the contrary notwithstanding, the Trustees, in order to change the form of organization and/or domicile of the Trust, may, without prior Shareholder approval, (i) cause the Trust to merge or consolidate with or into one or more trusts, partnerships, limited liability companies, associations or corporations which is or are formed, organized or existing under the laws of a state, commonwealth possession or colony of the United States, or (ii) cause the Trust to incorporate under the laws of Delaware. Any agreement of merger or consolidation or certificate of merger may be signed by a majority of the Trustees. Pursuant to and in accordance with the provisions of Section 3815(f) of the Act, and notwithstanding anything to the contrary contained in this Trust Instrument, an agreement of any merger or consolidation approved in accordance with this Section 9.5 may effect any amendment to the Trust Instrument or effect the adoption of a new trust instrument of the Trust if it is the surviving or resulting trust in the merger or consolidation. Any merger or consolidation of the Trust other than as described in the foregoing provisions of this Section 9.5 shall, in addition to the approval of the Trustees, require a Majority Shareholder Vote. Nothing in this Section 9.5 shall require, however, Shareholder approval of any transaction whereby the Trust or any Class thereof acquires or assumes all or any part of the assets and liabilities of any other entity.

Section 9.6 <u>Filing of Copies, References, Headings</u> . The original or a copy of this Trust Instrument and of each amendment hereof or Trust Instrument supplemental hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer or Trustee of the Trust as to whether or not any such amendments or supplements have been made and as to any matters in connection with the Trust hereunder, and with the same effect as if it were the original, may rely on a copy certified by an officer or Trustee of the Trust to be a copy of this Trust Instrument or of any such amendment or supplemental Trust Instrument. In this Trust Instrument or in any such amendment or supplemental Trust Instrument, references to this Trust Instrument, and all expressions like "herein," "hereof" and "hereunder," shall be deemed to refer to this Trust Instrument as amended or affected by any such supplemental Trust Instrument. All expressions like "his," "he" and "him," shall be deemed to include the feminine and neuter, as well as masculine, genders. Headings are placed herein for convenience of reference only and in case of any conflict, the text of this Trust Instrument rather than the headings, shall control. This Trust Instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 9.7 <u>Applicable Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Trust Instrument. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 9.8 <u>Amendments</u>. Except as specifically provided herein, the Trustees may, without Shareholder vote, amend or otherwise supplement this Trust Instrument by making an amendment, a Trust Instrument supplemental hereto or an amended and restated trust instrument. Shareholders shall have the right to vote: (i) on any amendment which would affect their right to vote granted in Section 6.1, (ii) on any amendment to this Section 9.8, (iii) on any amendment for which such vote is required by law and (iv) on any amendment submitted to them by the Trustees. Any amendment required or permitted to be submitted to Shareholders which, as the Trustees determine, shall affect the Shareholders of one or more Classes shall be authorized by vote of the Shareholders of each Class affected and no vote of shareholders of a Class not affected shall be required. Anything in this Trust Instrument to the contrary notwithstanding, any amendment to Article VIII hereof shall not limit the rights to indemnification or insurance provided therein with respect to action or omission of any persons protected thereby prior to such amendment.

Section 9.9 <u>Fiscal Year</u>. The fiscal year of the Trust shall end on a specified date as determined from time to time by the Trustees.

Section 9.10 <u>Provisions in Conflict with Law</u>. The provisions of this Trust Instrument are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Trust Instrument; provided, however, that such determination shall not affect any of the remaining provisions of this Trust Instrument or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Trust Instrument shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provisions in any other jurisdiction or any other provision of this Trust Instrument in any jurisdiction.

Section 9.11 <u>Allocation of Certain Expenses</u>. Each Shareholder will, at the discretion of the Trustees, indemnify the Trust against all expenses and losses resulting from indebtedness incurred in connection with facilitating (i) requests pending receipt of the collected funds from investments sold on the date of such Shareholder's redemption request; (ii) redemption requests from such Shareholder who has also notified the Trust of its intention to deposit funds in its accounts on the date of said redemption request; or (iii) the purchase of investments pending receipt of collected funds from such Shareholder who has notified the Trust of its intention to deposit funds in its accounts on the date of the purchase of the investments.

Section 9.12 <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Trust Instrument to the contrary, any notice, proxy, vote, consent, instrument or writing of any kind referenced in, or contemplated by, this Trust Instrument or the By-Laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Act), including via the internet, or in any other manner permitted by applicable law. All requirements in this Trust Instrument that any writing be signed shall be deemed to be satisfied by any electronic transmission in such form that is acceptable to the Trustees.

IN WITNESS WHEREOF, the undersigned, being the Trustees of the Trust, has executed this Amended and Restated Agreement and Declaration of Trust as of the 22nd day of January, 2026.

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| By: /s/ J. Michael Fields |
| J. Michael Fields, as Trustee and not individually |

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|:---|
| By: /s/ Stephen A. Mace |
| Stephen A. Mace, as Trustee and not individually |

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|:---|
| By: /s/ Stacy Roode |
| Stacy Roode, as Trustee and not individually |

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|:---|
| By: /s/ Amy J. Small |
| Amy J. Small, as Trustee and not individually |

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## Ex-99.(G)

**Exhibit (g)**

INVESTMENT MANAGEMENT AGREEMENT

CIBC PRIVATE LENDING STRATEGIES

AGREEMENT effective as of this [ ] day of [ ], 2025 (the "Effective Date"), by and between CIBC Private Lending Strategies, a Delaware statutory trust (the "Fund"), and CIBC Private Wealth Advisors, Inc., a Delaware corporation (the "Investment Manager").

WHEREAS, the Fund is a closed-end, management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Investment Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is engaged in the business of supplying investment advice as an independent contractor;

WHEREAS, the Fund desires to retain the Investment Manager to render investment management services with respect to the Fund and the Investment Manager is willing to render such services; and

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT AND ACCEPTANCE. The Fund hereby appoints the Investment Manager to act as Investment Manager to the Fund for the period and on the terms set forth in this Agreement. The Investment Manager accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES OF INVESTMENT MANAGER. The Fund employs the Investment Manager to furnish and manage a continuous investment program for the Fund. The Investment Manager will continuously review, supervise and administer the investment program of the Fund, to (i) determine in its discretion the securities to be purchased, held, sold or exchanged, (ii) provide the Fund with records concerning the Investment Manager's activities which the Fund is required to maintain and (iii) render regular reports to the Fund's officers and Trustees concerning the Investment Manager's discharge of the foregoing responsibilities. The Investment Manager may hire (subject to the approval of the Fund's Board of Trustees ("Board") and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the Securities and Exchange Commission (the "SEC"), or by rule or regulation, a majority of the outstanding voting securities of the Fund) and thereafter supervise the investment activities of one or more sub-advisers deemed necessary to carry out the investment program of the Fund. The retention of a sub-adviser by the Investment Manager shall not relieve the Investment Manager of its responsibilities under this Agreement.

Without limiting the foregoing powers, the Investment Manager shall have all specific rights and power to do the following on behalf of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire, hold, manage, vote, own and dispose of securities and any other assets held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) vote proxies, exercise rights, options, warrants, conversion privileges and repurchase privileges, and
to tender securities pursuant to a tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) review, select, analyze, structure, negotiate and close investment transactions and their related agreements,
instruments and other documents, and in connection with such investment transactions, enter into, execute, assist in the preparation of,
deliver and consummate all agreements, instruments and other documents, including credit agreements, collateral agreements, security agreements,
and other similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide service on committees of, and in other capacities with, issuers of and obligors on investments
and other assets of the Fund (including on creditors' committees), vote with respect to investments and other assets of the Fund
(whether in person, by proxy, consent or otherwise), and sell short investments and cover such sales;

&nbsp;&nbsp;&nbsp;&nbsp;(v) monitor, supervise and direct the investments of the Fund and dispose of them in such manner and at such
times as the Investment Manager determines;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) initiate, participate in and settle judicial, arbitration, administrative or similar proceedings to protect
the assets of the Fund, enforce the Fund's rights or otherwise defend the interests of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) cooperate with persons or entities engaged by the Fund to render services to the Fund, including without
limitation, attorneys, accountants, custodians, transfer agents, investment brokers or finders, investment bankers, appraisers, loan servicers,
and business advisors;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) employ techniques to hedge portfolio risk (but not for speculative purposes) including, without limitation,
through the use of options, forward and futures contracts and other instruments (relating to securities, currencies or other assets);

&nbsp;&nbsp;&nbsp;&nbsp;(ix) take whatever steps are required by governmental authorities having jurisdiction over the Fund or its
assets; and

&nbsp;&nbsp;&nbsp;&nbsp;(x) take such other actions as may be necessary or advisable in connection with the foregoing.

The Investment Manager shall discharge the foregoing responsibilities subject to the control of the Board and in compliance with such policies as the Board may from time to time establish, with the objectives, policies, and limitations for the Fund set forth in the Fund's prospectus and statement of additional information (as amended from time to time and together, the "Registration Statement"), with the Fund's Agreement and Declaration of Trust and By- Laws, as the same may be amended from time to time, and with applicable laws and regulations. The Fund shall provide to the Investment Manager current copies of the governing documents of the Fund and the Fund's Registration Statement, and all material amendments of or material supplements to each of the foregoing with reasonable notice prior to implementation.

The Investment Manager shall not be obligated to perform any service not described in this Agreement. The Investment Manager shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results will be achieved or that the Investment Manager's overall management of the Fund will be successful. The Fund understands that investment decisions made for the Fund by the Investment Manager are subject to various market, currency, economic, political, and business risks, and that those investment decisions will not always be profitable.

&nbsp;&nbsp;&nbsp;&nbsp;3. FUND TRANSACTIONS. The Investment Manager is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Fund and is directed to use its best efforts to obtain "best execution," considering the Fund's investment objectives, policies, and restrictions as stated in the Registration Statement, as the same may be amended, supplemented or restated from time to time, and resolutions of the Board. The Investment Manager will promptly communicate to the officers and the Board such information relating to portfolio transactions as they may reasonably request. In connection with the investment and reinvestment of the assets of the Fund, the Investment Manager is authorized to execute for the Fund as its agent and attorney-in-fact standard customer agreements and other documentation in connection with opening trading accounts with brokers, dealers or futures commission merchants and other trading counterparties, including, but not limited to, ISDA agreements, and in connection with the rights and powers granted to the Investment Manager under Section 2 of this Agreement (and subject to the approval of the Board to the extent required by the 1940 Act, any specific provision of this Agreement, and/or the Fund's policies and procedures) to do such other things necessary or incidental to the furtherance or conduct of the Fund's purchases, sales or other transactions.

It is understood that the Investment Manager will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing to the Fund under this Agreement, or otherwise, by reason of its having directed a securities transaction on behalf of the Fund to a broker-dealer in compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934 or as described from time to time by the Registration Statement.

On occasions when the Investment Manager deems the purchase or sale of an investment, security or futures contract or options thereon to be in the best interest of the Fund as well as other clients of the Investment Manager, the Investment Manager may, to the extent permitted by applicable law and regulations, aggregate the order to be sold or purchased. In such event, the Investment Manager will allocate investments, securities or futures contracts or options thereon so purchased or sold, as well as the expenses incurred in the transaction, in the manner the Investment Manager reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp; 4. EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investment Manager will, at its own expense, render the services and provide the office space, furnishings and equipment, and personnel required by it to perform the services on the terms and for the compensation provided herein. In addition, with respect to the operation of the Fund, the Investment Manager shall be responsible for (i) the expenses of printing and distributing extra copies of the Fund's prospectus, statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by any 12b-1 Plan or pursuant to, or as a condition of, multiple-class exemptive relief obtained from the SEC; (ii) the reasonable costs of any special Board meeting or shareholder meeting specifically requested by, and convened for the primary benefit of, the Investment Manager or, if such special Board meeting or shareholder meeting includes one or more agenda or discussion items that are not for the primary benefit of the Investment Manager, then the Investment Manager will be responsible for only its pro-rata share of such costs as determined in good faith by the Investment Manager and the Fund; and (iii) the costs of the Investment Manager's in-person attendance at one Fund Board meeting each year, the date of such Board meeting to be agreed to by the Investment Manager and the Fund. Except as otherwise specifically stated herein, the Investment Manager shall not be responsible for any of the Fund's expenses, including, but not limited to, brokerage and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments. For the avoidance of doubt, the Fund shall bear all fees and expenses incurred in connection with the organization of the Fund and the offering of the Fund's shares and will reimburse Investment Manager for any such fees and expenses incurred by the Investment Manager on the Fund's behalf, including fees and expenses in connection with seeking the SEC's approval of any exemptive relief contemplated in connection with the establishment or operations of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Investment Manager shall not be responsible for any costs or reasonable out-of- pocket expenses directly arising out of the following investment related operations of the Fund: (i) reasonable research and due diligence expenses relating to the selection of investments (including expenses of news and quotation subscriptions, market or industry research, consultants or experts); (ii) reasonable legal, accounting, tax, third party consultant, and investment-related software and databases expenses incurred in relation to entering into, the reviewing, monitoring and or administration of the investments (including expenses of engaging third party valuation consultants and agents and expenses of loan administration with non-affiliates) including ; (iii) the Fund's allocable share of out- of-pocket costs directly relating to transactions that are not consummated, including costs allocable to a co-investor's proposed participation in the relevant investment or that would have been borne directly or indirectly by a co-investor if such co-investment had been completed (and only for co-investors who have no contractual expense reimbursement arrangement in place); (iv) other investment-related expenses, such as, brokerage commissions, finders' fees, custody fees, interest, administrative, servicing and other similar fees and expenses, and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments or any expenses relating to hedging, leverage or indebtedness of the Fund (including any interest thereon) including investment-related software and databases relating thereto; (v) reasonable litigation costs and expenses, judgments and settlements directly related to the preservation of the value of the investment; (vi) all taxes, fees or other governmental charges required to be paid or withheld with respect to assets of the Fund; (vii) reasonable expenses incurred by the Investment Manager in responding to a legal, administrative, judicial or regulatory action, claim, or suit relating to the Fund; (viii) ad hoc expenses directly related to the Fund incurred at the specific request of the Board of Trustees; (ix) reasonable travel and related expenses incurred in connection with the Fund's investment activities; and (x) any fees and expenses in connection with seeking the SEC's approval of any exemptive relief (or amending existing exemptive relief) contemplated in connection with the Investment Manager's management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 8 (including the exculpation provisions therein), the Fund shall pay reasonable expenses incurred by the Investment Manager, as such expenses are incurred, in responding to a legal, administrative, judicial or regulatory action, claim, or suit resulting from the actions or omissions of the Fund or Investment Manager, but to which the Investment Manager is not a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investment Manager may voluntarily or contractually absorb certain Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent the Investment Manager incurs any costs by assuming expenses which are an obligation of the Fund as set forth herein, the Fund shall promptly reimburse the Investment Manager for such costs and expenses, except to the extent the Investment Manager has otherwise agreed to bear such expenses. To the extent the services for which the Fund is obligated to pay are performed by the Investment Manager, the Investment Manager shall be entitled to recover costs from the Fund to the extent of the Investment Manager's actual costs for providing such services. In determining the Investment Manager's actual costs, the Investment Manager may take into account an allocated portion of the salaries and overhead of personnel performing such services.

&nbsp;&nbsp;&nbsp;&nbsp; 5. COMPENSATION OF THE INVESTMENT MANAGER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Management Fee. For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay the Investment Manager compensation at an annual rate of 1.00% payable monthly in arrears, accrued daily based on the Fund's average daily net assets, and will be due within ten (10) business days after the end of the month. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating the compensation for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the compensation payable to the Investment Manager for that month. In the case of a partial month, compensation will be based on the number of days during the month in which the Investment Manager provided services to the Fund. Compensation will be paid to the Investment Manager before giving effect to any repurchase of interests in the Fund effective as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investment Manager may, in its discretion and from time to time, reduce any portion of the compensation due to it pursuant to this Agreement and may agree to make payments to limit the expenses which are the responsibility of the Fund under this Agreement. Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future compensation or reimbursement due to the Investment Manager hereunder or to continue future payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. BOOKS AND RECORDS. The Investment Manager shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Fund, except as otherwise provided herein and as required by applicable law or regulation or as may be necessary for the Investment Manager to supply to the Fund or the Board the information required to be supplied under this Agreement. The Investment Manager will maintain all books and records with respect to the securities transactions of the Fund and will furnish to the Board such periodic and special reports as the Board may reasonably request. The Fund and the Investment Manager agree to furnish to each other, if applicable, current registration statements, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request.

Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Investment Manager on behalf of the Fund are the property of the Fund and will be surrendered promptly to the Fund on request, provided that the Investment Manager may make and retain copies of such records.

Notwithstanding anything else to the contrary herein, the Investment Manager shall retain a right to use the investment performance and track record of the Fund (including in marketing materials) to the extent and in a manner permitted by law. Further, for the avoidance of doubt, the Investment Manager shall be entitled to retain a copy and use records of each of its transactions and other records pertaining to the Fund as are necessary to support any such uses of the investment performance and track record.

&nbsp;&nbsp;&nbsp;&nbsp;7. STATUS OF INVESTMENT MANAGER. The services of the Investment Manager to the Fund are not to be deemed exclusive, and the Investment Manager shall be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Investment Manager shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; 8. LIMITATION OF LIABILITY AND INDEMNIFICATION OF INVESTMENT MANAGER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Investment Manager and any owner, partner, member, manager, director, officer or employee of the Investment Manager, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, mistake of law or for any act or omission by the person in connection with the performance of services to the Fund, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify, to the fullest extent permitted by law, the Investment Manager, or any owner, partner, member, manager, director, officer or employee of the Investment Manager, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investment Manager shall indemnify, to the fullest extent permitted by law, the Fund and all controlling persons of the Fund (as described in Section 15 of the Securities Act of 1933, as amended), against any liability or expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) to which the person may be liable that arises in connection with the performance of services to the Investment Manager, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Investment Manager. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund are or may be interested in the Investment Manager (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, directors, officers, agents, and interest holders of the Investment Manager are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Investment Manager (or any successor) is or may be interested in the Fund as an interest holder or otherwise. In addition, brokerage transactions for the Fund may be effected through affiliates of the Investment Manager, provided the Investment Manager has broker-dealer affiliates, if approved by the Board, subject to the rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;10. AUTHORITY; NO CONFLICT. The Investment Manager represents, warrants and agrees that: it has the authority to enter into and perform the services contemplated by this Agreement; and the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Investment Manager or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;11. FUND REPRESENTATIONS. The Fund represents, warrants and agrees that: it has all requisite power and authority to enter into and perform its obligations under this Agreement; the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which the Fund or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;11. LICENSE OF INVESTMENT MANAGER'S NAME. The Investment Manager grants to the Fund a non-exclusive license to use the name "CIBC" and corresponding trademarks of the Investment Manager (the "Name") as part of the name and trademark of the Fund for so long as the Investment Manager or one of its approved affiliates serves as the investment manager of the Fund. The foregoing authorization by the Investment Manager to the Fund to use the Name is not exclusive of the right of the Investment Manager itself to use, or to authorize others to use, the Name. The Fund acknowledges and agrees that, as between the Fund and the Investment Manager, the Investment Manager has the right to use, or authorize others to use, the Name. The Fund shall (1) only use the Name in a manner consistent with uses approved by the Investment Manager; (2) adhere to such specific quality control standards as the Investment Manager may from time to time promulgate; and (3) protect the reputation and goodwill of the Name.

The Investment Manager shall have the right to require the Fund to cease using the Name as part of the Fund's name, and for all other purposes for which the license is granted hereunder, if the Fund ceases, for any reason, to employ the Investment Manager or one of its approved affiliates as the Fund's investment manager. Thereafter, the Fund will not transact any business using the Name; provided, however, that to the extent required by law, regulation or regulatory guidance, the Fund may continue to make reference to the prior name of the Fund in its prospectuses, regulatory filings, marketing materials and similar documents, and the Fund may continue to use any supplies of prospectuses, marketing materials and similar documents that the Fund had on the date of such name change in quantities not exceeding those historically produced and used in connection with such Fund. Notwithstanding the foregoing, if the Fund is required to cease using the Name, the Fund shall be permitted a reasonable transition period, not to exceed 60 days (or such longer period as may be agreed by the Investment Manager in writing or required by applicable law or regulation), to effectuate all necessary changes to its name, branding, documents, and materials to comply with the requirements of this Section 11.

The parties agree that the Name, the names of any affiliates of the Investment Manager and any derivative or logo or trademark or service mark or trade name are the valuable property of the Investment Manager and its affiliates. If the Fund makes any unauthorized use of the Name or related derivatives, logos, trademarks, or service marks or trade names, the parties acknowledge that the Investment Manager shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Investment Manager shall be entitled to injunctive relief, as well as any other remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;12. DURATION AND TERMINATION. This Agreement, unless sooner terminated as provided herein, shall remain in effect until two years after the Effective Date, and thereafter may continue in effect only if such continuance is specifically approved as required under the 1940 Act or any exemptive order issued by, or guidance, interpretation, or position of the staff of, the SEC with respect thereto; provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Investment Manager may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder.

Notwithstanding the foregoing, this Agreement may be terminated as to the Fund at any time, without the payment of any penalty, by vote of a majority of members of the Board or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days' written notice to the Investment Manager, or by the Investment Manager at any time, without the payment of any penalty, on sixty (60) days' written notice to the Fund. This Agreement will automatically and immediately terminate in the event of its assignment.

As used in this Section 12, the terms "assignment" and a "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder; subject to such exemptive orders or no action letters as may be granted by the SEC or its staff under said Act.

&nbsp;&nbsp;&nbsp;&nbsp;13. NOTICE. Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by registered or certified mail, postage prepaid, or by email addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice:

If to the Investment Manager:

CIBC Private Wealth Advisors, Inc. <br> 181 West Madison Street, 36th Floor <br> Chicago, IL 60602

Phone: (312) 368-7700

Email: [ ]

If to the Fund:

CIBC Private Lending Strategies

c/o UMB Fund Services, Inc.

Attn: Regulatory Administration

235 West Galena Street <br> Milwaukee, WI 53212

Facsimile: (414) 299-2178

Telephone: (414) 299-2000

Email: [ ]

&nbsp;&nbsp;&nbsp;&nbsp;14. SEVERABILITY. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;15. GOVERNING LAW. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act or the Advisers Act shall be resolved by reference to such term or provision of the 1940 Act or the Advisers Act, respectively, and to interpretations thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to the 1940 Act or the Advisers Act. In addition, where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of the Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order. Subject to the foregoing, this Agreement shall be construed in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the day and year first written above.

