# EDGAR Filing Document

**Accession Number:** 0002067434
**File Stem:** 0001398344-26-003329
**Filing Date:** 2026-2
**Character Count:** 1566765
**Document Hash:** 991a3ece9904b998c5cb214f07eb3812
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003329.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001398344-26-003329

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

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banner Ridge DSCO Private Markets Fund
- **CENTRAL INDEX KEY:** 0002067434

**ORGANIZATION NAME:**
- **EIN:** 334858899
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24100
- **FILM NUMBER:** 26645136

**BUSINESS ADDRESS:**
- **STREET 1:** 641 LEXINGTON AVENUE
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-239-3210

**MAIL ADDRESS:**
- **STREET 1:** 641 LEXINGTON AVENUE
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banner Ridge DSCO Private Markets Fund
- **CENTRAL INDEX KEY:** 0002067434

**ORGANIZATION NAME:**
- **EIN:** 334858899
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288517
- **FILM NUMBER:** 26645135

**BUSINESS ADDRESS:**
- **STREET 1:** 641 LEXINGTON AVENUE
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-239-3210

**MAIL ADDRESS:**
- **STREET 1:** 641 LEXINGTON AVENUE
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on February 17, 2026

Securities Act File No. 333-288517

Investment Company Act File No. 811-24100

U.S. Securities and Exchange Commission

Washington, D.C. 20549

**FORM N-2**

[X] Registration Statement Under the Securities Act of 1933 <br> [X] Pre-Effective Amendment No. 1 <br> [ ] Post-Effective Amendment No. ___

and/or

[X] Registration Statement Under the Investment Company Act of 1940 <br> [X] Amendment No. 1

**Banner Ridge DSCO Private Markets Fund**

(Exact name of Registrant as specified in Charter)

641 Lexington Avenue, 31st Floor. New York, NY 10022

(Address of principal executive offices)

Registrant's Telephone Number, including Area Code: (212) 301-7135

Scott Halper

641 Lexington Avenue, 31st Floor

New York, NY 10022

(Name and address of agent for service)

COPY TO:

David W. Freese

Morgan Lewis Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

John O'Brien

Morgan Lewis Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

Approximate Date of Commencement of Proposed Public Offering: 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.

[x] 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).

[ ] immediately upon filing pursuant to paragraph (b) of Rule 486.

[ ] on (date) pursuant to paragraph (b) of Rule 486.

[ ] 60 days after filing pursuant to paragraph (a) of Rule 486.

[ ] on (date) pursuant to paragraph (a) of Rule 486.

If appropriate, check the following box:

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

[ ] 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:

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

ii

[ ] 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.

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

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 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 dates as the Commission, acting pursuant to said Section 8(a), may determine.

iii

**Subject to Completion Preliminary Prospectus Dated February 17, 2026**

The information in this preliminary 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 preliminary 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.

**PROSPECTUS**

**[Date], 2026**

**Banner Ridge DSCO Private Markets Fund**

Banner Ridge DSCO Private Markets Fund (the "Fund") is a newly-organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company.

*Investment Objective and Principal Investment Strategies*. The Fund seeks to provide capital appreciation. The Fund seeks to achieve its investment objective by targeting private investments on an opportunistic basis primarily in the United States and Europe. The Fund may also invest in other non-U.S. countries outside of Europe, including emerging markets. The Fund may invest in a range of both public and private (i.e., companies that are not listed on an exchange) equity investments that exhibit strong growth and profitability characteristics. The Fund may also make non-equity investments, such as: structured products (e.g., collateralized loan obligation); loans and loan participations; distressed debt; debtor-in-possession financing; real estate; and special situations. The Fund's real estate investing can be in the form of (i) investing in single properties experiencing distress, (ii) purchasing interests in pools of securitized real estate assets such as mortgages trading at dislocated prices or (iii) purchasing all or part of a loan secured by an underlying property from a lender or motivated seller. The Fund's special situation investing involving companies in significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceeding.

The Fund may invest directly, or as part of a co-investment, often seeking to achieve a control position with the goal of effectuating change through management or improving operations to generate higher returns than it might otherwise without the Fund's investment. The Fund may also seek to finance distressed companies in certain forms, including loans or various debt obligations. The Fund may also purchase assets it views as undervalued, including corporate debt and securities, loan pools and real estate. Under normal circumstances, the Fund expects its investments to consist predominantly of co-investment, early secondary offerings (i.e., investments in private investment funds at the early stages of their lifecycles through the secondary market) and selective seeded primary offerings (i.e., primary offerings of private investment funds that are launched with a significant amount of initial funding). In addition to a smaller number of buyouts of an entire investment target, the Fund expects under normal circumstances to the Fund intends to target investments of $5 million to $50 million and maintain a portfolio of at least 30 active investments at any given time.

The Fund and the Adviser have received exemptive relief to expand the Fund's ability to co-invest alongside affiliates in privately negotiated investments. Under the co-investment exemptive relief, the Fund and the Adviser are required to comply with certain conditions that would not otherwise apply.

This prospectus (the "Prospectus") applies to the offering of one class of shares of beneficial interest in the Fund ("Shares"). No person who is admitted as a shareholder of the Fund will have the right to require the Fund to redeem its Shares.

i

---

| | |
|:---|:---|
|  | **<u>Per Share</u>** |
| Public Offering Price | At Current NAV |
| Sales Load | $0 |
| Proceeds to the Fund | Amount Invested at Current NAV |

---

*Unlisted Closed-End Fund*. **Investing in Shares involves a high degree of risk. See "Types of Investments and Related Risks" beginning on page [xx] of this Prospectus. An investment in the Fund is subject to, among others, the following risks:**

● **There is not expected to be any secondary trading market in the Shares (as defined herein).** 

● **Shareholders should not expect to be able to sell their shares regardless of how the Fund performs. An investment in the Fund is considered illiquid. Therefore, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.** 

● **Unlike many closed-end funds, the Shares are not listed on any securities exchange. Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at an investor's option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. The Board of Trustees (the "Board") of the Fund has complete discretion to determine whether the Fund will engage in any share repurchase, and if so, the terms of such repurchase. See "Summary of Terms – Share Repurchases by the Fund."** 

● **Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's agreement and declaration of trust, as may be amended, restated or otherwise modified from time to time.** 

● **The amount of distributions that the Fund may pay, if any, is uncertain.** 

● **The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may economically represent a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses.** 

● **A return-of-capital distribution to shareholders may be treated as a return of a portion of the shareholders' original investment in the Fund. A distribution to a shareholder that is treated as a return of capital will reduce the tax basis of the shareholder's investment. As a result of return-of-capital distributions, shareholders may recognize more gain (or less loss) in connection with dispositions of Fund Shares than they would have recognized if return-of-capital distributions had not been made, and a shareholder may be subject to tax in connection with the sale of Fund Shares, even if the Shares are sold at a loss relative to the shareholder's original investment.** 

ii

● **The Fund, either directly or through one or more special purpose vehicles that are direct or indirect wholly-owned subsidiaries of the Fund (each, a "Subsidiary" and collectively, "Subsidiaries"), may utilize borrowings and financial leverage and assume significant risks as a result. See "Leverage Risk" in the "Types of Investments and Related Risks" section of this Prospectus.** 

● **The Fund invests a significant portion of its assets in private investment funds, which subjects an investment in the Fund to, among other risks, "Private Equity Investments Risk," "Venture Capital Risk," "Illiquid and Restricted Securities Risks," "Risks of Investing Through Investment Funds," "Valuation of Private Investments Risk," "Valuations Subject to Adjustment," "Indemnification of Investment Funds, Investment Managers and Others," "Termination of the Fund's Interest in an Investment Fund, "General Risks of Secondary Investments," each of which is discussed in greater detail in the "Types of Investments and Related Risks" section of this Prospectus.** 

You should read this Prospectus, which contains important information about the Fund, before deciding whether to invest in the Fund's Shares, and retain it for future reference. The Fund's Statement of Additional Information ("SAI") dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2026, as it may be supplemented, containing additional information about the Fund, has been filed with the SEC and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, the table of contents of which is on page [XX] of this Prospectus, annual and semi-annual reports to Shareholders when available, and other information about the Fund, and make Shareholder inquiries by calling 212-239-3210, by writing to the Fund at 641 Lexington Avenue, 31st Floor, New York, NY 10022, or from the Fund's or Banner Ridge's website (http://www.bannerridge.com). Please note that the information contained in the Fund's or Banner Ridge's website, whether currently posted or posted in the future, is not part of this Prospectus or the documents incorporated by reference in this Prospectus. You also may obtain a copy of the SAI (and other information regarding the Fund) from the Securities and Exchange Commission's website (<u>http://www.sec.gov</u>). Neither the SEC nor any state securities commission has approved or disapproved these securities or 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.

Shares are not deposits or obligations of, or 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.

Prospective investors should not construe the contents of this Prospectus as legal, tax, financial or other advice. Each prospective investor should consult with his, her or its own professional advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.

**The date of this Prospectus is [____], 2026.**

iii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| PROSPECTUS SUMMARY | 1 |
| SUMMARY OF FUND EXPENSES | 19 |
| FINANCIAL HIGHLIGHTS | 20 |
| THE FUND | 21 |
| USE OF PROCEEDS | 21 |
| INVESTMENT OBJECTIVE AND STRATEGIES | 21 |
| PORTFOLIO COMPOSITION | 30 |
| USE OF LEVERAGE | 32 |
| TYPES OF INVESTMENTS AND RELATED RISKS | 33 |
| MANAGEMENT OF THE FUND | 58 |
| FUND EXPENSES | 60 |
| PLAN OF DISTRIBUTION | 62 |
| HOW TO BUY SHARES | 63 |
| PAYMENTS BY THE ADVISER | 66 |
| DETERMINATION OF NET ASSET VALUE | 67 |
| REPURCHASES AND TRANSFERS OF SHARES | 70 |
| VOTING | 73 |
| DISTRIBUTIONS | 73 |
| DESCRIPTION OF CAPITAL STRUCTURE | 76 |
| OUTSTANDING SECURITIES | 77 |
| INVESTOR SUITABILITY | 80 |
| TAX MATTERS | 80 |
| CUSTODIAN, ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT | 93 |
| LEGAL MATTERS | 93 |
| DISSOLUTION AND LIQUIDATION | 93 |
| FISCAL YEAR; REPORTS | 93 |

---

iv

**PROSPECTUS SUMMARY**

*This is only a summary and highlights information contained elsewhere in this Prospectus. It does not contain all of the information that may be important to you and your investment decision. You should carefully read this entire Prospectus, including the matters set forth under "Risk Factors," and the Statement of Additional Information (the "SAI"). In this Prospectus and the SAI, unless the context otherwise requires, references to "the Fund," "we," "us" and "our" refer to Banner Ridge DSCO Private Markets Fund.*

 

**THE FUND**

Banner Ridge DSCO Private Markets Fund is a newly-organized Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. Shares of the Fund are offered under the Securities Act of 1933, as amended (the "Securities Act"). Shares of the Fund have no history of public trading, nor is it intended that such shares will be listed on a public securities exchange, and therefore an investment in the Fund should be treated by investors as an illiquid investment (see "Risk Factors" below). The Fund has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code").

**THE ADVISER**

Banner Ridge Partners, LP ("Banner Ridge" or the "Adviser") serves as the Fund's investment adviser. Banner Ridge is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

**INVESTMENT OBJECTIVE**

The Fund seeks to provide capital appreciation.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund seeks to realize its objective by acquiring what the Adviser believes are attractive assets. These assets generally fall into three categories:

● investments (a) executed by third party investment managers settled into a custodial account, (b) into private investment funds via new capital subscriptions, or (c) in a private investment vehicle managed by a third-party investment manager where the Fund is the only investor or the Fund along with other entities managed by the Adviser are the only investors (collectively, "Primary Investments");

● investments in a specified asset or group of related assets, typically issued by a private company, either directly or through an investment in an entity formed for the purpose of acquiring such asset or group of related assets (collectively, "Co-Investments");

● interests (including equity, preferred equity and debt of any credit quality) in private investment funds that typically operate pursuant to exclusions from the definition of "investment company" provided by Sections 3(c)(1) or 3(c)(7) of the 1940 Act and that have called more than 60% of its capital commitments as of the reference date and (i) acquired from or issued by third parties, (ii) acquired directly from a private investment fund in connection with a third-party transaction, or (iii) acquired in connection with the restructuring of a private investment fund, and, if applicable, any foreign currency exchange transactions or other hedging transactions related to the foregoing (collectively, "Secondary Investments"); and

● interests (including equity, preferred equity or debt of any credit quality) in private investment funds that typically operate pursuant to exclusions from the definition of "investment company" provided by Sections 3(c)(1) or 3(c)(7) of the 1940 Acta and that have called no more than 60% of aggregate capital commitments as of a reference date and acquired directly from or issued by third parties, acquired from the private investment fund in connection with a third party transaction, or acquired in connection with the restructuring of a private investment fund (collectively, "Seasoned Primary Investments" and together with Primary Investments, Co-Investments, Secondary Investments and Temporary Investments (defined below), collectively, "Portfolio Investments").

Primary Investments, Co-Investments, Secondary Investments and Seasoned Primary Investments may include any related foreign currency exchange transactions or other hedging transactions. The investment strategies typically used by these Portfolio Investments are described in greater detail in the "Opportunistic Credit Investments" and "Direct Investments" sub-headings under the "Investment Objective and Strategies" section of this Prospectus. The Fund also may enter into participations referencing loans to borrowers, which loans are secured by limited partner interests or related asset classes. These investments may take the form of a loan participation, credit default swap, total return swap, repurchase agreement or other derivative instrument.

In accordance with Rule 35d-1 under the 1940 Act, the Fund has adopted a policy that it will, under normal circumstances, invest and/or make capital commitments of at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in private market investments, including instruments with economic characteristics similar to private market investments (the "80% Policy"). This 80% Policy may be changed upon 60 days' written notice to shareholders. For purposes of this 80% Policy, private market investments consist of Primary Investments, Co-Investments, Secondary Investments, Seasoned Primary Investments, and Temporary Investments that cover unfunded commitments to invest in private market investments that the Fund reasonably expects to be called in the future. Instruments with economic characteristics similar to private market investments are generally derivative instruments whose value is derived from the value of private market investments.

The Fund seeks to achieve its investment objective by targeting private investments on an opportunistic basis primarily in the United States and Europe. The Fund may also invest in other non-U.S. countries outside of Europe, including emerging markets. Under normal circumstances, the Fund expects its investments to consist predominantly of Co-Investment, early Secondary Investments (i.e., investments in Investment Funds at the early stages of their lifecycles through the secondary market) and selective seeded Primary Investments (i.e., primary offerings of Investment Funds that are launched with a significant amount of initial funding). The Fund typically accesses investments through investments in underlying investment funds ("Investment Funds"). In addition to a smaller number of buyouts of an entire investment target, the Fund expects under normal circumstances to target investments of $5 million to $50 million and maintain a portfolio of at least 50 active investments at any given time. The Fund may invest in a range of both public and private (i.e., companies that are not listed on an exchange) equity investments that exhibit strong growth and profitability characteristics. The Fund may also make non-equity investments, such as: structured products (e.g., collateralized loan obligation); loans and loan participations; distressed debt; debtor-in-possession financing; real estate; and special situations.

From time to time pending investment and funds reserved for the payment of the Fund's current or anticipated obligations, or for temporary defensive purposes, the Fund may invest in temporary investments ("Temporary Investments") consisting of (i) direct obligations of, or obligations which are guaranteed by, the United States of America, its agencies or instrumentalities, (ii) certificates of deposit, time deposits, demand deposits and bankers' acceptances of U.S. banks or trust companies having more than $100 million of regulatory capital, (iii) commercial paper or finance company paper which is rated not less than prime-one or A-1 or their equivalents by Moody's Investors Service, Inc. or Standard & Poor's Ratings Services or their successors, (iv) repurchase agreements secured by any one or more of the foregoing, (v) similar liquid securities intended to provide for the preservation of principal, and (vi) mutual funds or other investment pools that invest primarily in one or more of the foregoing, in each case whether such investments are (a) held pending commitment to other investments, (b) retained to meet operating expenses of the Fund and contingencies, or (c) held pending distribution. Under normal circumstances, the Fund may hold a substantial amount of its assets in Temporary Investments as part of its risk management process to seek to ensure the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to its unfunded commitments to invest in private market investments as they come due.

**LEVERAGE**

The Fund and the Investment Funds it holds may use leverage to the extent permitted by the 1940 Act. The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a commitment facility), margin facilities, or the issuance of notes in an aggregate amount up to 33 1/3% of the Fund's total assets, including any assets purchased with borrowed money, immediately after giving effect to the leverage. The Fund is also permitted to obtain leverage through the issuance of preferred shares in an aggregate amount up to 50% of the Fund's total assets immediately after giving effect to the leverage. The Fund may also borrow money through a credit facility or other arrangements to manage timing issues associated with new and existing investments (e.g., to provide the Fund with temporary liquidity to allocate to new Portfolio Investments or to satisfy capital calls from existing Portfolio Investments in advance of the Fund's receipt of proceeds from existing Portfolio Investments). The Fund may also use leverage generated by options, swaps, structured securities and other similar instruments and contracts. The Fund may engage in borrowings directly or through one or more special purpose vehicles that are direct or indirect wholly-owned subsidiaries of the Fund (each, a "Subsidiary" and collectively, "Subsidiaries"). Fund investments may be held by these Subsidiaries.

The Fund's use of leverage may not be successful, and may, at times, cause the Fund's NAV to be more volatile than it would otherwise be.

In addition, while any senior securities remain outstanding, the Fund generally must make provisions to prohibit any distribution to the Fund's shareholders or the repurchase of such securities or shares unless the Fund meets the applicable asset coverage ratio at the time of the distribution or repurchase.

Investment Funds may also use leverage in their investment activities. Borrowings by underlying investments are not subject to the asset coverage requirement discussed above. Accordingly, the Fund's portfolio may be exposed to the risk of highly leveraged investment programs of certain underlying investments and the volatility of the value of Shares may be great, especially during times of a "credit crunch" and/or general market turmoil, such as that experienced during late 2008 or certain periods during the current global pandemic. In general, the use of leverage by Investment Funds or the Fund may increase the volatility of the Portfolio Investments or the Fund. See "Types of Investments and Related Risks —Leverage Risk."

**OFFERING OF SHARES**

The anticipated aggregate offering size for the Fund is approximately $750 million. The minimum capital commitment amount (the "Capital Commitment") for each investor in the Fund is $5 million.

The Fund's initial closing (the "Initial Closing") will be held on such date as determined by Banner Ridge. The Fund will hold additional closings for subsequent Capital Commitments (each, a "Subsequent Closing"). The Fund's final closing will occur within 24 months thereafter (the "Final Closing"), subject to extensions in the sole determination of Banner Ridge. A shareholder will be obligated to make capital contributions to the Fund within four years following the Final Closing (the "Commitment Period"), which may be extended for one additional twelve-month period at the sole discretion of Banner Ridge.

**CAPITAL CALLS**

Rather than fund its entire Capital Commitment in a single payment, a shareholder's Capital Commitment will be required to be remitted in such amounts and at such times as instructed by Banner Ridge. At any time following the date that is the later of the date of a shareholder's admission to the Fund or the Initial Closing date, Banner Ridge may request capital (a "Capital Call") by notifying the shareholder of a specific dollar amount and the date (the "Payment Date") as of which the drawdown must be funded (the capital actually contributed to the Fund pursuant to a Capital Call, the "Capital Contribution"). Banner Ridge may issue Capital Calls at any time, with no limit to the number of Capital Calls it may issue.

**TERM**

The Fund will be wound up and dissolved on the earliest of: (i) 10 years after the date of the Initial Closing (through the close of business); provided that, the Board may, in its discretion, extend the term of the Fund for two successive one-year periods to allow for the orderly liquidation of the Portfolio Investments; (ii) after the Commitment Period, at the time as of which the Fund has disposed of all of its Portfolio Investments; (iii) a determination by the Board that the Fund should be dissolved; (iv) at any time that there are no shareholders in the Fund; or (v) the entry of a decree of judicial dissolution under applicable law.