---

| | |
|:---|:---|
| CIBC PRIVATE LENDING STRATEGIES | CIBC PRIVATE LENDING STRATEGIES |
| By: |  |
| Title: |  |
| CIBC PRIVATE WEALTH ADVISORS, INC. | CIBC PRIVATE WEALTH ADVISORS, INC. |
| By: | Ohm Srinivasan |
| Title | Managing Director |
| Date: | <u> </u> |

---

## Ex-99.(H)

**Exhibit (h)**

**DISTRIBUTION AGREEMENT**

THIS AGREEMENT is made and entered into as of this___ day of _______, 2025, by and between CIBC PRIVATE LENDING STRATEGIES, a Delaware statutory trust (the "Fund") and Distribution Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company and operates as an interval fund, and is authorized to issue Shares of beneficial interest ("Shares");

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board") and its disinterested trustees in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Distributor.** The Fund hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

**2. Services and Duties of the Distributor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus, including the statement of additional information, as amended or supplemented, relating to the Fund and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Fund under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the public offering of Shares of the Fund, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or directly to the Fund, or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV. The Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials for compliance with applicable FINRA and SEC advertising rules and regulations, and shall file with FINRA those marketing materials that it believes are in compliance with such laws and regulations. The Distributor agrees to furnish to the Fund any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to redeem or repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with qualified broker-dealers and other financial intermediaries (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

3. Representations, Warranties and Covenants of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing under the laws of
its jurisdiction of incorporation/organization and is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered
by the Fund and, when executed and delivered, will constitute a valid and legally binding obligation of the Fund, enforceable in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights
and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material
respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry
on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter,
bylaws/operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares are validly authorized and, when issued in accordance
with the description in the Prospectus, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Statement and Prospectus included therein have
been prepared in conformity with the requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and Prospectus and any marketing
material prepared by the Fund or its agents do not and shall not contain any untrue statement of material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information
furnished to the Distributor pursuant to this Agreement shall be true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Fund owns, possesses, licenses or has other rights to use
all patents, patent applications, trademarks and service marks, trademark and service mark registrations, trade names, copyrights, licenses,
inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual Property") necessary
for or used in the conduct of the Fund's business and for the offer, issuance, distribution and sale of the Fund Shares in accordance
with the terms of the Prospectus and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms
of any Intellectual Property owned, held or licensed by any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all necessary approvals, authorizations, consents or orders
of or filings with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency have
been or will be obtained by the Fund in connection with the issuance and sale of the Shares, including registration of the Shares under
the 1933 Act, the filing with FINRA's corporate financing department through its Public Offering System or ongoing compliance with
an exemption from filing, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material correspondence or other communication by the
Securities and Exchange Commission ("SEC") or its staff relating to the Fund, including requests by the SEC for amendments
to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending
the effectiveness of the Registration Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event which makes untrue any statement
of a material fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements
therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all actions taken by the SEC with respect to any amendments
to any Registration Statement or Prospectus which may from time to time be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event that it determines to suspend the sale of Shares
at any time in response to conditions in the securities markets or otherwise or to suspend the redemption of Shares of any Fund at any
time as permitted by the 1940 Act or the rules of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the Fund will not meet the requirements of the Corporate
Financing Rule exemption in FINRA Rule 5110(h)(2)(L); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) of the commencement of any litigation or proceedings against
the Fund or any of their officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed of its affairs and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by their independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide, and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

4. Representations, Warranties and Covenants of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under the laws of the jurisdiction
of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered
by the Distributor and, when executed and delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material
respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry
on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter,
operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act and is
a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

5. Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services in connection with the distribution of Shares of the Fund, Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to between the investment adviser and Distributor.

6. Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

7. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund shall advance attorney's fees and other expenses incurred by a Distributor Indemnitee in defending any claim, demand, action or suit which is the subject of a claim for indemnification pursuant to this Section 7 to the maximum extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s), and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

8. Dealer Agreement Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker- dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non- Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

**9. Limitations on Damages.** Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

**10. Force Majeure.** Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

**11. Duration and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) the vote of a majority of the outstanding voting securities of the Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement will automatically terminate in the event of its "assignment" as such term is defined in the 1940 Act and the rules thereunder.

**12. Anti-Money Laundering Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

**13. Privacy.** In accordance with Regulation S-P, the Distributor will not disclose any non- public personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by SEC Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

**14. Confidentiality.** During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) Information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing Party; (ii) information that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce its rights under this Section; (iii) Information that is or becomes generally known in the trade without violation of this Agreement by the Receiving Party; or (iv) Information that is independently developed by the Receiving Party or its employees or affiliates without reference to the Disclosing Party's Information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information, and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

**15. Notices.**

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Distributor:** | &nbsp;&nbsp;(ii) **To the Fund:** |
| &nbsp;&nbsp;Distribution Services, LLC | &nbsp;&nbsp;CIBC Private Lending Strategies |
| &nbsp;&nbsp;Attn: Legal Department | &nbsp;&nbsp;Attn: |
| &nbsp;&nbsp;190 Middle Street, Suite 301 | &nbsp;&nbsp;Address: |
| &nbsp;&nbsp;Portland, ME 04101 | &nbsp;&nbsp;Address: |
| &nbsp;&nbsp;Telephone: (207) 553-7110 | &nbsp;&nbsp;Telephone: |
| &nbsp;&nbsp;Email: <u>legal@foreside.com</u> | &nbsp;&nbsp;Email: |

---

**16. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

**17. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

**18. Entire Agreement.** This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

**19. Survival.** The provisions of Sections 5, 6, 7, 8, 9, 13, 14, 17, and 19 of this Agreement shall survive any termination of this Agreement.

**20. Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**21. Counterparts.** This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| CIBC PRIVATE LENDING STRATEGIES | CIBC PRIVATE LENDING STRATEGIES |
| By: |  |
|  | Name: |
|  | Title: |
| Distribution Services, LLC | Distribution Services, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

EXHIBIT A

<u>Compensation</u>

## Ex-99.(J)

**Exhibit (j)**

**CUSTODY AGREEMENT**

This agreement (this "<u>Agreement</u>"), effective as of_____________(the "<u>Effective Date</u>"), is made by **UMB Bank, n.a.** ("<u>Custodian</u>") and **CIBC Private Lending Strategies** (the "<u>Fund</u>" and, together with Custodian, the "<u>Parties</u>").

**WHEREAS,** the Fund is registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>").

**WHEREAS**, the Fund desires to appoint Custodian as its custodian for the custody of Assets (as defined below), which are to be held in such accounts as the Fund may establish.

**WHEREAS**, Custodian is willing to accept such appointment on the terms and conditions hereof.

**NOW, THEREFORE**, in consideration of the mutual promises contained herein, the Parties, intending to be legally bound, mutually covenant and agree as follows:

1. <u>**APPOINTMENT OF CUSTODIAN**</u>. The Fund hereby constitutes and appoints Custodian as custodian of Assets which have been or may be delivered to and accepted by Custodian. Custodian accepts such appointment as a custodian and shall perform the services as set forth herein. For purposes of this Agreement, "<u>Assets</u>" means Securities, Underlying Shares, monies, and other property of the Fund. "<u>Securities</u>" means stocks, bonds, rights, warrants, certificates, instruments, obligations, and all other negotiable or non-negotiable paper commonly known as securities but shall not include Underlying Shares. "<u>Underlying Shares</u>" means uncertificated shares of, or other interests in, other investment funds, accounts, or vehicles (including, but not limited to, mutual funds).

2. <u>INSTRUCTIONS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "<u>Instruction</u>" means a request, direction, instruction, or certification initiated by the Fund and conforming to the terms of this paragraph. An Instruction may be transmitted to Custodian by any of the following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a writing manually signed on behalf of the Fund by an Authorized Person (as defined in Section 3(c) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a telephonic or other oral communication from a person Custodian reasonably believes to be an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a communication effected through the internet or web-based functionality (including without limitation, emails, data files, and other communications) on behalf of the Fund ("<u>Electronic Communication</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other means reasonably acceptable to the Parties.

Instructions in the form of oral communications shall be confirmed by the Fund by either a writing (as set forth in (1) above) or an Electronic Communication, but the lack of such confirmation shall in no way affect any action taken by Custodian in reliance upon such oral Instructions prior to Custodian's receipt of such confirmation. The Fund authorizes Custodian to record any and all telephonic or other oral Instructions communicated to Custodian. The Parties acknowledge and agree that with respect to Instructions transmitted by an Electronic Communication, Custodian cannot verify that the Electronic Communication has been initiated by an Authorized Person. Accordingly, Custodian shall have no liability as a result of actions taken in reliance on unauthorized Electronic Communication Instructions. Custodian recommends that any Instructions transmitted by the Fund via email be done so through a secure system or process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Special Instructions</u>" mean Instructions countersigned or confirmed in writing by the Treasurer or any other officer of the Fund, which countersignature or confirmation shall be on the same instrument containing the Instructions or on a separate instrument relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Instructions and Special Instructions shall be delivered to Custodian at the address and/or telephone or email address agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where appropriate, Instructions and Special Instructions shall be continuing Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Authorized Person shall be responsible for assuring the accuracy and completeness of Instructions. If Custodian reasonably determines that an Instruction is unclear or incomplete, Custodian may notify the Fund of such determination, in which case the Fund shall be responsible for delivering to Custodian an amended Instruction. Custodian shall have no obligation to take any action until an Authorized Person re-delivers an Instruction that is clear and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall be responsible for delivering Instructions or Special Instructions in a timely manner, after considering such factors as the involvement of subcustodians, brokers, or agents in a transaction, time zone differences, reasonable industry standards, etc. Custodian shall have no liability if the Fund delivers Instructions or Special Instructions after any deadline established by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) By providing Instructions to acquire or hold Foreign Assets, the Fund shall be deemed to have confirmed to Custodian that it has: (1) considered and accepted responsibility for all Sovereign Risks and Country Risks (each as defined in Section 6(a) below) associated with investing in a particular country or jurisdiction; and (2) made all determinations and provided to shareholders and other investors all disclosures required of registered investment companies by the 1940 Act. "<u>Foreign Assets</u>" means any Asset (including foreign currencies) for which the primary market is outside the United States and any cash or cash equivalents that are reasonably necessary to effect the Fund's transactions in those Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges that, where Instructions or Special Instructions require Custodian to prepare and submit forms, letters, or other writings to third-parties on its behalf, including but not limited to subscription agreements, investor questionnaires, or any other document (however titled) that performs the same function as a subscription agreement (a "<u>Subscription Agreement</u>"), redemption requests, stock transfers, and exchanges of cash for Underlying Shares (collectively, "<u>Writings</u>"), Custodian will prepare but not submit such Writings unless and until all required information necessary to complete a Writing has been submitted by an Authorized Person. The Fund shall make Authorized Persons available during normal business hours to work with Custodian and its affiliates to complete such Writings. Custodian shall not be liable for its obligations with respect to Writings if such failure results from any delay, error, unavailability, or inaccuracy in an Instruction or Special Instruction provided by the Fund or an Authorized Person.

Without limiting the foregoing, the Fund has sole responsibility of the accuracy and completeness of all information provided in a Subscription Agreement, regardless of whether Custodian or its affiliates assist in the completion of the Subscription Agreement. If the investment fund rejects a Subscription Agreement, the Fund will be solely responsible for completing a new Subscription Agreement.

By providing an Instruction or Special Instruction to complete a Writing, the Fund certifies that it has read and approved the relevant offering documents and the Writing required to be submitted to invest in the foregoing investment. The Fund has <u>sole responsibility</u> for any representations in Subscription Agreements or to any other person or entity regarding the Fund's qualifications to invest in underlying funds, the Fund's status under any anti-money laundering or similar statutes, the Fund's financial status or condition, or any other information relating to the Fund. The Fund hereby represents that any such representations are accurate and complete. Representations regarding such matters in any Subscription Agreement are representations of the Fund (and not of Custodian).

3. <u>DELIVERY OF ORGANIZATIONAL DOCUMENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party represents that: (1) its execution of this Agreement does not violate any of the provisions of its charter, articles of incorporation, partnership agreement, declaration of trust, articles of association, bylaws, or other organizational document ("<u>Organizational Documents</u>"); (2) all required corporate or organizational action to authorize the execution and delivery of this Agreement has been taken; and (3) the person signing this Agreement is authorized to bind it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request, the Fund shall provide to Custodian documentation, including, by way of example: its Organizational Documents, registration statements, resolutions, W-9s and other tax-related documentation, compliance policies and procedures, and other compliance documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall promptly deliver to Custodian copies of the resolutions of its board of directors or trustees (the "<u>Board</u>") (and all amendments or supplements thereto) designating certain officers, employees, and/or agents of the Fund who will have continuing authority to certify to Custodian: (1) the names, titles, signatures, and scope of authority of all persons authorized to give Instructions or any other notice, request, direction, instruction, certificate, or instrument on behalf of the Fund; and (2) the names, titles, and signatures of those persons authorized to countersign or confirm Special Instructions on behalf of the Fund (collectively, "<u>Authorized Persons</u>"). Such resolutions and certificates may be accepted and relied upon by Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until delivery to Custodian of a similar resolution or certificate to the contrary; **provided however that** Custodian may rely upon any written designation furnished by an officer of the Fund designating persons authorized to countersign or confirm Special Instructions (as provided in Section 2(b)). Upon delivery of a certificate which deletes or does not include the name(s) of a person previously authorized to give Instructions or to countersign or confirm Special Instructions, such person shall no longer be considered an Authorized Person. Unless the certificate specifically requires that the approval of anyone else will first have been obtained, Custodian will be under no obligation to inquire into the right of the person giving such Instructions or Special Instructions to do so. Notwithstanding any of the foregoing, no Instructions or Special Instructions will be deemed to authorize or permit any director, trustee, officer, employee, or agent of the Fund to withdraw any Assets upon the mere receipt of such authorization, Special Instructions, or Instructions from such director, trustee, officer, employee, or agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall promptly provide to Custodian completed Subscription Agreements and any other applicable documentation for the Fund's investment in any underlying investment companies. Such investments will only become Assets upon receipt by Custodian of completed Subscription Agreements for the Fund. The Fund undertakes to work with Custodian to ensure that quarterly confirmations, and any documentation representing changes to the Fund's holding in such investment (such as related to an "add-on" purchase), are provided to Custodian as soon as practicable.

4. <u>POWERS AND DUTIES OF CUSTODIAN AND DOMESTIC SUBCUSTODIAN</u>. Except for Assets held by any Foreign Subcustodian, Special Subcustodian, Interim Subcustodian (each as defined in Section 5 below), or Eligible Securities Depository (as defined in Rule 17f-7, which term shall include any other securities depository for which the SEC has permitted registered investment companies to maintain their assets by exemptive order), Custodian shall have and perform the powers and duties hereinafter set forth in Schedule A.

5. <u>**SUBCUSTODIANS**</u>. Custodian may appoint one or more Domestic Subcustodians (as defined below), Foreign Subcustodians, Special Subcustodians, or Interim Subcustodians to act on behalf of the Fund. Custodian may be directed, pursuant to an agreement between the Parties ("<u>Delegation Agreement</u>"), to appoint a Domestic Subcustodian to perform the duties of the Foreign Custody Manager (as such term is defined in Rule 17f-5 under the 1940 Act) ("<u>Approved Foreign Custody Manager</u>") for the Fund so long as such Domestic Subcustodian is so eligible under the 1940 Act. Such Delegation Agreement shall provide that the appointment of any Domestic Subcustodian as the Approved Foreign Custody Manager must be governed by a written agreement between Custodian and the Domestic Subcustodian, which provides for compliance with Rule 17f-5. The Approved Foreign Custody Manager may then appoint a Foreign Subcustodian or Interim Subcustodian in accordance with this Section 5. For purposes of this Agreement, all Domestic Subcustodians, Foreign Subcustodians, Special Subcustodians, and Interim Subcustodians shall be referred to collectively as "<u>Subcustodians</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Domestic Subcustodians</u>. Upon written approval from the Fund, Custodian may appoint any bank, trust company, or other entity (any of which meets the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder) to act for Custodian on behalf of the Fund as a subcustodian for purposes of holding Assets and performing other functions of Custodian within the United States (a "<u>Domestic Subcustodian</u>"). Each Domestic Subcustodian shall be listed on Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Foreign Subcustodians</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Approved Foreign Custody Manager may appoint any entity meeting the requirements of an Eligible Foreign Custodian (as such term is defined in Rule 17f-5(a)(1) under the 1940 Act, and which term shall also include a bank that qualifies to serve as a custodian of assets of investment companies under Section 17(f) of the 1940 Act or by SEC order is exempt therefrom (each a "<u>Foreign Subcustodian</u>") in the context of either a subcustodian or a sub-subcustodian), **provided that** the Approved Foreign Custody Manager's appointments of such Foreign Subcustodians shall at all times be governed by an agreement that complies with Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, if the Approved Foreign Custody Manager determines that it will not provide delegation services (A) in a country in which the Fund has directed that the Fund invest in an Asset or (B) with respect to a specific Foreign Subcustodian which the Fund has directed be used, Custodian shall promptly notify (or shall cause the Approved Foreign Custody Manager to promptly notify) the Fund of the unavailability of the approved Foreign Custody Manager's delegation services in such country. Custodian and the Approved Foreign Custody Manager (or Domestic Subcustodian, as applicable) shall be entitled to rely on and shall have no liability or responsibility for following such direction from the Fund as a Special Instruction and shall have no duties or liabilities under this Agreement, save those that it may undertake specifically in writing with respect to each particular instance. Upon the receipt of such Special Instructions, Custodian may (in its absolute discretion) designate (or cause the Approved Foreign Custody Manager to designate) an entity (an "<u>Interim Subcustodian</u>") designated by the Fund in such Special Instructions to hold such Asset. In such event, the Fund represents and warrants that it has made a determination that the arrangement with such Interim Subcustodian satisfies the requirements of the 1940 Act and the rules and regulations thereunder (including Rule 17f-5, if applicable). It is further understood that where the Approved Foreign Custody Manager and Custodian do not agree to fully provide the services under this Agreement and the Delegation Agreement to the Fund with respect to a particular country or specific Foreign Subcustodian, the Fund may delegate such services to another delegate pursuant to Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Special Subcustodians</u>. Upon receipt of Special Instructions, Custodian shall appoint one or more banks, trust companies, or other entities designated in such Special Instructions to act for Custodian on behalf of the Fund as a subcustodian for purposes of: (1) effecting third-party repurchase transactions with banks, brokers, dealers, or other entities through the use of a common custodian or subcustodian; (2) providing depository and clearing agency services with respect to certain variable rate demand note Securities; (3) providing depository and clearing agency services with respect to dollar denominated Securities; and (4) effecting any other transactions designated by the Fund in such Special Instructions. Each such designated subcustodian (a "<u>Special Subcustodian</u>") shall be listed on Appendix A. In connection with the appointment of any Special Subcustodian, Custodian may enter into a subcustodian agreement with the Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Interim Subcustodians</u>. Notwithstanding the foregoing, if the Fund invests in an Asset to be held in a country in which no Foreign Subcustodian is authorized to act, Custodian or Domestic Subcustodian shall promptly notify the Fund of the unavailability of an approved Foreign Subcustodian in such country. Custodian and the Domestic Subcustodian, as applicable, shall: (1) be entitled to rely on and shall have no liability or responsibility for following an Instruction; and (2) have no duties or liabilities hereunder, save those that it may undertake specifically in writing with respect to each particular instance. Upon the receipt of Instructions, Custodian may (in its absolute discretion) designate (or cause the Domestic Subcustodian to designate) an entity (an "<u>Interim Subcustodian</u>") to hold such Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of a Subcustodian</u>. Custodian or Domestic Subcustodian may (at any time in its discretion upon notification to the Fund) terminate any Subcustodian in accordance with the termination provisions under the applicable subcustodian agreement. Upon the receipt of Special Instructions, Custodian or Domestic Subcustodian shall terminate any Subcustodian in accordance with the termination provisions under the applicable subcustodian agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information Regarding Foreign Subcustodians</u>. Upon request of the Fund, Custodian shall deliver (or cause the Approved Foreign Custody Manager to deliver) to the Fund a letter or list stating: (1) the identity of each Foreign Subcustodian then acting on behalf of Custodian; (2) the Eligible Securities Depositories in each foreign market through which each Foreign Subcustodian is then holding Assets; and (3) such other information as may be requested by the Fund to ensure compliance with rules and regulations under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Eligible Securities Depositories</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Custodian or the Domestic Subcustodian may place and maintain the Fund's Foreign Assets with an Eligible Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon the request of the Fund, Custodian shall direct the Domestic Subcustodian to provide to the Fund (including the Board) and/or the Fund's adviser or other agent an analysis of the custody risks associated with maintaining the Fund's Foreign Assets with such Eligible Securities Depository utilized directly or indirectly by Custodian or the Domestic Subcustodian as of the Effective Date (or, in the case of an Eligible Securities Depository not so utilized as of the Effective Date, prior to the placement of the Fund's Foreign Assets at such depository) and at which any Foreign Assets of the Fund are held or are expected to be held. Custodian shall direct the Domestic Subcustodian to monitor the custody risks associated with maintaining the Fund's Foreign Assets at each such Eligible Securities Depository on a continuing basis and shall promptly notify the Fund or its adviser of any material changes in such risks through the Approved Foreign Custody Manager's letter, market alerts, or other periodic correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Custodian shall (A) direct the Domestic Subcustodian to determine the eligibility under Rule 17f-7 of each foreign securities depository before maintaining the Fund's Foreign Assets therewith and (B) promptly advise the Fund if any Eligible Securities Depository ceases to be so eligible. Notwithstanding Subsection 18(c), Eligible Securities Depositories may be added to or deleted from such list (subject to Rule 17f-7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If an arrangement with an Eligible Securities Depository no longer meets the requirements of Rule 17f-7, Custodian shall direct the Domestic Subcustodian to withdraw the Fund's Foreign Assets from such depository as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In fulfilling its responsibilities under this Section 5(f), Custodian will exercise reasonable care, prudence, and diligence.

6. <u>STANDARD OF CARE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Standard of Care</u>. Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. Custodian shall be liable to the Fund for all losses, damages, and reasonable costs and expenses suffered or incurred by the Fund resulting from the gross negligence or willful misconduct of Custodian; **provided however that** in no event shall Custodian be liable for attorneys' fees or for special, indirect, consequential, or punitive damages arising under or in connection with this Agreement.

Subject to Custodian's general standard of care set forth above, Custodian shall not incur liability hereunder if it or any Subcustodian or Securities System, or any Subcustodian, Eligible Securities Depository utilized by any such Subcustodian, or any nominee of Custodian or any Subcustodian (each, a "<u>Person</u>") is prevented, forbidden, or delayed from performing (or omits to perform) any act or thing which this Agreement provides shall be performed (or omitted to be performed) by reason of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "<u>Sovereign Risk</u>," which means, in respect of any jurisdiction (including but not limited to the United States of America) where investments are acquired or held hereunder: (A) any act of war, terrorism, riot, insurrection, or civil commotion; (B) the imposition of any investment,repatriation, or exchange control restrictions by any governmental authority; (C) the confiscation, expropriation, or nationalization of any investments by any governmental authority, whether de facto or de jure; (D) any devaluation or revaluation of the currency; (E) the imposition of taxes, levies, or other charges affecting investments; (F) any change in the applicable law; or (G) any other economic, systemic, or political risk incurred or experienced, except as otherwise provided in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "<u>Country Risk</u>," which means (with respect to the acquisition, ownership, settlement, or custody of investments in a jurisdiction) all risks relating to (or arising in consequence of) systemic and market factors affecting the acquisition, payment for, or ownership of investments, including: (A) the prevalence of crime and corruption in such jurisdiction; (B) the inaccuracy or unreliability of business and financial information; (C) the instability or volatility of banking and financial systems (or the absence or inadequacy of an infrastructure to support such systems); (D) custody and settlement infrastructure of the market in which such investments are transacted and held; (E) the acts, omissions, and operation of any Eligible Securities Depository; (F) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars, or transfer agents; (G) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets; and (H) the laws relating to the safekeeping and recovery of Assets held in custody pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Actions Prohibited by Applicable Law, Etc.</u> In no event shall Custodian incur liability hereunder if any Person is prevented, forbidden, or delayed from performing (or omits to perform) any act or thing which this Agreement provides shall be performed (or omitted to be performed) by reason of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) provision of any present or future law, regulation, or order of the United States of America (or any state thereof), any foreign country (or political subdivision thereof), or any court of competent jurisdiction (and neither Custodian nor any other Person shall be obligated to take any action contrary thereto); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "<u>Force Majeure</u>," which means any circumstance or event which (A) is beyond the reasonable control of Custodian, a Subcustodian, or any agent of Custodian or a Subcustodian and (B) adversely affects the performance by Custodian of its obligations hereunder, by the Subcustodian of its obligations under its subcustodian agreement or by any other agent of Custodian or the Subcustodian, unless in each case, such delay or nonperformance is caused by the gross negligence or willful misconduct of Custodian. Such Force Majeure events may include any event caused by, arising out of or involving (i) an act of God, (ii) accident, fire, water damage, or explosion, (iii) any computer system outage or downtime or other equipment failure or malfunction caused by any computer virus or any other reason or the malfunction or failure of any communications medium, (iv) any interruption of the power supply or other utility service, (v) any strike or other work stoppage, whether partial or total, (vi) any delay or disruption resulting from or reflecting the occurrence of any Sovereign Risk, (vii) any disruption of (or suspension of trading in) the securities, commodities, or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, (viii) any encumbrance on the transferability of cash, currency, or a currency position on the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, or (ix) any other cause similarly beyond the reasonable control of Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Liability for Past Records</u>. Neither Custodian nor any Domestic Subcustodian shall have any liability in respect of any loss, damage, or expense suffered by the Fund, insofar as such loss, damage, or expense arises from the performance of Custodian or any Domestic Subcustodian in reliance upon records that were maintained for the Fund by entities other than Custodian or any Domestic Subcustodian prior to Custodian's employment hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Advice of Counsel</u>. Custodian and all Domestic Subcustodians shall be entitled to receive and act upon advice of counsel of its own choosing on all matters. Custodian and all Domestic Subcustodians shall be without liability for any actions taken or omitted in good faith pursuant to the

advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Advice of the Fund and Others</u>. Custodian and any Domestic Subcustodian may rely upon the advice of the Fund and upon statements of the Fund's accountants and other persons believed by it in good faith to be expert in matters upon which they are consulted. Neither Custodian nor any Domestic Subcustodian shall be liable for any actions taken or omitted, in good faith, pursuant to such advice or statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information Services</u>. Custodian may rely upon information received from: (1) issuers of Assets (or agents of such issuers); (2) Subcustodians or depositories; (3) data reporting services that provide detail on corporate actions and other securities information; and (4) other commercially reasonable industry sources. **Provided that** Custodian has acted in accordance with the standard of care set forth in Section 6(a), it shall have no liability as a result of relying upon such information sources (including but not limited to errors in any such information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Instructions Appearing to be Genuine</u>. Custodian and all Domestic Subcustodians shall: (1) be fully protected and indemnified in acting as a custodian hereunder upon any (A) resolutions of the Board or (B) Instructions, Special Instructions, advice, notice, request, consent, certificate, instrument, or paper appearing to it to be genuine and to have been properly executed; (2) unless otherwise specifically provided herein, be entitled to receive a certificate signed by any officer of the Fund authorized to countersign or confirm Special Instructions as conclusive proof of any fact or matter required to be ascertained from the Fund; (3) be entitled to rely upon any Instructions or Special Instructions; (4) be entitled to assume that any Instructions or Special Instructions are not in any way inconsistent with the provisions of the Fund's Organizational Documents; (5) have no duty to inquire into or investigate the validity, accuracy, or content of any Instruction or Special Instruction; and (6) have no liability for any losses, damages, or expenses incurred by the Fund arising from the use of a non-secure form of email or other non-secure electronic system or process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Investment Advice</u>. Custodian shall have no duty to assess the risks inherent in Assets or to provide investment advice, accounting or other valuation services regarding any such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exceptions from Liability</u>. Without limiting the generality of any other provisions hereof, neither Custodian nor any Domestic Subcustodian shall be under any duty or obligation to inquire into, nor be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the validity of the issue of any Securities purchased by or for the Fund, the legality of the purchase thereof or evidence of ownership required to be received by the Fund, or the propriety of the decision to purchase or amount paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the legality of the sale, transfer, or movement of any Securities by or for the Fund, or the propriety of the amount for which the same were sold; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any other expenditures, encumbrances of Securities, borrowings, or similar actions with respect to any Assets;

and may, until notified to the contrary, presume that all Instructions or Special Instructions received by it are not in conflict with or in any way contrary to any provisions of the Fund's (A) Organizational Documents; (B) votes or proceedings of the shareholders, trustees, partners, or directors; or (C) current Registration Statement on file with the SEC.

7. <u>LIABILITY OF CUSTODIAN FOR ACTIONS OF OTHERS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Domestic Subcustodians</u>. Except as provided in Section 7(d), Custodian shall be liable for the acts or omissions of any Domestic Subcustodian to the same extent as if such actions or omissions were performed by Custodian itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liability for Acts and Omissions of Foreign Subcustodians</u>. Custodian shall be liable for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Foreign Subcustodian only to the extent that, under the terms set forth in the subcustodian agreement between Custodian or a Domestic Subcustodian and such Foreign Subcustodian, the Foreign Subcustodian has failed to perform in accordance with the standard of conduct imposed under such subcustodian agreement and Custodian or Domestic Subcustodian recovers from the Foreign Subcustodian under the applicable subcustodian agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Securities Systems, Interim Subcustodians, Special Subcustodians, Eligible Securities Depositories</u>. Custodian shall not be liable to the Fund for any loss, damage, or expense suffered or incurred by the Fund resulting from or occasioned by the actions or omissions of a Securities System, Interim Subcustodian, Special Subcustodian, or Eligible Securities Depository, unless such loss, damage, or expense is caused by (or results from) the gross negligence or willful misconduct of Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Failure of Third-Parties.</u> Custodian shall not be liable for any loss, damage, or expense suffered or incurred by the Fund resulting from or occasioned by the actions, omissions, neglects, defaults, insolvency, or other failure of any: (1) issuer of any Securities or Underlying Shares or of any agent of such issuer; (2) counterparty with respect to any Asset, including any issuer of any option, futures, derivatives, or commodities contract; (3) investment adviser or other agent of the Fund; (4) broker, bank, trust company, or any other person with whom Custodian may deal (other than any of such entities acting as a Subcustodian, Securities System, or Eligible Securities Depository, for whose actions the liability of Custodian is set out elsewhere in this Agreement); or (5) agent or depository (including but not limited to a securities lending agent or precious metals depository) with whom Custodian may deal at the direction of (and behalf of) the Fund; unless such loss, damage, or expense is caused by (or results from) the gross negligence or willful misconduct of Custodian or Custodian's breach of the terms of any contract between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer Agents</u>. Custodian shall not be liable to the Fund for any loss or damage to the Fund resulting from the maintenance of Underlying Shares with a Transfer Agent, except for losses resulting directly from the gross negligence or willful misconduct of Custodian.

8. <u>INDEMNIFICATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification by the Fund</u>. Subject to the limitations set forth in this Agreement, the Fund shall indemnify and hold harmless Custodian and its nominees from all losses, damages, and expenses (including attorneys' fees) suffered or incurred by Custodian or its nominee caused by or arising from actions taken by Custodian, its employees, or agents in the performance of its duties and obligations hereunder (including, but not limited to, any indemnification obligations undertaken by Custodian under any relevant subcustodian agreement; **provided however that** such indemnity shall not apply to the extent Custodian is liable under Sections 6 or 7).

If the Fund requires Custodian to take any action with respect to Assets, which involves the payment of money or which may (in the opinion of Custodian) result in Custodian or its nominee assigned to the Fund being liable for the payment of money or incurring liability of some other form, the Fund shall provide indemnity to Custodian in an amount and form satisfactory to it as a prerequisite to requiring Custodian to take such action.

The Fund shall indemnify and hold harmless Custodian for any action Custodian takes or does not take in reliance upon directions, Instructions, or Special Instructions (including but not limited to Instructions or Special Instructions to prepare, sign, and submit Subscription Agreements or other Writings on behalf of the Manager or the Fund), except for such action or inaction resulting from Custodian's (1) gross negligence or willful misconduct or (2) following an Instruction or Written Instruction expressly forbidden by this Agreement. The Fund shall indemnify and hold harmless Custodian for any claim against Custodian arising out of the investment by the Fund in an underlying fund for which Subscription Agreements are prepared, signed, or submitted by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by Custodian</u>. Subject to the limitations set forth in this Agreement, Custodian shall indemnify and hold harmless the Fund from all losses, damages, and expenses (with the exception of those damages and expenses referenced in Section 6(a)) suffered or incurred by the Fund caused by the gross negligence or willful misconduct of Custodian.

9. <u>**ADVANCES**</u>**.** If Custodian or any Subcustodian, Securities System, or Eligible Securities Depository (each of which for purposes of this Section 9 shall be referred to as "<u>Custodian</u>"), acting either directly or indirectly under agreement with Custodian, makes any payment or transfer of funds on behalf of the Fund as to which there would be (at the close of business on the date of such payment or transfer) insufficient funds held by Custodian on behalf of the Fund, Custodian may (in its discretion without further Instructions) provide an advance ("<u>Advance</u>") to the Fund in an amount sufficient to allow the completion of the transaction by reason of which such payment or transfer of funds is to be made. In addition, if Custodian is directed by Instructions to make any payment or transfer of funds on behalf of the Fund as to which it is subsequently determined that the Fund has overdrawn its cash account with Custodian as of the close of business on the date of such payment or transfer, said overdraft shall constitute an Advance. Any Advance shall be payable by the Fund on demand by Custodian (unless otherwise agreed by the Parties) and shall accrue interest from the date of the Advance to the date of payment by the Fund to Custodian at a rate determined by Custodian. It is understood that any transaction in respect of which Custodian shall have made an Advance (including but not limited to a foreign exchange contract or transaction in respect of which Custodian is not acting as a principal) is for the account of and at the risk of the Fund on behalf of which the Advance was made, and not, by reason of such Advance, deemed to be a transaction undertaken by Custodian for its own account and risk. The Parties acknowledge that the purpose of Advances is to temporarily finance the purchase or sale of Securities for prompt delivery in accordance with the settlement terms of such transactions or to meet emergency expenses not reasonably foreseeable by the Fund. Custodian shall promptly notify the Fund of any Advance. Nothing herein shall be deemed to create an obligation on the part of Custodian to advance monies to the Fund. In addition, the Fund shall promptly execute any documentation that Custodian reasonably believes is required under Regulation U with respect to any Advances made pursuant to this Section.

10. <u>**SECURITY INTEREST**</u>**.** To secure the due and prompt payment of all Advances, together with any taxes, charges, fees, expenses, assessments, obligations, claims, or liabilities incurred by Custodian in connection with its performance of any duties hereunder (collectively, "<u>Liabilities</u>"), except for any Liabilities arising from or Custodian's gross negligence or willful misconduct, the Fund grants to Custodian a security interest in all of its Assets now or hereafter in the possession of Custodian and all proceeds thereof (collectively, the "<u>Collateral</u>"). The Fund shall promptly reimburse Custodian for any and all such Liabilities. If the Fund fails to satisfy any of the Liabilities as and when due and payable, Custodian shall have the rights and remedies of a secured party under the Uniform Commercial Code in respect of the Collateral (in addition to all other rights and remedies arising hereunder or under local law). Without prejudice to Custodian's rights under applicable law, Custodian shall be entitled (without notice to the Fund) to withhold delivery of any Collateral, sell, set-off, or otherwise realize upon or dispose of any such Collateral and to apply the money or other proceeds and any other monies credited to the Fund in satisfaction of the Liabilities. This includes, but is not limited to, any interest on any such unpaid Liability as Custodian deems reasonable and all costs and expenses (including reasonable attorney's fees) incurred by Custodian in connection with the sale, set-off, or other disposition of such Collateral.

11. <u>**COMPENSATION**</u>. The Fund will pay to Custodian such compensation as is set forth on Schedule B or as otherwise agreed to in writing by the Parties. In addition, the Fund shall reimburse Custodian for all out-of-pocket expenses incurred by Custodian in connection with this Agreement (but excluding salaries and usual overhead expenses). Such compensation and expenses shall be billed to the Fund and paid in cash to Custodian.

12. <u>**POWERS OF ATTORNEY**</u>. Upon request, the Fund shall deliver to Custodian such proxies, powers of attorney, or other instruments as may be reasonable and necessary or desirable in connection with the performance by Custodian or any Subcustodian of their respective obligations hereunder or any applicable subcustodian agreement.

13. <u>**TAX LAWS**</u>**.** Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Fund (or on Custodian as custodian for the Fund) by the tax law of any country or of any state or political subdivision thereof. The Fund shall indemnify Custodian for and against any such obligations including taxes, tax reclaims, withholding and reporting requirements, claims for exemption or refund, additions for late payment, interest, penalties, and other expenses (including legal expenses) that may be assessed against the Fund (or Custodian as custodian of the Fund).

14. <u>**TERM AND ASSIGNMENT**</u>. This Agreement shall continue in effect for a 5-year period beginning on the Effective Date (the "<u>Initial Term</u>"). Thereafter, if not terminated as provided herein, the Agreement shall continue automatically in effect for successive 2-year periods (each a "<u>Renewal Term</u>"). A "<u>Term</u>" shall mean either the Initial Term or a Renewal Term.

Either Party may terminate this Agreement at the end of a Term (the "<u>Termination Date</u>") by giving the other Party a written notice not less than 90 days prior to the end of such Term. Upon termination of this Agreement, the Fund shall pay to Custodian such fees as may be due Custodian hereunder as well as its reimbursable disbursements, costs, and expenses paid or incurred. If this Agreement is terminated by the Fund prior to the end of a Term, the Fund shall be obligated to pay Custodian the remaining balance of the fees payable to Custodian hereunder (based upon the average monthly compensation earned by Custodian hereunder in the 12 months preceding termination, excluding any month where no revenue was earned) through the end of such Term. Upon termination of this Agreement, Custodian shall deliver (at the terminating Party's expense) all Assets held by it hereunder to a successor custodian designated by the Fund or (if a successor custodian is not designated) to the Fund or as otherwise designated by Special Instructions. Upon such delivery, Custodian shall have no further obligations or liabilities hereunder except as to the final resolution of matters relating to activity occurring prior to the Termination Date. If Assets remain in the possession of Custodian after the Termination Date, Custodian shall be entitled to compensation at the same rates as set forth in Section 11.

This Agreement may not be assigned by either Party without the consent of the other.

15. <u>**NOTICES**</u>. As to the Fund, notices, requests, instructions, and other writings delivered to [insert Fund address] (or to such other address as the Fund may have designated to Custodian in writing), postage prepaid, shall be deemed to have been properly delivered to the Fund.

Notices, requests, instructions, and other writings delivered to Custodian at its office at 928 Grand Blvd., 10th Floor, Attn: Amy Small, Kansas City, Missouri 64106 (or to such other addresses as Custodian may have designated to the Fund in writing), postage prepaid, shall be deemed to have been properly delivered or given to Custodian hereunder; **provided however that** procedures for the delivery of Instructions and Special Instructions shall be governed by Section 2(c).

16. <u>CONFIDENTIALITY.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Custodian agrees on behalf of itself and its employees to treat confidentially and as proprietary information of the Fund all records relative to the Investors, not to use such records and information for any purpose other than performance of the Services, and not to disclose such information except when Custodian: (1) may be exposed to civil or criminal proceedings for failure to comply; (2) is requested to divulge such information by duly constituted authorities or court process; (3) is subject to governmental or regulatory audit or investigation; or (4) is requested to do so by the Fund. In case of any requests or demands for inspection of the records of the Fund, Custodian will endeavor to promptly notify the Fund and to secure instructions from a representative of the Fund as to such inspection, unless prohibited by law from making such notification. Records and information which have become known to the public through no wrongful act of Custodian or any of its employees, agents, or representatives and information which was already in the possession of Custodian prior to the Effective Date shall not be subject to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Custodian's provision of the Services, the Fund may have access to and become acquainted with confidential proprietary information of Custodian, including, but not limited to: (1) client identities and relationships, compilations of information, records, and specifications; (2) data or information that is competitively sensitive material and not generally available to the public; (3) confidential or proprietary concepts, documentation, reports, or data; (4) information regarding Custodian's information security program; and (5) anything designated as confidential (collectively, "<u>Custodian Confidential Information</u>"). Neither the Fund nor any of its officers, employees, or agents (collectively, the "<u>Recipients</u>") shall disclose any Custodian Confidential Information, directly or indirectly, or use Custodian Confidential Information in any way, for its own benefit or for the benefit of others, either during the term of this Agreement or at any time thereafter, except as required in the course of performing its duties under this Agreement.

The term "Custodian Confidential Information" does not include information that: (i) becomes or has been generally available to the public other than as a result of disclosure by a Recipient; (ii) was available to the Recipients on a non-confidential basis prior to its disclosure by Custodian or any of its affiliates; or (iii) independently developed or becomes available to the Recipients on a non-confidential basis from a source other than Custodian or its affiliates. The Fund represents and warrants that it shall take and maintain adequate physical, electronic, and procedural safeguards in connection with any use, storage, transmission, duplication, or other process involving or derived from Custodian Confidential Information whether such storage, transmission, duplication, or other process is by physical or electronic medium (including use of the Internet).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 16 will survive termination of this Agreement and will inure to the benefit of the Parties and their successors and assigns.

17. <u>**ANTI-MONEY LAUNDERING COMPLIANCE.**</u> The Fund represents and warrants that it has established and maintains policies and procedures designed to meet the requirements imposed by the USA PATRIOT Act. The Fund shall provide certifications regarding its compliance with the USA PATRIOT Act and other anti-money laundering laws upon Custodian's request. The Fund shall have responsibility for customer identification and verification and other customer identification program requirements.

18. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of Missouri.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the terms and provisions of this Agreement shall be binding upon, and inure to the benefit of, and be enforceable by the respective successors and assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provisions of this Agreement may be amended, modified, or waived in any manner, except in a writing properly executed by both Parties; **provided however that** Appendix A may be amended as Domestic Subcustodians, Securities Systems, and Special Subcustodians are approved or terminated according to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any part, term, or provision of this Agreement is held to be illegal, in conflict with any law, or otherwise invalid by any court of competent jurisdiction, the remaining portion or portions shall be considered severable and shall not be affected, and the rights and obligations of the Parties shall be construed and enforced as if this Agreement did not contain the particular part, term, or provision held to be illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement (and the Delegation Agreement, if applicable) constitutes the entire understanding and agreement of the Parties with respect to the subject matter herein (and therein) and supersedes (as of the Effective Date) any custodian agreement heretofore in effect between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rights and obligations contained in Sections 6, 7, 8, 9, 10, 11, and 16 will survive the termination of this Agreement and will inure to the benefit of the Parties and their successors and assigns.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their respective duly authorized officers.

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|:---|:---|
| **CIBC Private Lending Strategies** | **UMB Bank, n.a.** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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**Schedule A – Custody Agreement**

For purposes of this Schedule A, all references to powers and duties of "Custodian" shall also refer to any Domestic Subcustodian appointed pursuant to Section 5(a).

(a) <u>Safekeeping</u>. Custodian will keep safely the Assets which are delivered to and accepted by it. Custodian shall notify the Fund if it is unwilling or unable to accept custody of any Asset. Custodian shall not be responsible for any property of the Fund not delivered to Custodian or for any pre-existing faults or defects in Assets that are delivered to Custodian.

(b) <u>Manner of Holding Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Custodian shall at all times hold Securities of the Fund either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by physical possession of the share certificates, completed Subscription Agreements, or other instruments representing such Securities (in registered or bearer form): (i) in the vault of Custodian, Domestic Subcustodian, a Special Custodian, depository, or agent of Custodian; or (ii) in an account maintained by Custodian or agent at a Securities System (as defined below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in book-entry form by a Securities System in accordance with the provisions of sub-paragraph (3) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Custodian may hold registrable portfolio Securities (which have been delivered to it in physical form) by registering the same in the name of the Fund (or its nominee) or in the name of Custodian (or its nominee) for whose actions such Party shall be fully responsible. Upon the receipt of Instructions, Custodian shall hold such Securities in street certificate form, so called, with or without any indication of representative capacity. However, unless it receives Instructions to the contrary, Custodian will register all such portfolio Securities in the name of Custodian's authorized nominee. All such Securities shall be held in an account of Custodian containing only assets of the Fund or only assets held by Custodian for the benefit of customers; **provided that** the records of Custodian shall indicate at all times that such Securities are held for the Fund in such accounts and the respective interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Custodian may deposit and/or maintain domestic Securities owned by the Fund in (and the Fund hereby approves use of): (A) The Depository Trust & Clearing Corporation; (B) any other clearing agency registered with the Securities and Exchange Commission (the "<u>SEC</u>") under section 17A of the Securities Exchange Act of 1934, which acts as a securities depository; and (C) a Federal Reserve Bank or other entity authorized to operate the federal book-entry system described in the regulations of the Department of the Treasury or book-entry systems operated pursuant to comparable regulations of other federal agencies. Upon the receipt of Special Instructions, Custodian may deposit and/or maintain domestic Securities owned by the Fund in any other domestic clearing agency that may otherwise be authorized by the SEC to serve in the capacity of depository or clearing agent for the Securities or other assets of investment companies and that acts as a Securities depository (each of the foregoing, a "<u>Securities System</u>"). All Securities Systems shall be listed on Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Use of a Securities System shall be in accordance with applicable Federal Reserve Board and SEC rules and regulations, if any, and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Custodian may deposit the Securities directly or through one or more agents or Subcustodians which are also qualified to act as custodians for investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Securities held in a Securities System shall be subject to any agreements or rules effective between the Securities System and Custodian or a Subcustodian, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any Securities deposited or maintained in a Securities System shall be held in an account ("<u>Account</u>") of Custodian or a Subcustodian in the Securities System that includes only assets held by Custodian or a Subcustodian as a custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The books and records of Custodian shall at all times identify those Securities belonging to the Fund which are maintained in a Securities System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Custodian shall pay for Securities purchased for the account of the Fund only upon (i) receipt of advice from the Securities System that such Securities have been transferred to the Account of Custodian in accordance with the rules of the Securities System and (ii) the making of an entry on the records of Custodian to reflect such payment and transfer for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Custodian shall transfer Securities sold for the account of the Fund only upon (i) receipt of advice from the Securities System that payment for such Securities has been transferred to the Account of Custodian in accordance with the rules of the Securities System and (ii) the making of an entry on the records of Custodian to reflect such transfer and payment for the account of the Fund. Copies of all advices from the Securities System relating to transfers of Securities for the account of the Fund shall be maintained for the Fund by Custodian. Such copies may be maintained by Custodian in electronic form. Custodian shall make available to the Fund or its agent on the next business day (by Electronic Communication or other means reasonably acceptable to both Parties) daily transaction activity that shall include each day's transactions for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Custodian shall, if requested by the Fund pursuant to Instructions, provide the Fund with reports obtained by Custodian or any Subcustodian with respect to a Securities System's accounting system, internal accounting control, and procedures for safeguarding Securities deposited in the Securities System.