**MANAGEMENT FEE**

For its services to the Fund, Banner Ridge is entitled to a management fee (the "Management Fee") at an annual rate of one percent (1.00%) of each shareholder's Capital Commitment. Each year following the expiration of the Commitment Period (including any extension thereof), Banner Ridge expects to reduce the annual rate of the Management Fee by ten percent (10%) of the applicable rate of the Management Fee for the prior year. The Management Fee is calculated and paid each calendar quarter in arrears.

**FINANCIAL INTERMEDIARIES**

If you invest in the Fund through an investment adviser, bank, broker-dealer, 401(k) plan, trust company or other financial intermediary, the policies and fees for transacting business may be different from those described in this Prospectus. Some financial intermediaries may charge transaction fees and may set different minimum investments or limitations on buying or selling shares. Some financial intermediaries do not charge a direct transaction fee, but instead charge a fee for services such as sub-transfer agency, accounting and/or shareholder services that the financial intermediary provides on the Fund's behalf. This fee may be based on the number of accounts or may be a percentage of the average value of the Fund's shareholder accounts for which the financial intermediary provides services. The Fund may pay a portion of this fee, which is intended to compensate the financial intermediary for providing the same services that would otherwise be provided by the Fund's transfer agent (the "Transfer Agent") or other service providers if the Shares were purchased directly from the Fund. To the extent that these fees are not paid by the Fund, the Adviser may pay a fee to financial intermediaries for such services.

As of the date of the prospectus, all of the Fund's shares are owned by Banner Ridge. It is expected that, shortly after the Fund commences operations, Banner Ridge DSCO Fund III, LP ("DSCO Fund III") will invest in the Fund and own the majority of the Fund's shares. DSCO Fund III is a private fund organized as a limited partnership to which Banner Ridge is the Investment Manager and acts as the General Partner.

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT**

Citco Retail Alternative Fund Services (USA) Inc. ("Citco") provides administrative and accounting services to the Fund. Citco also serves as the Fund's transfer agent.

**DISTRIBUTIONS**

The Fund intends to distribute to its shareholders as dividends all or substantially all of its net investment income and any realized net capital gains. Distributions from the Fund's net investment income are paid annually. Distributions from capital gains are distributed annually. See "Distributions."

The Board reserves the right to change the distribution policy from time to time.

**DIVIDEND REINVESTMENT PLAN**

Unless a shareholder indicates another option on the account application, any dividends and capital gain distributions paid to the shareholder by the Fund automatically will be invested in additional Shares of the Fund. Alternatively, a shareholder may elect to have dividends and/or capital gain distributions paid in cash. See "Distributions—Dividend Reinvestment Plan."

**BOARD OF TRUSTEES**

The Board has overall responsibility for monitoring and overseeing the Fund's management and operations. A majority of the Trustees are Independent Trustees. See "Management of the Fund."

**ELIGIBLE INVESTORS**

Each investor will be required to certify that the Shares are being acquired directly or indirectly for the account of an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act. Shareholders who are "accredited investors" are referred to in this Prospectus as "Eligible Investors." Existing shareholders seeking to purchase additional Shares will be required to qualify as "Eligible Investors" at the time of the additional purchase. The Distributor and/or any selling agent may impose additional eligibility requirements on investors who purchase shares through the Distributor or such selling agent.

Each prospective shareholder must submit a completed Investor Application acceptable to the Adviser, certifying, among other things, that the shareholder is an Eligible Investor and will not transfer the Shares purchased except in the limited circumstances permitted. The Adviser may from time to time impose stricter or less stringent eligibility requirements, although neither the Adviser nor the Fund will waive the accredited investor requirement, except with respect to knowledgeable employees of the Adviser or the Fund or as otherwise permitted by the SEC or its Staff. If an Investor Application is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date.

**INVESTOR SUITABILITY**

**An investment in the Fund involves a considerable amount of risk**. A shareholder may lose money. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to the investor's investment objectives and personal situation and (ii) consider factors such as the investor's personal net worth, income, age, risk tolerance and liquidity needs. The Fund is an illiquid investment. Shareholders have no right to require the Fund to redeem their Shares in the Fund. See "Types of Investments and Related Risks - Non-Listed Closed-End Fund Structure Risks." and "Other Risks Relating to the Fund – Limitations on Transfer; Shares Not Listed; No Market for Shares."

In addition, shareholders who require minimum annual distributions from a retirement account through which they hold shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly. See "Repurchases and Transfers of Shares — Repurchases of Shares."

**SHARE REPURCHASES BY THE FUND**

The Fund has no history of public trading, nor is it intended that the shares will be listed on a public exchange. No secondary market is expected to develop for the Fund's shares. To provide a limited degree of liquidity to Shareholders, the Fund may from time to time offer to repurchase shares pursuant to written tenders by shareholders. The Fund expects to offer to repurchase shares at least twice per calendar quarter, subject to the requirements of applicable law. No shareholder has the right to require the Fund to redeem his, her or its shares.

The Board will determine that the Fund will offer to repurchase Shares pursuant to written tenders only on terms that the Board determines to be fair to the Fund and Shareholders. If the Board determines that the Fund will offer to repurchase Shares, written notice will be provided to Shareholders that describes the commencement date of the repurchase offer, specifies the date on which repurchase requests must be received by the Fund, and contains other terms and information Shareholders should consider in deciding whether and how to participate in such repurchase opportunity.

The repurchase of Shares is subject to regulatory requirements imposed by the SEC. The Fund's repurchase procedures are intended to comply with such requirements. However, in the event that the Board determines that modification of the repurchase procedures described above is required or appropriate, the Board will adopt revised repurchase procedures as necessary to ensure the Fund's compliance with applicable regulations or as the Board in its sole discretion deems appropriate. Following the commencement of an offer to repurchase Shares, the Fund may suspend, postpone or terminate such offer in certain circumstances upon the determination of a majority of the Board, including a majority of the Independent Trustees, that such suspension, postponement or termination is advisable for the Fund and its Shareholders, including, without limitation, circumstances in which it is not reasonably practicable for the Fund to dispose of its investments or to determine its net asset value, and other unusual circumstances.

Upon its acceptance of tendered Shares for repurchase, the Fund will maintain daily on its books a segregated account consisting of cash, liquid securities or, to the extent applicable, interests in Portfolio Funds that the Fund (i) has requested be withdrawn or (ii) is in the process of liquidating (or any combination of them), in an amount equal to the aggregate estimated unpaid dollar amount of the cash considerations to be paid to Shareholders tendering Shares.

If a repurchase offer is oversubscribed by shareholders who tender Shares, the Fund will repurchase a pro rata portion by value of the Shares tendered by each shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase all of a shareholder's Shares at any time if the aggregate value of such shareholder's Shares is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund. In addition, the Fund has the right, subject to applicable law, to repurchase Shares of shareholders if the Fund determines that the repurchase is in the best interest of the Fund or upon the occurrence of certain events specified in the Fund's Agreement and Declaration of Trust.

The Fund's investments in Portfolio Investments are generally illiquid and the Fund will not be able to dispose of such investments except through negotiated secondary transactions with third parties, which may occur at a significant discount to NAV, may include incremental transaction expenses and may not be available at any given time. There is no assurance that third parties will engage in such secondary transactions.

**PLAN OF DISTRIBUTION**

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. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares.

As of the date of the prospectus, all of the Fund's shares are owned by Banner Ridge. It is expected that, shortly after the Fund commences operations, Banner Ridge DSCO Fund III, LP ("DSCO Fund III") will invest in the Fund and own the majority of the Fund's shares. DSCO Fund III is private fund organized as a limited partnership to which Banner Ridge is the Investment Manager and acts as the General Partner.

**ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES**

Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other tax-exempt entities, including employee benefit plans, individual retirement accounts ("IRAs"), 401(k) plans and Keogh plans, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the Portfolio Investments of the Fund will not be considered to be "plan assets" of the ERISA plans investing in the Fund for purposes of ERISA's fiduciary responsibility and prohibited transaction rules. Thus, the Fund nor the Adviser will be a fiduciary within the meaning of ERISA with respect to the assets of any ERISA plan that becomes a shareholder, solely as a result of the ERISA plan's investment in the Fund.

**UNLISTED CLOSED-END FUND STRUCTURE; LIMITED LIQUIDITY AND TRANSFER RESTRICTIONS**

The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. To meet daily redemption requests, mutual funds are subject to more stringent regulatory limitations than closed-end funds.

A shareholder will not be able to redeem his, her or its Shares on a daily basis because the Fund is a closed-end fund. In addition, the Fund's shares are subject to restrictions on transferability and liquidity will be provided by the Fund only through limited repurchase offers or transfer of shares described below. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment.

**VALUATION**

The price you pay for your Shares is based on the Fund's NAV. The Fund's NAV is calculated as of the close of trading (normally 4:00 p.m. Eastern Time) on the New York Stock Exchange ("NYSE" or the "NYSE Close") as of the Tuesday of each calendar week (or the next business day if the Tuesday is not a business day), the last business day of each calendar month, each date that a Share is issued, the date of any distribution and at such other times as the Board shall determine (each, a "Determination Date"). The Fund's NAV is calculated by dividing the value of the Fund's total assets (including interest and dividends accrued but not yet received) minus liabilities (including accrued expenses) by the total number of Shares outstanding. Requests to purchase Shares are processed at the NAV next calculated after the Fund receives your order in proper form. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day and accept purchase orders or repurchase requests, as applicable, until, and calculate the Fund's NAV as of, the normally scheduled close of regular trading on the NYSE for that day.

In the event the Fund holds portfolio securities that trade in foreign markets or that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or request the repurchase of shares of the Fund's shares.

The Fund is designed to invest primarily in private investments of various types for which market quotations are not expected to be readily available. If market quotations are not readily available or are deemed unreliable, the Fund will use the fair value of the security or other instrument as determined in good faith by the Adviser as valuation designee under Rule 2a-5 under the 1940 Act and pursuant to policies and procedures adopted by the Adviser and the Fund's Board of Trustees (collectively, "Valuation Procedures"). Market quotations are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio holdings or assets. In addition, market quotations are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade, do not open for trading for the entire day and no other market quotations are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market quotations at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV. See "Valuation of Private Investments Risk."

For purposes of calculating the NAV, the Fund will value its investments in Investment Funds, debt, real estate, loan obligations and direct private equity investments at fair value as determined in good faith under the Valuation Procedures. The fair value of such investments as of each Determination Date ordinarily will be the most recently available capital account value of the Fund's interest in such investments as provided by the relevant general partner, managing member or affiliated investment adviser of the Investment Fund (the "Investment Manager") as of or prior to the relevant Determination Date; provided that such values will be adjusted for any other relevant information available at the time the Fund values its portfolio, including capital activity and material events occurring between the reference dates of the Investment Manager's valuations and the relevant Determination Date. The Adviser, as valuation designee, may utilize services provided by third-party pricing vendors in valuing the Fund's Portfolio Investments, including Investment Funds.

Because the Fund relies on various sources to calculate its NAV, the Fund is subject to certain operational risks associated with reliance on pricing services and other service providers and data sources. The Fund's NAV calculation may be impacted by operational risks arising from factors such as failures in systems and technology. Such failures may result in delays in the calculation of the Fund's NAV and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures.

The Fund may also have exposure to exchange listed equity securities or in fixed income securities of various types. For purposes of calculating the NAV, portfolio securities and other assets held in the Fund's portfolio for which market quotations are readily available are valued at market value. Market value is generally determined on the basis of official close price or last reported trade price. If no trades were reported, market value is based on prices obtained from a quotation reporting system, established market makers (including evaluated prices), or independent pricing services. Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, general market conditions, news, and other factors and assumptions.

Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities and other instruments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities or other instruments in which the Fund invests may change on days when a shareholder will not be able to purchase or request the repurchase of shares of the Fund.

Fixed income investments (other than short-term obligations) held by the Fund are normally valued at prices supplied by independent pricing services in accordance with the Valuation Procedures. Short term investments maturing in 60 days or less are generally valued at amortized cost.

Exchange-traded derivatives, such as options, futures and options on futures, are valued at the last sale price determined by the exchange where such instruments principally trade as of the close of such exchange ("Exchange Close"). If a last sale price is not available, the value will be the mean of the most recently quoted bid and ask prices as of the Exchange Close. If a mean of the bid and ask prices cannot be calculated for the day, the value will be the most recently quoted bid price as of the Exchange Close. Over-the-counter derivatives are normally valued based on prices supplied by independent pricing services in accordance with the Valuation Procedures.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using the prevailing spot currency exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities or other instruments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and the market value may change on days when an investor is not able to purchase or request the repurchase of shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Determination Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with the Valuation Procedures.

**SUMMARY OF TAXATION**

The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gain that is currently distributed as dividends for U.S. federal income tax purposes to shareholders, as applicable. To qualify and maintain its qualification for treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain source-of-income and asset-diversification requirements, and is required to distribute "dividends" (as defined for U.S. federal income tax purposes) in an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to shareholders, as applicable. See "Distributions" and "Tax Matters."

Certain Portfolio Investments in which the Fund invests may be classified as partnerships for U.S. federal income tax purposes. Accordingly, for the purpose of satisfying certain requirements for qualification as a RIC, the Fund will, in appropriate circumstances, "look through" to the character of the income, assets and investments held by the Fund and certain of the Portfolio Investments. However, Portfolio Investments generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Portfolio Investments in which the Fund can invest. Furthermore, although the Fund expects to receive information from each Investment Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information and certain Investment Managers might not provide this information on a timely basis.

**FISCAL YEAR**

For accounting purposes, the Fund's fiscal year is the 12-month period ending on April 30.

**REPORTS TO SHAREHOLDERS**

As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to 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 1940 Act.

**RISK FACTORS**

The principal risks of investing in the Fund are summarized below. **There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund. You should carefully consider the Fund's investment risks before deciding whether to invest in the Fund**. An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may engage in any of the investment strategies or purchase any of the investments described in this Prospectus directly, through its investment in one or more Investment Funds, or through hybrid instruments and structured investments. References to the "Fund" in this section include the Fund and/or an Investment Fund, as applicable.

**The Fund should be considered a speculative investment and entails substantial risks, and a prospective investor should invest in the Fund only if it can sustain a complete loss of its investment**. For a more complete discussion of the risks of investing in the Fund, see "Types of Investments and Related Risks." Shareholders should consider carefully the following principal risks before investing in the Fund.

● **Market Risk.** Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Securities of a company may decline in value due to its financial prospects and activities, including certain operational impacts, such as data breaches and cybersecurity attacks. Securities may also decline in value due to general market and economic movements and trends, including adverse changes to credit markets, or as a result of other events such as geopolitical events, natural disasters, or widespread pandemics (such as COVID-19), current or future tensions around the world, fear of terrorist activity and/or military conflicts or other adverse public health developments.

● **Federal Policy Changes**. Following the 2024 election of the U.S. President, a rapid series of legislative and regulatory changes were proposed, enacted and continue to be enacted that could materially impact the Fund and its investments, including changes to income tax regulations and the Code, public company reporting requirements, antitrust enforcement, trade agreements, import and export regulations, tariffs and customs duties, immigration policies, energy regulations and climate policies. Changes in federal policy, including tax policies and at regulatory agencies, occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting the Fund's operations and its investments remain highly uncertain. Future changes may adversely affect the businesses, financial conditions and operating results of the Fund and its investments. The likelihood and effect of any such change is highly uncertain. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets. There can be no assurance that any changes in laws, regulations or government policy will not have an adverse impact on the Fund and its investments, including the ability of the Fund to execute its investment objectives and to realize attractive returns.

● **Private Investment Risk**. The Fund's investment portfolio will include securities issued primarily by privately held companies, and operating results for the portfolio companies in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses.

The securities in which the Adviser may invest may be among the most junior in an operating company's capital structure and, thus, subject to the greatest risk of loss. Generally, there will be no collateral to protect such investments.

The Adviser's underlying investments, depending upon strategy, may be in operating companies whose capital structures are highly leveraged. Such investments involve a high degree of risk in that adverse fluctuations in the cash flow of such operating companies, or increased interest rates, may impair the ability to meet their obligations, which may accelerate and magnify declines in the value of any such investments in a down market.

Shareholders will effectively bear two layers of expenses: expenses of the Fund and indirect expenses of the Investment Funds. In addition, to the extent that the Fund invests in an Investment Fund that is itself a "fund of funds," the Fund would effectively bear a third layer of expenses.

Fund shareholders will have no right to receive information about the investments or the managers of those investments, and will have no recourse against such investments or their Investment Manager.

The Fund and its investments are subject to risks associated with legal and regulatory changes applicable to the private market industry and private market funds.

Investments held by the Fund generally involve capital commitments, with the unfunded component called over time. As a result, the Fund may maintain a sizeable cash and cash equivalent position in anticipation of satisfying capital calls from such investment(s). The overall impact on performance due to holding a portion of the Fund's assets in cash and cash equivalents could be negative.

Secondary Investments may be acquired based on incomplete or imperfect information, which may expose the Fund to contingent liabilities, counterparty risks, reputational risks and execution risks. Additionally, the absence of a recognized "market" price means that the Fund cannot be assured that it is paying an appropriate purchase price in connection with a Secondary Investment.

While the Adviser will conduct independent due diligence before executing a direct investment, the Fund's ability to realize a profit on direct investments will be particularly reliant on the expertise of the lead investor. To the extent that the lead investor assumes control of the operating company, the Fund will be reliant not only upon the lead investor's ability to research, analyze, negotiate and monitor such investments, but also on the lead investor's ability to successfully oversee the operations of the operating company. The Fund's ability to dispose of such investments is typically very limited, both by the fact that the securities are unregistered and illiquid and by contractual restrictions that may preclude the Fund from selling such investment.

● **Valuation of Private Investments Risk.** The Fund's ownership interests in private investments are not publicly traded, and the Fund will use a third-party pricing service or internal pricing methodologies to provide pricing information for certain private investments. The value of investments that are not publicly traded may not be readily determinable, and the Fund will value these investments at fair value as determined in good faith by the Fund pursuant to the Valuation Procedures, including to reflect significant events affecting the value of the Fund's investments. Many of the Fund's investments may be classified as Level 3 under Topic 820 of the U.S. Financial Accounting Standards Board's Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures ("ASC Topic 820"). This means that the Fund's portfolio valuations will be based on significant unobservable inputs and the Fund's own assumptions about how market participants would price the asset or liability in question. The Fund expects that inputs into the determination of fair value of the Fund's portfolio investments will require significant judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. . The valuation of the Fund's investments in an Investment Fund is ordinarily determined based upon valuations provided by that fund's Investment Manager on a quarterly basis. Although such valuations are provided on a quarterly basis, the Fund will provide valuations on a monthly basis. An Investment Manager may face a conflict of interest in valuing the securities, as their value may affect the Investment Manager's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Manager, the accuracy of the valuations provided by the Investment Managers, that the Investment Managers will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Managers' policies and procedures and systems will not change without notice to the Fund. As a result, an Investment Manager's valuation of the securities may fail to match the amount ultimately realized with respect to the disposition of such securities. The types of factors that the Fund may take into account in determining the fair value of the Fund's investments generally include, as appropriate, comparison to publicly-traded securities and private market transactions, including such factors as revenue level, profitability, operating cash flow, revenue and income growth, and leverage, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Fund's net asset value could be adversely affected if the Fund's determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.

● **Foreign Investments Risk**. Investments in foreign securities may be riskier, more volatile, and less liquid than investments in U.S. securities. Differences between the U.S. and foreign regulatory regimes and securities markets, including the less stringent investor protection, less stringent accounting, corporate governance, financial reporting and disclosure standards of some foreign markets, as well as political and economic developments in foreign countries and regions and the U.S. (including the imposition of sanctions, tariffs, or other governmental restrictions), may affect the value of the Fund's investments in foreign securities. Changes in currency exchange rates may also adversely affect the Fund's foreign investments. The impact of the United Kingdom's departure from the European Union, commonly known as "Brexit," and the potential departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. This may adversely impact Fund performance.