(c) <u>Underlying Shares.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The provisions of this Paragraph (c) shall govern the custody of the Underlying Shares and, to the extent there is a conflict between such provisions and the provisions of any other section of this Agreement with respect to Underlying Shares, the terms of this Paragraph shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Underlying Shares are beneficially owned by the Fund and shall be deposited and/or held in an account or accounts maintained by a transfer agent, registrar, recordkeeper, general partner, corporate secretary, or other relevant third-party (each a "<u>Transfer Agent</u>") pursuant to Instructions to Custodian. Custodian has no liability for the payment for any obligations or liabilities related to the Underlying Shares. Custodian's only responsibilities in connection with Underlying Shares shall be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) upon receipt of a confirmation or statement from a Transfer Agent that such Transfer Agent is holding or maintaining Underlying Shares in the name of Custodian (or a nominee of Custodian) for the benefit of the Fund, Custodian shall (i) mark such holdings on its books and records and (ii) identify by book-entry that the relevant Underlying Shares are being held by Custodian as custodian for the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in accordance with Instructions, Custodian shall (i) pay out monies from Assets for the purchase of Underlying Shares for the account of the Fund and (ii) record such purchase on the books and records of Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in accordance with Instructions, Custodian shall (i) transfer Underlying Shares redeemed for the account of the Fund in accordance with such Instructions and (ii) record such transfer on the books and records of Custodian and, upon receipt of related proceeds, record the related payment for the account of the Fund on said books and records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Custodian will not be deemed to have received any distribution or other asset of the Fund until that distribution or other asset of the Fund has in fact been received by Custodian at the address and in the manner directed in the applicable Subscription Agreement.

(d) <u>Free Delivery of Assets</u>. Notwithstanding any other provision of this Agreement and except as provided in Section 3, Custodian (upon receipt of Special Instructions) will undertake to (1) make free delivery of Assets, **provided that** such Assets are on hand and available, in connection with the Fund's transactions and (2) transfer such Assets to such broker, dealer, Subcustodian, bank, agent, Securities System, or otherwise as specified in such Special Instructions.

(e) <u>Exchange of Securities</u>. Upon receipt of Instructions, Custodian will exchange Securities held by it for the Fund for other Securities or cash paid in connection with any reorganization, recapitalization, merger, consolidation, conversion, or similar event, and will deposit any such Securities in accordance with the terms of any reorganization or protective plan. Unless otherwise directed by Instructions, Custodian is authorized to: (1) exchange Securities held by it in temporary form for Securities in definitive form; (2) surrender Securities for transfer into a name or nominee name as permitted in Paragraph (b)(2); (3) effect an exchange of shares in a stock split or when the par value of the stock is changed; (4) sell any fractional shares; and (5) surrender bonds or other Securities held by it at maturity or call upon receiving payment therefor.

(f) <u>Purchases of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Securities Purchases</u>. In accordance with Instructions, Custodian shall, with respect to a purchase of Securities, pay for such Securities out of monies held for the Fund's account for which the purchase was made, but only insofar as monies are available therein for such purpose, and receive the Securities so purchased. Unless Custodian has received Special Instructions to the contrary, such payment will be made only upon delivery of such Securities to Custodian, a clearing corporation of a national securities exchange of which Custodian is a member, or a Securities System in accordance with the provisions of Paragraph (b)(3). Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in connection with a repurchase agreement, Custodian may release funds to a Securities System prior to the receipt of advice from the Securities System that the Securities underlying such repurchase agreement have been transferred by book-entry into the Account maintained with such Securities System by Custodian; **provided that** Custodian's instructions to the Securities System require that the Securities System may make payment of such funds to the other party to the repurchase agreement only upon transfer by book-entry of the Securities underlying the repurchase agreement into such Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of options, Interest Bearing Deposits, currency deposits and other deposits, and foreign exchange transactions, pursuant to Paragraphs (h), (l), and (m), Custodian may make payment therefor before receipt of an advice of transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Custodian may make payment for Assets prior to delivery thereof in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Asset (including, but not limited to, Assets as to which payment for the Asset and receipt of the instrument evidencing the Asset are under generally accepted trade practices or the terms of the instrument representing the Asset expected to take place in different locations or through separate parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Other Assets Purchased</u>. Upon receipt of Instructions and except as otherwise provided herein, Custodian shall pay for and receive other Assets for the account of the Fund as provided in Instructions.

(g) <u>Sales of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Securities Sold</u>. In accordance with Instructions, Custodian shall, with respect to a sale, deliver or cause to be delivered the Securities thus designated as sold to the broker or other person specified in the Instructions relating to such sale. Unless Custodian has received Special Instructions to the contrary, such delivery shall be made only upon receipt of payment therefor in the form of: (A) cash, certified check, bank cashier's check, bank credit, or bank wire transfer; (B) credit to the account of Custodian with a clearing corporation of a national securities exchange of which Custodian is a member; or (C) credit to the Account of Custodian with a Securities System, in accordance with the provisions of Paragraph (b)(3). Notwithstanding the foregoing, Custodian may deliver Assets prior to receipt of payment for such Securities in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Asset. For example, Securities held in physical form may be delivered and paid for in accordance with "street delivery custom" to a broker or its clearing agent against delivery to Custodian of a receipt for such Securities; **provided that** Custodian shall have taken reasonable steps to ensure prompt collection of the payment for (or return of) such Securities by the broker or its clearing agent; and **provided further that** Custodian shall not be responsible for (i) the selection of or the failure or inability to perform of such broker or its clearing agent or (ii) any related loss arising from delivery or custody of such Securities prior to receiving payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Other Assets Sold</u>. Upon receipt of Instructions and except as otherwise provided herein, Custodian shall receive payment for and deliver other Assets for the account of the Fund as provided in Instructions.

(h) <u>Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon receipt of Instructions relating to the purchase of an option or sale of a covered call option, Custodian shall: (A) receive and retain Instructions or other documents (to the extent they are provided to Custodian) evidencing the purchase or writing of the option by the Fund; (B) if the transaction involves the sale of a covered call option, deposit and maintain in a segregated account the Securities (either physically or by book-entry in a Securities System) subject to the covered call option written on behalf of the Fund; and (C) pay, release, and/or transfer such Assets in accordance with any notices or other communications evidencing the expiration, termination, or exercise of such options which are furnished to Custodian by the Options Clearing Corporation (the "<u>OCC</u>"), the securities or options exchanges on which such options were traded, or such other organization as may be responsible for handling such option transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon receipt of Instructions relating to the sale of a naked option (including stock index and commodity options), Custodian, the Fund, and the broker-dealer shall enter into an agreement to comply with the rules of the OCC or of any registered national securities exchange or similar organizations(s). Pursuant to that agreement and the Fund's Instructions, Custodian shall: (A) receive and retain Instructions or other documents, if any, evidencing the writing of the option; (B) deposit and maintain Assets in a segregated account; and (C) pay, release, and/or transfer such Assets in accordance with any such agreement and with any notices or other communications evidencing the expiration, termination, or exercise of such option which are furnished to Custodian by the OCC, the securities or options exchanges on which such options were traded, or such other organization as may be responsible for handling such option transactions. The Fund and the broker-dealer shall be responsible for determining the quality and quantity of assets held in any segregated account established in compliance with applicable margin maintenance requirements and the performance of other terms of any option contract.

(i) <u>Segregated Accounts</u>. Upon receipt of Instructions, Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred Assets, including Securities maintained by Custodian in a Securities System pursuant to Paragraph (b)(3), said account or accounts to be maintained: (1) for the purposes set forth in Paragraphs (h) and (n); and (2) for the purpose of compliance by the Fund with the procedures required by SEC Investment Company Act Release Number 10666 or any subsequent release or releases relating to the maintenance of segregated accounts by registered investment companies; or (3) for such other purposes as may be set forth in Special Instructions. Custodian shall not be responsible for the determination of the type or amount of Assets to be held in any segregated account referred to in this Paragraph, or for compliance by the Fund with required procedures noted in (2) above.

(j) <u>Depositary Receipts</u>. Upon receipt of Instructions, Custodian shall surrender (or cause to be surrendered) Securities to the depository used for such Securities by an issuer of American Depositary Receipts or International Depositary Receipts (collectively, "<u>ADRs</u>"), against a written receipt therefor adequately describing such Securities and written evidence satisfactory to the organization surrendering the same that the depository has acknowledged receipt of instructions to issue ADRs with respect to such Securities in the name of Custodian or a nominee of Custodian, for delivery in accordance with such instructions.

Upon receipt of Instructions, Custodian shall surrender (or cause to be surrendered) ADRs to the issuer thereof, against a written receipt therefor adequately describing the ADRs surrendered and written evidence satisfactory to the organization surrendering the same that the issuer of the ADRs has acknowledged receipt of instructions to cause its depository to deliver the Securities underlying such ADRs in accordance with such instructions.

(k) <u>Corporate Actions, Put Bonds, Called Bonds, Etc.</u> Upon receipt of Instructions, Custodian shall: (1) deliver warrants, puts, calls, rights, or similar Securities to the issuer or trustee thereof (or to the agent of such issuer or trustee) for the purpose of exercise or sale, **provided that** the new Assets, if any, acquired as a result of such actions are to be delivered to Custodian; and (2) deposit Assets upon invitations for tenders thereof, **provided that** the consideration for such Assets is to be paid or delivered to Custodian, or the tendered Assets are to be returned to Custodian.

Unless otherwise directed to the contrary in Instructions, Custodian shall comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions, or similar rights of security ownership of which Custodian receives notice through data services or publications to which it normally subscribes and shall promptly notify the Fund of such action.

If the Fund gives an Instruction for the performance of an act on the last permissible date of a period established by Custodian or any optional offer or on the last permissible date for the performance of such act, it shall hold Custodian harmless from any adverse consequences in connection with acting upon or failing to act upon such Instructions.

If the Fund wishes to receive periodic corporate action notices of exchanges, calls, tenders, redemptions, and other similar notices pertaining to Assets and to provide Instructions with respect to such Assets via the internet, the Parties may enter into a supplement to this Agreement whereby the Fund will be able to participate in Custodian's Electronic Corporate Action Notification Service.

(l) <u>Interest Bearing Deposits.</u> Upon receipt of Instructions directing Custodian to purchase interest bearing fixed-term certificates of deposit or call deposits (collectively, "<u>Interest Bearing Deposits</u>") for the account of the Fund, Custodian shall purchase such Interest Bearing Deposits with such banks or trust companies, including Custodian, any Subcustodian, or any subsidiary or affiliate of Custodian ("<u>Banking Institutions</u>"), and in such amounts as the Fund may direct pursuant to Instructions. Such Interest Bearing Deposits shall be denominated in U.S. dollars. Interest Bearing Deposits issued by Custodian shall be in the name of the Fund. Interest Bearing Deposits issued by another Banking Institution may be in the name of the Fund or Custodian or in the name of Custodian for its customers generally. The responsibilities of Custodian to the Fund for Interest Bearing Deposits issued by Custodian shall be that of a U.S. bank for a similar deposit. With respect to Interest Bearing Deposits issued by any other Banking Institution, Custodian shall (1) be responsible for the collection of income and the transmission of cash to and from such accounts and (2) have no duty with respect to the selection of the Banking Institution or for the failure of such Banking Institution to pay upon demand.

(m) <u>Foreign Exchange Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Fund may appoint Custodian as its agent in the execution of all currency exchange transactions. If requested, Custodian shall provide exchange rate and U.S. Dollar information (in writing or by other means agreeable to both Parties) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon receipt of Instructions, Custodian shall settle foreign exchange contracts or options to purchase and sell foreign currencies for spot and future delivery on behalf of and for the account of the Fund with such currency brokers or Banking Institutions as the Fund may determine and direct pursuant to Instructions. If, in its Instructions, the Fund does not direct Custodian to utilize a particular currency broker or Banking Institution, Custodian is authorized to select such currency broker or Banking Institution as it deems appropriate to execute the Fund's foreign currency transaction. It is understood that all such transactions shall be undertaken by Custodian as agent for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund (A) accepts full responsibility for its use of third-party foreign exchange brokers and for execution of said foreign exchange contracts and (B) understands that it shall be responsible for any and all costs and interest charges which may be incurred as a result of the failure or delay of its third-party broker to deliver foreign exchange. Custodian shall have no responsibility or liability with respect to the selection of the currency brokers or Banking Institutions with which the Fund deals or the performance or non-performance of such brokers or Banking Institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, upon receipt of Instructions, Custodian may, in connection with a foreign exchange contract, make free outgoing payments of cash in the form of U.S. Dollars or foreign currency prior to receipt of confirmation of such foreign exchange contract or confirmation that the countervalue currency completing such contract has been delivered or received.

(n) <u>Pledges or Loans of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon receipt of Instructions, Custodian will release (or cause to be released) Securities held in custody to the pledgees designated in such Instructions by way of pledge or hypothecation to secure loans incurred by the Fund with various lenders including but not limited to UMB Bank, n.a.; **provided however that** the Securities shall be released only upon payment to Custodian of the monies borrowed, except that in cases where additional collateral is required to secure existing borrowings, further Securities may be released or delivered (or caused to be released or delivered) for that purpose upon receipt of Instructions. Upon receipt of Instructions, Custodian will pay (from funds available for such purpose) any such loan upon re-delivery to it of the Securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing such loan. In lieu of delivering collateral to a pledgee, Custodian shall, on the receipt of Instructions, transfer the pledged Securities to a segregated account for the benefit of the pledgee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon receipt of Instructions, Custodian will release securities to a securities lending agent appointed by the Fund and designated in such Instructions. Custodian shall act upon Instructions in order to effect securities lending transactions on behalf of the Fund. For its services in facilitating the Fund's securities lending activities through such agent, Custodian may receive from the agent a portion of the agent's securities lending revenue or a fee directly from the Fund. Custodian shall have no responsibility or liability for any losses arising in connection with the agent's actions or omissions (including but not limited to the delivery of Securities prior to the receipt of collateral) in the absence of gross negligence or willful misconduct on the part of Custodian.

(o) <u>Stock Dividends, Rights, Etc.</u> Custodian shall receive and collect all stock dividends, rights, and other items of like nature and, upon receipt of Instructions, act with respect to the same as directed in such Instructions.

(p) <u>Routine Dealings</u>. Custodian will, in general, attend to all routine and operational matters in accordance with industry standards in connection with the sale, exchange, substitution, purchase, transfer, or other dealings with Securities or other property of the Fund, except as may be otherwise provided in this Agreement or directed by Instructions. Custodian may also make payments to itself or others from the Assets for disbursements and out-of-pocket expenses incidental to handling Securities or other similar items relating to its duties hereunder, **provided that** all such payments shall be accounted for to the Fund.

(q) <u>Collections</u>. Custodian shall (1) collect amounts due and payable to the Fund with respect to Assets; (2) promptly credit to the account of the Fund all income and other payments relating to Assets held by Custodian hereunder upon Custodian's receipt of such income or payments or as otherwise agreed in writing by the Parties; (3) promptly endorse and deliver any instruments required to effect such collection; and (4) promptly execute ownership and other certificates, affidavits, and other documents for all federal, state, local, and foreign tax purposes in connection with receipt of income or other payments with respect to Assets, or in connection with the transfer of such Assets; **provided however that**, with respect to Securities registered in so-called street name or physical Securities with variable interest rates, Custodian shall use its best efforts to collect amounts due and payable to the Fund. Custodian shall not be responsible for the collection of amounts due and payable with respect to Assets that are in default.

Any advance credit of Assets expected to be received shall be subject to actual collection and may be reversed by Custodian (when Custodian determines collection unlikely).

(r) <u>Dividends, Distributions, and Redemptions</u>. To enable the Fund to pay dividends or other distributions to shareholders and to make payment to shareholders who have requested repurchase or redemption of their shares of the Fund (collectively, the "<u>Shares</u>"), Custodian shall release cash or Securities insofar as available. In the case of cash, Custodian shall, upon the receipt of Instructions, transfer such funds by check or wire transfer to any account at any bank or trust company designated by the Fund in such Instructions. In the case of Securities, Custodian shall, upon the receipt of Special Instructions, make such transfer to any entity or account designated by the Fund in such Special Instructions.

(s) <u>Proceeds from Shares Sold</u>. Custodian shall receive funds representing cash payments received for Shares issued or sold by the Fund and credit such funds to the Fund's account. Custodian shall notify the Fund of Custodian's receipt of cash in payment for Shares issued by the Fund. Upon receipt of Instructions, Custodian shall: (1) deliver all federal funds received by Custodian in payment for Shares as may be set forth in such Instructions and at a time agreed upon between the Parties; and (2) make federal funds available to the Fund as of specified times agreed upon by the Parties, in the amount of checks received in payment for Shares which are deposited to the accounts of the Fund.

(t) <u>Proxies and Notices; Compliance with the Shareholder Communications Act of 1985</u>. Custodian shall deliver (or cause to be delivered) to the Fund (or its designated agent or proxy service provider) all forms of proxies, all notices of meetings, and any other notices or announcements affecting or relating to Securities or Underlying Shares owned by the Fund that are received by Custodian. Upon receipt of Instructions, Custodian shall execute and deliver (or cause a Subcustodian or nominee to execute and deliver) such proxies or other authorizations as may be required. Except as directed pursuant to Instructions, Custodian shall not: (1) vote upon any such Securities or Underlying Shares; (2) execute any proxy to vote thereon; or (3) give any consent or take any other action with respect thereto.

Custodian will not release the identity of the Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and the Fund, unless the Fund directs Custodian otherwise pursuant to Instructions.

(u) <u>Books and Records</u>. Custodian shall: (1) maintain such records relating to its activities hereunder as are required to be maintained by Rule 31a-1 under the 1940 Act; and (2) preserve them for the periods prescribed in Rule 31a-2 under the 1940 Act. These records shall be open for inspection by duly authorized officers, employees, or agents (including independent public accountants) of the Fund during normal business hours of Custodian. Custodian shall provide accountings relating to its activities hereunder as shall be agreed upon by the Parties.

(v) <u>Opinion of Fund's Independent Certified Public Accountants</u>. Custodian shall take all reasonable action as the Fund may request to obtain from year-to-year favorable opinions from the Fund's independent certified public accountants with respect to Custodian's activities hereunder and in connection with the preparation of the Fund's periodic reports to the SEC and with respect to any other requirements of the SEC.

(w) <u>Reports by Independent Certified Public Accountants</u>. At the request of the Fund, Custodian shall deliver to the Fund a written report (which may be in electronic form) prepared by Custodian's independent certified public accountants with respect to the services provided by Custodian hereunder, including, without limitation, Custodian's accounting system, internal accounting control, financial strength, and procedures for safeguarding Assets. Such report shall be of sufficient scope and in sufficient detail as may reasonably be required by the Fund and as may reasonably be obtained by Custodian.

(x) <u>Bills and Other Disbursements</u>. Upon receipt of Instructions, Custodian shall pay (or cause to be paid) all bills, statements, or other obligations of the Fund.

(y) <u>Sweep or Automated Cash Management.</u> Upon receipt of Instructions, Custodian shall invest any otherwise uninvested cash of the Fund held by Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by Custodian (each, a "<u>Sweep Vehicle</u>"), in accordance with the directions contained in such Instructions. A fee may be charged or a spread may be received by Custodian for investing the Fund's otherwise uninvested cash in the available Sweep Vehicles. Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle by or on behalf of the Fund under the terms of this Paragraph will cause the Fund to violate any applicable law, regulation, or the terms of its Organizational Documents.

The Fund shall indemnify and hold harmless Custodian from all losses, damages, and expenses (including attorney's fees) suffered or incurred by Custodian as a result of a violation by the Fund of any limitations on ownership of shares of another investment fund or any Sweep Vehicle.

**Schedule B – Custody Agreement**

**<u>Fees</u>**

**APPENDIX A – Custody Agreement**

The following Subcustodians and Securities Systems are approved for use in connection with the Custody Agreement dated ____________.

**SECURITIES SYSTEMS:**

Depository Trust Company

Federal Book-Entry

**SPECIAL SUBCUSTODIANS:**

**DOMESTIC SUBCUSTODIANS:**

Brown Brothers Harriman & Co. (Foreign Securities Only)

## Ex-99.(K)(1)

**Exhibit (k)(1)**

**ADMINISTRATION AND FUND ACCOUNTING AGREEMENT**

This administration and fund accounting agreement (this "<u>Agreement</u>"), effective as of_________________, 2025 (the "<u>Effective Date</u>"), is made by **CIBC Private Lending Strategies** (the

"<u>Fund</u>"), and **UMB Fund Services, Inc.** ("<u>Administrator</u>" and, together with the Fund, the "<u>Parties</u>").

**WHEREAS,** the Fund is a closed-end fund registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>") and authorized to issue shares of beneficial interest (or class thereof) ("<u>Shares</u>").

**WHEREAS,** the Parties desire to enter into an agreement pursuant to which Administrator shall provide the administration and fund accounting services described on Schedule A ("<u>Services</u>") to the Fund.

**NOW, THEREFORE,** in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

**1. <u>Definitions</u>**. In addition to any terms defined in the body of this Agreement, the following capitalized terms shall have the meanings set forth hereinafter whenever they appear in this Agreement:

"<u>1933 Act</u>" shall mean the Securities Act of 1933.

"<u>Authorized Person</u>" shall mean any individual who is authorized to provide Administrator with Instructions on behalf of the Fund, whose name shall be certified to Administrator pursuant to this Agreement. Any officer of the Fund shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by Administrator) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Administrator the names of the Authorized Persons.

"<u>Board</u>" shall mean the Board of Trustees of the Fund.

"<u>Business Day</u>" shall mean each day on which the New York Stock Exchange, Inc. is open for trading.

"<u>By-Laws</u>" shall mean the Fund's by-laws, including any amendments made thereto.

"<u>Commission</u>" shall mean the U.S. Securities and Exchange Commission.