● **Emerging Markets Risk**. Investments located in emerging markets may be substantially more volatile, and substantially less liquid, than those located in more developed foreign markets because, among other factors, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets.

● **Country/Regional Risk**. World events—such as political upheaval, financial troubles, or natural disasters—may adversely affect the value of investments in foreign countries or regions. Because the Fund may invest a portion of its assets in companies or other investments located in any one country or region, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.

● **Currency Risk**. The value of a foreign investment, measured in U.S. dollars, may decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.

● **Inflation Risk**. The Adviser cannot control or predict if, when or by how much interest rates may be raised or lowered. Increased inflation could also have an adverse impact on the Fund's general and administrative expenses, thus potentially requiring the Adviser to liquidate one or more investments at times that may not permit realization of the maximum return on such investment(s).

● **Interest Rate Risk**. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities or other types of bonds to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, reduced market demand for low yielding investments, etc.). Thus, the Fund currently faces a heightened level of risk associated with rising interest rates and/or bond yields. If interest rates increase, such increases may result in a decline in the value of the fixed income or other investments held by the Fund that move inversely to interest rates. A decline in the value of such investments would result in a decline in the Fund's NAV. Additionally, further changes in interest rates could result in additional volatility and could cause Fund shareholders to tender their Shares for repurchase at its regularly scheduled repurchase intervals. The Fund may need to liquidate portfolio investments at disadvantageous prices in order to meet such repurchases. Further increases in interest rates could also cause dealers in fixed income securities to reduce their market making activity, thereby reducing liquidity in these markets. To the extent the Fund holds fixed income securities or other securities that behave similarly to fixed income securities, the longer the maturity dates are for such securities will result in a higher likelihood of a decrease in value during periods of rising interest rates.

● **Issuer Risk**. Issuer risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or service. The Fund may also invest in securities of issuers that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as "distressed debt"). To the extent that the Fund invests in distressed debt, the Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt.

● **Leverage Risk**. Certain transactions may give rise to leverage. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Leverage may also cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet margin or collateral requirements when it may not be advantageous to do so.

● **Illiquid and Restricted Securities Risk**. The Fund may invest without limit in illiquid securities. The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities, including but not limited to if qualified institutional buyers are unwilling to purchase these securities.

Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid and restricted securities may restrict the Fund's ability to take advantage of market opportunities. To dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquirer of the securities. In either case, the Fund would bear market risks during that period. Liquidity risk may impact the Fund's ability to meet shareholder repurchase requests and as a result, the Fund may be forced to sell securities at inopportune prices.

● **Credit Risk**. The credit quality of securities held by the Fund can change rapidly in certain market environments, particularly during times of market volatility, and the default of a single holding could cause significant NAV deterioration. An issuer or guarantor of debt securities (or a borrower or counterparty to a repurchase agreement or reverse repurchase agreement) may not be able to make principal and/or interest payments when they are due or may otherwise default on other financial terms and/or go bankrupt. This is also sometimes described as "counterparty risk."

● **High Yield Securities Risk**. High yield securities (commonly referred to as "junk bonds") are below investment grade debt securities or comparable unrated securities and are considered predominantly speculative. Lower rated and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. However, lower rated securities generally involve greater risks of loss of income and principal than higher rated securities. Changes in economic conditions are also more likely to lead to a weakened capacity to make principal payments and interest payments. The recent economic downturn has severely affected the ability of many highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on the Fund's NAV to the extent that it invests in such securities. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer.

● **Liquidity Risk**. The risk that the market for a particular investment or type of investment is or becomes relatively illiquid, making it difficult for the Fund to sell that investment at an advantageous time or price. Illiquidity may be due to events relating to the issuer of the securities, market events, rising interest rates, economic conditions or investor perceptions. Illiquid securities may be difficult to value and their value may be lower than the market price of comparable liquid securities, which would negatively affect the Fund's performance.

● **Active Investment Management Risk**. The risk that, if the Adviser's investment strategy does not perform as expected, the Fund could underperform its peers or lose money. The Fund's performance depends upon the performance of the portfolio managers and selected strategies, the adherence by such Investment Managers to such selected strategies, the instruments used by such Investment Managers and the Adviser's ability to select Investment Managers and strategies and effectively allocate Fund assets among them. The Fund is organized to provide shareholders with a multi-strategy investment program and not as an indirect way to gain access to any particular Portfolio Investments. There is no guarantee that the Fund's investment objective will be achieved.

● **Competition Risk**. Identifying, completing and realizing attractive portfolio investments is competitive and involves a high degree of uncertainty. In acquiring its target assets, the Fund will compete with a variety of other institutional investors, including public and private funds, REITs, insurance companies, commercial banks, private investment funds, hedge funds, specialty finance companies, online investment platforms and other financial institutions, many of which have greater resources than the Fund. The Fund may not be able to compete successfully for investments.

● **U.S. Government Securities Risk**. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. U.S. Government securities are also subject to the risk that the U.S. Treasury will be unable to meet its payment obligations.

● **Distributions Risk**. The Fund's distributions may include amounts that are treated as a return of capital for U.S. federal income tax purposes, reducing a shareholder's cost basis in his or her Fund shares and reducing the amount of capital available to the Fund for investment and likely increasing the Fund's expense ratios. A shareholder who receives a return-of-capital distribution may be subject to tax upon the sale of the shareholder's shares even though the shareholder has experienced a net loss on his or her investment in the Fund. As a result of return-of-capital distributions, shareholders may recognize more gain (or less loss) in connection with dispositions of Fund Shares than they would have recognized if return-of-capital distributions had not been made. Any capital returned to shareholders through distributions will be distributed after the payment of fees and expenses. Shareholders who periodically receive payment of a distribution consisting of a return of capital may be under the impression that they are receiving net income or profits when they are not. A return of capital to shareholders is a return of a portion of their original investment in the Fund. shareholders should not assume that the source of a distribution from the Fund is net income or profit.

● **Non-Diversification Risk**. The Fund is non-diversified, which means it is permitted to invest a greater portion of its assets in a smaller number of issuers than a "diversified" fund. For this reason the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely. The Fund may also be subject to greater market fluctuation and price volatility than a more broadly diversified fund.

● **New Fund Risk**. The Fund is a newly organized, non-diversified, closed-end management investment company with limited operating history that may be subject to additional risks. As a result, the Fund's performance may not reflect how the Fund may be expected to perform over the long term. In addition, prospective investors have a limited track record and history on which to base their investment decisions.

● **Sector Risk**. To the extent the Fund is exposed more heavily to a particular sector or sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, from the broader market. Because the Fund invests in Investment Funds that are linked to various sectors, including the healthcare, technology, software, consumer discretionary, business and financial services and industrial sectors, the Fund is subject to the risks inherent in those economic sectors. Such risks may include, but are not limited to: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; increased regulatory burdens; obsolescence of technologies; and increased competition or new product introductions. To the extent that the Fund focuses its investments in a particular sector, the risks associated with that particular sector will be greater.

● **Valuation Risks**. Investors who purchase shares of the Fund on, or whose repurchase requests are valued on, days when the Fund is holding instruments that have been fair valued may receive fewer or more shares or lower or higher repurchase proceeds than they would have received if the instruments had not been fair valued or if the Fund had employed an alternate valuation methodology. Such risks may be more pronounced in a rising interest rate environment and/or an environment of increased equity market volatility, and, to the extent the Fund holds a significant percentage of fair valued or otherwise difficult to value securities, it may be particularly susceptible to the risks associated with valuation. For additional information about valuation determinations, see "Determination of Net Asset Value" below. Portions of the Fund's portfolio that are fair valued or difficult to value vary from time to time. The Fund's shareholder reports (when available) contain detailed information about the Fund's holdings that are fair valued or difficult to value, including values of such holdings as of the dates of the reports.

● **Non-Listed Closed-End Fund; Liquidity Risks**. The Fund is a non-diversified, closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment. The Fund is not intended to be a typical traded investment. Although the Fund expects to make periodic offers to repurchase its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. The Fund is not required to make a repurchase offer in any given quarter. There is no minimum number of Shares which must be repurchased in any repurchase offer, and the Board may determine not to engage in a repurchase offer in any given quarter. Hence, you may not be able to sell your Shares when or in the amount that you desire.

Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.

● **Cybersecurity Risk**. The Fund is susceptible to operational and information security risks relating to technologies such as the Internet. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, impediments to trading, the inability of the Fund to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting the Fund investments, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, banks, brokers, dealers, insurance companies and other financial institutions. In addition, substantial costs may be incurred in order to prevent cyber incidents in the future.

● **Temporary Defensive Strategies Risk**. When the Adviser anticipates unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure and invest all or a portion of its assets in Temporary Investments rather than investing in other Portfolio Investments that provide the potential for greater long-term capital appreciation or income. In such a case, shareholders of the Fund may be adversely affected and the Fund may not pursue or achieve its investment objectives.

● **Management Fee is Based on Capital Commitments, Including Capital That is Not Called or Invested.** The Management Fee for each shareholder will be a percentage of such shareholder's Capital Commitments. There can be no assurance as to when capital will be invested or that all the Capital Commitments will be called or invested by the Fund. As a result, each shareholder will pay a Management Fee based upon its total amount of Capital Commitments even though this total amount may not be called or invested by the Fund. In addition, if the value of the Fund's Portfolio Investments decreases, then the Management Fee will be greater than it would have been if the Management Fee were instead paid on net or managed assets.

● **The Fund May Make Commitments in Excess of Its Capital Commitments.** To the extent permitted by applicable law, the Fund may make commitments to Portfolio Investments in which it invests in excess of the total capital committed to the Fund, including through the use of leverage. As a result, in certain circumstances, the Fund may need to retain distributions from Portfolio Investments or recall distributions, borrow funds or liquidate some or all of its investments prematurely at potentially significant discounts to market value if the Fund does not generate sufficient cash flow from its investments to meet these commitments; however, the Fund will not borrow in excess of applicable limitations under the 1940 Act.

**SUMMARY OF FUND EXPENSES**

The following table is intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in the Fund. More information about these expenses is available from your financial professional and in the "Plan of Distribution."

The amount presented in the table estimates the amounts the Fund expects to pay during the first 12 months, assuming the Fund raises $750 million of proceeds during that time, that 13.3% of total Capital Commitments are drawn down in the first year, and that substantially all of the drawn-down Capital Commitments are invested in the first year (after the Initial Closing). There can be no assurance that the Fund will raise $750 million in proceeds.

---

| | |
|:---|:---|
| **ANNUAL FUND EXPENSES<br> (as a percentage of average net assets attributable to shares (i.e., common shares))** |  |
| Management Fee<sup>(1)</sup> | 1.00% |
| Acquired Fund Fees and Expenses<sup>(2)</sup> | 0.35% |
| Interest Expenses on Borrowed Funds<sup>(3)</sup> | 0.00% |
| Other Expenses<sup>(4)</sup> | 0.11% |
| Total Annual Fund Operating Expenses | 1.46% |

---

(1) For its services to the Fund, Banner Ridge
 is entitled to a Management Fee at an annual rate of one percent (1.00%) of each shareholder's
 Capital Commitment. Each year following the expiration of the Commitment Period (including
 any extension thereof), Banner Ridge expects to reduce the annual rate of the Management
 Fee by ten percent (10%) of the applicable rate of the Management Fee for the prior year.
 The Management Fee is calculated and paid each calendar quarter in arrears. The Fee Table
 above presents the Management Fee as a percentage of expected net assets for the fiscal year
 ending April 30, 2026 rather than as a percentage of expected total Capital Commitments for
 the fiscal year ending April 30, 2026. However, the Fund will pay a Management Fee based
 upon its total Capital Commitments even though this total amount may not be called or invested
 by the Fund. In addition, if the value of the Fund's investments decreases, then the
 Management Fee will be greater than it would have been if the Management Fee were instead
 paid on net assets. Conversely, if the value of the Fund's investments increases or
 the Fund incurs leverage, the Management Fee will not be affected.

(2) Represents estimated operating fees and expenses
 of the various Investment Funds in which the Fund invests. Some or all of the Investment
 Funds in which the Fund invests charge carried interests, incentive fees or allocations based
 on the Portfolio Investments' performance. The Investment Funds in which the Fund invests
 generally charge a management fee of 0.35% to 1.50% annually of committed or net invested
 capital, and up to approximately 20% of net profits as a carried interest allocation, although
 it is possible that such amounts may be exceeded with respect to certain Investment Funds.
 The amount shown as "Acquired Fund Fees and Expenses" in the table above, however,
 excludes any performance-based fees or allocations paid by the Investment Funds that are
 paid solely on the realization and/or distribution of gains, or on the sum of such gains
 and unrealized appreciation of assets distributed in-kind, as such fees and allocations for
 a particular period may be unrelated to the cost of investing in the Investment Funds. The
 amount shown as "Acquired Fund Fees and Expenses" in the table above is based
 on estimated amounts for the Fund's first 12 months of operations, assuming the Fund
 raises $750 million of proceeds during that time.

(3) These expenses represent an estimate of interest
 payments the Fund expects to incur in connection with its use of its credit facility during
 the Fund's initial fiscal year.

(4) Other Expenses are estimated for the Fund's
 current fiscal year and include accounting, custody, transfer agency, legal and auditing
 fees of the Fund, as well as fees payable to the Independent Trustees.

**<u>Example:</u>**

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical investment in the Fund. In calculating the following expense amounts, the Fund has assumed its direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above (except that the example incorporates the expense reimbursement arrangement for only the first year).

An investor would pay the following expenses on a $1,000 investment that is called immediately without any subsequent Capital Calls, assuming a 5.0% annual return:

---

| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $15 | $46 | $80 | $175 |

---

**The example and the expenses in the tables above should not be considered a representation of the Fund's future expenses, and actual expenses may be greater or less than those shown**. While the example assumes a 5.0% annual return, the Fund's performance will vary and may result in a return greater or less than 5.0%. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "Fund Expenses" and "Management Fee."

**FINANCIAL HIGHLIGHTS**

Because the Fund is newly organized and its Shares have not previously been offered, the Fund does not have any financial history as of the date of this Prospectus. Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports when they are prepared.

**THE FUND**

Banner Ridge DSCO Private Markets Fund is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Shares of the Fund are offered under the Securities Act of 1933, as amended (the "Securities Act"), The Fund has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund's principal office is located at 641 Lexington Avenue, 31st Floor, New York, NY 10022, and its telephone number is (212) 301-7135. The Fund was organized as a Delaware statutory trust on April 22, 2025 and has no operating history. An investment in the Fund involves certain risks and special considerations. See "Risks."

Banner Ridge Partners, LP, 641 Lexington Avenue, 31st Floor, New York, NY 10022, an investment adviser registered with the SEC under the Investment Advisers Act of 1940 ("Advisers Act"), serves as the investment adviser to the Fund.

**USE OF PROCEEDS**

The Fund will invest the proceeds of the offering of Shares on an ongoing basis in accordance with its investment objective and policies as stated below as soon as practicable after receipt of such proceeds, consistent with market conditions and the availability of suitable investments. It is anticipated that Capital Contributions will be invested in or committed to appropriate investment opportunities within three months of the applicable Payment Date; however, changes in market conditions could result in the Fund's anticipated investment period extending as long as six months. Delays in investing the Fund's assets may occur (i) because of the time typically required to complete private equity transactions (which may be considerable), (ii) because certain Investment Funds (as defined below) selected by the Adviser may provide infrequent opportunities to purchase their securities and/or (iii) because of the time required for Investment Managers of Investment Funds (as defined below) to invest the amounts committed by the Fund.

Proceeds may be initially invested by the Fund in short-term, high-quality debt securities, cash or cash equivalents, in addition to, or in lieu of, investments consistent with the Fund's investment objective and investment policy. In addition, the Fund may maintain a portion of proceeds in cash to meet operational needs. See "Risk Factors" for more discussion of the potential limitations on the Fund's ability to invest consistent with its investment objective and investment policy.

The Fund will pay the Adviser the full amount of the Management Fee during any period prior to which any of the Fund's assets (including any proceeds received by the Fund from the offering of Shares) are invested in Portfolio Investments.

There can be no assurance that the Fund will be able to sell all the Shares it is offering. If the Fund sells only a portion of the Shares it is offering, the Fund may be unable to achieve its investment objective.

**INVESTMENT OBJECTIVE AND STRATEGIES**

**Investment Objective**

The Fund seeks to provide capital appreciation. The Fund's investment objective may be changed by the Board without approval of the shareholders of the Fund.

**Investment Opportunities and Strategies**

The Fund seeks to realize its objective by acquiring what the Adviser believes are attractive assets. These assets generally fall into three categories:

● investments (a) executed by third party investment managers settled into a custodial account, (b) into private investment funds via new capital subscriptions, or (c) in a private investment vehicle managed by a third-party investment manager where the Fund is the only investor or the Fund along with other entities managed by the Adviser are the only investors (collectively, "Primary Investments");

● investments in a specified asset or group of related assets, typically issued by a private company, either directly or through an investment in an entity formed for the purpose of acquiring such asset or group of related assets (collectively, "Co-Investments");

● interests (including equity, preferred equity and debt of any credit quality) in private investment funds that have called more than 60% of its capital commitments as of the reference date and (i) acquired from or issued by third parties, (ii) acquired directly from a private investment fund in connection with a third-party transaction, or (iii) acquired in connection with the restructuring of a private investment fund, and, if applicable, any foreign currency exchange transactions or other hedging transactions related to the foregoing (collectively, "Secondary Investments"); and

● interests (including equity, preferred equity or debt of any credit quality) in private investment funds that have called no more than 60% of aggregate capital commitments as of a reference date and acquired directly from or issued by third parties, acquired from the private investment fund in connection with a third party transaction, or acquired in connection with the restructuring of a private investment fund (collectively, "Seasoned Primary Investments" and together with Primary Investments, Co-Investments, Secondary Investments and Temporary Investments (defined below), collectively, "Portfolio Investments").

Primary Investments, Co-Investments, Secondary Investments and Seasoned Primary Investments may include any related foreign currency exchange transactions or other hedging transactions. The Fund also may enter into participations referencing loans to borrowers, which loans are secured by limited partner ("LP") interests or related asset classes. These investments may take the form of a loan participation, credit default swap, total return swap, repurchase agreement or other derivative instrument.

In accordance with Rule 35d-1 under the 1940 Act, the Fund has adopted a policy that it will, under normal circumstances, invest and/or make capital commitments of at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in private market investments, including instruments with economic characteristics similar to private market investments (the "80% Policy"). For purposes of this 80% Policy, private market investments consist of Primary Investments, Co-Investments, Secondary Investments, Seasoned Primary Investments, and Temporary Investments that cover unfunded commitments to invest in private market investments that the Fund reasonably expects to be called in the future. Instruments with economic characteristics similar to private market investments are generally derivative instruments whose value is derived from the value of private market investments. This requirement is applied at the time the Fund invests its assets. The Fund's 80% Policy is not "fundamental," which means that it may be changed without shareholder approval. Shareholders will be given written notice at least 60 days prior to any change by the Fund of its 80% Policy covered by Rule 35d-1. The name of the Fund may be changed at any time by a vote of the Fund's Board of Trustees.

The Fund seeks to achieve its investment objective by targeting private investments on an opportunistic basis primarily in the United States and Europe. The Fund may also invest in other non-U.S. countries outside of Europe, including emerging markets. Under normal circumstances, the Fund expects its investments to consist predominantly of Co-Investment, early stage Secondary Investments and selective seeded Primary Investments (i.e., primary offerings that are launched with a significant amount of initial funding). In addition to a smaller number of buyouts of an entire investment target, the Fund expects under normal circumstances to target investments of $5 million to $50 million and maintain a portfolio of at least 50 active investments at any given time. The Fund may invest in a range of both public and private (i.e., companies that are not listed on an exchange) equity investments that exhibit strong growth and profitability characteristics. The Fund may also make non-equity investments, such as: structured products (e.g., collateralized loan obligation); loans and loan participations; distressed debt; debtor-in-possession financing; real estate; and special situations (i.e., companies that are in special situations involving significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings).

From time to time pending investment and funds reserved for the payment of the Fund's current or anticipated obligations, or for temporary defensive purposes, the Fund may invest in temporary investments ("Temporary Investments") consisting of (i) direct obligations of, or obligations which are guaranteed by, the United States of America, its agencies or instrumentalities, (ii) certificates of deposit, time deposits, demand deposits and bankers' acceptances of U.S. banks or trust companies having more than $100 million of regulatory capital, (iii) commercial paper or finance company paper which is rated not less than prime-one or A-1 or their equivalents by Moody's Investors Service, Inc. or Standard & Poor's Ratings Services or their successors, (iv) repurchase agreements secured by any one or more of the foregoing, (v) similar liquid securities intended to provide for the preservation of principal, and (vi) mutual funds or other investment pools that invest primarily in one or more of the foregoing, in each case whether such investments are (a) held pending commitment to other investments, (b) retained to meet operating expenses of the Fund and contingencies, or (c) held pending distribution. Under normal circumstances, the Fund may hold a substantial amount of its assets in Temporary Investments as part of its risk management process to seek to ensure the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to its unfunded commitments to invest in private market investments as they come due.

**Investment Structure**

The Fund typically accesses investments through investments in underlying investment funds ("Investment Funds"). The Fund will invest in a diverse portfolio of Co-Investments, early Secondary Investments and selective seeded Primary Investments, and the Adviser expects the fund to include most of all of the investment structures described below:

● Co-Investment. A Co-Investment is typically structured in one of two ways, including (i) a co-investment structure which is organized by the general partner, manager member, or investment manager (each, an "Investment Manager"), as applicable, where participating investors are shareholders or LPs of a co-investment vehicle that in turn either owns shares in or lends capital to an underlying investment or (ii) an investment directly in an underlying business, or security, alongside a lead investor. A co-investment fund is typically raised when an Investment Manager needs additional capital to fund an investment, or if the Investment Manager reaches a portfolio concentration limit in their fund. In such cases, the Investment Manager will coordinate with third party capital providers, including LPs and other market participants, to partake in the transaction. The Investment Manager may organize a single-purpose partnership structure for co-investors, similar to a Closed-End Fund described below. The Adviser may participate in a co-investment fund alongside an existing investment manager, typically negotiated on preferred terms related to size, economics and observation rights. The Adviser will also participate in a co-investment fund alongside an Investment Manager that is not an existing investment manager, but with whom Banner Ridge maintains a strong relationship with and high conviction through the underwriting process.

A co-investment may also be structured as a direct investment in a private company. This is typically done where an established private equity or private credit fund manager is also active within the capital structure. Direct investments can eliminate the need for an intermediary, providing investors more control and flexibility over their investment, as well as lower ongoing management fees compared to a co-investment fund alongside an Investment Manager. Additionally, a co-investment may be structured through a participation agreement, whereby the co-investor will participate in all economic benefits from an investment allowing the underlying company to maintain a direct relationship with the lead investor or lender.

While these co-investment structures represent ways in which investors can collectively invest and maintain ownership in a private company, the Adviser generally will not have control over the underlying portfolio company, and will not be able to direct the policies or management decisions of such portfolio company.

● Closed-End Fund. A closed-end fund is characterized by a finite life and the inability for an investor to withdraw its capital. The amount of capital raised is limited by either the termination of the fundraising period or upon meeting the capital raise target. Such funds solicit capital commitments from investors and hold one or more closings over a defined marketing period, typically 12 to 24 months. The Investment Manager will then call capital during the investment period as investment opportunities within the fund's mandate arise, with the ability to call capital after the expiration of the investment period under limited circumstances.

Most closed-end opportunistic credit funds will be structured as a private equity or a hybrid private equity structure with clearly defined investment and harvest periods. The life of these funds usually ranges from four years to over twelve years in order to correspond with the tenor of the underlying investments. Generally, there are no redemption provisions in a closed-end fund; once the capital is deployed it will only be returned to investors, subject to recycling provisions, once the underlying transactions either amortize, mature, prepay, or are opportunistically sold. In this structure, all limited partners receive distributions of capital on a pro rata basis. Additional features and terms of a fund may vary based on, among other things, whether it pursues an income-producing or a capital gains strategy, the duration and liquidity of the underlying investments, expected investment pace and whether such fund utilizes leverage.

● Open-Ended 'Evergreen' Fund. An open-ended structure, or an "evergreen" fund, can raise capital indefinitely. These funds often incorporate a "high water mark" concept, where an Investment Manager will only collect incentive fees when the value of the portfolio is above the peak value achieved in a prior period, often annually. While funds with a control equity mandate are most commonly structured as closed-end vehicles, opportunistic private credit funds may be established as evergreen funds, often with a "lock-up" period where redemptions are prohibited. After the lock-up period, redemptions are typically honored, subject to applicable gating or pro rata redemption procedures, on a monthly, quarterly, semi-annual or annual basis subject to a notice period by the investor. In such a structure, not all investor capital redemption requests may be treated equally. Redemptions may be honored and paid based upon the date received. If there is a significant surge in redemption requests, the fund manager may determine that generating the necessary liquidity may be too detrimental to remaining investors and therefore elect to "gate" the fund thereby suspending redemptions. In the opportunistic private credit space, liquidity for most transactions is inherently limited. If investments are held within a vehicle that offers frequent redemption periods, a mismatch can occur between the liquidity of the fund and the liquidity of its underlying investments. An Investment Manager may be unable to properly time an exit and maximize value if it is forced to sell assets in order to generate liquidity. This can have a significant cost to the remaining non-redeeming investors as well.

Evergreen structures have grown increasingly complex and require constant monitoring of the underlying investments and a deep understanding of the rights of the LP. As macroeconomic and market conditions alter the value of a portfolio, the ability of the Investment Manager to monetize investments will change accordingly. Therefore, it is critical for investors to properly time their redemption requests. The Adviser focuses both on the underlying portfolio and its rights under the governing documents in order to manage the ultimate exit of a commitment to an evergreen vehicle. The Fund opportunistically considers evergreen fund structures if the underlying investments have a relatively short duration or there are other fundamental factors to justify this structure. However, the majority of alternative private credit opportunities will have longer tenor and therefore should, more appropriately, reside in a closed-end private equity style structure.

● Separately Managed Account. A separately managed account ("SMA") is an investment vehicle with a single institutional investor committing significant capital to a manager (which will likely also simultaneously manage other funds or SMAs) subject to the terms set forth in a two-party agreement (typically referred to as an investment management agreement) in order to accomplish a specified investment objective. The investment management agreement is structured to meet specific goals of an investor, which may be economic (e.g., lower fees), strategic, tax-driven or related to specific needs (such as excluding investments in a particular type of asset or market). Depending on the underlying mandate, investments in an SMA may be held in a "fund of one" limited partnership structure or in a custodial account wholly-owned by the investor but managed by the Investment Manager. A custodial account arrangement allows the Adviser to expedite gaining access to an investment because it can use its existing custodial arrangements, which are established early in the Fund's life, to pro-actively alleviate the time required to complete operational due diligence processes such as forming bank accounts, know-your-client or anti-money laundering procedures or confirmatory operational due diligence. The Adviser believes that, in a time-limited situation (e.g., a dislocation in the market for securities such as structured products, distressed municipal bonds, non-qualified mortgage loans or small-capitalization leveraged loans) where it has the full confidence of the Investment Manager's investment acumen, such time savings are critical to taking advantage of a market opportunity. Finally, an SMA may be non-discretionary in terms of investment decisions made by the Investment Manager (with investor approval required on a deal-by-deal basis), allowing the Adviser to oversee the construction of a portfolio. The Adviser plans to utilize SMA structures to achieve outsized returns by quickly accessing an opportunity and ensuring direct oversight of the investment manager.

**Investment Approach**

The Adviser targets investment opportunities where it believes it has a distinct advantage in sourcing, information and underwriting. Once an investment is made, the Adviser believes it can further enhance returns through active portfolio management.

**Sourcing**. The Adviser employs a highly proactive approach to sourcing opportunities for investments. The investment team at the Adviser has developed deep relationships with market participants, including general partners, placement agents, limited partners and intermediaries that are critical to the investing landscape. The Adviser has developed a comprehensive database of opportunistic credit and special situation managers that are segmented into tiers based on a combination of factors, including the strength of the manager's track record, the attractiveness of the investment strategy, the manager's fundraising cycle, and the potential for the Adviser to partner with and invest alongside the manager. The Adviser has implemented a structured calling effort managed through and tracked through the firm's proprietary software. The Adviser seeks to curate a dynamic pipeline of co-investments and seasoned fund offerings that are currently raising capital or are likely to be in the near term.

**Dynamic Portfolio Allocation**. The Adviser allocates capital to investment opportunities where it has very high conviction, both in terms of quality of the manager and underlying asset, but also the strategy and the opportunity set given existing macroeconomic conditions. The Adviser believes that certain strategies provide a greater opportunity for outsized returns depending on the state of the markets. In this regard, the Adviser believes that liquid distressed debt is most attractive during the early stages of an economic downturn, when price discovery is challenging, uncertainty is high and proficient investors can underwrite credits to acquire assets below fundamental value. Similarly, the Adviser believes that turnaround and capital solutions strategies tend to outperform during the initial stages of an economic recovery, as companies begin to experience revenue growth but may be forced to restructure pre-crisis balance sheets. The Adviser will seek to optimize the Fund's portfolio by investing alongside high-quality managers investing in opportunities it believes are most appropriate for the prevailing market conditions.

**Portfolio Management**. The Adviser will maintain active oversight of the Fund's Portfolio Investments. Where appropriate, the Adviser will seek to gain representation on an Investment Fund's advisory board. The Adviser strives to meet quarterly with the Investment Funds' Investment Managers for a business and portfolio review to focus on portfolio developments, performance, and organizational dynamics. The Adviser will attend annual conferences held by the Investment Managers for their limited partners (i.e., the Fund). The Adviser will pay particular attention to the valuation dynamics in the portfolio positions and closely monitor underlying business performance as well as any apparent style drift by the Investment Manager. Such frequent dialogue facilitates incisive and detailed portfolio monitoring.

An important aspect of the Adviser's portfolio management will be its unique capabilities in the secondary market. The Adviser believes that its unique perspective, developed by the firm's principals through more than 10 years of buying and selling limited partner interests on the secondary market, allows the Adviser to make more informed allocation decisions and creates an opportunity to maximize value for the Fund by pursuing opportunistic sales prior to the end of an Investment Fund's life.

**Manager Due Diligence**

The Adviser undertakes to perform due diligence on opportunistic credit and special situation managers across the spectrum in order to continue to update its market mapping as well as identify which GPs to target as potential partners in investment opportunities. Predominately these investment opportunities will be Direct Investments, however from time to time the Adviser will pursue a primary investment in a highly seeded fund alongside a GP. Whether a Direct Investment or a Primary Investment, the Adviser believes identifying superior strategies and GPs makes the difference between a portfolio that underperforms and one that outperforms the market.

The Adviser believes manager selection is one of the most important components of a successful opportunistic credit and special situation portfolio. In selecting Investment Managers, the Adviser prioritizes the following characteristics:

● *Record of Success*. Banner Ridge seeks to invest alongside GPs with a long track record of successful investments across market cycles. In particular, Banner Ridge identifies the value drivers of a GP's performance and develops a view on attribution versus comparable peers and underlying market performance.

● *Strategy*. A defined and executable investment mandate is critical to projecting the performance of a new investment. First and foremost, the Adviser evaluates the GP's strategy in the context of the current market environment to ensure credibility and repeatability of historical performance. Next, the Adviser delineates the investment strategy and reviews the GP's historical investments to ensure no 'style drift' into adjacent strategies. Lastly, the Adviser performs internal analysis and external market checks to validate the competitive advantages of the manager in implementing the underlying mandate.

● *Portfolio*. It is common for a private equity fundraise to take up to 12 months, with a GP holding multiple closings of limited partner capital commitments. Once a GP has held an initial close, it will commence investing and building the portfolio. As the typical investment period for opportunistic credit funds is two to five years, GPs often build a meaningful portfolio while fundraising. The Adviser actively monitors GPs during this phase of portfolio construction, evaluating the initial investments made by the GP relative to the stated strategy of the fund and the quality of the GP's underwriting process. The investment team re-underwrites the portfolio, assessing the opportunity for continued value creation and identifying any gains already achieved by the GP. Additionally, this often allows the Adviser to effectively reduce the fees charged by the manager by capturing the inherent gain, if any, in the portfolio at the time of an allocation.

● *Reduced Volatility*. The Adviser seeks to invest alongside GPs with a track record of preserving capital. In particular, the Adviser seeks to avoid managers that have a high loss ratio or whose performance is derived from a small subset of underlying investments. The Adviser believes a history of strong performance across numerous investments demonstrates consistency and can provide downside protection for the Fund.

● *Organization*. Private equity funds often have terms in excess of ten years with limited options to effect an earlier exit. The Fund will only invest alongside organizations that demonstrate a high level of consistency and quality among the investment team, operations and firm governance. The Fund avoids GPs with significant "key person" risk or senior level turnover, ensuring a broad, deep and consistent investment team capable of executing the investment strategy. Additionally, robust back-office support, internal controls, and responsive limited partner communications are critical elements of manager underwriting.

● *Alignment*. The Adviser believes a successful relationship with an Investment Manager depends on strong alignment of interests. A significant commitment by the Investment Manager, both in terms of capital invested alongside limited partners as well as a dedicated investment team, is critical. Additionally, the Adviser closely reviews incentive structures, including carried interest allocations and vesting, to ensure the GP's long-term commitment to the underlying fund.

**Opportunistic Credit Investments**

The Adviser seeks to invest the Fund predominately in Co-Investment and early Secondary Investment opportunities alongside private equity managers focused on opportunistic credit and special situations strategies. The Adviser has been actively covering certain Investment Managers and their funds since 2007 and has developed strong relationships with the Investment Managers and members of their investment teams. In addition, the Adviser's investment team underwrites opportunistic credit and special situations investments in general across its platform, and has developed expertise across industries, investment strategies and target markets. The Adviser believes opportunistic credit and special situation funds commonly employ one or more of the following strategies:

**Distressed Debt**. When a company experiences stress or distress, its profitability has often declined such that it may no longer be able to service its debt and could therefore require a restructuring, either through a bankruptcy court or out-of-court, to renegotiate its liabilities. A restructuring generally causes the cessation of interest payments and can require significant time and resources to negotiate. In addition, the ultimate proceeds to lenders may be significantly less than par and take longer than expected to receive. Most lenders have teams that are structured for passive management and capital that is structured to receive a periodic cash coupon; in the face of a labor-intensive uncertain process without current income, these lenders may sell their holdings at large discounts. Additionally, during times of market or economic stress, the fundamental outlook for a business may change, resulting in reduced projected cash flows by debt holders and market participants thus increasing the risk of a potential default. Increased risk will, in turn, reduce the value of the enterprise and cause lenders to sell debt holdings in advance of further impairment. Distressed-focused private equity funds as well as hedge funds purchase distressed loans expecting to avoid a bankruptcy as a result of a business recovery or simply because they believe a restructuring will result in a new security (ideally newly issued debt in a more conservative capital structure) worth more than their initial entry point. In some situations, the new security holders receive through a restructuring may represent an equity interest referred to as "post-reorg equity."

**Distressed-for-Control**. While distressed trading strategies generally seek to trade a security for a profit without gaining control of a company, a distressed-for-control strategy endeavors to buy distressed debt at a discount and then use the bankruptcy process to gain majority or full control of the company's reorganized equity. While distressed trading strategies often focus on larger syndicated capital structures where securities are more liquid, distressed-for-control strategies may focus on smaller capital structures where the banking syndicate consists of five or fewer lenders and where the companies' loan trades over the counter or by appointment. This may enable the buyer to more easily acquire a concentrated, or "blocking", position in the debt which allows the buyer to exert greater influence in a restructuring. However, oftentimes other creditors – including new debt holders or original "par" holders – may prefer to retain a position, and distressed-for-control strategies often result in the Investment Manager retaining influence through minority ownership and board representation rather than full control. In either case, a distressed-for-control buyer seeks to acquire a business during a period of operational or financial stress. This strategy will frequently overlap with Turnaround strategies, where the business is acquired through a restructuring process, but the underlying investment thesis is predicated on identifiable improvements to the business in conjunction with a restructured balance sheet and reduced debt load.

**Turnaround / Buyout**. Private equity and special situations managers may also purchase underperforming companies that may not require a restructuring of their liabilities. Transactions could include corporate carve-outs, the purchase of independent private companies or even the take-private of public companies. In all cases, the Investment Manager believes that the business is underperforming and can be improved by revenue or cost initiatives. A corporate carve-out generally represents the sale by a company of a non-core division that may no longer fit the company's long-term strategy. Non-core divisions are often under-managed and under-invested by corporate parents, and a private equity fund may take a more constructive view on value creation. The purchase of an independent private company or the take-private of a public company is similar to a traditional buyout or growth transaction except that the company likely has underlying issues that may reduce the willingness of lenders to provide financing and therefore decrease the purchase price. These issues could include poor management, customer concentration, limited pricing power or secular decline of the company's products. Banner Ridge believes the common theme of all turnaround investments is that the prior holder, public or private, had doubts about the company's ability to increase profitability. Turnaround private equity managers seek to create value through improving the operational and management capabilities of the underlying business.

**Diversified Private Credit**. The U.S. fixed income market is comprised of a variety of fixed income securities issued by a borrower – such as a government, a corporation, or municipality – and secured by either the credit worthiness of the issuer or the cash flows of the underlying asset. Often, portfolios of relatively illiquid assets, such as student loans, aircraft lease obligations, or credit card receivables, are pooled together to be sold as asset backed securities ("ABS") to financial investors. Fundamentally, these securities are priced at issuance relative to the perceived risk to the underlying cash flows and the probability of default of the issuer. As macroeconomic factors or the riskiness of the underlying cash flows change, the corresponding market value of the security will typically change as well. For example, an increase in interest rates may result in the decline of the value of a fixed income security. A recession may lead to lower air travel, resulting in increased likelihood that airlines will be unable to make lease payments on aircrafts, causing the value of ABS secured by these lease payments to decline. In particular, during periods of market or economic stress the impact of changes in perceived risk may have a larger impact on price due to general uncertainty. Often, the holders of these securities may seek to sell rather than continue to hold the position and risk that conditions continue to deteriorate. Additionally, holders often have non-economic motivations to sell credit investments, such as rating agency guidelines, portfolio rebalancing or liquidity. As performing credit investors sell, opportunistic private equity funds and hedge funds may acquire the securities at prices they deem to be below intrinsic value. Guided by credit analysis and a deep understanding of the inherent complexities of these markets, investors will form a perspective on fundamental value and develop an investment thesis to take advantage of general market uncertainty.

**Real Estate**. Stressed and distressed real estate investing can be in the form of (i) investing in single properties experiencing distress, (ii) purchasing interests in pools of securitized real estate assets such as mortgages trading at dislocated prices or (iii) purchasing all or part of a loan secured by an underlying property from a lender or motivated seller. Macroeconomic factors such as unemployment, GDP growth, and financial market factors such as interest rates may have large impacts on the value of current and projected cash flows of the underlying real estate assets. When current cash flow is reduced or eliminated, or when the expectations for future cash flows are downgraded, the value of an underlying property is reduced, and the debt used to purchase the asset may lose value. In addition, property mismanagement, underinvestment or other idiosyncratic factors may negatively impact the value of an asset. Value-focused real estate investors may seek to purchase dislocated properties or portfolios of real estate assets, with a plan for improved asset management or an assessment that the loan or property is trading below fundamental value. Additionally, credit-focused private equity funds and hedge funds may seek to acquire distressed mortgage-backed securities or pools of loans trading at dislocated prices, with a view that the intrinsic value of the collateral is mispriced by the market. Stressed and distressed real estate investing is a highly complex and specialized strategy, requiring a deep understanding of the underlying collateral, macroeconomic conditions and financial markets.