"<u>Declaration of Trust</u>" shall mean the Declaration of Trust or other similar operational document of the Fund.

"<u>Investment Adviser</u>" shall mean the investment adviser or investment advisers to the Fund and includes all sub-advisers or persons performing similar services.

"<u>Instructions</u>" shall mean an oral communication from an Authorized Person or a written communication signed by an Authorized Person and actually received by Administrator. Instructions shall include manually executed originals, telefacsimile transmissions of manually executed originals, or electronic communications.

"<u>Prospectus</u>" shall mean the current prospectus and statement of additional information with respect to a Fund (including any applicable amendments and supplements thereto) actually received by Administrator from the Fund with respect to which the Fund has indicated a Registration Statement has become effective under the 1933 Act and the 1940 Act.

"<u>Registration Statement</u>" shall mean any registration statement on Form N-2 (and any amendments and supplements thereto) filed with the Commission with respect to any of the Shares.

"<u>Shareholder</u>" shall mean a record owner of Shares.

**2. <u>Appointment and Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby (1) appoints Administrator as administrator and fund accountant of the Fund and (2) authorizes Administrator to provide Services during the term hereof and on the terms set forth herein. Subject to the oversight of the Board and utilizing information provided by the Fund and its current and prior agents and service providers, Administrator will provide the Services in accordance with the terms of this Agreement. Notwithstanding anything herein to the contrary, Administrator shall not be required to provide any Services or information that it believes (in its sole discretion) to represent dishonest, unethical, or illegal activity. In no event shall Administrator provide any investment advice or recommendations to any party in connection with its Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrator may (in its discretion) appoint one or more other parties to carry out some or all of its duties under this Agreement, **provided that** Administrator shall remain responsible to the Fund for all such delegated responsibilities in accordance with the terms and conditions of this Agreement, in the same manner and to the same extent as if Administrator were itself providing such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against Administrator hereunder. The Services do not include correcting, verifying, or addressing any prior actions or inactions of the Fund or by any other current or prior agent or service provider. To the extent Administrator agrees to take such actions, those actions shall be deemed part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood that in determining security valuations, Administrator employs one or more pricing services (as directed by the Fund) to determine valuations of portfolio securities for purposes of calculating net asset values of the Fund. The Fund shall identify to Administrator the pricing service(s) to be utilized. If requested by the Fund, Administrator shall price the securities and other holdings of the Fund for which market quotations or prices are available by the use of such pricing service(s).

For those securities where prices are not provided by the pricing service(s) utilized by Administrator, the Fund shall approve, in good faith, the procedures for determining the fair value of the securities. Investment Adviser shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to Administrator the resulting prices for use in its calculation of net asset values. When security valuations are so provided, the following provisions will also apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Valued securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual security valuations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method (including those used by Administrator and its suppliers) may consistently generate approximations that correspond to actual "Traded" prices of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Methodologies used to provide the pricing portion of certain data may rely on valuations. However, the Fund acknowledges that there may be errors or defects in the software, databases, or methodologies generating the valuations that may cause resultant valuations to be inappropriate for use in certain applications.

The Fund assumes all responsibility for edit checking, external verification of valuations, and ultimately the appropriateness of using data containing valuations, regardless of any efforts made by Administrator and its suppliers in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the terms of Section 8, and where applicable, Administrator shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records described in Schedule A which are maintained by Administrator for the Fund. To the extent required by Rule 31a-3 under the 1940 Act, Administrator agrees (i) that all records which it maintains for the Fund hereunder are the property of the Fund and (ii) to promptly surrender to the Fund any such records upon the Fund's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any resolution passed by the Board (a ""<u>Resolution</u>") that affects accounting practices and procedures under this Agreement shall be effective upon written receipt of notice and acceptance by Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in this Agreement shall be deemed to appoint Administrator and its officers, directors, and employees as the Fund's attorney, form an attorney-client relationship, or require the provision of legal advice, and the Fund acknowledges that Administrator's in-house attorneys exclusively represent Administrator. The Fund's legal counsel will provide independent judgment on the Fund's behalf. Because no attorney-client relationship exists between Administrator's in-house attorneys and the Fund, any information provided to Administrator's in-house attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances (notwithstanding the provisions of Section 5). Administrator represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

**3. <u>Representations and Deliveries</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall deliver or cause the following documents to be delivered to Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a copy of the Declaration of Trust and By-laws and all amendments thereto, certified by an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) copies of the Fund's Registration Statement, as of the Effective Date, together with any applications filed in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other documents, records, and information that Administrator may reasonably request in order for Administrator to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Fund represents and warrants to Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it is duly organized and existing under the laws of the State of [Delaware]; it is empowered under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement; and all requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) it is duly registered as a closed-end investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a Registration Statement under the 1933 Act will be effective before the Fund will issue Shares (and will remain effective during such period as the Fund is offering Shares for sale), and appropriate state securities laws filings will be made before Shares are issued in any jurisdiction (and such filings will continue to be made with respect to Shares being offered for sale); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) it is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its Declaration of Trust, By-laws, or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall cause its officers and trustees (and shall use its best efforts to cause its Investment Adviser, legal counsel, independent accountants, transfer agent, custodian, distributor, and other service providers and agents, past and present) to cooperate with Administrator and to provide Administrator with such information, documents, and communications relating to the Fund as necessary and/or appropriate or as reasonably requested by Administrator, in order to enable Administrator to perform the Services. In connection with the performance of the Services, Administrator shall (without investigation or verification) be entitled and is hereby instructed to, rely upon any and all Instructions, communications, information, or documents provided to Administrator by a representative of the Fund or by any of the aforementioned persons. Administrator shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed or presented by the proper party. Fees charged by such persons shall be an expense of the Fund. Administrator shall not be held to have notice of any change of authority of any trustee, officer, agent, representative, or employee of the Fund, Investment Adviser, Authorized Person, or service provider until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board and the Investment Adviser have and retain primary responsibility for all compliance matters relating to the Fund (including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the USA PATRIOT Act of 2001, the Sarbanes-Oxley Act of 2002, and the policies and limitations of the Fund as set forth in the Prospectus). The Services do not relieve the Board or the Investment Adviser of their primary day-to-day responsibility for assuring such compliance. Notwithstanding the foregoing, Administrator will: (1) be responsible for its own compliance with such statutes insofar as such statutes are applicable to the Services; (2) promptly notify the Fund if it becomes aware of any material non-compliance which relates to the Fund; and (3) provide the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness of its compliance and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will notify Administrator of any discrepancy between Administrator and the Fund, including, but not limited to, failing to account for a security position in a Fund's portfolio, upon the later to occur of 3 Business Days after: (i) receipt of any reports rendered by Administrator to the Fund; (ii) discovery of any error or omission not covered in the balancing or control procedure; or (iii) receiving notice from any Shareholder regarding any such discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall (1) advise Administrator in writing at least 30 days prior to affecting any change in the Prospectus which would increase or alter the duties and obligations of Administrator hereunder and (2) proceed with such change only if it has received the written consent of Administrator thereto (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Administrator represents and warrants to the Fund that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a corporation duly organized and existing under the laws of the State of Wisconsin; it is empowered under applicable law and by its Articles of Incorporation and By-Laws to enter into and perform this Agreement (and all requisite proceedings have been taken to authorize it to enter into and perform this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its operating documents or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall (A) maintain a disaster recovery and business continuity plan and adequate and reliable computer and other equipment necessary and appropriate to carry out its obligations under this Agreement and (B) provide supplemental information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services upon the Fund's reasonable request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has and will continue to have access to the necessary facilities, equipment, and personnel to perform its duties and obligations hereunder in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Administrator shall: (i) act as liaison with the Fund's independent public accountants; (ii) provide account analyses, fiscal year summaries, and other audit-related schedules; and (iii) take all reasonable action in the performance of its duties hereunder to assure that the necessary information is made available to such auditors and accountants in a timely fashion for the expression of their opinion, as required by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Administrator shall comply (and to the extent Administrator takes or is required to take action on behalf of a Fund hereunder, shall cause the Fund to comply) with all applicable law, as well as all investment restrictions, policies, and procedures adopted by the Fund. Except as set forth in this Agreement, Administrator assumes no responsibility for such compliance by a Fund. Administrator shall maintain a program reasonably designed to prevent violations of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Services.

**4. <u>Fees and Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the performance of the Services, the Fund shall pay Administrator the fees set forth on Schedule B. Fees shall be adjusted in accordance with Schedule B. Fees shall be earned and paid monthly in an amount equal to at least 1/12<sup>th</sup> of the applicable annual fee. Basis point fees and minimum annual fees apply separately to the Fund, and average net assets are not aggregated in calculating the applicable basis point fee per Fund or the applicable minimum. The Fund shall pay Administrator's then-current rate for Services added to (or for any enhancements to) existing Services after the Effective Date. In addition, to the extent that Administrator corrects, verifies, or addresses any prior actions or inactions by the Fund or by any prior service provider, the Fund shall pay Administrator additional fees as provided in Schedule B. In the event of any disagreement between this Agreement and Schedule B, the terms of Schedule B shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining fees payable to Administrator, net asset value shall be computed in accordance with the Prospectus and Resolutions. The fee for the period from the Effective Date until the end of that month shall be pro-rated according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable upon the Termination Date (as defined in Section 8(b)). Should this Agreement be terminated or the Fund be liquidated, merged with, or acquired by another fund or investment company, any accrued fees shall be immediately payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator will bear all expenses incurred by it in connection with its performance of Services, except as otherwise provided herein. Administrator shall not be required to pay or finance any costs or expenses incurred in the operation of the Fund, including, but not limited to: taxes; interest; brokerage fees and commissions; salaries, fees, and expenses of officers and trustees; Commission fees and state Blue Sky fees; advisory fees; charges of custodians, transfer agents, dividend disbursing and accounting services agents, and other service providers; security pricing services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of corporate existence; taxes and fees payable to federal, state, and other governmental agencies; preparation, typesetting, printing, proofing, and mailing of Prospectuses, statements of additional information, supplements, notices, forms, applications, and proxy materials for regulatory purposes and for distribution to current Shareholders; preparation, typesetting, printing, proofing, mailing, and other costs of Shareholder reports; expenses in connection with the electronic transmission of documents and information (including electronic filings with the Commission and the states); research and statistical data services; expenses incidental to holding meetings of the Fund's Shareholders and Trustees; fees and expenses associated with internet, e-mail, and other related activities; and extraordinary expenses. Expenses incurred for distribution of Shares (including the typesetting, printing, proofing, and mailing of Prospectuses for persons who are not Shareholders) will be borne by the Fund, except for such expenses permitted to be paid under a distribution plan adopted in accordance with applicable laws. Administrator shall not be required to pay any Blue Sky fees or take any related Blue Sky actions unless and until it has received the amount of such fees from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall promptly reimburse Administrator for all out-of-pocket expenses or disbursements incurred by Administrator in connection with the performance of Services. Out-of-pocket expenses shall include, but not be limited to, those items specified on Schedule B. If requested by Administrator, out-of-pocket expenses are payable in advance. If prepayment is requested, payment of postage expenses is due at least 7 days prior to the anticipated mail date. In the event Administrator requests advance payment, Administrator shall not be obligated to incur such expenses or perform the related Service until payment is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall pay all amounts due hereunder within 30 days of receipt of each invoice (the "<u>Due Date</u>"). Except as provided in Schedule B, Administrator shall bill Service fees monthly and out-of-pocket expenses as incurred (unless prepayment is requested). At its option, Administrator may arrange to have various service providers submit invoices directly to the Fund for payment of reimbursable out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund is aware that its failure to remit to Administrator all amounts due on or before the Due Date will cause Administrator to incur costs not contemplated by this Agreement (including, but not limited to carrying, processing, and accounting charges). Accordingly, in the event that Administrator does not receive any amounts due hereunder by the Due Date, the Fund shall pay a late charge on the overdue amount equal to 1.5% per month or the maximum amount permitted by law (whichever is less). In addition, the Fund shall pay Administrator's reasonable attorneys' fees and court costs in the event that an attorney is engaged to assist in the collection of amounts due. The Parties agree that such late charge represents a fair and reasonable computation of the costs incurred by reason of the Fund's late payment. Acceptance of such late charge shall in no event constitute a waiver by Administrator of the Fund's default or prevent Administrator from exercising any other available rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that any charges are disputed, the Fund shall pay all undisputed amounts due hereunder on or before the Due Date and notify Administrator in writing of any disputed charges for out-of-pocket expenses which it is disputing in good faith. Payment for such disputed charges shall be due on or before the close of the 5<sup>th</sup> Business Day after the day on which Administrator provides documentation which an objective observer would agree reasonably supports the disputed charges (the "<u>Revised Due Date</u>"). Late charges shall not begin to accrue as to charges disputed in good faith until the first day after the Revised Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges that the fees charged by Administrator under this Agreement reflect the allocation of risk between the Parties, including the exclusion of remedies and limitations of liability in Section 6. Modifying the allocation of risk from what is stated herein would affect the fees that Administrator charges. Accordingly, in consideration of those fees, the Fund agrees to the stated allocation of risk.

**5. <u>Confidential Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) treat all records relative to the Fund's Investors confidentially and as proprietary information of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not use such records and information for any purpose other than performance of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) not disclose such information,

except when: (i) Administrator may be exposed to civil or criminal proceedings for failure to comply; (ii) requested to divulge such information by duly constituted authorities or court process; (iii) subject to governmental or regulatory audit or investigation; or (iv) so requested by the Fund. In case of any requests or demands for inspection of the records of the Fund, Administrator will endeavor to promptly notify the Fund and to secure instructions from a representative of the Fund as to such inspection (unless prohibited by law from making such notification). Records and information which have become known to the public (through no wrongful act of Administrator or any of its employees, agents, or representatives) and information which was already in the possession of Administrator prior to the Effective Date shall not be subject to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Administrator's provision of the Services, the Fund may have access to and become acquainted with confidential and/or proprietary information of Administrator, including, but not limited to: (1) client identities and relationships, compilations of information, records, and specifications; (2) data or information that is competitively sensitive material and not generally known by the public; (3) concepts, documentation, reports, or data; (4) information regarding Administrator's information security program; and (5) anything designated as confidential (collectively, "<u>Administrator Confidential Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Fund, the Investment Adviser, nor any of their officers, employees, or agents (collectively, "<u>Fund Recipients</u>") shall disclose any Administrator Confidential Information (directly or indirectly) or use Administrator Confidential Information in any way (for the benefit of itself or others), either during the term of this Agreement or at any time thereafter, except as required in the course of performing its duties under this Agreement. The term "Administrator Confidential Information" does not include information that: (1) becomes or has been generally available to the public other than as a result of disclosure by a Fund Recipient; (2) was available to the Fund Recipients on a non-confidential basis prior to its disclosure by Administrator; or (3) was independently developed or becomes available to the Fund Recipients on a non-confidential basis from a source other than Administrator. The Fund represents and warrants that it shall take and maintain adequate physical, electronic, and procedural safeguards in connection with any use, storage, transmission, duplication, or other process involving or derived from Administrator Confidential Information (whether such storage, transmission, duplication, or other process is by physical or electronic medium, including use of the Internet).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this Section 5 will survive termination of this Agreement and will inure to the benefit of the Parties and their successors and assigns.

**6. <u>Limitation of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrator shall exercise due care in good faith and in accordance with reasonable commercial standards in discharging its duties hereunder. Notwithstanding anything to the contrary in this Agreement, Administrator shall be liable to the Fund for all losses, damages, and reasonable costs and expenses suffered by the Fund resulting from the bad faith, gross negligence, fraud, reckless disregard in the performance of its duties and obligations hereunder, uncured material breach hereof, or willful misconduct of Administrator (the "<u>Standard of Care</u>"). Subject to the foregoing, Administrator shall not be liable for: (1) any action taken (or omitted to be taken) in accordance with or in reliance upon Instructions, communications, data, documents, or information (without investigation or verification) received by Administrator from any Authorized Person; (2) any action taken or omission by the Fund, Investment Adviser, any Authorized Person, or any past or current service provider; or, (3) its reliance on the security valuations (without investigation or verification) provided by pricing service(s), Investment Adviser, or representatives of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, Administrator will be excused from its obligation to perform any Service or obligation required of it hereunder for the duration that such performance is prevented by events beyond its reasonable control and shall not be liable for any default, damage, loss of data or documents, errors, delay, or any other loss whatsoever caused thereby. However, Administrator shall take all reasonable steps to minimize service interruptions for any period that such interruption continues beyond its reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone (including, without limitation, the other Party) under any theory of tort, contract, strict liability, or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect, or consequential damages for any act (or failure to act) under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of the Parties under Section 6 shall indefinitely survive the termination of this Agreement.

**7. <u>Indemnification</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall indemnify Administrator and its employees, agents, officers, directors, shareholders, affiliates, and nominees (collectively, "<u>Indemnified Parties</u>") from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees, and other expenses of every nature and character ("<u>Losses</u>") which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a "<u>Claim</u>"), arising out of or in any way relating to any of the following (except, in each case, to the extent a Claim resulted from Administrator's breach of the Standard of Care):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any action or omission of Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Administrator's reliance on, implementation of, or use of Instructions, communications, data, documents, or information (without investigation or verification) received from an Authorized Person or any past or current service provider (not including Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action taken (or omission by) the Fund, Investment Adviser, any Authorized Person, or any past or current service provider (not including Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Fund's refusal or failure to comply with the terms of this Agreement, or any Claim that arises out of the Fund's gross negligence, misconduct, or breach of any representation or warranty of the Fund made herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) its reliance on the security valuations (without investigation or verification) provided by pricing service(s), Investment Adviser, or representatives of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt by Administrator of notice of the commencement of an investigation, action, claim, or proceeding, Administrator shall (if a claim for indemnification in respect thereof is made under this Section) notify the Fund in writing of the commencement thereof (although the failure to do so shall not prevent recovery by Administrator or any Indemnified Party). The Fund shall be entitled to participate at its own expense in the defense (or to assume the defense, if it so elects) of any suit brought to enforce any such Loss.

If the Fund elects to assume the defense: (1) such defense shall be conducted by counsel chosen by the Fund and approved by Administrator (which approval shall not be unreasonably withheld); and (2) the indemnified defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by them subsequent to the receipt of the Fund's election.

If: (1) the Fund does not elect to assume the defense of any such suit; (2) Administrator does not approve of counsel chosen by the Fund; or (3) there is a conflict of interest between the Fund and Administrator or any Indemnified Party, the Fund will reimburse the Indemnified Party named as defendant in such suit for the legal fees and expenses.

The Fund's indemnification agreement contained in this Section 7 and the Fund's representations and warranties in this Agreement shall (1) remain operative and in full force and effect regardless of any investigation made by or on behalf of Administrator and each Indemnified Party and (2) survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the benefit of Administrator, each Indemnified Party, and their estates and successors. The Fund shall promptly notify Administrator of the commencement of any litigation or proceedings against the Fund or any of its officers or directors in connection with the issue and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Parties under this Section 7 shall indefinitely survive the termination of this Agreement.

**8. <u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue in effect for a 5-year period beginning on the Effective Date (the "<u>Initial Term</u>") and automatically renew for successive 2-year periods (each a "<u>Renewal Term</u>"), unless otherwise terminated as provided herein. A "<u>Term</u>" shall mean either the Initial Term or a Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated by the Fund prior to the end of a Term, the Fund shall be obligated to pay Administrator the remaining balance of the fees payable to Administrator hereunder through the end of the applicable Term. Notwithstanding the foregoing, either Party may terminate this Agreement at the end of a Term (the "<u>Termination Date</u>") by giving the other Party a written notice not less than 90 days prior to the end of such Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, upon the termination of the Agreement as provided herein or the liquidation, merger, or acquisition of the Fund, Administrator shall deliver the records of the Fund to the Fund or its successor service provider at the expense of the Fund and in a form that is consistent with Administrator's applicable license agreements. Thereafter, the Fund or its designee shall be solely responsible for preserving the records for the periods required by all applicable laws, rules, and regulations. The Fund shall be responsible for all expenses associated with the movement (or duplication) of records and materials and conversion thereof to a successor service provider (including all reasonable trailing expenses incurred by Administrator). In addition, in the event of termination of this Agreement (or the proposed liquidation, merger, or acquisition of the Fund) and Administrator's agreement to provide additional services in connection therewith, Administrator shall provide such Services and be entitled to such compensation as the Parties may agree. Administrator shall not reduce the level of service provided to the Fund prior to termination following notice of termination by the Fund.

 **9. Power of Attorney**. The Fund hereby grants to Administrator the limited power of attorney on behalf of the Fund to sign Blue Sky forms and related documents in connection with the performance of Services.

**10. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice required or permitted to be given by either Party hereunder shall be in writing and deemed to have been given when received by the other Party. Such notices shall be sent to the addresses listed below (or to such other location as a Party may designate in writing):

<u>If to Administrator</u>: UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, Wisconsin 53212

Attention: Legal Department

Email: <u>umbfs-legal@umb.com</u>

<u>If to the Fund</u>: <u> </u> <br> <u> </u> <br> Attention:<u> </u>

If notice is sent by electronic delivery, it shall be deemed to have been given immediately (contingent upon confirmed receipt by the intended recipient). If notice is sent by first-class mail, it shall be deemed to have been given 5 days after it has been mailed. If notice is sent by messenger, it shall be deemed to have been given on the day it is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided to the contrary herein, this Agreement may not be amended or modified in any manner except by a written agreement executed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall be governed by Wisconsin law, excluding the laws on conflicts of laws. To the extent that applicable state laws or any of the provisions herein conflict with the applicable provisions of the 1940 Act, the latter shall control. Nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Commission thereunder. Any provision of this Agreement which is determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the Parties shall negotiate in good faith to modify such provision in a manner consistent with the original intent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement but shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The services of Administrator hereunder are not deemed to be exclusive. Administrator may render administration and fund accounting services and any other services to others, including other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The captions in the Agreement are included for convenience of reference only and do not define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of the Fund (and not binding upon any of the Fund's trustees, officers, or Shareholders individually). All obligations of the Fund hereunder shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement and the Schedules incorporated hereto constitute the full and complete understanding and agreement of the Parties and supersedes all prior negotiations, understandings, and agreements with respect to fund accounting and administration services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as specifically provided herein, this Agreement does not in any way affect any other agreements entered into among the Parties, and any actions taken or omitted by a Party shall not affect any rights or obligations of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Administrator shall retain all right, title, and interest in any and all computer programs, screen formats, report formats, procedures, data bases, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks, and other related legal rights provided, developed, or utilized by Administrator in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) This Agreement shall extend to and shall be binding upon the Parties and their respective successors and assigns. This Agreement shall not be assignable by either Party without the written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The person signing below represents and warrants that he/she is duly authorized to execute this Agreement on behalf of the Fund.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer.