**Collateralized Loan Obligation ("CLO")**. CLOs primarily represent the securitizations of broadly syndicated leveraged loans, large first lien loans rated below investment grade that are broadly sold by underwriters to potentially hundreds of lenders. A CLO typically consists of (i) 90.0% debt tranches with credit ratings ranging from as high as AAA to as low as B that are typically funded by third parties and (ii) a 10.0% equity tranche that may be retained by the collateral manager in whole or in part with the balance funded by third parties. A CLO typically has a term of twelve years including a three-to-five-year reinvestment period when the CLO manager can trade underlying loans and reinvest principal proceeds; once the reinvestment period has expired, principal and interest proceeds must be returned to CLO investors in order of seniority. While senior tranches of CLOs are often held by long-term holders such as insurance companies, pension funds and banks, junior tranches (BB-rated, B-rated and equity) are more likely to be held by short-term holders such as broker-dealers and hedge funds. Since 2015, many private equity style CLO funds have been raised to match the duration of the capital with the duration of the asset class. These funds typically finance the origination of a CLO, invest in equity tranches on a primary basis and opportunistically purchase equity and mezzanine tranches on the secondary market. Like with other credit investments, the terms of broadly syndicated leveraged loans tend to be inversely correlated with the health of financial markets; as CLO structures contain leverage representing approximately 90.0% of asset value, their returns are likely to be very volatile. CLO funds may value their assets based on recent market transactions or internal models. As trading for CLO equity tranches may be thin or nonexistent, Investment Managers have considerable influence on the valuation of their holdings. The Adviser closely monitors the CLO market and maintains strong relationships with CLO fund managers and believes that the opacity of the valuations and the structural complexity of the underlying investments may result in an opportunity to earn high risk-adjusted returns.

**Direct Investments**

A core tenet of the Adviser's opportunistic credit and special situation investment strategy is to source and execute a significant number of direct investment opportunities, including Co-Investments and early Secondary Investments, alongside fund managers. Such opportunities are characterized by assets that have been pre-identified. Once the Adviser has identified that an Investment Manager meets all of the criteria of an attractive primary investment, it will leverage its significant underwriting and execution capabilities to evaluate the following types of investments:

**Co-Investments.** The Fund will seek to construct a diverse portfolio of Co-Investments across investment type, sector, geography and size, and will focus on attractive opportunities that exhibit strong growth and profitability characteristics. Given diversification requirements and businesses need for follow-on capital to fund additional acquisitions or capital improvements, Investment Manager s are often limited in the amount of capital they allocate to a single portfolio company and commonly approach preferred partners with co-investment opportunities. Co-Investment opportunities often operate with shortened timelines that require an investment decision shortly after receiving initial materials. As such, Co-Investment execution requires a nimble and experienced organization to quickly, yet thoroughly, assess the investment opportunity and coordinate closely with the deal sponsor to close the transaction. While many limited partners desire Co-Investment exposure, the Adviser believes few have the infrastructure or expertise to execute a successful Co-Investment strategy on such required timetables. The Adviser has a track record of completing Co-Investments and maintains the execution and due diligence capabilities to position itself as a preferred and reliable deal partner to Investment Managers.

The Adviser expects to negotiate enhanced economic terms across its Co-Investment portfolio, reducing overall investment costs. Additionally, the investment team will underwrite each Co-Investment opportunity, enabling the Fund to allocate significant resources to transactions in which the investment team has strong conviction.

**Early Secondary Investments.** On an opportunistic basis, the Adviser may leverage its extensive secondary market expertise and underwriting capability to invest in a private equity or credit fund that is closed to new investors, through the secondary market. The Fund will focus predominately on Secondary Investments that include the acquisition of interests with significant uncalled commitments or through a new subscription that is less than 60% funded. In the first case, such a transaction often involves a limited partner that invested in a fund and quickly thereafter had a change of circumstances including liquidity requirements, investment office management turnover or an altered view on the underlying funds. For a traditional secondary fund targeting funded investments, the purchase of such interests may not be appropriate. However, the Adviser believes that the purchase of a highly seeded portfolio, managed by an Investment Manager which has been substantially vetted by its platform, represents an advantageous way for the Fund to gain access to a highly regarded Investment Manager and portfolio with substantial predictability around the development of the portfolio, typically after substantial fees have been paid and the predictability of outcomes has increased.

**GP-Led Restructuring.** A "GP-Led Restructuring" involves the transfer of an asset or a portfolio of assets from an existing fund into a newly created fund, a continuation fund, to be managed by the existing Investment Manager. An Investment Manager may be seeking to accomplish a variety of goals, including providing liquidity to its LPs, extending the holding period of its asset(s), and raising additional capital. Historically, GP-Led Restructurings were more often utilized by Investment Manager s with poor fundraising prospects that were looking to extend the holding period (and therefore management fees) of their assets, regardless of quality. However, over the past several years, GP-Led Restructurings have shifted to frequently include so-called "trophy" and performing asset(s) in which the Investment Manager has successfully executed its investment thesis but believes there are additional prospects for growth and/or operational improvements. Trophy asset GP-Led Restructurings have come to dominate the market over the last several years and have driven the significant growth of GP-Led Restructurings. The Adviser believes GP-Led Restructurings will continue to grow as i) the practice becomes more accepted by investors and ii) high-quality assets are increasingly retained by Investment Manager s rather than sold, forcing Investment Manager s to defensively maintain control of their own asset(s) rather than purchase what could be other low-quality assets.

**Additional Information on Fund Investments**

***Foreign Investments***. The Fund may invest in Portfolio Investments that provide exposure to foreign issuers and borrowers, which include: (1) companies organized outside of the United States, including in emerging market countries and frontier countries (which are countries that may be less developed than emerging market countries); (2) foreign sovereign governments and their agencies, authorities, instrumentalities and political subdivisions, including foreign states, provinces or municipalities; and (3) issuers and borrowers whose economic fortunes and risks are primarily linked with markets outside the United States. These securities may be denominated, quoted in, or pay income in, U.S. dollars or in a foreign currency. The Fund is not limited in the amount of assets it may invest in such foreign investments.

Global exposure across markets is designed to provide investors exposures to the large and broad private equity market in the U.S. and internationally whereby the Fund can have exposure to investments across multiple countries, economies and access the unique structural economic attributes and cycles afforded through regional exposure.

***U.S. Government Securities***. The Fund may invest in U.S. Government securities. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. U.S. Government securities are also subject to the risk that the U.S. Treasury will be unable to meet its payment obligations.

***Other Investments.*** The Fund may also invest in the equity securities of issuers of any market capitalization, including medium- and small-capitalization issuers; convertible securities; warrants; rights; options; exchange-traded funds; business development companies ("BDCs"); and special purpose acquisition companies ("SPACs") and similar vehicles.

**Investments in Wholly-Owned Subsidiaries**

The Fund may invest in the assets described above directly or indirectly through its wholly-owned Subsidiaries that invest in such assets. Accordingly, each of the principal investment strategies and principal risks of the Fund described herein are also principal investment strategies and principal risks of its Subsidiaries. The Fund complies with the provisions of the 1940 Act governing investment policies on an aggregate basis with each Subsidiary. The Fund further complies with the provisions of the 1940 Act governing capital structure and leverage on an aggregate basis with each Subsidiary so that the Fund treats each Subsidiary's debt as its own for purposes of those provisions. Any investment adviser to a Subsidiary complies with provisions of the 1940 Act relating to investment advisory contracts as if it were an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Subsidiaries will comply with the 1940 Act's provisions relating to affiliated transactions and custody of assets.

**USE OF LEVERAGE**

**General** 

The Fund may use leverage to seek to achieve its investment objective or to finance the repurchase of Shares and/or bridge the financing of Fund investments pending the acceptance of funds from investor subscriptions. The Fund's use of leverage may increase or decrease from time to time in its discretion and the Fund may, at any time, determine not to use leverage. Under the 1940 Act, the Fund may borrow in an aggregate amount of up to approximately 33 1/3% of the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") immediately after such borrowings. Furthermore, the Fund may use leverage through the issuance of preferred shares in an aggregate amount of liquidation preference attributable to the preferred shares combined with the aggregate amount of any borrowings of up to approximately 50% of the Fund's total net assets immediately after such issuance. Currently, the Fund has no intention to issue preferred shares. Investment Funds may also use leverage as part of their operations. However, the Fund does not include an Investment Fund's leverage in calculating the Fund's leverage for purposes of the foregoing leverage limitations. The use of leverage creates an opportunity for increased investment returns, but also creates risks for the holders of Shares. See Types of Investments and Related Risks —Leverage Risk.

Certain types of leverage used by the Fund may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings for any short-term debt securities or preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.

**Credit Facility**

The Fund or its Subsidiaries may establish one or more credit lines to borrow money for a range of purposes, including to for the purpose of funding investments, to satisfy tender requests, to support the hedging program of the Fund, to manage timing issues in connection with the inflows of additional capital and to otherwise satisfy Fund liabilities or obligations, or for investment purposes.

**EXEMPTIVE RELIEF**

To the extent permitted by law, the Fund intends to co-invest in Portfolio Investments with other Banner Ridge-advised funds and clients. The 1940 Act imposes significant limits on the ability of the Fund to co-invest with other Banner Ridge-advised funds and clients. The Adviser and the Fund have obtained an exemptive order from the SEC that expands the Fund's ability to co-invest alongside the Adviser and its affiliates in Portfolio Investments (SEC Release No. IC-35777). However, the SEC exemptive order contains certain conditions that may limit or restrict the Fund's ability to participate in such Portfolio Investments, including, without limitation, in the event that the available capacity with respect to a Portfolio Investment is less than the aggregate recommended allocations to the Fund.

**TYPES OF INVESTMENTS AND RELATED RISKS**

*Investors should carefully consider the risk factors described below before deciding on whether to make an investment in the Fund. The risk factors listed below describe risks the Fund may bear directly through investments or indirectly through its investments in a Subsidiary.*

 

**Principal Risks of Investing in the Fund**

**Active Investment Management Risk.**

The risk that, if the investment decisions and strategy of the portfolio managers do not perform as expected, the Fund could underperform its peers or lose money. The Fund's performance depends on the judgment of the portfolio managers about a variety of factors, such as markets, interest rates and/or the attractiveness, relative value, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The portfolio managers' investment models may not adequately take into account certain factors, may perform differently than anticipated and may result in the Fund having a lower return than if the portfolio managers used another model or investment strategy. In addition, to the extent the Fund allocates a portion of its assets to specialist portfolio managers, the styles employed by the different portfolio managers may not be complementary, which could adversely affect the Fund's performance.

**Availability of Investment Opportunities.**

The business of identifying and structuring investments of the types contemplated by the Fund is competitive, and involves a high degree of uncertainty. The availability of investment opportunities generally is subject to market conditions as well as, in some cases, the prevailing regulatory or political climate. No assurance can be given that the Fund will be able to identify and complete attractive investments in the future or that it will be able to fully invest its subscriptions. Similarly, identification of attractive investment opportunities by Investment Funds is difficult and involves a high degree of uncertainty. Even if an attractive investment opportunity is identified by the Adviser, an Investment Interest may not be permitted to take advantage of the opportunity to the fullest extent desired. Other investment vehicles sponsored, managed or advised by the Adviser may seek investment opportunities similar to those the Fund may be seeking. The Adviser will allocate fairly between the Fund and such other investment vehicles any investment opportunities that may be appropriate for the Fund and such other investment vehicles.

To the extent permitted by law, the Fund intends to co-invest in Portfolio Investments with other Adviser-advised funds and clients. The 1940 Act imposes significant limits on the ability of the Fund to co-invest with other Banner Ridge-advised funds and clients. The Adviser and the Fund have obtained an exemptive order from the SEC that expands the Fund's ability to co-invest alongside the Adviser and its affiliates in Portfolio Investments (SEC Release No. IC-35777). However, the SEC exemptive order contains certain conditions that may limit or restrict the Fund's ability to participate in such Portfolio Investments, including, without limitation, in the event that the available capacity with respect to a Portfolio Investment is less than the aggregate recommended allocations to the Fund. Ultimately, an inability to receive the desired allocation to certain Portfolio Investments could represent a risk to the Fund's ability to achieve the desired investment returns.

**Private Equity Investments.**

Private equity is a common term for investments that are typically made in private or public companies through privately negotiated transactions, and generally involve equity-related finance intended to bring about some kind of change in an operating company (e.g., providing growth capital, recapitalizing a company or financing an acquisition). Private equity funds, often organized as limited partnerships, are the most common vehicles for making private equity investments, although the Fund may also co-invest directly in an operating company in conjunction with an Investment Fund. The investments held by Investment Funds and Direct Investments made by the Fund involve the same types of risks associated with an investment in any operating company. However, securities of private equity funds, as well as the underlying companies these funds invest in, tend to be more illiquid, and highly speculative. Private equity has generally been dependent on the availability of debt or equity financing to fund the acquisitions of their investments. Depending on market conditions, however, the availability of such financing may be reduced dramatically, limiting the ability of private equity funds to obtain the required financing or reducing their expected rate of return.

The regulatory environment for private investment funds continues to evolve, and changes in the regulation of private investment funds may adversely affect the value of the Fund's investments and the ability of the Fund to implement its investment strategy (including the use of leverage). The financial services industry generally and the activities of private investment funds and their investment advisers, in particular, have been the subject of increasing legislative and regulatory scrutiny. Such scrutiny may increase the Fund's and the Adviser's legal, compliance, administrative and other related burdens and costs as well as regulatory oversight or involvement in the Fund and the Adviser's business. There can be no assurances that the Fund or the Adviser will not in the future be subject to regulatory review or discipline. The effects of any regulatory changes or developments on the Fund may affect the manner in which it is managed and may be substantial and adverse.

**Market Risk.**

Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Securities or other investments may decline in value due to factors affecting securities markets generally or individual issuers. The value of a security or other investment may change in value due to general market conditions that are not related to a particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest, or currency rates or adverse investor sentiment generally as well as global trade policies and political unrest or uncertainties. The value of a security or other investment may also change in value due to factors that affect an individual issuer, including data breaches and cybersecurity attacks, or a particular sector or industry. During a general downturn in the securities or other markets, multiple asset classes may decline in value simultaneously. When markets perform well, there can be no assurance that securities or other investments held by the Fund will participate in or otherwise benefit from the advance. Any market disruptions, including those arising out of geopolitical events (including pandemics and epidemics) or natural/environmental disasters, could also prevent the Fund from executing advantageous investment decisions in a timely manner. The adverse impact of any one or more of these events on the market value of Fund investments could be significant and cause losses. A widespread health crisis, such as a global pandemic, could cause substantial market volatility, exchange trading suspensions or restrictions and closures of securities exchanges and businesses, impact the ability to complete redemptions, and adversely impact Fund performance.

**Venture Capital.**

An Investment Fund may invest and the Fund may co-invest in venture capital. Venture capital is usually classified by investments in private companies that have a limited operating history, are attempting to develop or commercialize unproven technologies or implement novel business plans or are not otherwise developed sufficiently to be self-sustaining financially or to become public. Although these investments may offer the opportunity for significant gains, such investments involve a high degree of business and financial risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that may be at a later stage of development.

**Geographic Concentration Risks.**

An Investment Fund may concentrate its investments in specific geographic regions. This focus may constrain the liquidity and the number of portfolio companies available for investment by an Investment Fund. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the region of concentration, including currency, political, social, environmental, regulatory and other risks not typically associated with investing in a larger number of regions or countries. In addition, certain foreign economies may themselves be focused in particular industries or more vulnerable to political changes than the U.S. economy, which may have a pronounced impact on an Investment Fund's investments. As a result, the Investment Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Sector Concentration Risk.**

An Investment Fund may concentrate its investments in specific industry sectors. This focus may constrain the liquidity and the number of portfolio companies available for investment by an Investment Fund. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the industry sectors of concentration.

**Foreign Investments Risk.**

Investments in foreign securities may be riskier than investments in U.S. securities and may also be less liquid, more volatile and more difficult to value than securities of U.S. issuers. Foreign investments may be affected by the following:

● changes in currency exchange rates

● changes in foreign or U.S. law or restrictions applicable to such investments and in exchange control regulations

● increased volatility

● substantially less volume on foreign stock markets and other securities markets

● higher commissions and dealer mark-ups

● inefficiencies in certain foreign clearance and settlement procedures that could result in an inability to execute transactions or delays in settlement

● less uniform accounting, auditing and financial reporting standards

● less publicly available information about a foreign issuer or borrower

● less government regulation and oversight

● unfavorable foreign tax laws

● political, social, economic or diplomatic developments in a foreign country or region or the U.S. (including the imposition of sanctions, tariffs, or other governmental restrictions)

● differences in individual foreign economies

● geopolitical events (including pandemics and epidemics) that may disrupt securities markets and adversely affect global economies and markets

Governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region.

Certain European countries in which the Fund may invest have recently experienced significant volatility in financial markets and may continue to do so in the future. The impact of the United Kingdom's departure from the European Union, commonly known as "Brexit," and the potential departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. These consequences include greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in such markets. Uncertainty relating to the United Kingdom's departure may have adverse effects on asset valuations and the renegotiation of current trade agreements, as well as an increase in financial regulation in such markets. This may adversely impact Fund performance.

**Brexit Risk.**

The United Kingdom (the "UK") departure from the European Union (the "EU") has caused significant uncertainty between the UK and the EU. The UK's exit from EU could have an adverse impact on: (i) the political, fiscal, monetary, tax and regulatory landscapes of both the United Kingdom and the remaining members of the European Union, thus impacting on the economy and the future growth of various industries both in the United Kingdom and Europe; (ii) European fund managers, companies and investors, thus having a material adverse effect on the business of the Fund or the business of any of its investments and/or the underlying investment of an Investment Fund; (iii) the exchange rates between the currency in which an Investment Fund is denominated and currencies in which such Investment Fund makes investments may be subject to increased volatility and movements which are adverse to the Fund, and (iv) general economic growth across Europe and the world.

**Real Estate Investments**

From time to time, the residential housing sector and the commercial real estate sector in the United States have come under considerable pressure with prices down significantly on average. Residential and commercial mortgage delinquencies and foreclosures are expected to increase during such periods and, in turn, may lead to widespread selling in the mortgage-related markets and put downward pressure on the prices of many securities. During periods of instability in the credit markets, prices at which real estate funds can sell real estate may be adversely impacted, because purchasers may not be able to obtain financing on attractive terms or at all, which in turn may adversely affect real estate markets. Such developments could reduce returns from real estate investments. Real estate investments are subject to risks associated with the ownership of real estate, including: (i) changes in the general economic climate (such as changes in interest rates); (ii) local real estate conditions (such as an oversupply of space or a reduction in demand for space); (iii) the quality and philosophy of management; (iv) competition (such as competition based on rental rates); (v) specific features of properties (such as location); (vi) financial condition of tenants, buyers, and sellers of properties; (vii) quality of maintenance, insurance, and management services; (viii) changes in operating costs; (ix) government regulations (including those governing usage, improvements, zoning, and taxes); (x) the availability of financing; and (xi) potential liability under environmental and other laws (such as successor liability if investing in existing entities). Some real estate Investment Funds may invest in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such real estate fund could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a real estate fund holds, which could reduce the cash flow needed to make distributions to Investors. In addition, real estate Investment Funds may also be affected by tax and regulatory requirements impacting the real estate fund's ability to qualify for preferential tax treatments or exemptions.

**Illiquid and Restricted Securities Risks**

The Fund may invest without limit in illiquid securities. The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities including, but not limited to if qualified institutional buyers are unwilling to purchase these securities.

Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid and restricted securities may restrict the Fund's ability to take advantage of market opportunities. To dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquirer of the securities. In either case, the Fund would bear market risks during that period. Liquidity risk may impact the Fund's ability to meet shareholder repurchase requests and as a result, the Fund may be forced to sell securities at inopportune prices.