---

| | |
|:---|:---|
| **CIBC Private Lending Strategies** | **UMB Fund Services, Inc.** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

**Schedule A**

**Administration and Fund Accounting Agreement**

**<u>SERVICES</u>**

Subject to the oversight of, and utilizing information provided by the Fund, Investment Adviser, and the

Fund's agents, Administrator will provide the following services:

Fund Accounting

1. Establish, maintain and review the administrative and procedural processes.

2. Establish, maintain and review the general ledgers.

3. Establish, maintain and review the investors' capital accounts and record all transactions, including
capital commitments, capital calls, draw downs and distributions.

4. Assess management and incentive fees, calculate net asset values and effect all appropriate allocations,
including new issue carve-outs, in accordance with the Fund's operating documents as provided to the Administrator.

5. Coordinate, execute and give third-party approval for all cash movements in accordance with the Funds'
offering documents. Provide cash reconciliations monthly or upon request.

6. Receive and record all underlying investment transactions, including capital commitments, capital calls,
draw-downs and distributions, and reconcile to all bank accounts monthly.

7. Receive and record all underlying investment valuations and other pertinent information.

8. Determine and periodically monitor the Fund's income and expense accruals.

9. Generate the financial reporting package as of each period-end including the Statements of Financial Position,
Profit and Loss, Changes in Capital and Changes in Investor's Capital.

10. Create and maintain UMB Website portal for the Fund. Includes access to details of investment and investor
subscription and redemption activity, month-end balances, financial packages, investor capital statements, tax information, and fund-level
information such as fund documents, fund annual audit reports, and fund communication letters.

Fund Administration

Subject to the direction of and utilizing information provided by the Fund, the Investment Advisor, and the Fund's agents, the Administrator will provide the services listed below. The Administrator's provision of these services shall not relieve the Fund and the Fund's Investment Advisor of their primary day-to-day responsibility for assuring such compliance. The Administrator's ability to provide information regarding compliance with respect to applicable rules and regulations may be limited by the characteristics of the Fund's investments. The Administrator shall perform the following duties on behalf of the Fund:

1. General Fund Management – Provide appropriate personnel, office facilities,
information technology, record keeping and other resources as necessary for the Administrator to perform its duties and responsibilities
under this agreement.

2. Coordinate Board Activities

&nbsp;&nbsp;&nbsp;&nbsp;a. Develop with legal counsel and the secretary of the Fund an agenda and draft resolutions for each quarterly
Board meeting;

&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare Board reports based on financial and administrative data as requested by the Board. Coordinate
the preparation of electronic board books for quarterly Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;c. Attend quarterly Board meetings, either in person or telephonically, and prepare a first draft of the
quarterly meeting minutes, as requested by the Board.

3. Financial Reporting and Audits

&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare quarterly, semi-annual and annual schedules and financial statements including schedule of investments
and the related statements of operations, assets and liabilities, changes in net assets and cash flow (if required), and financial highlights
to each financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;b. Draft footnotes to financial statements for approval by the Funds' officers and independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide facilities, information and personnel as necessary to accommodate annual audits with the Funds'
independent accountants or examinations by the SEC or other regulatory authorities.

4. Compliance

&nbsp;&nbsp;&nbsp;&nbsp;a. From time to time as the Administrator deems appropriate (but no less frequently than quarterly), check the Fund's
 compliance with the policies and limitations of the Fund relating to the portfolio investments as set forth in the Fund's Offering Memorandum and Statement of Additional
Information (but these functions shall not relieve the Fund's Portfolio Managers, if any, of their primary day-to-day responsibility
for assuring such compliance);

&nbsp;&nbsp;&nbsp;&nbsp;b. Monitor Fund activity for compliance with subchapter M under the Internal Revenue Code (but these functions shall not relieve the
Fund's Portfolio Managers, if any, of their primary day-to-day responsibility for assuring such compliance). Compliance testing
is dependent on receiving necessary information from any underlying investment.

5. Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare annual Fund-level and class-level budgets and update on a periodic basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate the payment of expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Establish accruals and provide to the Funds' Fund Accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide expense summary reporting as reasonably requested by the Fund.

6. Filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide the following for Form N-2 filings and required updates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Preparation of expense table;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Performance information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Preparation of shareholder expense transaction and annual fund operating expense examples; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment Advisor and trustee fee data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to having received all relevant information from the Fund and upon the advice and direction of
Fund counsel, prepare Form N-PX and provide to Fund counsel for its review; upon the advice and direction of Fund counsel, file Form N-PX
with the Commission as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist in compiling exhibits and disclosures for Form N-CEN and Form N-CSR and file when approved by the
principal officers of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subject to having received all relevant information regarding holdings, risk metrics, and liquidity buckets,
compile data and prepare, maintain, and file timely N-PORT reports with the SEC; each Fund hereby agrees as follows with respect to the
data provided by Bloomberg in connection with Form N-PORT ("Data"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To comply with all laws, rules and regulations applicable to accessing and using Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To not extract the Data from the view-only portal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To not use the Data for any purpose independent of the Form N-PORT (use in risk reporting or other systems
or processes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. To permit audits of the use of the Data by Bloomberg, its affiliates, or at your request, a mutually agreed
upon third-party auditor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. To exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility
of any kind relating to your receipt or use of the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Compile data, prepare timely notices and file with SEC pursuant to Rule 24f-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare and file exhibit Part F of Form N-PORT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. File Rule 17g-1 fidelity bond filing when received from the Funds or broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Prepare and file periodic tender offers/repurchases with the SEC.

7. Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Calculate dividend and capital gain distributions, subject to review and approval by the Funds'
officers and independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate standard performance, as defined by Rule 482 of the Investment Company Act of 1940, as requested
by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Report performance and other portfolio information to outside reporting agencies as directed by the Investment
Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Assist in securing and monitoring the directors and officers liability coverage and fidelity bond for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Provide periodic updates on recent accounting, tax and regulatory events affecting the Funds and/or Investment
Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Assist the Funds during SEC audits, including providing applicable documents from the SEC's document
request list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Maintain a regulatory compliance calendar (initially provided by the Fund's CCO) listing various
Board approval and SEC filing dates.

Additional services available but not included in the above are (specific charges to be agreed to by the parties):

1. For money market funds, prepare for review an initial draft of Form N-MFP based on information contained
in the accounting records and such additional information that may be needed from the Investment Advisor or other service providers. Upon
review and acceptance by the Investment Advisor, file the EDGARized form with the SEC by the established deadlines.

2. Daily compliance testing and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;3. Electronic board book portal.

&nbsp;&nbsp;&nbsp;&nbsp;4. FIN 48 documentation and review.

&nbsp;&nbsp;&nbsp;&nbsp;5. Multi-manager reporting.

&nbsp;&nbsp;&nbsp;&nbsp;6. Assisting the Fund in preparing and filing reports that need to be filed in XBRL format.

&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare draft minutes for additional Board meetings (beyond standard quarterly Board meetings).

&nbsp;&nbsp;&nbsp;&nbsp;8. Other special projects as agreed to by the parties.

Regulatory Administration

**All regulatory administration services are subject to the direction and oversight by Fund counsel:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a new trust, provide support to Fund counsel in preparation of a first draft of trust or incorporation
documents (certificate of trust / certificate of incorporation, articles, bylaws); if a new series, amend documents as necessary.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assist in preparation of initial draft of registration statement materials (N-8A, N-1A, N-2, prospectus, SAI, Part C), as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Coordinate review of drafts by adviser, sub-adviser(s), fund counsel, service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Compile filing exhibits (work with adviser, fund counsel, and service providers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Work with auditor to obtain consent for filing of financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Coordinate organizational board materials, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Assist in obtaining Fund level CIK and CCC codes using Form ID.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Coordinate EDGAR filings of required forms, as agreed to with the advisor.

&nbsp;&nbsp;&nbsp;&nbsp;2. Subsequent Filings: prepare initial draft of annual (or as agreed to) update to registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Manage the review and comment process with Advisor, fund counsel, auditors, distributor and other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Update Part C and include relevant exhibits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Obtain auditor's consent for filing of financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;3. Section 16 Filings (for directors and officers only): Subject to direction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to direction by fund counsel and the Fund's Chief Compliance Officer and upon information
provided by the Fund's applicable directors or officers, assist with filing Forms 3, 4 or 5 under Section 16, as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assist in obtaining individual CIK and CCC codes using Form ID.

&nbsp;&nbsp;&nbsp;&nbsp;4. Services not included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Proxy Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exemptive relief applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Section 16 filings for non-directors and non-officers of the fund.

\* Depending on the complexity of the product, fund counsel may be more involved.

OPTIONAL SERVICES

Tax Preparation, Compliance and Reporting – 1099

&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare income tax and excise tax provisions. Calculate required income and excise
dividend and capital gains distribution amounts subject to review and approval by the Fund's officers and their independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;2. Include the appropriate tax adjustment for wash sales, identified by third-party services, for inclusion
in income tax and excise tax provisions and tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;3. Include the appropriate tax adjustments for Passive Foreign Investment Company (PFIC) holdings, identified
by third-party services or provided by the Investment Advisor, in tax work schedules. Assist the Investment Advisor in determining either
the marked-to-market or Qualified Electing Fund (QEF) election. If the QEF election is chosen, the Investment Advisor will work with the
underlying PFIC to procure and provide the required QEF Statement to the Fund, as well as an estimate for the excise tax calculation and
the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare for review by the Fund's independent accountants the financial statement book/tax differences
(e.g., capital accounts) and footnote disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;5. Assist the Funds in monitoring and maintaining documentation associated with ASC 740-10 (Financial Interpretation
Number 48 Accounting for Uncertainty in Income Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;6. Assist the Fund's independent accountants in the preparation and filing, for execution by the Fund's
officers, of all federal income and excise tax returns and the Fund's State of Organization's income tax returns (and such
other required tax filings as may be agreed to by the parties) other than those required to be made by the Fund's custodian or

Transfer Agent, subject to review, approval and signature by the Fund's officers and the Fund's independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare analysis in determining qualified dividend income amounts for notification to shareholders and
prepare ICI Primary and Secondary Layouts for shareholder reporting.

8. Prepare forms 1099-MISC Miscellaneous Income for board members
and other required Fund vendors.

~ or ~

Tax Coordination *if UMB is not the tax preparer*

Provide information to chosen tax preparer in order for them to prepare all tax forms.

AIFMD/ESMA Annex IV Form Services

&nbsp;&nbsp;&nbsp;&nbsp;1. Coordinate with the Advisor to establish a timeline for Administrator's submission of information
to assist the Advisor in completing Annex IV reporting.

&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Advisor with data from Administrator's systems in order for the Advisor to prepare requirements
and gap analysis as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;3. In accordance with the timeline, submit data from Administrator's system(s) to Software Provider.

&nbsp;&nbsp;&nbsp;&nbsp;4. Review AIFMD via Software Providers interface for accuracy of information submitted in accordance with
number 3 above.

**Schedule B**

**Administration and Fund Accounting Agreement**

**<u>FEES</u>**

## Ex-99.(K)(2)

**Exhibit (k)(2)**

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

AGREEMENT made as of the [ ] day of [ ], 2026 by and among CIBC Private Lending Strategies, a Delaware statutory trust (the "Fund") and CIBC Private Wealth Advisors, Inc., a Delaware corporation ("the Investment Manager").

WITNESSETH:

WHEREAS, the Investment Manager acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund (the "Investment Management Agreement");

NOW, THEREFORE, in consideration of the Fund engaging the Investment Manager pursuant to the Investment Management Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Fund's Prospectus as currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investment Manager agrees with the Fund to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses of the Fund (excluding any taxes, costs associated with leverage, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses), do not exceed 1.50% of the average daily net assets of Class I Shares (the "Expense Limit").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless earlier terminated by the Board of Trustees of the Fund (the "Board"), on behalf of the Fund, this Agreement will have an initial term of twelve months from the effective date of the Prospectus and during such initial term this Agreement may not be terminated by the Investment Manager. This Agreement will automatically renew for successive twelve-month periods thereafter, and the Agreement may not be terminated by the Investment Manager other than as of the end of the then current term. The Board may terminate this Agreement on behalf of the Fund at any time upon 30 days' written notice to the Investment Manager, and the Investment Manager may terminate this Agreement effective as of the end of the then current term upon 30 days' written notice to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For a period not to exceed (3) three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided the Investment Manager is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit in place at the time of the Waiver and the current expense limit at the time of the recoupment. To the extent that such recoupment is due, the Fund shall effect such payment as promptly as possible. To the extent that the full amount of such waived amount or expense assumed cannot be recouped as provided in the previous sentence within such applicable three-year period, such recoupment right shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If this Agreement is terminated by the Fund, the Fund agrees to pay to the Investment Manager any amounts payable pursuant to paragraph 4 that have not been previously paid and, subject to the Investment Company Act of 1940, as amended (the "Investment Company Act"), such payment will be made to the Investment Manager not later than (3) three years from the date on which a Waiver was made by the Investment Manager (regardless of the date of termination of this Agreement), so long as the Investment Manager is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit as if such Expense Limit was still in effect. If this Agreement is terminated by the Investment Manager, the Fund agrees to pay to the Investment Manager any amounts payable pursuant to paragraph 4 that have not been previously paid and, subject to the Investment Company Act, such payment will be made to the Investment Manager not later than thirty (30) days after the termination of this Agreement, so long as the Investment Manager is able to effect such recoupment and remain in compliance with the Expense Limit as if such Expense Limit was still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement will be construed in accordance with the laws of the state of Delaware and the applicable provisions of the Investment Company Act. To the extent the applicable law of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the applicable provisions of the Investment Company Act will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement constitutes the entire agreement between the parties to this Agreement with respect to the matters described in this Agreement.

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| CIBC PRIVATE LENDING STRATEGIES | CIBC PRIVATE LENDING STRATEGIES |
| By: | [ ] |
| Title: | [ ] |
| CIBC PRIVATE WEALTH ADVISORS, INC. | CIBC PRIVATE WEALTH ADVISORS, INC. |
| By: | [ ] |
| Title: | [ ] |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)**

<u>FORM OF JOINT INSURED BOND AGREEMENT</u>

AGREEMENT dated as of this [ ]<sup>th</sup> day of [ ], 2025, by and between Redwood Real Estate Income Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund and CIBC Private Lending Strategies (each a "Fund" and together, the "Funds").

<u>BACKGROUND</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds are management investment companies registered under the Investment Company Act of 1940 (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Rule 17g-1 requires each Fund to provide and maintain in effect a bond against larceny and embezzlement by its officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Rule 17g-1 authorizes the parties hereto to secure a joint insured bond naming each of them as insureds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Funds desire to be named as insureds on a joint fidelity bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A majority of the trustees, directors or managers of each Fund, as applicable (each a "Board"), who are not "interested persons" of such Fund as defined by Section 2(a)(19) of the Act, after giving due consideration to all factors relevant to the form, amount and ratable allocation of premiums of the aforesaid joint insured bond, have approved the terms and amount of the bond and the portion of the premium payable by each party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Each party has determined that the allocation of the proceeds payable under the afore said joint insured bond as set forth herein (which takes into account the minimum amount of bond required for each party by Rule 17g-1 if it maintained a single insured bond) is equitable.

NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants contained herein, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joint Insured Bond</u>. The parties shall maintain in effect a joint fidelity insurance bond (the "Bond") from a reputable fidelity insurance company authorized to do business in the place where the Bond is issued, insuring each party against larceny and embezzlement and covering such of their respective officers and employees who may, singly or jointly with others, have access, directly or indirectly, to their respective securities or funds. The Bond shall name each party as an insured and shall comply with the requirements for such bond established by Rule 17g-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amount. The Bond shall be in at least the aggregate amount required by Rule 17g-1(d) to be maintained by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Ratable Allocation of Premiums</u>. Each Fund shall pay a percentage of the initial premium and any additional premiums which may become due under the Bond as determined from time to time by the managers of such Fund, including a majority who are not "interested persons" of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Premium Due Upon Liquidation of Fund or Departure from Program.</u> In the event that a Fund (a) liquidates or (b) undertakes to remove itself from the fund solutions program (currently known as "registered fund solutions"), then such Fund will be obligated to pay an amount for tail coverage under the Bond in such amount as determined by the Boards or if the Boards determine that the Bond shall be terminated, such Fund will be obligated to pay an amount equal to its pro rata share of the total cost to provide tail coverage under the Bond to the Funds for six (6) years from the date of termination of the Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Ratable Allocation of Proceeds.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If more than one of the parties sustains a single loss (including a loss sustained before the date hereof) for which recovery is received under the Bond, each such party shall receive that portion of the recovery which is sufficient in amount to indemnify that party in full for the loss sustained by it, unless the recovery is inadequate to fully indemnify all such parties sustaining a single loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the recovery is inadequate to indemnify fully all parties sustaining a single loss, the recovery shall be allocated among such parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each party sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of the fidelity bond which would be required to be maintained by-such-party under a single insured bond (determined as of the time of the loss in accordance with the provisions of Rule 17g-1).

(ii). The remaining portion of the recovery (if any) shall be allocated to each party sustaining a loss not fully indemnified by the allocation under subparagraph (i) in the same proportion as the portion of each party's loss which is not fully indemnified bears to the sum of the unindemnified losses of all such parties. If such allocation would result in any party receiving a portion of the recovery in excess of the loss actually sustained by it, the aggregate of such excess portion shall be reallocated among the other parties whose losses would not be fully indemnified as a result of the foregoing indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Claims and Settlements</u>. Each party shall, within five (5) days after the making of any claim under the Bond, provide UMB Fund Services, Inc. ("UMBFS") with written notice of the amount and nature of such claim, and UMBFS will provide written notice to all other parties within five (5) days of receipt. Each party shall, within five (5) days of the receipt thereof, provide UMBFS with written notice of the terms of settlement of any claim made under the Bond by such party, and UMBFS will provide written notice to all other parties within five (5) days of receipt. In the event that two or more parties shall agree to settlement with the fidelity company of a claim made under the Bond with respect to a single loss, such parties shall, within five days after settlement, provide UMBFS with written notice of the amounts to be received by each claiming party under Section 4 hereof, and UMBFS will provide written notice to all other parties within five (5) days of receipt. The officer(s) of the respective parties designated as responsible for filing notices required by paragraph (g) of the Rule 17g-1 under the Act shall give and receive any notice required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Modifications and Amendments</u>. Any party may increase the amount of the Bond, provided that written notice thereof must be given to the other parties to this Agreement. If pursuant to Rule 17g-1, any party shall determine that the coverage provided pursuant to this Agreement should otherwise be modified, it shall so notify the other parties hereto, and indicate the nature of the modification which it believes to be appropriate. If, within forty-five (45) days of such notice any necessary amendments to this Agreement shall not have been made and the request for modification shall not have been withdrawn, this Agreement shall terminate with respect to such party (except with respect to losses occurring prior to such termination), but, with respect to each other party, shall remain in effect. Any party may withdraw from this Agreement at any time and cease to be party hereto (except with respect to losses occurring prior to such withdrawal) by giving written notice to the other parties of such withdrawal. Upon withdrawal, a withdrawing party shall be entitled to receive any premium rebated by the fidelity company with respect to such withdrawal in accordance with the percentages contained in Section 3 hereof relating to the allocation of payment of premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Obligations of the Funds</u>. Each party acknowledges that this Agreement is executed on behalf of the Funds by the undersigned officers of the Funds as officers and not individually. Each party acknowledges and agrees that the obligations of the Funds under this Agreement are not binding on any officers, managers or interest holders of the Funds individually but are binding only upon the assets and properties of the Funds, and any person dealing with any class of shares of a Fund must look solely to the assets and properties of such Fund belonging to such class for the enforcement of any claims against such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Assignment</u>. This Agreement is not assignable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Notices relating to termination of the Agreement, breaches of contractual duties, initiation of legal proceedings, complaints in relation to services provided hereunder or any other material notices under the Agreement, other than notices given in the ordinary course of business (each a "Material Notice"), must be given in writing (either by way of facsimile, registered mail, or a recognized overnight courier). A notice sent by facsimile shall be deemed to have been served at the close of business on the day upon which the other party confirms receipt. A notice sent by registered mail shall be deemed to have been served at the close of business on the day upon which it is delivered. Material Notices shall be sent as follows, or to such other address as the parties may agree from time to time:

UMB Fund Services, Inc.

235 W. Galena St.

Milwaukee, WI 53212

Attention: Legal Department

Re: Material Notice, Redwood Real Estate Income Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund and CIBC Private Lending Strategies.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **Redwood Real Estate Income Fund** | **Redwood Real Estate Income Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Aether Infrastructure & Natural Resources Fund** | **Aether Infrastructure & Natural Resources Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Pursuit Asset-Based Income Fund** | **Pursuit Asset-Based Income Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Megacorn Fund** | **Megacorn Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |
| **CIBC Private Lending Strategies** | **CIBC Private Lending Strategies** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

## Ex-99.(K)(4)

**Exhibit (k)(4)**

**<u>FORM OF JOINT LIABILITY INSURANCE AGREEMENT</u>**

AGREEMENT dated the [ ]<sup>th</sup> day of [ ], 2025 between the Redwood Real Estate Income Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund and CIBC Private Lending Strategies (collectively, the "Funds" and individually, a "Fund").

WHEREAS, each Fund is a management investment company registered under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, each Fund is an affiliate of each other Fund under the 1940 Act;

WHEREAS, Rule 17d-1(d)(7) under the 1940 Act permits arrangements regarding liability insurance policies between registered investment companies and their affiliates provided certain conditions are met; and

WHEREAS, a majority of the Board of Trustees, Directors or Managers of each Fund, as applicable, (each a "Board") (including a majority of the trustees, directors or managers who are not "interested persons" of each respective Fund as defined by Section 2(a)(19) of the 1940 Act) has given due consideration to all factors relevant to the form, amount and ratable allocation of premiums of the Investment Company Directors & Officers and Professional Liability Policy (the "Policy") and (i) has approved the terms and amount of the Policy and the participation of each respective Fund in the Policy as being in the best interests of that Fund, and (ii) has determined that the allocation of the premium for the Policy as set forth herein (which is based on information obtained from the underwriters regarding each Fund's proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds) is fair and reasonable to the Fund.

NOW, THEREFORE in consideration of the mutual covenants contained herein, the Funds hereby agree:

**1** <u>Joint Policy</u>. To insure the Funds and their respective managers, executives, officers and employees against their errors or omissions, the Funds have obtained and maintain the Policy, pursuant to which they are each insured under the Policy.

2 <u>Limits of Liability</u>. The limit of the Policy insurer's (the "Insurer") liability under the Policy shall not be less than an amount approved by each Fund's Board.

3 <u>Ratable Allocation of Premium</u>. So long as each Fund continues to operate as an investment company, each Fund agrees to pay its proportionate share of the total premium due under the Policy, which share shall be determined based on each Fund's proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds.

4 <u>Premium Due Upon Liquidation of Fund or Departure from Program.</u> In the event that a Fund (a) liquidates or (b) undertakes to remove itself from the fund solutions program (currently known as "registered fund solutions"), then such Fund will be obligated to pay an amount for tail coverage under the Policy in such amount as determined by the Boards or if the Boards determine that the Policy shall be terminated, such Fund will be obligated to pay an amount equal to its pro rata share of the total cost to provide tail coverage under the Policy to the Funds for six (6) years from the date of termination of the Policy.