Certain instruments are not readily marketable and may be subject to restrictions on resale. Instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the instruments in which the Fund will invest. Where a secondary market exists, the market for some instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In addition, dealer inventories of certain securities are at historic lows in relation to market size, which indicates a potential for reduced liquidity as dealers may be less able to "make markets" for certain securities.

**Leverage Risk**

Certain transactions, including to-be-announced investments and other when-issued, delayed delivery or forward commitment transactions, involve a form of leverage. Transactions involving leverage provide investment exposure in an amount exceeding the initial investment. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Certain derivatives have the potential to cause unlimited losses for the Fund, regardless of the size of the initial investment. Leverage may also cause the Fund's NAV to be more volatile than if the Fund had not been leveraged, as relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet margin or collateral requirements when it may not be advantageous to do so.

**Short Sales**

The Fund may enter into transactions, known as "short sales," in which it sells a security it does not own in anticipation of a decline in the market value of the security. Short sales by the Fund that are not made "against the box" theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund may mitigate such losses by replacing the securities sold short before the market price has increased significantly. Under adverse market conditions, the Fund might have difficulty purchasing securities to meet its short sale delivery obligations, and might have to sell portfolio securities to raise the capital necessary to meet its short sale obligations at a time when fundamental investment considerations would not favor such sales.

**Derivatives**

Derivative instruments, or "derivatives," include futures, options, swaps, structured securities and other instruments and contracts that are derived from, or the value of which is related to, one or more underlying securities, financial benchmarks, currencies or indices. Derivatives allow an investor to hedge or speculate upon the price movements of a particular security, financial benchmark currency or index at a fraction of the cost of investing in the underlying asset. The value of a derivative depends largely upon price movements in the underlying asset. Therefore, many of the risks applicable to trading the underlying asset are also applicable to derivatives of such asset. However, there are a number of other risks associated with derivatives trading. For example, because many derivatives are "leveraged," and thus provide significantly more market exposure than the money paid or deposited when the transaction is entered into, a relatively small adverse market movement can not only result in the loss of the entire investment, but may also expose the Fund to the possibility of a loss exceeding the original amount invested. Derivatives may also expose Investors to liquidity risk, as there may not be a liquid market.

**Derivatives, Synthetic Investment**

The Fund may enter into participations referencing loans to borrowers, which loans are secured by LP interests or related asset classes (each a "***Synthetic Investment***"). A Synthetic Investment may take the form of a loan participation, credit default swap, total return swap, repurchase agreement or other derivative instrument. These instruments may be subject to various types of risks, including market risk, liquidity risk, the risk of non-performance by the counterparty, including risks relating to the financial soundness and creditworthiness of the counterparty, legal risk, and operations risk. An additional feature of many Synthetic Investments is the use of embedded leverage, which can magnify the risk of loss. Synthetic Investments traded over-the-counter may not have an authoritative source of valuation and the models used to value such derivatives are subject to change. Special risks may apply in the future that cannot be determined at this time. The regulatory and tax environment for Synthetic Investments in which the Fund may participate is evolving, and changes in the regulation or taxation of such Synthetic Investments may have a material adverse effect on the Fund. With respect to any Synthetic Investment derivative or repurchase financing facility into which the Fund enters, the Fund will have limited rights (and may have no right) to act directly with respect to the referenced or underlying asset or to proceed directly against the issuer or obligor under any such asset. Although a Synthetic Investment may give the Fund limited rights to exercise certain voting or control rights relating to the relevant referenced or underlying asset(s), these rights may only be exercised in accordance with the term and conditions of the related Synthetic Investment and may be suspended or terminated in accordance therewith or following a default or breach of the relevant terms and conditions of such Synthetic Investment by the Fund's counterparty. The obligations of the Fund's counterparty under a Synthetic Investment are not secured by any collateral. In addition to the risks inherent in the asset(s) referenced in, or underlying, a Synthetic Investment, an investment in a Synthetic Investment exposes the Fund to the credit risk of the counterparty, and in the event of a bankruptcy, insolvency, winding-up, administration, moratorium or similar occurrence with respect to the counterparty, the Fund will be an unsecured creditor of the counterparty. Any such event, or other failure by the counterparty to perform its obligations under the Synthetic Investment, would adversely affect the likelihood that the Fund will receive all amounts payable to it under the Synthetic Investment, and therefore the ability of the Fund to make distributions.

**Counterparty Risk**

The Fund is subject to the risk that counterparties of derivative contracts and other instruments in which it invests and trades may default on their obligations under those instruments and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. Some of the markets in which the Fund effects its transactions are over-the-counter or inter-dealer markets. The participants in such markets are typically not subject to credit evaluation by an exchange or clearing organization and regulatory oversight as are members of exchange-based markets. The Fund therefore is exposed to a greater risk that a counterparty will not timely settle a transaction or otherwise perform its obligations in accordance with contractual 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 for 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. These risks may differ materially from those entailed in exchange-traded transactions, which generally are backed by clearing organization guarantees, daily marking-to-market and settlement of positions and segregation and minimum capital requirements applicable to intermediaries. Although the Fund intends to enter into transactions only with counterparties that the Adviser believes to be creditworthy, will attempt to reduce the Fund's exposure by obtaining collateral in appropriate cases and will pursue any available remedies under any of these contracts, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result. Concentration of transactions with a single or limited number of counterparties could increase the potential for losses by the Fund. The Fund is subject to the risk of failure of any of the exchanges on which its positions trade or of their clearinghouses.

**Valuation of Private Investments Risk**

The Fund's ownership interests in private investments are not publicly traded and the Fund will use a third-party pricing service or internal pricing methodologies to provide pricing information for certain private investments. The value of loans, securities and other investments that are not publicly traded may not be readily determinable, and the Fund will value these investments at fair value as determined in good faith by the Fund pursuant to the Valuation Procedures, including to reflect significant events affecting the value of the Fund's investments. Many of the Fund's investments may be classified as Level 3 under Topic 820 of the U.S. Financial Accounting Standards Board's Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures ("ASC Topic 820"). This means that the Fund's portfolio valuations will be based on significant unobservable inputs and the Fund's own assumptions about how market participants would price the asset or liability in question. The Fund expects that inputs into the determination of fair value of the Fund's portfolio investments will require significant judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. The valuation of the Fund's investments in Investment Funds is ordinarily determined based upon valuations provided by the Investment Managers on a quarterly basis. Although such valuations are provided on a quarterly basis, the Fund will provide valuations on a monthly basis. An Investment Manager may face a conflict of interest in valuing the securities, as their value may affect the Investment Manager's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Manager, the accuracy of the valuations provided by the Investment Managers, that the Investment Managers will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Managers' policies and procedures and systems will not change without notice to the Fund. As a result, an Investment Manager's valuation of the securities may fail to match the amount ultimately realized with respect to the disposition of such securities. The types of factors that the Fund may take into account in determining the fair value of the Fund's investments generally include, as appropriate, comparison to publicly-traded securities and private market transactions, including such factors as revenue level, profitability, operating cash flow, revenue and income growth, and leverage. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for its investments existed. The Fund's net asset value could be adversely affected if the Fund's determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such loans and securities.

**Valuations Subject to Adjustment**

The Fund determines its net asset value based upon the quarterly valuations reported by the Investment Funds, which may not reflect market or other events occurring subsequent to the quarter-end. The Fund will fair value its holdings in Investment Funds to reflect such events, consistent with its valuation policies; however, there is no guarantee the Fund will correctly fair value such investments. Additionally, the valuations reported by Investment Funds may be subject to later adjustment or revision. For example, fiscal year-end net asset value calculations of the Investment Funds may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Investment Funds, and therefore the Fund, at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the repurchase proceeds of the Fund received by shareholders who had their Shares repurchased prior to such adjustments and received their repurchase proceeds. As a result, to the extent that such subsequently adjusted valuations from the Investment Funds or revisions to the net asset value of an Investment Fund or direct private equity investment adversely affect the Fund's net asset value, the remaining outstanding Shares may be adversely affected by prior repurchases to the benefit of shareholders who had their Shares repurchased at a net asset value higher than the adjusted amount. Conversely, any increases in the net asset value resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Shares and to the detriment of shareholders who previously had their Shares repurchased at a net asset value lower than the adjusted amount. The same principles apply to the purchase of Shares. New shareholders may be affected in a similar way.

**Indemnification of Investment Funds, Investment Managers and Others**

The Fund may agree to indemnify certain of the Investment Funds and their respective managers, officers, directors, and affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of Investment Funds. If the Fund were required to make payments (or return distributions) in respect of any such indemnity, the Fund could be materially adversely affected. Indemnification of sellers of Secondary Investments may be required as a condition to purchasing such securities.

**Termination of the Fund's Interest in an Investment Fund**

An Investment Fund may, among other things, terminate the Fund's interest in that Investment Fund (causing a forfeiture of all or a portion of such interest) if the Fund fails to satisfy any capital call by that Investment Fund or if the continued participation of the Fund in the Investment Fund would have a material adverse effect on the Investment Fund or its assets. The Fund's over-commitment strategy may increase the risk that the Fund is unable to satisfy a capital call from an Investment Fund.

**General Risks of Secondary Investments**

The overall performance of the Fund's Secondary Investments will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain Secondary Investments may be purchased as a portfolio, and in such cases the Fund may not be able to carve out from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Fund acquires an Investment Fund interest as a Secondary Investment, the Fund will generally not have the ability to modify or amend such Investment Fund's constituent documents (e.g., limited partnership agreements) or otherwise negotiate the economic terms of the interests being acquired. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to Secondary Investments may be greater than those relating to Primary Investments.

Where the Fund acquires an Investment Fund interest as a Secondary Investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Investment Fund and, subsequently, that Investment Fund recalls any portion of such distributions, the Fund (as the purchaser of the interest to which such distributions are attributable) may be obligated to pay an amount equivalent to such distributions to such Investment Fund. While the Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Investment Fund, there can be no assurance that the Fund would have such right or prevail in any such claim.

Valuation of Secondary Investments may be difficult, as there generally will be no established market for such investments. The Fund's overall performance with respect to Secondary Investments will depend in large part on the acquisition price the fund pays for such Secondary Investments and the structure of such acquisitions. The acquisition price paid by the Fund generally will not be identical to the subsequent fair value of the Secondary Investment, which may be, at times, higher or lower than such acquisition price. Secondary Investments acquired at a discount may result in unrealized gains at the time the Fund next calculates its NAV. Such unrealized gains will increase the Fund's NAV and performance by the difference between the most recent value of the Secondary Investment reported by the holder and the negotiated purchase price. Conversely, a Secondary Investment sold by the Fund at a discount will result in a decrease in the Fund's NAV and performance by the difference between the value of the Secondary Investment as reflected in the Fund's books and records and the negotiated sale price. In addition, Secondary Investments acquired at a discount may cause the Fund to recognize income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. As a result, the Fund may have difficulty meeting the minimum annual distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in the Fund's investment company taxable income for the tax year it is accrued, the Fund may be required to make a distribution to shareholders to meet the distribution requirements described above, even though the Fund will not have received any corresponding cash or property.

The Fund may acquire Secondary Investments as a member of a purchasing syndicate, in which case the Fund may be exposed to additional risks including, among other things: (i) counterparty risk, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member, and (iv) execution risk.

**General Risks of Co-Investments**

● The Fund may not have sole decision-making authority with respect to an Investment Fund (except any wholly owned Investment Fund) regarding certain major decisions affecting the ownership of the fund or assets of the fund, and a co-investor, joint venture partner or other investor in the Investment Fund could take actions that decrease the value of an investment to the Fund and lower the Fund's overall return;

● A co-investor, joint venture partner or other investor in an Investment Fund may have economic or other interests or goals that are inconsistent with the Fund's interests or goals, including, for instance, the financing, management, operation, leasing or sale of the assets purchased by such Investment Fund;

● A co-investor, joint venture partner or other investor in an Investment Fund that controls the management of the affairs of an Investment Fund could become insolvent or bankrupt;

● Fraud or other misconduct by a co-investor, joint venture partner or other investor that controls the management of the affairs of an Investment Fund may have a materially adverse effect on the Fund's investments;

● Under certain arrangements, no party may have the power to control the Investment Fund and, under certain circumstances, an impasse could result regarding cash distributions, reserves, or a proposed sale or refinancing of the investment, and this impasse could have an adverse impact on the Investment Fund, which could adversely impact the operations and profitability of the vehicle and/or the amount and timing of distributions the Fund receives from such fund;

● A co-investor, joint venture partner or other investor in an Investment Fund may be structured differently than the Fund for tax purposes and this could create conflicts of interest;

● The Fund may rely upon a co-investor, joint venture partner or other investor in an Investment Fund to manage the day-to-day operations of the Investment Fund, as well as to prepare financial information for the fund, and any failure to perform these obligations may have a negative impact on the Fund's performance and results of operations;

● A co-investor, joint venture partner or other investor managing an Investment Fund may experience a change of control, which could result in new management of such co-investor, joint venture partner or other investor with less experience or conflicting interests to the Fund and be disruptive to the Fund's business; and

● A co-investor, joint venture partner or other investor in an Investment Fund may be in a position to take action contrary to the Fund's instructions or requests or contrary to the Fund's interests, policies or objectives.

Any of the above might subject the Fund to liabilities and thus reduce its returns on investments through that Investment Fund.

**Other Risks of Investment Funds**

An investment in the Fund is subject to the following risks through the Fund's investments in Investment Funds:

● **Investments in the Investment Funds Generally; Dependence on the Investment Managers.** Because the Fund invests in Investments Funds, a shareholder's investment in the Fund will be affected by the investment policies and decisions of the Investment Manager of each Investment Fund in direct proportion to the amount of Fund assets that are invested in each Investment Fund. The Fund's net asset value may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Investment Funds invest and the financial condition and prospects of issuers in which the Investment Funds invest. The success of the Fund depends upon the ability of the Investment Managers to develop and implement strategies that achieve their investment objectives. Shareholders will not have an opportunity to evaluate the specific investments made by the Investment Funds or the Investment Managers, or the terms of any such investments. In addition, the Investment Managers could materially alter their investment strategies from time to time without notice to the Fund. There can be no assurance that the Investment Managers will be able to select or implement successful strategies or achieve their respective investment objectives.

● **Lack of Control Over Investment Funds and Other Similar Investments.** Once the Fund has invested in an Investment Fund or other similar investment vehicle, the Adviser generally will have no control over the investment decisions made by such Investment Fund. The Adviser may be constrained by the withdrawal limitations imposed by Investment Funds, which may restrict the Fund's ability to terminate investments in Investment Funds that are performing poorly or have otherwise had adverse changes. The Adviser will be dependent on information provided by the Investment Funds, including quarterly unaudited financial statements, which if inaccurate, could adversely affect the Adviser's ability to manage the Fund's investment portfolio in accordance with its investment objective 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 its investment.

● **Investment Funds Not Registered.** The Fund is registered as an investment company under the 1940 Act. The 1940 Act is designed to afford various protections to investors in pooled investment vehicles. For example, the 1940 Act imposes limits on the amount of leverage that a registered investment company can assume, restricts layering of costs and fees, restricts transactions with affiliated persons and requires that the investment company's operations be supervised by a board of directors, a majority of whose members are independent of management. However, most of the Investment Funds in which the Fund invests are not subject to the provisions of the 1940 Act because they are excluded from the 1940 Act by virtue of Sections 3(c)(1) or 3(c)(7) of the 1940 Act. The Fund may invest up to 100% of its net assets in such Investment Funds. Many Investment Managers may not be registered as investment advisers under the Advisers Act. As an indirect investor in the Investment Funds managed by Investment Managers that are not registered as investment advisers, the Fund will not have the benefit of certain of the protections of the Advisers Act.

In addition, Investment Funds typically do not maintain their securities and other assets in the custody of a bank or a member of a securities exchange, as generally required of registered investment companies, in accordance with certain SEC rules. A registered investment company which places its securities in the custody of a member of a securities exchange is required to have a written custodian agreement, which provides that securities held in custody will be at all times individually segregated from the securities of any other person and marked to clearly identify such securities as the property of such investment company and which contains other provisions designed to protect the assets of such investment company. The Investment Funds in which the Fund will invest may maintain custody of their assets with brokerage firms which do not separately segregate such customer assets as would be required in the case of registered investment companies, or may not use a custodian to hold their assets. Under the provisions of the Securities Investor Protection Act of 1970, as amended, the bankruptcy of any brokerage firm used to hold Investment Fund assets could have a greater adverse effect on the Fund than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. There is also a risk that an Investment Manager could convert assets committed to it by the Fund to its own use or that a custodian could convert assets committed to it by an Investment Manager to its own use. There can be no assurance that the Investment Managers or the entities they manage will comply with all applicable laws and that assets entrusted to the Investment Managers will be protected.

Prospective investors should understand that the Fund is an appropriate investment only for investors who can tolerate a high degree of risk, including lesser regulatory protections in connection with the Fund's investments in Investment Funds than might normally be available through investments in registered investment company vehicles.

● **Investment Funds are Generally Non-diversified.** While there are no regulatory requirements that the investments of the Investment Funds be diversified, some Investment Funds may undertake to comply with certain investment concentration limits. Investment Funds may at certain times hold large positions in a relatively limited number of investments. Investment Funds may target or concentrate their investments in particular markets, sectors or industries. Those Investment Funds that concentrate in a specific industry or target a specific sector will also be subject to the risks of that industry or sector, which may include, but are not limited to, rapid obsolescence of technology, sensitivity to regulatory changes, minimal barriers to entry and sensitivity to overall market swings. As a result, the net asset value of such Investment Funds may be subject to greater volatility than those of investment companies that are subject to diversification requirements and this may negatively impact the net asset value of the Fund.

● **Investment Funds' Securities are Generally Illiquid.** The securities of the Investment Funds in which the Fund invests or plans to invest will generally be illiquid. Subscriptions to purchase the securities of Investment Funds are generally subject to restrictions or delays. Similarly, the Fund may not be able to dispose of Investment Fund interests that it has purchased in a timely manner and, if adverse market conditions were to develop during any period in which the Fund is unable to sell Investment Fund interests, the Fund might obtain a less favorable price than that which prevailed when it acquired or subscribed for such interests, and this may negatively impact the net asset value of the Fund.

● **Investment Fund Operations Not Transparent.** The Adviser does not control the investments or operations of the Investment Funds. An Investment Manager may employ investment strategies that differ from its past practices and are not fully disclosed to the Adviser and that involve risks that are not anticipated by the Adviser. Some Investment Managers may have a limited operating history, and some may have limited experience in executing one or more investment strategies to be employed for an Investment Fund. Furthermore, there is no guarantee that the information given to the Administrator and reports given to the Adviser with respect to the Portfolio Investments will not be fraudulent, inaccurate or incomplete. Investments in Investment Funds may impact the strategies, risks, and costs associated with the Fund itself. The Fund will have limited information about the Investment Funds in which it is investing, including with respect to the Investment Funds' holdings, liquidity, and valuation.

● **Valuation of the Fund's Interests in Investment Funds.** The valuation of the Fund's investments in Investment Funds is ordinarily determined based upon valuations provided by the Investment Managers of such Investment Funds, which valuations are generally not audited. A majority of the securities in which the Investment Funds invest will not have a readily ascertainable market price and will be valued by the Investment Managers. In this regard, an Investment Manager may face a conflict of interest in valuing the securities, as their value may affect the Investment Manager's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Fund, the accuracy of the valuations provided by the Investment Funds, that the Investment Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Funds' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. See "*Principal Risks of Investing in the Fund – Valuation of Private Investments Risk."* 

An Investment Manager's information could be inaccurate due to fraudulent activity, mis-valuation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time. Even if the Adviser elects to cause the Fund to sell its interests in such an Investment Fund, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Investment Manager's valuations of such interests could remain subject to such fraud or error, and the Adviser, as valuation designee under Rule 2a-5 under the 1940 Act, may determine to discount the value of the interests or value them at zero.

Shareholders should be aware that situations involving uncertainties as to the valuations by Investment Managers could have a material adverse effect on the Fund if the Investment Manager's, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Prospective investors who are unwilling to assume such risks should not make an investment in the Fund.

● **Multiple Levels of Fees and Expenses.** Although in many cases investor access to the Investment Funds may be limited or unavailable, an investor who meets the conditions imposed by an Investment Fund may be able to invest directly with the Investment Fund. By investing in Investment Funds indirectly through the Fund, the investor bears asset-based management fees charged by the Fund, in addition to any asset-based management fees and performance-based management fees and allocations at the Investment Fund level. Moreover, an investor in the Fund bears a proportionate share of other fees and expenses of the Fund (including, among other things and as applicable, offering expenses, operating costs, sales charges, brokerage transaction expenses, distribution fees, administrative and custody fees, and repurchase offer expenses) and, indirectly, similar expenses of the Investment Funds. Thus, an investor in the Fund may be subject to higher operating expenses than if he or she invested in an Investment Fund directly or in a closed-end fund which did not invest through Investment Funds.

Each Investment Fund generally will be subject to a performance-based fee or allocation irrespective of the performance of other Investment Funds and the Fund generally. Accordingly, an Investment Manager to an Investment Fund with positive performance may receive performance-based compensation from the Investment Fund, and thus indirectly from the Fund and its shareholders, even if the overall performance of the Fund is negative. Generally, asset-based fees payable to Investment Managers of the Investment Funds will range from 1% to 2% (annualized) of the commitment amount of the Fund's investment, and performance-based fees or allocations are typically 20%, although it is possible that such amounts may be exceeded for certain Investment Fund Managers. The performance-based compensation received by an Investment Manager also may create an incentive for that Investment Manager to make investments that are riskier or more speculative than those that it might have made in the absence of such performance-based compensation.

Investors that invest in the Fund through financial advisers or intermediaries may also be subject to account fees or charges levied by such parties. Prospective investors should consult with their respective financial advisers or intermediaries for information regarding any fees or charges that may be associated with the services provided by such parties.

● **Inability to Vote.** To the extent that the Fund owns less than 5% of the voting securities of each Investment Fund, it may be able to avoid that any such Investment Fund is deemed an "affiliated person" of the Fund for purposes of the 1940 Act (which designation could, among other things, potentially impose limits on transactions with the Investment Funds, both by the Fund and other clients of the Adviser). To limit its voting interest in certain Investment Funds, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in an Investment Fund. These voting waiver arrangements may increase the ability of the Fund and other clients of the Adviser to invest in certain Investment Funds. However, to the extent the Fund contractually forgoes the right to vote the securities of an Investment Fund, the Fund will not be able to vote on matters that require the approval of such Investment Fund's investors, including matters which may be adverse to the Fund's interests. There are, however, other statutory tests of affiliation (such as on the basis of control), and, therefore, the prohibitions of the 1940 Act with respect to affiliated transactions could apply in certain situations where the Fund owns less than 5% of the voting securities of an Investment Fund. If the Fund is considered to be affiliated with an Investment Fund, transactions between the Fund and such Investment Fund may, among other things, potentially be subject to the prohibitions of Section 17 of the 1940 Act notwithstanding that the Fund has entered into a voting waiver arrangement.

● **Consortium or Offsetting Investments.** One or more Investment Managers may work with other Investment Managers to invest collectively in the same underlying company, which could result in increased concentration risk where multiple Investment Funds in the Fund's portfolio each invest in a particular underlying company. In other situations, Investment Funds may hold economically offsetting positions. To the extent that the Investment Managers do, in fact, hold such offsetting positions, the Fund's portfolio, considered as a whole, may not achieve any gain or loss despite incurring fees and expenses in connection with such positions. In addition, Investment Managers are compensated based on the performance of their portfolios. Accordingly, there often may be times when a particular Investment Manager may receive incentive compensation in respect of its portfolio for a period even though the Fund's net asset value may have decreased during such period. Furthermore, it is possible that from time to time, various Investment Managers selected by the Adviser may be competing with each other for investments in one or more markets.

● **Limitations on Ability to Invest in Investment Funds.** Certain Investment Managers' investment approaches can accommodate only a certain amount of capital. Investment Managers typically endeavor not to undertake to manage more capital than such Investment Manager's approach can accommodate without risking a potential deterioration in returns. Accordingly, each Investment Manager has the right to refuse to manage some or all of the Fund's assets that the Adviser may wish to allocate to such Investment Manager. Further, continued sales of Shares would dilute the indirect participation of existing shareholders with such Investment Manager.

In addition, it is expected that the Fund will be able to make investments in particular Investment Funds only at certain times, and commitments to Investment Funds may not be accepted (in part or in their entirety). As a result, the Fund may hold cash or invest any portion of its assets that is not invested in Investment Funds in cash equivalents, short-term securities or money market securities pending investment in Investment Funds. To the extent that the Fund's assets are not invested in Investment Funds, the Fund may be unable to meet its investment objective.

● **Indemnification of Investment Funds and Investment Managers.** The Fund may agree to indemnify certain of the Investment Funds and the Investment Managers and their respective officers, directors, and affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of Investment Funds or direct investments. If the Fund were required to make payments (or return distributions received from such Investment Funds or direct investments) in respect of any such indemnity, the Fund could be materially adversely affected.

● **Termination of the Fund's Interest in an Investment Fund.** An Investment Fund may, among other things, terminate the Fund's interest in that Investment Fund (causing a forfeiture of all or a portion of such interest) if the Fund fails to satisfy any capital call by that Investment Fund or if the continued participation of the Fund in the Investment Fund would have a material adverse effect on the Investment Fund or its assets.

● **Restrictions on Withdrawals from Investment Funds.** The ability of the Fund to withdraw any amount invested in an Investment Fund may be subject to certain restrictions and conditions, including restrictions on the withdrawal of interests for a specified period (a "lock-up"), restrictions on the amount of withdrawals and the frequency with which withdrawals can be made, and investment minimums which must be maintained. Additionally, Investment Managers typically reserve the right to suspend withdrawals and to satisfy withdrawals by making distributions in-kind of securities which may not be marketable, under certain circumstances. During past financial market crises, private investment funds have suspended withdrawals or redemptions, allocated substantial portions of their portfolios to "special purpose vehicles" with delayed liquidity and/or "side- pocketed" or "designated" portions of their portfolios due to what the Investment Managers of such funds believed to be an inability to effect portfolio transactions at reasonable price levels.

**Force Majeure Risk**

Investment Funds may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including an Investment Fund or a counterparty to the Fund or an Investment Fund) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to an Investment Fund or the Fund of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which the Fund may invest specifically. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more Portfolio Investments or its assets, could result in a loss to the Fund, including if its investment in such Investment Fund is canceled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). Any of the foregoing may therefore adversely affect the performance of the Fund and its investments.

**Nature of Portfolio Companies**

The Investment Funds will include direct and indirect investments in various companies, ventures and businesses. This may include portfolio companies in the early phases of development, which can be highly risky due to the lack of a significant operating history, fully developed product lines, experienced management, or a proven market for their products. The Fund's investments may also include portfolio companies that are in a state of distress or which have a poor record and which are undergoing restructuring or changes in management, and there can be no assurances that such restructuring or changes will be successful. The management of such portfolio companies may depend on one or two key individuals, and the loss of the services of any of such individuals may adversely affect the performance of such portfolio companies.

**Non-Diversification Risk**

The Fund is non-diversified, which means it is permitted to invest a greater portion of its assets in a smaller number of issuers than a "diversified" fund. For this reason the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely. The Fund may also be subject to greater market fluctuation and price volatility than a more broadly diversified fund.

**New Fund Risk**

The Fund is a new fund which may result in additional risks. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

**U.S. Government Securities Risk**

Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. U.S. Government securities are also subject to default risk, that is the risk that the U.S. Treasury will be unable to meet its payment obligations.

The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

**Valuation Risks**

Investors who purchase shares of the Fund on, or whose repurchase requests are valued on, days when the Fund is holding instruments that have been fair valued may receive fewer or more shares or lower or higher repurchase proceeds than they would have received if the instruments had not been fair valued or if the Fund had employed an alternate valuation methodology. Such risks may be more pronounced in a rising interest rate environment and/or an environment of increased equity market volatility, and, to the extent the Fund holds a significant percentage of fair valued or otherwise difficult to value securities, it may be particularly susceptible to the risks associated with valuation. For additional information about valuation determinations, see "Determination of Net Asset Value" below. Portions of the Fund's portfolio that are fair valued or difficult to value vary from time to time. The Fund's shareholder reports (when available) contain detailed information about the Fund's holdings that are fair valued or difficult to value, including values of such holdings as of the dates of the reports.

**Non-Listed Closed-End Fund Structure Risks**

The Fund has been organized as a closed-end management investment company. A shareholder will not be able to redeem his, her or its Shares on a daily basis because the Fund is a closed-end fund. In addition, the Fund's Shares are subject to restrictions on transferability and liquidity will be provided by the Fund only through limited repurchase offers or transfer of shares described below. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment.

In addition, because the Fund's non-fundamental policies may be changed by a vote of the Board without the approval of shareholders, in the event of such a change, you may hold an investment with a strategy you did not anticipate, with limited means by which to dispose of your investment in a timely manner.

**Repurchase Offers Risks**

The Fund has no obligation to repurchase Shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Board of Trustees, in its sole discretion. With respect to any future repurchase offer, shareholders tendering any Shares for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer (the "Notice Date"). The Notice Date will occur prior to the date as of which the Shares to be repurchased are valued by the Fund (the "Valuation Date"). Tenders will be revocable upon written notice to the Fund until the date specified in the terms of the repurchase offer. Shareholders that elect to tender any Shares for repurchase will not know the price at which such Shares will be repurchased until the Fund's NAV as of the Valuation Date is able to be determined. It is possible that during the time period between the Notice Date and the Valuation Date, general economic and market conditions, or specific events affecting one or more Investment Funds, could cause a decline in the value of Shares in the Fund. **Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly**. In addition, the Fund's investments in Portfolio Investments are generally illiquid. The Fund will not be able to dispose of many such investments except through negotiated secondary transactions with third parties, which may occur at a significant discount to NAV, may include incremental transaction expenses and may not be available at any given time. There is no assurance that third parties will engage in such secondary transactions and the Fund may require and be unable to obtain the Investment Fund's consent to effect such transactions. The Fund may need to suspend or postpone repurchase offers if it is not able to dispose of its interests in Investment Funds in a timely manner. See "Repurchases and Transfers of Shares."

**Temporary Defensive Strategies Risk.**

When the Adviser anticipates unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure and invest all or a portion of its assets in Temporary Investments rather than investing in other Portfolio Investments that provide the potential for greater long-term capital appreciation or income. Under such conditions, the Fund may not invest in accordance with its investment objective or principal investment strategy. As a result, there is no assurance that the Fund will achieve its investment objective and it may lose the benefit of market upswings.

**Other Risks Relating to the Fund**

*Substantial Fees and Expenses*

 

A shareholder in the Fund that meets the eligibility conditions imposed by one or more Investment Funds, including minimum initial investment requirements that may be substantially higher than those imposed by the Fund, could potentially invest directly in primaries of such Investment Funds. By investing in the Investment Funds through the Fund, a shareholder in the Fund will bear a portion of the Management Fee and other expenses of the Fund. A shareholder in the Fund will also indirectly bear a portion of the asset-based fees, carried interests or incentive allocations (which are a share of an Investment Fund's returns which are paid to the Investment Manager) and fees and expenses borne by the Fund as an investor in the Investment Funds. In addition, to the extent that the Fund invests in an Investment Fund that is itself a "fund of funds," the Fund will bear a third layer of fees. Each Investment Manager receives any incentive-based allocations to which it is entitled irrespective of the performance of the other Investment Funds and the Fund generally. As a result, an Investment Fund with positive performance may receive compensation from the Fund, even if the Fund's overall returns are negative.

*Distributions In-Kind*

 

There can be no assurance that the Fund will have sufficient cash to pay for Shares that are being repurchased or that it will be able to liquidate Investments at favorable prices to pay for repurchased Shares. The Fund has the right to distribute securities as payment for repurchased Shares in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund. For example, it is possible that the Fund may receive securities from an Investment Fund that are illiquid or difficult to value. In such circumstances, the Adviser would seek to dispose of these securities in a manner that is in the best interests of the Fund, which may include a distribution in-kind to the Fund's shareholders. In the event that the Fund makes such a distribution of securities, shareholders will bear any risks of the distributed securities and may be required to pay a brokerage commission or other costs in order to dispose of such securities.

*Incentive Allocation Arrangements*

 

Each Investment Manager may receive a performance fee, carried interest or incentive allocation generally equal to 20% of the net profits earned by the Investment Fund that it manages, typically subject to a preferred return. These performance incentives may create an incentive for the Investment Managers to make investments that are riskier or more speculative than those that might have been made in the absence of the performance fee, carried interest, or incentive allocation.

*Control Positions*

 

Investment Funds may take control positions in companies. The exercise of control over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise and other types of liability related to business operations. In addition, the act of taking a control position, or seeking to take such a position, may itself subject an Investment Fund to litigation by parties interested in blocking it from taking that position. If those liabilities were to arise, or such litigation were to be resolved adversely to the Investment Funds, the investing Investment Funds likely would suffer losses on their investments.

*Inadequate Return*

 

No assurance can be given that the returns on the Fund's investments will be commensurate with the risk of investment in the Fund. Shareholders should not commit money to the Fund unless they have the resources to sustain the loss of their entire investment in the Fund.

*Inside Information*

 

From time to time, the Fund or its affiliates may come into possession of material, non-public information concerning an entity in which the Fund has invested, or proposes to invest. Possession of that information may limit the ability of the Fund to buy or sell securities of the entity.

*Recourse to the Fund's Assets*

 

The Fund's assets, including any investments made by the Fund and any interest in the Investment Funds held by the Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

*Limitations on Transfer; Shares Not Listed; No Market for Shares*

 

The transferability of Shares is subject to certain restrictions contained in the Fund's Agreement and Declaration of Trust and is affected by restrictions imposed under applicable securities laws. Shares are not traded on any national securities exchange or other market. No market currently exists for Shares, and the Fund contemplates that one will not develop. The Shares are, therefore, not readily marketable. Consequently, Shares should only be acquired by investors able to commit their funds for an indefinite period of time.

**Currency Risk**

The risk that the value of the Fund's investments in foreign securities or currencies will be affected by the value of the applicable currency relative to the U.S. dollar. When the Fund sells a foreign currency or foreign currency denominated security, its value may be worth less in U.S. dollars even if the investment increases in value in its local market. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the revenue earned by issuers of these securities may also be affected by changes in the issuer's local currency. Currency markets generally are not as regulated as securities markets. The dollar value of foreign investments may be affected by exchange controls. The Fund may be positively or negatively affected by governmental strategies intended to make the U.S. dollar, or other currencies in which the Fund invests, stronger or weaker. Currency risk may be particularly high to the extent that the Fund invests in foreign securities or currencies that are economically tied to emerging market countries.

**Emerging Markets Risk**

The risks of foreign investments are usually greater for emerging markets. Investments in emerging markets may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Settlements of trades in emerging markets may be subject to significant delays. The inability to make intended purchases of securities due to settlement problems could cause missed investment opportunities. Losses could also be caused by an inability to dispose of portfolio securities due to settlement problems. Sometimes, emerging markets may lack or be in the relatively early development of legal structures governing private and foreign investments and private property, and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) and investors (e.g., the Fund) to bring actions against bad actors may be limited. As a result of these legal structures and limitations, the Fund faces the risk of being unable to enforce its rights with respect to its investments in emerging markets, which may cause losses to the Fund. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

The risks outlined above are often more pronounced in "frontier markets" in which the Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors make investing in frontier market countries significantly riskier than investing in other countries.

**Equity Risk**

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company. Equity securities include but are not limited to common stock, shares or interests issued by private equity issuers or investment funds, preferred stock, securities convertible into common or preferred stock and warrants or rights to acquire common stock, including options. The value of an equity security may be based on the real or perceived success or failure of the particular company's business, any income paid to stockholders in the form of a dividend, the value of the company's assets, general market conditions, or investor sentiment generally. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

**Special Purpose Acquisition Companies Risk**

The Fund may invest in SPACs or similar special purpose entities. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their securities' prices. In addition, these securities, which are typically traded in the OTC market, may be considered illiquid and/or be subject to restrictions on resale.

**Large Shareholder Transaction Risk**

The Fund may experience adverse effects when certain large shareholders purchase or request repurchases of large amounts of shares of the Fund. To the extent the Fund obtains repurchase proceeds by disposing of its interest in certain Investment Funds, the Fund will thereafter hold a larger proportion of its assets in the remaining Investment Funds, some of whose interests at times may be less liquid or illiquid. This could adversely affect the ability of the Fund to fund subsequent repurchase requests of shareholders or to conduct future repurchases at all. In addition, after giving effect to such dispositions, the remaining Investment Funds may not reflect the Adviser's ideal judgments as to the desired portfolio composition of the Fund's Investment Funds, in that the Fund's performance may be tied to the performance of fewer Investment Funds and/or may not reflect the Adviser's judgment as to the Fund's optimal exposure to particular asset classes or investment strategies. These consequences may be particularly applicable if the Fund received requests to repurchase substantial amounts of shares, and may have a material adverse effect on the Fund's ability to achieve its investment objective and the value of the Shares. In addition, substantial repurchases of Shares could result in a sizeable decrease in the Fund's net assets, resulting in an increase in the Fund's total annual operating expense ratio.

**Operational Risks Associated with Cybersecurity**

The Fund and its service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cybersecurity breaches of those technological or information systems. Cybersecurity breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. For instance, cybersecurity breaches may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulator fines or financial losses and/or cause reputational damage.

**Corporate Debt Securities**

The Fund may invest directly and indirectly via an Investment Fund, in bonds and related debt instruments of corporate entities issued by U.S. and non-U.S. companies. Corporate debt instruments are used by companies to borrow money from investors for working capital or capital expenditure needs. The issuers pays the investor a variable or fixed rate of interest and typically, is required to repay the amount borrowed on or before the maturity date.

**Mezzanine Investments**

The Fund may invest, directly and indirectly via an Investment Fund, in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower's capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Due to the higher risk profile and often less restrictive covenants of mezzanine loans as compared to senior loans, mezzanine loans sometimes earn a higher return than senior secured loans. Typically, mezzanine loans have elements of both debt and equity instruments, offering a fixed return in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of the loan principal on an agreed amortization schedule while retaining the equity interest in the borrower. Mezzanine loans also may include a "put" feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven (7) to ten (10) years, but the expected average life is significantly shorter at three (3) to five (5) years. Mezzanine investments are usually unsecured and subordinate to other debt obligations of an issuer.

**Structured Finance Securities Risk**

The Fund may invest, directly and indirectly via an Investment Fund, in tranches of CLOs or other structured financial instruments including but not limited to Residential Mortgage-Backed Securities and Commercial Mortgage-Backed Securities. Such structured finance securities are generally backed by an asset or a pool of assets, which serve as collateral. Depending on the type of security, the collateral may take the form of a portfolio of mortgage loans or bonds or other assets. The Fund, directly or indirectly through its investment via an Investment Fund, and other investors in structured finance securities ultimately bear the credit risk of the underlying collateral. In some instances, the structured finance securities are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. In light of the above considerations, structured finance securities may present risks similar to those of the other types of debt obligations in which the Fund or an Investment Fund may invest and, in fact, such risks may be of greater significance in the case of structured finance securities. Moreover, investing in structured finance securities may entail a variety of unique risks. In addition to the risks noted above and other risks, structured finance securities may be subject to prepayment risk. In addition, the performance of a structured finance security will be affected by a variety of factors, including the structured finance security's priority in the capital structure of the issuer thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the securitized assets. In addition, the complex structure of the security may produce unexpected investment results, especially during times of market stress or volatility. Investments in structured finance securities may also be subject to illiquidity risk.

**Small- and Mid-Capitalization Companies**

The small- and mid-capitalization companies in which the Fund may invest, directly and indirectly via an Investment Fund, may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid- cap stocks may be more volatile than those of larger companies.