5 <u>Allocation of Recoveries and Deductibles.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "Loss" shall mean any Loss (as such term or similar term is defined in the Policy) for which payment is made under the Policy by the Insurer on behalf of the Funds, or their respective managers, executives, officers or employees, or for which payment would have been made by the Insurer under the Policy if the limits of the Insurer's liability under the Policy had not been exceeded. The term "Recovery" shall mean the aggregate amount paid by the Insurer on behalf of the Funds (or their respective managers, executives, officers or employees) in respect of a Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the next sentence, if a Fund sustains a Loss as a result of one or more claims made during a single annual coverage period for which a Recovery is received under the Policy, such Fund shall receive an amount equal to the actual Loss. If a Recovery is less than the amount required to indemnify fully the Funds sustaining a related Loss, then the Recovery shall be allocated among the Funds which have not been fully indemnified for their Losses in the same proportion as their premiums bear to one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In each case of Loss, the applicable deductible under the Policy will be allocated among the Funds sustaining Losses in proportion to the relative share of Recovery received by each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Claims and Settlements</u>. Each Fund shall file a copy of this Agreement with the Insurer as part of any claim under the Policy and shall, at the time of making of any claim under the Policy, provide UMB Fund Services, Inc. ("UMBFS") with written notice of the amount and nature of such claim, and UMBFS will provide written notice to the other Funds. Each Fund shall provide to UMBFS forthwith written notice of the terms of settlement of any claim made under the Policy, and UMBFS will provide written notice to the other Funds.

7 <u>Term</u>. This Agreement shall remain in effect as long as the Boards of each Fund (including a majority of the managers, directors or trustees, as applicable, who are not "interested persons," as defined by Section 2(a)(19) of the Act) makes the annual determinations respecting the Policy required under Rule 17d-1(d)(7), and annually approves the renewal of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments</u>. This Agreement may be modified or amended only by a writing executed by all of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u> </u> <u>No Assignment</u>. This Agreement is not assignable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be addressed to the notified Fund as follows:

UMB Fund Services, Inc. <br> 235 W. Galena St.

Attention: Legal Department

Re: Redwood Real Estate Income Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund and CIBC Private Lending Strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on the day and year first above written.

---

| | |
|:---|:---|
| **Redwood Real Estate Income Fund** | **Redwood Real Estate Income Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Aether Infrastructure & Natural Resources Fund** | **Aether Infrastructure & Natural Resources Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Pursuit Asset-Based Income Fund** | **Pursuit Asset-Based Income Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Megacorn Fund** | **Megacorn Fund** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **CIBC Private Lending Strategies** | **CIBC Private Lending Strategies** |
| By: |  |
| Name: | Ann Maurer |
| Title: | Secretary |

---

## Ex-99.(K)(5)

**Exhibit (k)(5)**

<u>PLATFORM MANAGEMENT AGREEMENT</u>

<u> </u>

THIS AGREEMENT (this "<u>Agreement</u>"), effective as of __________________, 2025 (the "<u>Effective Date</u>"), is made by **CIBC Private Lending Strategies** (the "<u>Fund</u>") and **UMB Fund Services Inc.** ("<u>UMBFS</u>" and, together with the Fund, the "<u>Parties</u>").

WHEREAS, the Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>") and is subject to regulation as such under applicable federal securities laws.

WHEREAS, shares of beneficial interest ("<u>Shares</u>") in the Fund will be offered to investors.

WHEREAS, the Fund wishes to retain UMBFS to provide platform manager services (the "<u>Services</u>") to the Fund as set out in Section 1.

WHEREAS, UMBFS wishes to provide, or retain other parties to provide, the Services.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed by the Parties as follows:

1. <u>Appointment of UMBFS</u>. The Fund hereby authorizes UMBFS to provide the Services, which shall include the services set out below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Coordinating organizational, quarterly and special meetings of the Fund's board of trustees (collectively the "<u>Board</u>" and individually the "<u>Trustees</u>"), preparing and distributing relevant materials and information to Trustees and affected service providers to the Fund including but not limited to the Fund's administrator, accounting agent, transfer agent, custodian, compliance service, auditors, legal counsel, placement agent and insurance carriers, coordinating and facilitating Fund insurance coverage and other jointly-provided services, and providing all other administrative and organizational services necessary to facilitate the efficient operation of the Fund on the Platform. UMBFS will provide a report to the Board at least annually or as it deems necessary. This report in no way relieves the providers and/or professional firms from their obligation, duty, or requirement to communicate and report to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Providing for and/or making arrangements for adequate meeting facilities for the Fund's quarterly and periodic Board meetings as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following relevant industry news, trends, important topics, and best practices as they relate to investment products, providers, professional firms, technologies, services, and regulatory/legal issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Maintaining all books and records of the Fund required by Rule 31a-1 under the 1940 Act (other than those records being maintained by the Fund's administrator, custodian or transfer agent) and preserving such records for the periods prescribed therefore by Rule 31a-2 of the 1940 Act.

2. <u>Platform Manager Fee</u>. The consideration for UMBFS's provision of services is included as part of the other service agreements between the Parties.

3. <u>Allocation of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All costs and expenses of the Fund not expressly assumed by UMBFS under Section 3(b) shall be paid by the Fund, including, but not limited to: (i) any fees and expenses in connection with the organization of the Fund and the offering and issuance of Shares; (ii) all fees and expenses relating to portfolio transactions and positions for the Fund's account (such as direct and indirect expenses associated with the Fund's investments, including its investments in investment funds, or proposed investments, whether or not such investments are completed, including travel and other expenses incurred in connection with the selection or monitoring of investments, or enforcing the Fund's rights in respect of such investments); (iii) quotation or valuation expenses; (iv) brokerage commissions; (v) interest and fees on any borrowings by the Fund; (vi) professional fees (including, without limitation, expenses of consultants, experts, and specialists); (vii) research expenses; (viii) fees and expenses of outside counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund and foreign counsel); (ix) accounting, auditing, and tax preparation expenses; (x) fees and expenses in connection with repurchase offers and any repurchases or redemptions of Shares; (xi) taxes and governmental fees (including tax preparation fees); (xii) the investment management fee and the fees and expenses of the Fund's administrator; (xiii) fees and expenses of any custodian, subcustodian, transfer agent, and registrar, and any other agent of the Fund; (xiv) all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among UMBFS and any custodian or other agent engaged by the Fund; bank services fees; costs and expenses relating to any amendment of the Fund's Agreement and Declaration of Trust (the "<u>Trust Instrument</u>") or the Fund's other organizational documents; any expenses in connection with meetings of the Board or its committees; expenses of preparing, amending, printing, and distributing offering memoranda, statements of additional information, and any other sales material (and any supplements or amendments thereto), reports, notices, websites, other communications to shareholders, and proxy materials; expenses of preparing, printing, and filing reports and other documents with government agencies; expenses of shareholders' meetings, including the solicitation of proxies in connection therewith; expenses of corporate data processing and related services; shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the Trustees who are not employees of UMBFS or its affiliates; insurance premiums; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up, and termination of the Fund.

"<u>Extraordinary Expenses</u>" means all expenses incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs or expenses: (i) incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the Fund's rights against any person or entity; (ii) for indemnification or contribution payable by the Fund to any person or entity (including, without limitation, pursuant to the indemnification obligations contained in the Trust Instrument); (iii) of a reorganization, restructuring or merger of the Fund; (iv) of holding, or soliciting proxies for, a meeting of shareholders of the Fund; and (v) of engaging a new administrator, custodian, transfer agent, escrow agent, or other major service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) UMBFS will bear all of its own overhead expenses, including but not limited to rent, salaries, office equipment, and communications expenses. In addition, UMBFS is responsible for the payment of the compensation and expenses of those Trustees and/or officers of the Fund affiliated with UMBFS and making available (without expense to the Fund) the services of such individuals (subject to their individual consent to serve and to any limitations imposed by law).

4. <u>Duties of UMBFS</u>. UMBFS shall: (a) provide the Services; and (b) report to the Board on a quarterly basis regarding the nature of the Services (if requested).

5. <u>Liability of the Fund</u>. The obligations of the Fund hereunder are not binding upon any shareholder or any person serving on the Board, personally, but bind only the Fund and the Fund's property. UMBFS represents that it has notice of the provisions of the Trust Instrument disclaiming shareholder and Trustee liability for acts and obligations of the Fund.

6. <u>Independent Contractor</u>. UMBFS shall (i) be deemed to be an independent contractor for all purposes herein and (ii) have no authority to act for or represent the Fund in any way or otherwise be deemed its agent, unless otherwise expressly provided herein or authorized by the Board.

7. <u>Liability</u>. None of UMBFS, its affiliates, partners, managers, members, principals, directors, officers, or employees, nor any of their executors, heirs, assigns, successors, or other legal representatives (collectively, the "<u>Indemnified Persons</u>") shall be liable for any error of judgment, for any mistake of law, or for any act or omission by such person in connection with the performance or non-performance of the Services in the absence of willful misfeasance or gross negligence in the performance or non-performance of the Services (collectively, "<u>disabling conduct</u>"). Any person, even though also employed by UMBFS, who may be or become an employee of the Fund and paid by the Fund shall be deemed, when acting within the scope of his or her employment by the Fund, to be acting in such employment solely for the Fund and not as an employee or agent of UMBFS.

8. <u>Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8(b), the Fund shall (to the fullest extent permitted by law) indemnify, defend, and hold harmless each Indemnified Person from or against all losses, charges, expenses, assessments, claims, damages, costs, and liabilities ("<u>Losses</u>"), including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees and disbursements, incurred in connection with the defense or disposition of any action, suit, investigation, or other proceeding (any of the preceding, a "<u>Proceeding</u>") before any judicial, arbitral, administrative, or legislative body, in which such Indemnified Person may be or may have been involved as a party or otherwise, or with which such Indemnified Person may be or may have been threatened, by reason of the past or present performance of services to the Fund by such Indemnified Person, except to the extent such Losses shall have been finally determined in a non-appealable decision on the merits in any such Proceeding to have been incurred or suffered by such Indemnified Person by reason of disabling conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses (including reasonable counsel fees and disbursements) so incurred by any such Indemnified Person (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties) shall be paid or reimbursed by the Fund in advance of the final disposition of any such Proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay to the Fund amounts so paid if it shall ultimately be determined that indemnification of such expenses is not authorized under this Section 8; <u>provided however that</u>: (i) such Indemnified Person shall provide security for such undertaking; (ii) the Fund shall be insured by or on behalf of such Indemnified Person against Losses arising by reason of such Indemnified Person's disabling conduct; or (iii) a majority of the Trustees who are not parties to the proceeding or independent legal counsel in a written opinion shall determine based on a review of readily available facts as opposed to a full trial-type inquiry (a "<u>Review</u>") that there is reason to believe such Indemnified Person has not engaged in disabling conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to the disposition of any Proceeding (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication or a decision on the merits by a court (or by any other body before which the proceeding shall have been brought) that an Indemnified Person is liable to the Fund or its shareholders by reason of disabling conduct, indemnification shall be provided pursuant to this Section 8 if: (i) approved as in the best interests of the Fund by a majority of the Trustees who are not parties to the proceeding upon a determination based upon a Review that such Indemnified Person has not engaged in disabling conduct; or (ii) the Board secures a written opinion of independent legal counsel based upon a Review to the effect that such Indemnified Person is not likely to be liable to the Fund or its shareholders by reason of disabling conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnification or advancement of expenses made pursuant to this Section 8 shall not prevent the recovery from any Indemnified Person of any such amount if such Indemnified Person subsequently shall be determined in a final decision on the merits of any court of competent jurisdiction in any Proceeding involving the liability or expense that gave rise to such indemnification or advancement of expenses to be liable to the Fund or its shareholders by reason of disabling conduct. In any Proceeding brought by an Indemnified Person to enforce a right to indemnification under this Section 8, it shall be a defense that, and in any Proceeding in the name of the Fund to recover any indemnification or advancement of expenses made pursuant to this Section 8 the Fund shall be entitled to recover such expenses upon a final adjudication that, the Indemnified Person has not met the applicable standard of conduct set forth in this Section 8. In any such Proceeding brought to enforce a right to indemnification or to recover any indemnification or advancement of expenses made pursuant to this Section 8, the burden of proving that the Indemnified Person is not entitled to be indemnified (or to any indemnification or advancement of expenses) under this Section 8 shall be on the Fund (or any shareholder acting derivatively or otherwise on behalf of the Fund or its shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rights of indemnification provided in this Section 8 shall not be exclusive or affect any other right to which any Indemnified Person may be entitled by contract or otherwise under law. Notwithstanding anything in this Section 8 to the contrary, the provisions of this Section 8 shall not be construed so as to relieve the Indemnified Person of, or provide indemnification with respect to, any liability (including liability under Federal securities laws, which, under certain circumstances, impose liability even on persons who act in good faith) to the extent (but only to the extent) that such liability may not be waived, limited, or modified under applicable law or that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 8 to the fullest extent permitted by law. The provisions of this Section 8 shall indefinitely survive the termination or cancellation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) UMBFS (and the other Indemnified Persons) may rely upon and, in the absence of disabling conduct, shall be protected in acting upon any document which it reasonably believes to be genuine and to have been signed or presented by the proper person or persons. UMBFS (and the other Indemnified Persons) shall not be held to have notice of any change of authority of any Trustee, officer, employee, or agent of the Fund until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall make UMBFS (and the other Indemnified Persons) liable for the performance or omissions of unaffiliated third parties not under UMBFS's reasonable control (such as, by way of example and not limitation, custodians, brokers, investment advisers, postal or delivery services, telecommunications providers, and processing and settlement services).

9. <u>Duration</u>. This Agreement will remain in effect until terminated pursuant to Section 9 or 12. Unless earlier terminated pursuant to Section 12, this Agreement shall remain in effect for a period of 2 years and thereafter for succeeding 1-year periods unless sooner terminated.

10. <u>Assignments or Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither this Agreement nor any rights hereunder are assignable without the written consent of the other Party. Any attempted or purported assignment in violation hereof will be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither Party may amend this Agreement without written consent of the other Party.

11. <u>Notice</u>. Except for oral notices expressly permitted hereby, any notice, consent, authorization, or other communication to be given hereunder will be in writing and will be deemed duly given and received when delivered personally or transmitted by email or, if sent by mail, five business days after being mailed by first class mail, or one business day after being sent by an internationally recognized overnight delivery service, charges and postage prepaid, properly addressed to the Party to receive such notice, at the address specified below.

---

| | |
|:---|:---|
| If to UMBFS: | UMB Fund Services, Inc. |
|  | 235 W. Galena Street |
|  | Milwaukee, WI 53212 |
|  | Attention: Legal Department |
|  | Re: Material Notice, CIBC Private Lending Strategies |
|  | Email: <u>umbfs-legal@umb.com</u> |

---

---

| | |
|:---|:---|
| If to the Fund: | CIBC Private Lending Strategies |
|  | c/o UMB Fund Services, |
|  | Inc. Attn: Legal Department |
|  | 235 W. Galena Street |
|  | Milwaukee, WI 53212 |
|  | Re: Material Notice, CIBC Private Lending Strategies |
|  | Email: <u>umbfs-legal@umb.com</u> |

---

12. <u>Termination</u>. This Agreement may be terminated by either Party as of the end of a term without penalty upon 60 days' written notice to the other Party (which notice may be waived by the non-terminating Party). Any such termination shall not affect the obligation of the Fund to reimburse UMBFS for payments made or obligations incurred prior to such termination.

13. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware (without giving effect to the conflicts of laws principles thereof) and the applicable provisions of Federal law. To the extent that the applicable laws of the State of Delaware or any of the provisions herein conflict with the applicable provisions of Federal law, the latter shall control.

14. <u>Severability</u>. If any provision hereof shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be effected thereby and, to this extent, the provisions hereof shall be deemed to be severable.

15. <u>Counterparts</u>. This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

IN WITNESS WHEREOF, the Parties have executed this Agreement by their duly authorized officers.

---

| | |
|:---|:---|
| **CIBC Private Lending Strategies** | **UMB Fund Services, Inc.** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

## Ex-99.(R)(1)

**Exhibit (r)(1)**

1. Fund Code of Ethics ("1940 Act Code of Ethics")

**Purpose of the Code of Ethics**

The CIBC Private Lending Strategies (the "Fund") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons, as defined below, and to ensure compliance with the Federal Securities Laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Fund's Adviser (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that each Access Person of the Fund will conduct such activities in accordance with to the following principles:

● be dutiful in placing the interests of the Fund's shareholders first and before their own;

● all personal securities transactions must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

● adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their position.

Any violation of this Code must be reported promptly to Amy E. Siefer, the Fund Chief Compliance Officer ("Fund CCO"). Failure to do so will be deemed a violation of the Code.

**Legal Requirement**

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

● employ any device, scheme or artifice to defraud the Fund;

● make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

● engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

**Definitions**

All definitions shall have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

*Access Person* – Any officers, Trustees, general partner or employee of the Fund or of the Fund's Investment Adviser, CIBC Private Wealth Advisors, Inc. (or of any entity in a control relationship to the Fund or Investment Adviser) who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

*Automatic Investment Plan* – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

 

*Beneficial Ownership* means in general and subject to the specific provisions of Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

 

*Connected Persons* – Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified.

*Control* shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act.

 

*Covered Security* – Any security except that it does not include:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements; and

● Shares issued by open-end Funds (excluding open-end exchange traded Funds).

 

*Exchange Traded Fund ("ETF")* - An open-end registered investment company that is not a unit investment Fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act (either by Rule 6c-11 or exemptive order) permitting it to issue securities that trade on the secondary market. Examples of open-end exchange-traded Fund include, but are not limited to: Select Sector SPDRS; iShares; PowerShares; etc.

*Fund* - An investment company registered under the 1940 Act.

 

*Independent Trustees* - Those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

An *Initial Public Offering* - An offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act.

 

*Limited Offering* - An offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

 

*Purchase or Sale of a Covered Security* includes, among other things, the writing of an option to purchase or sell a Covered Security.

 

*Security held or to be acquired by the Fund* - Any Covered Security which, within the most recent fifteen (15) days:

● Is or has been held by the Fund; or

● Is being or has been considered by the Fund or its Investment Advisor for purchase by the Fund; and

● Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

**Policies of the Fund Regarding Personal Securities Transactions** 

**General**

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

**Specific Policies**

1. Restrictions on Personal Securities Transactions By Access Persons Other Than Independent Trustees and
persons covered under an equivalent code of ethics of the Fund's service provider.

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

● is being considered for purchase or sale by the Fund; or

● is being purchased or sold by the Fund.

Pre-approval of Investments in IPOs and Limited Offerings

Investment Personnel must obtain approval from the Adviser's CCO (pursuant to the terms of the Adviser's

Code of Ethics) before directly or indirectly acquiring beneficial ownership in any Covered Securities in an

Initial Public Offering or in a private placement or other Limited Offering

2. Restrictions on Personal Securities Transactions by Restricted Trustees.

The Fund recognizes that a Independent Trustee does not have on-going, day-to-day involvement with the operations of the Fund. In addition, the Fund will generally give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Independent Trustees in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Independent Trustees

● Each Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report as required under the Reporting Requirements below, but only for a transaction in a Covered Security where he or she knew or, in the ordinary course of fulfilling his or her official duties as a Trustee, should have known, that during the 15-day period immediately preceding the date of the transaction, such Covered Security is or was purchased or sold, or considered for purchase for sale, by the Fund.

**Reporting Requirements**

The Fund CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Fund who is also an Access Person of a service provider may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics (and not directly to the Fund CCO) provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

1. Initial/Ongoing Disclosure of Personal Brokerage Accounts. Within ten (10) days of the commencement of
employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to submit
to the Fund CCO a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of any
Connected Persons, and any brokerage accounts which they control or in which they or a Connected Person has Beneficial Ownership. Such
report must contain the date on which it is submitted and the information in the report must be current as of a date no more than forty-five
(45) days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Fund CCO must be notified
immediately. Disclosure of an account shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during
the quarter and provide the following information:

● the name of the broker, dealer or bank with whom the Access Person has established the account;

● the date the account was established;

● the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Fund CCO.

2. Holdings Report. Within ten (10) days of becoming an Access Person (and with information that is current
as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access Person, except
Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as applicable,
the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person
has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access
Person. This report must state the date on which it is submitted.

3. Quarterly Transaction Reports. All Access Persons, except Independent Trustees, shall report to the Fund
CCO or designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of
such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the Covered Security at which the transaction was effected

● The name of the broker, dealer, or bank with or through whom the transaction was effected; and

● The date the Access Person Submits the Report.

4. Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end
of the calendar quarter in which the transaction to which the report relates was effected and shall include a certification that the reporting
person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code.
Confirmations and Brokerage Statements sent directly to the appropriate Fund CCO is an acceptable form of a quarterly transaction report.

**Review of Reports**

The Fund CCO, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate reporting to the board of Trustees:

● any transaction that appears to evidence a possible violation of this Code; and

● apparent violations of the reporting requirements stated herein.

The Fund CCO shall review the reports referenced above and shall determine whether the policies established in this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The Fund CCO and the Board of Trustees of the Fund shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Fund.

Before the Board of Trustees of the Fund may approve the Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

**Certification**

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it.* 

*[For Access Persons, unless otherwise covered by the Code of Ethics of the Adviser or Distributor, if applicable] I further certify that I have disclosed or reported all personal securities transactions and holdings as required to be reported under the Code.*

 

***[For Independent Trustees] I further certify that [please check one]:***

 ****

*I have disclosed or reported on a quarterly transaction report all personal securities transactions for which I knew at the time of the transaction, or through the ordinary course of fulfilling my official duties as an Independent Trustee, should have known, that during the 15-day period immediately preceding or following the date of such transaction (or such period prescribed by applicable law) such Covered Security was purchase or sold, or was being considered for purchase of sale, by any Fund.*

 

*I did not make any personal securities transactions for which I knew at the time of the transaction, or in the ordinary course of fulfilling my official duties as an Independent Trustee, should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law) such Covered Security was purchased or sold, or was being considered for purchase or sale, by any Fund.*

 

Printed Name:   Signature:   <br> <br> Date:  

Adopted: October 14, 2025

## Ex-99.(R)(2)

**Exhibit (r)(2)**

**Private Wealth Group, LLC Code of Ethics**

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| | |
|:---|:---|
| Current issue: | April 2025 |
| Availability: | <u>Policies sites</u> |
| Approved: | Board of Directors (NTC & PWA/DTC) |
| Approval date: | April 23, 2025 |
| Next review: | April 2026 |

---

**PWG Code of Ethics**<sub>2</sub>

**Table of contents**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1.0** | **Summary** | **Summary** | **Summary** | **3** |
| **2.0** | **Intent** | **Intent** | **Intent** | **3** |
| **3.0** | **Audience and scope** | **Audience and scope** | **Audience and scope** | **3** |
| **4.0** | **Definitions** | **Definitions** | **Definitions** | **3** |
| **5.0** | **Policy Requirements** | **Policy Requirements** | **Policy Requirements** | **5** |
|  | 5.1. | Limits on Personal Investing | Limits on Personal Investing | 5 |
|  |  | 5.1.1. | Pre-clearance of Personal Security Transactions: | 5 |
|  |  | 5.1.2. | Prohibition of Short-Term Trading Profits | 6 |
|  |  | 5.1.3. | Excessive Trading in Funds | 6 |
|  |  | 5.1.4. | CIBC Securities | 6 |
|  |  | 5.1.5. | Initial Public Offerings | 6 |
|  |  | 5.1.6. | Prohibition of Short Position | 6 |
|  |  | 5.1.7. | Restricted List Securities | 6 |
|  |  | 5.1.8. | Other Criteria Considered in Pre-clearance | 7 |
|  | 5.2. | Reporting Requirements | Reporting Requirements | 7 |
|  |  | 5.2.1. | Initial Holdings Report | 7 |
|  |  | 5.2.2. | Quarterly Transactions Report | 7 |
|  |  | 5.2.3. | Annual Holdings Report | 8 |
|  |  | 5.2.4. | Brokerage Accounts | 8 |
|  |  | 5.2.5. | Discretionary Managed Accounts | 8 |
|  |  | 5.2.6. | Donor Advised Funds | 8 |
|  |  | 5.2.7. | Annual Certification of Compliance | 8 |
|  |  | 5.2.8. | Gifts and Entertainment | 9 |
|  |  | 5.2.9. | Outside Business Activities | 9 |
|  |  | 5.2.10. | Administration of the Code of Ethics | 9 |
|  | 5.3. | Penalties | Penalties | 9 |
|  | 5.4. | Exceptions to the Code | Exceptions to the Code | 10 |
| **6.0** | **Monitoring and Oversight** | **Monitoring and Oversight** | **Monitoring and Oversight** | **10** |
| **7.0** | **Roles and Responsibilities** | **Roles and Responsibilities** | **Roles and Responsibilities** | **10** |
| **8.0** | **Maintenance and review** | **Maintenance and review** | **Maintenance and review** | **10** |
| **9.0** | **Related materials** | **Related materials** | **Related materials** | **11** |
|  | **Code of Ethics Contact** | **Code of Ethics Contact** | **Code of Ethics Contact** | **11** |

---

**PWG Code of Ethics**<sub>3</sub>

1.0 Summary

CIBC Private Wealth Group, LLC, consisting of CIBC Private Wealth Advisors, Inc. (a registered investment adviser), CIBC National Trust Company (a limited-purpose national trust company) and CIBC Delaware Trust Company (a Delaware limited-purpose trust company) (collectively, "CIBC PW") has a fiduciary relationship with respect to each Client it services. The interests of Clients and of the shareholders of its registered investment companies and private investment funds (collectively "the Funds") take precedence over the personal interests of CIBC PW and its Covered Persons. CIBC PW has adopted this Code of Ethics pursuant to the provisions under Rule 204A-1 of the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940.

2.0 Intent

The following fiduciary principles govern the obligations of Covered Persons:

&nbsp;&nbsp;&nbsp;&nbsp;· the interests of Clients and shareholders of the Funds must be placed first at all times and Covered Persons must not take inappropriate
advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;· all personal securities transactions must be conducted consistent with this Code and in a manner to avoid any abuse of an individual's
position of trust and responsibility.

This Code is our effort to address conflicts of interest that may arise in the ordinary course of our business.

This Code does not shield Covered Persons from liability for personal trading or other conduct that violates a fiduciary duty to Clients and shareholders of the Funds.

3.0 Audience and scope

All CIBC PW Employees are required to comply with applicable state and federal securities laws, rules and regulations and this Code. Employees shall promptly report any violation of laws or regulations or any provision of this Code of which they become aware to CIBC PW's Chief Compliance Officer ("CCO") or his designee.

This Code of Ethics (the "Code") applies to Covered Persons, which includes all Employees of CIBC PW and their Household Members (see Section III for definitions of both terms).

4.0 Definitions

For purposes of this Policy, the following terms have the following meanings ascribed to them:

· "Affiliated Funds" generally includes all mutual
funds advised or sub-advised by CIBC PW or one of its affiliates.

· "Automatic Investment Plan" means a program in
which regular purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and
allocation, including dividend reinvestment plans.

· "Beneficial Ownership" means to have an economic
interest in an account through either ownership or control (e.g., investment decision, voting, power of attorney), including those owned
by Household Members.

· "Client" means any account for which CIBC PW
is the investment manager.

· "Covered Person" means any CIBC PW Employee and
their Household Members (excluding roommates).

**PWG Code of Ethics**<sub>4</sub>

· "Covered Security" means anything that is considered
a "security" under the Securities Act of 1933.

Covered securities include equities and equity-related securities, such as common stocks, preferred stocks, options on stocks, shares of closed-end investment companies, exchange-traded funds, affiliated open-end investment companies, convertible or participating debentures or notes, various derivative and corporate and municipal bonds and notes. Covered Securities also include debt instruments. This is a very broad definition of security. It includes most kinds of investment instruments, including things that you might not ordinarily think of as "securities," such as:

&nbsp;&nbsp;&nbsp;&nbsp;· options on securities;

&nbsp;&nbsp;&nbsp;&nbsp;· shares of exchanged-traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;· investments in foreign registered unit trusts and foreign
registered mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;· limited partnership investments in private investment funds,
hedge funds and investment clubs this includes CIBC PW sponsored funds.

The following are not considered Covered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the Government of the United States
or its agencies;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit,
commercial paper, and high- quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· Any open-end mutual fund, except for Affiliated Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies, virtual currencies, ICOs, and tokens.

· "Employee" means any director, officer, full
or part-time employee. This also includes any contingent worker, consultant, or contractor, of CIBC PW or any CIBC PW affiliate, who
in connection with their duties, obtains or has access to any information concerning investment recommendations being made by any CIBC
PW entity to any of its Clients.

· "Investment Personnel" means any Employee who,
in connection with his/her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale
of securities by the Client.

· "Initial Public Offering" means an offering of
securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration, was not
subject to the reporting requirements of Section 13 or 15(d) of the '34 Act.

· "Household Members" include:

&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (unless he/she does not live
in the same household as you and you do not contribute in any way to his/her support).

&nbsp;&nbsp;&nbsp;&nbsp;· Any of these people who live in your household: your children,
stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons in-law, daughters-in-law, brothers-in-
law and sisters-in-law, including adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;· Children whom the employee materially supports who may reside
on a collage campus.

· "Private Placement" means any private securities
transaction or any other securities transaction relating to new offerings of securities which are not registered with the Securities
and Exchange Commission.

· "Restricted List Securities" means the list of
securities that are provided to CIBC PW Compliance by CIBC or investment departments, which include those securities that are restricted
from purchase or sale by Client or Employee accounts for various reasons.

**PWG Code of Ethics**<sub>5</sub>

5.0 Policy Requirements

5.1. Limits on Personal Investing

5.1.1. Pre-clearance of Personal Security Transactions:

All Covered Persons must pre-clear all personal security transactions involving Covered Securities with CIBC PW Compliance using the STAR Compliance system. Transactions made through an Automatic Investment Plan must receive pre-clearance for the **initial investments**. Employees must provide written direction to PW Compliance advising that the purchase is part of an automatic investment plan.

Transactions in Affiliated Funds that are held in external brokerage accounts MUST be pre-cleared through the STAR Compliance system. Please refer to Section IV.(e) for guidelines on CIBC securities.

Charitable contributions of Covered Securities must be pre-cleared.

Private Placements, including the CIBC PW sponsored funds, must be pre-cleared through the My Compliance Office ("MCO") system.

If you are unclear about whether a proposed transaction involves a Covered Security, contact CIBC PW Compliance via email at <u>Mailbox.CIBCPWMCodeofEthics@cibc.com</u> prior to executing the transaction.

**Any approval granted to a Covered Person to execute a personal security transaction is valid for that business day only, except that if approval is granted after the close of trading day such approval is good through the next trading day.** The STAR Compliance system will review personal trade requests from Covered Persons based on the following considerations:

· **Blackout Period.** Covered Persons may not buy or sell a Covered Security within two trading days after a Client trades in that security
or when there is a Client order in that security currently with the trading desk. For example, if a Client trades on a Monday, Covered
Persons may not be cleared to trade until Thursday.

**Blackout Period Exceptions: If the Covered Person does not have knowledge of trading activity, CIBC PW Compliance will apply the following exceptions during the pre-clearance process.**

· Equity de minimis exception: Within any rolling 30-day period,
a Covered Person may trade:

&nbsp;&nbsp;&nbsp;&nbsp;· Up to 2,000 shares of a security with a market capitalization
of $1-$5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· Up to 4,000 shares of a security with a market capitalization
of $5-$25 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· Up to 6,000 shares of a security with a market capitalization
of >$25 billion.

· Fixed income de minimis exception: Within any rolling 30-day
period, a Covered Person may trade up to $100,000 of par value of any fixed income security.

· Exchange Traded Funds ("ETFs") exception: Within
any rolling 30-day period, a Covered Person may trade:

&nbsp;&nbsp;&nbsp;&nbsp;· Up to 2,000 shares of any of the ETFs NOT listed on <u>the approved-ETF list (Exhibit A) or on the approved broad-market ETF list (Exhibit B)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;· Up to 5,000 shares of ETFs listed on Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;· Unlimited shares of ETFs listed in Exhibit B.

· Barclays ETN+ Select MLP ETN (ATMP) exception: Within any
rolling 30-day period, a Covered Person may trade up to 5,000 shares of ATMP.

· ALPS Clean Energy ETF (ACES) exception: Within any rolling
30-day period, a Covered Person may trade up to 5,000 shares of ACES.

**PWG Code of Ethics**<sub>6</sub>

&nbsp;&nbsp;&nbsp;&nbsp;· Blackout Period Exceptions still require pre-clearance prior
to transacting in the security.

· **Investment Personnel.** Investment Personnel may not buy or sell a Covered Security within three trading days before or after a Client
trades in that security or when there is a Client order in that security currently with the trading desk. The Blackout Period exceptions
above do not apply to Investment Personnel with respect to trades initiated by the investment team at a strategy wide level in the strategies
they manage.

The STAR Compliance system will confirm that there is no activity currently on the trading desk in the security involved in the proposed personal transaction and check the portfolio accounting system to verify that there have been no Client transactions for the requested security. The system will notify the Covered Person of the approval or denial of the proposed personal transaction.

5.1.2. Prohibition of Short-Term Trading Profits

Covered Persons are prohibited from engaging in the purchase and sale, or short sale and cover of the same Covered Security within 60 days at a profit. If a Covered Person trades a Covered Security within the 60-day time frame, any profit from the trade will be disgorged to CIBC Private Wealth Advisors, Inc., which will then donate to a charity of its choice. Additional sanctions may also be imposed on the Covered Person.

5.1.3. Excessive Trading in Funds

Employees are prohibited from engaging in excessive short-term trading of any mutual fund advised or sub- advised by CIBC PW or its affiliates and are subject to various limitations as indicated in the respective prospectus and other fund disclosure documents.

5.1.4. CIBC Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Employee may affect short sales of CIBC securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Employee may engage in transactions in publicly traded
options, such as puts, calls and other derivative securities relating to the CIBC securities, on an exchange or any other organized market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For all Covered Persons, transactions, including transfers
by gift, in CIBC securities are subject to pre-clearance regardless of the size of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain Covered Persons are only permitted to trade CIBC
securities during open window periods each quarter (see Section 4.1 of the <u>US Insider Trading Policy</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holdings of CIBC securities in Covered Persons accounts are
subject to the reporting requirements specified in this Code.

5.1.5. Initial Public Offerings

**Covered Persons are prohibited from acquiring any security in an Initial Public Offering.**

Exceptions will only be granted in unusual circumstances and must be approved by the CIBC PW CCO and the Chief Investment Officer.

5.1.6. Prohibition of Short Position

Covered Persons are prohibited from selling short or buying put options (to open) in Covered Securities. However, hedging transactions are allowed where a long position is already established (i.e., shorts against the box or buying protected put options).

5.1.7. Restricted List Securities

Employees requesting pre-clearance to buy or sell a security may be restricted from executing the trade if the security is on the Restricted List because of potential conflicts of interest.

**PWG Code of Ethics**<sub>7</sub>

5.1.8. Other Criteria Considered in Pre-clearance

Even after adhering to the requirements specified throughout this section, CIBC PW Compliance, in keeping with the general principles and objectives of the Code, may refuse to grant pre-clearance of a personal securities transaction in its sole discretion without being required to specify any reason for the refusal.

5.2. Reporting Requirements

5.2.1. Initial Holdings Report

Within 10 calendar days of becoming a Covered Person, each Covered Person must complete an Initial Holdings Report by inputting the following information into the STAR Compliance system (the information must be current within 45 days of the date the person becomes a Covered Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A list of all Covered Security holdings, including the name,
number of shares (for equities) and the principal amount (for debt securities) in which the person has direct or indirect Beneficial
Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker-dealer or bank with which the person
maintains an account in which any securities are held for the direct or indirect benefit of the person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Covered Person.

5.2.2. Quarterly Transactions Report

All Covered Persons must report, no later than 30 days after the end of each calendar quarter, the following information for all transactions in Covered Security in which a Covered Person has a direct or indirect Beneficial Interest. Emails generated by the Star Compliance system will be sent to all covered persons as needed until the quarterly requirements are fulfilled. This includes any Covered Securities held in a 401(k) or other retirement vehicle, including plans sponsored by CIBC or its affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;· The date of all transactions in that quarter, the security
name, the number of shares(for equity securities); or the interest rate and maturity date (if applicable) and the principal amount (for
debt securities) for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (buy, sell, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;· The price of the Covered Security at which the transaction
was executed;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker-dealer or bank executing the transaction;
and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted to CIBC PW Compliance.

**All Covered Persons must submit a Quarterly Transaction Report regardless of whether they executed transactions during the quarter or not.** If a Covered Person did not execute transactions subject to reporting requirements during a quarter, the Report must include a representation to that effect. Covered Persons need not include transactions made through an Automatic Investment Plan, Dividend Reinvestment Plan or similar plans in the quarterly transaction report.

Additionally, Covered Persons must report information on any new brokerage account established by the Covered Person during the quarter for the direct or indirect benefit of the Covered Person (including Covered Securities held in a 401(k) or other retirement vehicle, including plans sponsored by CIBC or its affiliates). The report shall include:

&nbsp;&nbsp;&nbsp;&nbsp;· The date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker-dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;· The account number and name; and

**PWG Code of Ethics**<sub>8</sub>

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted to CIBC PW Compliance.

CIBC PW Compliance may identify transactions by Covered Persons that technically comply with the Code for review based on any pattern of activity that has an appearance of a conflict of interest.

5.2.3. Annual Holdings Report

All Covered Persons must report annually the following information, which must be current within 45 days of the date the report is submitted to CIBC PW Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;· The security and the number of shares (for equities) or the
interest rate and maturity date (if applicable) and principal amount (for debt securities) for each Covered Security in which the Covered
Person has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker-dealer or bank with or through which
the security is held;

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Covered Person
to CIBC PW Compliance.

5.2.4. Brokerage Accounts

**Covered Persons may only open brokerage accounts with broker-dealers that provide electronic feeds of confirmations and monthly statements to the STAR Compliance system (*<u>Approved Broker List</u>*).**

Exceptions to this requirement will be limited and made by the CIBC PW CCO.

Any account held by a Covered Person that has the ability to hold Covered Securities must be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5. Discretionary Managed Accounts

In order to establish a Discretionary Managed Account (Professionally Managed Account), you must grant the manager complete investment discretion over your account. **Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be aware of such decisions before transactions are executed.** This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are actually directing account investments. Subject to the provisions of this Code, Employees who maintain Discretionary Managed Accounts may invest in or own the same securities as those acquired or sold by CIBC PW for its Clients.

Covered Persons must receive approval from CIBC PW Compliance by completing the Discretionary Account Pre-Clearance Form <u>found here.</u>

5.2.6. Donor Advised Funds

Covered Persons must receive approval from CIBC PW Compliance by completing the <u>Donor-Advised Pre- Clearance Form</u>. Any donations of securities in-kind to a charity need to be precleared from the DAF that currently holds the position as a sell preclearance, noting the charitable purpose in the memo field.

5.2.7. Annual Certification of Compliance

All Covered Persons must certify annually that they have read and understand the Code and recognize that they are subject to the Code. In addition, all Covered Persons must certify annually that they have complied with the requirements of the Code and that they have disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

**PWG Code of Ethics**<sub>9</sub>

5.2.8. Gifts and Entertainment

All Covered Persons are subject to the <u>Anti-Bribery and Anti-Corruption Policy.</u> Any Gifts given to or received are required to be disclosed in the MCO system.

5.2.9. Outside Business Activities

<u>All Covered Persons must obtain the prior approval of his/her department head and CIBC PW Compliance for an outside activity, a private investment or a position of trust via MCO.</u> Private Placements, including the CIBC PW sponsored funds, must also be pre-cleared through MCO. .

5.2.10. Administration of the Code of Ethics

CIBC PW will use reasonable due diligence and institute procedures reasonably necessary to prevent violations of this Code.

No less frequently than annually, CIBC PW will furnish to the Board, or such committee as it may designate, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;· Describes significant issues arising under the Code since
the last report to the Board, including information about material violations of the Code and sanctions imposed in response to material
violations; and

&nbsp;&nbsp;&nbsp;&nbsp;· Certifies that CIBC PW has adopted procedures reasonably
designed to prevent Covered Persons from violating the Code.

5.3. Penalties

If a Covered Person appears to have violated any provision of the Code, CIBC PW Compliance will review the matter with the Employee in order to assess whether the Covered Person has violated the Code. Certain violations determined to be material may subject a Covered Person to more severe penalties. Materiality is subjective and a determination of such generally involves professional judgment when evaluating the nature of a specific incident. Factors that may determine materiality include, but are not limited to, frequency, intent, magnitude, customer harm/impact, violation of law or regulation, or pattern of behavior. Examples of material violations may include but are not limited to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preclearance requests which were denied but transacted nonetheless;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Patterns of failure to request preclearance of Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consistently failing to complete certifications accurately
or in a timely manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Personnel trading ahead of their strategy (outside
of the Blackout Period).

Code of Ethics violations by Covered Persons are tracked by CIBC PW Compliance on a rolling 12-month basis. Violations of the Code will be addressed as detailed below and will be tracked and reported to the US Compliance Committee on a quarterly basis. The CCO will report material violations:

1. promptly reported by the CIBC PW CCO or his designee to the
PW Chief Executive Officer, President, and the US Chief Compliance Officer to ensure timely and appropriate action is taken, and

2. reported to the Private Wealth Oversight Committee on a quarterly
basis.

**Assuming there are no material violations, in the event of non-material violations, PW Compliance will follow the following course of action, but the CCO reserves the right to recommend in certain instances to modify or add additional sanctions if the situation warrants.**

&nbsp;&nbsp;&nbsp;&nbsp;· 1st violation:

**PWG Code of Ethics**<sub>10</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CIBC PW Compliance will email the Employee and copy the Employee's
manager to inform the Employee of the violation, to require the Employee to recertify to the Code, and to warn the Employee that a subsequent
violation will result in mandatory Code of Ethics training session with CIBC PW Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· 2nd violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Employee must attend a mandatory Code of Ethics training
session with CIBC PW Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Material or any subsequent violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CIBC PW Compliance will schedule a call with the PW Chief
Executive Officer, President, Chief Investment Officer, and CIBC PW CCO to assess the violation history to determine the appropriate
sanction, which may include suspension of trading activity, or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CIBC PW Compliance will then issue a 3rd violation letter
to the Employee, including their manager, the PW Chief Executive Officer, President, CIBC PW CCO, Human Resources, and US Ethics and
Conduct Risk Director formalizing the sanction.

Where a Covered Person failed to obtain pre-clearance, and the trade was in conflict with client trading, the Covered Person may also be required to reverse their trade. Any associated gain will be disgorged to a charity of CIBC PW's choice and additional sanctions may be imposed.

5.4. Exceptions to the Code

CIBC PW's CCO may grant an exception to any provision in this Code and will report all such exceptions at the next Board meeting.

6.0 Monitoring and Oversight

CIBC PW Compliance will be responsible for reviewing the Code to make recommendations for updates as a result of any regulatory changes. All recommended changes will be reviewed and approved by the Board of Directors.

7.0 Roles and Responsibilities

CIBC PW Compliance will administer the Code, review all covered persons' transactions subject to the Code and report any violations of the Code as stipulated throughout this Policy.

8.0 Maintenance and review

This Code will be reviewed annually and will be revised as necessary by CIBC PW Compliance. The Board of Directors will review and approve the Code annually. If material changes are made to the Code during the year, these changes will also be reviewed by the Board of Directors and all Covered Persons must certify within 30 days of the effective date of the amended code that they have read and understand the Code and recognize that they are subject to the Code.

The next annual review will take place in April 2026.

**PWG Code of Ethics**<sub>11</sub>

9.0 Related materials

All Employees are subject to the policies referenced in the CIBC PWG Policy Manual (<u>found here</u>) and must abide by all of the requirements set forth. In instances where there is a conflict between a minimum standard or threshold established by a CIBC policy and the standard or threshold established by a CIBC PW policy, including this Code, the latter shall supersede.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Outside Activity or Investment Approval Request Form</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Approved ETF Lists</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>US Region Insider Trading Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Donor-Advised Pre-clearance Form</u> 

**Code of Ethics Contact**

<u>Mailbox.CIBCPWMCodeofEthics@cibc.com</u>

The CIBC logo is a trademark of CIBC.

## Ex-99.(T)

**Exhibit (t)**

**POWER OF ATTORNEY**

CIBC PRIVATE LENDING STRATEGIES

(the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Ann Maurer as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 17<sup>th</sup> day October, 2025.

---

| |
|:---|
| /s/ Stephen A. Mace |
| Signature |
| Stephen A. Mace |
| Name |

---

**POWER OF ATTORNEY**

CIBC PRIVATE LENDING STRATEGIES

(the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Ann Maurer as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 17<sup>th</sup> day October, 2025.

---

| |
|:---|
| /s/ Stacy Roode |
| Signature |
| Stacy Roode |
| Name |

---

**POWER OF ATTORNEY**

CIBC PRIVATE LENDING STRATEGIES

(the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Ann Maurer as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 17<sup>th</sup> day October, 2025.

---

| |
|:---|
| /s/ J. Michael Fields |
| Signature |
| J. Michael Fields |
| Name |

---

**POWER OF ATTORNEY**

CIBC PRIVATE LENDING STRATEGIES

(the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Ann Maurer as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 17<sup>th</sup> day October, 2025.

---

| |
|:---|
| /s/ Amy Small |
| Signature |
| Amy Small |
| Name |

---