**Exchange-Traded Funds**

The Fund may invest, directly and indirectly via an Investment Fund, in exchange traded funds ("ETFs"). ETFs generally represent an interest in a passively managed portfolio of securities selected to replicate a securities index, such as the S&P 500 Index or the Dow Jones Industrial Average, or to represent exposure to a particular industry or sector. Unlike open-end mutual funds, the shares of ETFs and closed-end investment companies are not purchased and redeemed by investors directly with the Fund, but instead are purchased and sold through broker-dealers in transactions on a stock exchange. Because ETF and closed-end fund shares are traded on an exchange, they may trade at a discount from or a premium to the net asset value per share of the underlying portfolio of securities. In addition to bearing the risks related to investments in equity securities, investors in ETFs intended to replicate a securities index bear the risk that the ETFs' performance may not correctly replicate the performance of the index. The Fund's investment in ETFs, closed-end funds and other investment companies will result in the layering of fees and expenses on the Fund, such that shareholders will indirectly bear a proportionate share of the expenses of those funds, including management fees, custodial and accounting costs, and other expenses. Trading in ETF and closed-end fund shares also entails payment of brokerage commissions and other transaction costs.

**Business Development Company Risks**

The Fund may invest, directly and indirectly via an Investment Fund, in BDCs. A BDC is a type of closed-end fund, typically invests in small and medium-sized U.S. companies. A BDC's portfolio is subject to the risks inherent in investing in smaller companies, including that portfolio companies may be dependent on a small number of products or services and may be more adversely affected by poor economic or market conditions. Some BDCs invest substantially, or even exclusively, in one sector or industry group and therefore the BDC may be susceptible to adverse conditions and economic or regulatory occurrences affecting the sector or industry group, which tends to increase volatility and result in higher risk. The Small Business Credit Availability Act permits BDCs to adopt a lower asset coverage ratio, thereby enhancing their ability to use leverage. Investments in BDCs that use greater leverage may be subject to heightened risks.

The Fund will indirectly bear a pro rata share of fees and expenses incurred by any investment companies in which the Fund is invested. The Fund's pro rata portion of the cumulative expenses charged by the investment companies is calculated as a percentage of the Fund's average net assets. The pro rata portion of the cumulative expenses may be higher or lower depending on the allocation of the Fund's assets among the investment companies and the actual expenses of the investment companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with Fund operations.

**Regulatory and Legal Risks**

U.S. and non-U.S. government agencies and other regulators regularly adopt new regulations and legislatures enact new statutes that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation that applies to the Fund. These statutes and regulations may impact the investment strategies, performance, costs and operations of the Fund or the taxation of its shareholders.

**Potential Conflicts of Interest Risk**

The Adviser and the portfolio managers of the Fund have interests which may conflict with the interests of the Fund. In particular, the Adviser manages and/or advises other investment funds or accounts with the same or similar investment objectives and strategies as the Fund. As a result, the Adviser and the Fund's portfolio managers may devote unequal time and attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as complete a strategy or identify equally attractive investment opportunities as might be the case if they were to devote substantially more attention to the management of the Fund. The Adviser and the Fund's portfolio managers may identify a limited investment opportunity that may be suitable for multiple funds and accounts, and the opportunity may be allocated among these several funds and accounts, which may limit the Fund's ability to take full advantage of the investment opportunity. Additionally, transaction orders may be aggregated for multiple accounts for purpose of execution, which may cause the price or brokerage costs to be less favorable to the Fund than if similar transactions were not being executed concurrently for other accounts. Furthermore, it is theoretically possible that a portfolio manager could use the information obtained from managing a fund or account to the advantage of other funds or accounts under management, and also theoretically possible that actions could be taken (or not taken) to the detriment of the Fund. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and accounts. For example, a portfolio manager may determine that it would be in the interest of another account to sell a security that the Fund holds, potentially resulting in a decrease in the market value of the security held by the Fund.

Conflicts potentially limiting the Fund's investment opportunities may also arise when the Fund and other clients of the Adviser invests in, or even conduct research relating to, different parts of an issuer's capital structure, such as when the Fund owns senior debt obligations of an issuer and other clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of the Adviser or results in the Adviser receiving material, non-public information, or the Adviser may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund's investment opportunities. Additionally, if the Adviser acquires material non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients.

The portfolio managers also may engage in cross trades between funds and accounts, may select brokers or dealers to execute securities transactions based in part on brokerage and research services provided to the Adviser which may not benefit all funds and accounts equally and may receive different amounts of financial or other benefits for managing different funds and accounts. The Adviser and its affiliates may provide more services to some types of funds and accounts than others.

The Fund and/or the Adviser (as applicable) have adopted policies and procedures that address the foregoing potential conflicts of interest, including policies and procedures to address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all accounts of the Adviser are treated equitably. There is no guarantee that the policies and procedures adopted by the Adviser and the Fund will be able to identify or mitigate the conflicts of interest that arise between the Fund and any other investment funds or accounts that the Adviser may manage or advise from time to time. For further information on potential conflicts of interest, see "Fund Management—Conflicts of Interest Between the Portfolio Managers and Other Accounts" in the SAI.

**Special Tax Risks**

Special tax risks are associated with an investment in the Fund. The Fund intends to satisfy the requirements each taxable year necessary to qualify as a "regulated investment company" or "RIC" under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, certain ongoing asset diversification, source-of-income and annual distribution requirements. Each of these ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Fund obtain information from the Investment Funds in which the Fund is invested.

Some of the income that the Fund may earn directly, or indirectly through an Investment Interest, such as income earned through an equity investment in an operating partnership, might not satisfy the source-of-income requirement applicable to RICs. To manage the risk that such income might jeopardize the Fund's tax status as a RIC, one or more subsidiary entities treated as corporations for U.S. federal income tax purposes may be incorporated to hold the applicable investments (and earn the income). If a subsidiary is formed as a U.S. entity, the entity will generally be required to incur entity-level income taxes on its earnings. If a subsidiary is formed as a non-U.S. entity, it will generally be subject to U.S. federal income tax (and a U.S. branch profits tax) on its income that is treated as effectively connected with the conduct of a trade or business in the U.S. A non-U.S. entity might also be subject to U.S. withholding taxes on certain U.S.-source income and non-U.S. taxes. Any costs of subsidiaries (including withholding, income and branch profits taxes) will reduce the return to shareholders.

If before the end of any quarter of its taxable year, the Fund believes that it may fail any of the asset diversification requirements, the Fund may seek to take certain actions to avert such a failure. However, certain actions typically taken by RICs to avert such a failure (e.g., the disposition of assets causing the diversification discrepancy) may be difficult for the Fund to pursue because the Fund will be allowed to redeem its interest in an Investment Fund only at certain times specified by the governing documents of each respective Investment Fund. While the Code ordinarily affords the Fund a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to effect a redemption from an Investment Fund referred to above may limit utilization of this cure period.

If the Fund fails to satisfy the asset diversification or other RIC requirements, it may lose its status as a RIC under the Code. In that case, all of its taxable income would be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to shareholders. In addition, all distributions (including distributions of net capital gain) to shareholders would be characterized as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification of the Fund as a RIC would have a material adverse effect on the value of the Fund's Shares and the amount of the Fund's distributions.

**Additional Tax Considerations; Distributions to Shareholders and Potential Fund-Level Tax Liabilities**

The Fund expects to distribute substantially all of its net ordinary income and net capital gains to shareholders. These distributions are respectively characterized as ordinary dividend income or long-term capital gain when distributed as dividends for U.S. federal income tax purposes to shareholders. The Fund will inform shareholders of the amount and character of its distributions to shareholders. See "Tax Matters" below for more information. If the Fund distributes (or is deemed to have distributed) in respect of any calendar year less than the sum of 98% of its calendar year ordinary income (taking into account certain deferrals and elections), 98.2% of its capital gain net income (determined on the basis of a one-year period generally ending on October 31 of such calendar year, and adjusted for certain ordinary losses), plus any such amounts that were not distributed in previous calendar years, then the Fund will generally be subject to a nondeductible 4% excise tax with respect to the Fund's undistributed amounts. The Fund will not be subject to this excise tax on any amount which the Fund incurred an entity-level U.S. federal income tax.

In addition, the Fund may invest in Investment Funds located outside of the U.S. or other non-U.S. portfolio company or entities which may be considered passive foreign investment companies ("PFICs") or controlled foreign corporations ("CFCs") for U.S. federal income tax purposes. A non-U.S. subsidiary formed by the Fund may be treated as a CFC or PFIC for U.S. federal income tax purposes. PFICs and CFCs are subject to special tax rules, under which income may be recognized by the Fund in respect of PFICs and CFCs regardless of whether thee PFICs or CFCs make any distributions to the Fund. As a result, the Fund may, in a particular taxable year, be required to make ordinary income distributions in excess of the net economic income from such investments with respect to such taxable year. Furthermore, income or gain from such Investment Funds or other entities may be subject to non-U.S. withholding or other taxes. Any such withholding or other taxes would reduce the return on the Fund's investment in such Investment Funds and thus on the shareholders' investment in the Fund. See "Tax Matters."

**Limits of Risk Disclosures**

The above discussions of the various risks associated with the Fund and the Shares are not, 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 advisors 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 described in this Prospectus.

**MANAGEMENT OF THE FUND**

**Trustees and Officers**

Pursuant to the Declaration of Trust ("Declaration of Trust") and By-Laws ("By-Laws"), the Fund's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. There are three (3) Trustees of the Fund, one (1) of whom is an "interested person," as defined in the Investment Company Act, and two (2) of whom are not "interested persons." The Trustees are subject to removal or replacement in accordance with Delaware law and the Declaration of Trust. The Trustees who currently comprise the Board were elected by the Fund's sole initial shareholder. The names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the SAI.

**Investment Adviser**

Banner Ridge Partners, LP serves as the Fund's investment adviser pursuant to the terms of the Investment Management Agreement and subject to the oversight of, and any policies established by, the Board. Pursuant to the Investment Management Agreement, the Adviser is responsible for the management of the Fund and the daily investment of the assets for the Fund. Banner Ridge's principal offices are located at 641 Lexington Avenue, 31st Floor, New York, NY 10022. As of August 20, 2025, Banner Ridge had approximately $13.3 billion in total assets under management.

The Board, including a majority of the Independent Trustees, oversees and monitors the Fund's investment performance as well as the activities of the Adviser. After an initial two-year term, the Board will review on an annual basis the Investment Management Agreement to determine, among other things, whether the fees payable thereunder are reasonable in light of the services provided.

**Management Fee**

For its services to the Fund, Banner Ridge is entitled to a Management Fee at an annual rate of one percent (1.00%) of each shareholder's Capital Commitment. Each year following the expiration of the Commitment Period (including any extension thereof), Banner Ridge expects to reduce the annual rate of the Management Fee by ten percent (10%) of the applicable rate of the Management Fee for the prior year. The Management Fee is calculated and paid each calendar quarter in arrears.

A discussion of the factors that the Board considered in approving the Fund's Investment Management Agreement will be available in the Fund's reports filed on Form N-CSR for the fiscal period from the Fund's commencement of operations – April 30, 2026.

**Portfolio Management**

The following portfolio managers will be responsible for implementing portfolio management decisions for the Fund:

**Anthony Cusano, Managing Partner.**

Mr. Cusano is a Co-Founder and Managing Partner at Banner Ridge. Mr. Cusano is the chairman of the Investment Committee and is responsible for sourcing and executing transactions across the firm's investment products.

Mr. Cusano brings eighteen years of experience analyzing and structuring complex private deals. Prior to Banner Ridge, Mr. Cusano spent nine years at Siguler Guff & Company, LP, where he was a Managing Director and sole Portfolio Manager of the firm's Secondary Opportunities Fund. Mr. Cusano also focused on private equity investments across the firm's primary, secondary and co-investment business lines. Previously, Mr. Cusano worked on the distressed research team at StepStone Group where he focused on distressed debt and special situations globally. Before joining StepStone, Mr. Cusano worked for Cornell Capital Partners where he structured equity PIPE and convertible debt transactions in public securities. Mr. Cusano also owned and operated an IT consulting firm, which was subsequently acquired by CopyCare of San Diego, Inc. in 2007.

Mr. Cusano holds a B.S. summa cum laude in Business Administration with a concentration in Financial Management from California Polytechnic State University and an M.B.A. in Entrepreneurial Finance from the University of California San Diego's Rady School of Management. Mr. Cusano is a CFA charterholder.

**C.J. Driessen, Partner**

Mr. Driessen is a Co-Founder and Partner at Banner Ridge. Mr. Driessen is responsible for sourcing, underwriting and analyzing investments across the firm's platform and serves on the Investment Committee.

Previously, Mr. Driessen was a Principal at Siguler Guff & Company, LP, where he was responsible for leading the underwriting of secondary transactions across distressed, special situations, out-of-favor, and credit funds as well as illiquid hedge fund interests. In addition, Mr. Driessen led complex financing structures for clients across the firm and oversaw the development of the portfolio management system for secondary transactions. Prior to Siguler Guff, Mr. Driessen focused on analysis of hedge fund side pocket secondary transactions, special situations co-investments and public markets credit and equity investments at LSV Advisors. Mr. Driessen started his career in Mergers & Acquisitions at The Blackstone Group, where he worked on the structured transactions team focusing on complex situations involving derivatives, tax-free spin-offs and the restructuring of AIG. Prior to The Blackstone Group, Mr. Driessen designed, implemented and managed a proprietary web-based project management and pipeline system at Johnson & Johnson.

Mr. Driessen holds a B.A. in Economics and a B.S. in Systems Engineering from the University of Pennsylvania. Mr. Driessen is a CFA charterholder.

**Other Information**

This Prospectus and the SAI, related regulatory filings, and any other Fund communications or disclosure documents do not purport to create any contractual obligations between the Fund and Shareholders. The Fund may amend any of these documents or enter into (or amend) a contract on behalf of the Fund without Shareholder approval except where Shareholder approval is specifically required. Further, Shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Fund, including contracts with the Adviser or other parties who provide services to the Fund.

**FUND EXPENSES**

The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund. As described below, however, the Fund bears all other expenses incurred in the business and operation of the Fund, including amounts that the Fund pays the Adviser or to any other service provider affiliated with the Fund for certain services that the Adviser and /or its affiliates or such other affiliates provide or arrange to be provided to the Fund.

Expenses borne directly by the Fund include:

● all expenses related to its investment program, including, but not limited to, expenses borne indirectly through the Fund's investments in the Investment Funds, including any fees and expenses charged by the Investment Managers of the Investment Funds (including management fees, performance or incentive fees and redemption or withdrawal fees, however titled or structured), all costs 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, including its investments in Investment Funds (whether or not consummated), and enforcing the Fund's rights in respect of such investments, transfer taxes and premiums, taxes withheld on non-U.S. dividends, fees for data and software providers, research expenses, professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts) and, if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

● any non-investment related interest expense;

● the cost of calculating the NAV of Shares, including the cost of any third-party pricing or valuation services;

● the cost of effecting sales, tender offers and repurchases of Shares;

● the Management Fee;

● professional fees relating to investments, including expenses of consultants, investment bankers, attorneys, accountants and other experts;

● fees and expenses relating to software tools, programs or other technology (including risk management software, fees to risk management services providers, third-party software licensing, implementation, data management and recovery services and custom development costs);

● research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data);

● all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among the Adviser and any custodian or other agent engaged by the Fund;

● transfer agent and custodial fees;

● fees and expenses associated with marketing efforts, if any, including any distribution and service (12b-1) type fees;

● federal and any state registration or notification fees;

● federal, state and local taxes;

● fees and expenses of Trustees not also serving in an executive officer capacity for the Fund or the Adviser (except that the Adviser will bear the cost of any special Board meetings or any shareholder meetings convened for the primary benefit of the Adviser);

● the costs of preparing, printing and mailing reports and other communications, including tender offer correspondence or similar materials, to shareholders (except that the Adviser bears the cost of printing and distributing extra copies of the Fund's prospectus, statement of additional information, and sales and advertising materials to prospective investors (but not to existing shareholders));

● fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums;

● direct costs such as printing, mailing, long distance telephone and staff;

● legal expenses (including those expenses associated with preparing the Fund's public filings, attending and preparing for Board meetings, as applicable, and generally serving as counsel to the Fund);

● external accounting expenses (including fees and disbursements and expenses related to the annual audit of the Fund and the preparation of the Fund's tax information);

● any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its shares, including but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors, and third-party due diligence providers;

● costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with The Sarbanes-Oxley Act of 2002; and

● any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Fund's organizational documents.

The Adviser will be reimbursed by the Fund for any of the above expenses that it pays on behalf of the Fund, except as otherwise provided above.

Investment Funds bear various expenses in connection with their operations similar to those incurred by the Fund.

Investment Managers generally assess asset-based fees to, and receive incentive-based fees from, the Investment Funds (or their investors), which effectively will reduce the investment returns of the Investment Funds. These expenses and fees will be in addition to those incurred by the Fund itself. As an investor in the Investment Funds, the Fund will bear its proportionate share of the expenses and fees of the Investment Funds and will also be subject to incentive fees to the Investment Managers.

**Organizational and Offering Costs**

Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. These costs are payable by the Fund, either directly or through reimbursements to the Adviser if the Adviser initially pays for such costs.

The Fund's initial offering costs include, among other things, legal, accounting, printing and other expenses pertaining to this offering. These costs are payable by the Fund, either directly or through reimbursements to the Adviser if the Adviser initially pays for such costs.

**PLAN OF DISTRIBUTION**

Foreside Financial Services, LLC located at 190 Middle Street, Suite 301, Portland, ME 04101 (the "Distributor"), is the principal underwriter of shares of the Fund. Shares may be purchased only through the Distributor. The Distributor acts as the distributor of shares for the Fund on a best efforts basis, subject to various conditions, pursuant to the terms of its contract with the Fund. The Distributor is not obligated to sell any specific amount of shares of the Fund. The Distributor will also act as agent for the Fund in connection with repurchases of Shares.

Neither the Distributor nor any other broker-dealer is obligated to buy from the Fund any of the shares. The Distributor does not intend to make a market in the Shares. The Distribution Agreement provides that the Fund will indemnify the Distributor and its trustees or directors, officers, and control persons (within the meaning of Section 15 of the Securities Act) against certain liabilities arising under the Securities Act. The indemnification will not apply to actions of the Distributor, its trustees or directors, officers, or control persons in cases of their willful misfeasance, bad faith, or gross negligence in the performance of their duties. The Distribution Agreement further provides that the Distributor will indemnify the Fund and its Trustees, officers, and control persons (within the meaning of Section 15 of the Securities Act) against certain liabilities arising under the Securities Act. The indemnification will not apply to actions of the Fund, its Trustees, officers, or control persons in cases of their willful misfeasance, bad faith, or gross negligence in the performance of their duties.

Purchase orders will be effective only upon the Fund's acceptance, and the Fund reserves the right to reject any purchase order in whole or in part in certain limited circumstances (including, without limitation, when it has reason to believe that a purchase of shares would be unlawful). Shares are not available in certificated form.

As of the date of the prospectus, all of the Fund's shares are owned by Banner Ridge. It is expected that, shortly after the Fund commences operations, Banner Ridge DSCO Fund III, LP ("DSCO Fund III") will invest in the Fund and own the majority of the Fund's shares. DSCO Fund III is private fund organized as a limited partnership to which Banner Ridge is the Investment Manager and acts as the General Partner.

The Adviser may pay additional compensation out of its own resources (i.e., not Fund assets) to certain brokers, dealers or other financial intermediaries that have agreed to participate in the distribution of the Fund's shares, for sales and wholesaling support, and also for other services including due diligence support, account maintenance, provision of information and support services.

No market currently exists for the Fund's shares. The Fund's shares are not listed and the Fund does not currently intend to list its shares for trading on any securities exchange, and the Fund does not anticipate that any secondary market will develop for its shares. Neither the Adviser nor the Distributor intends to make a market in the Fund's shares.

The Distributor is not obligated to buy any of the shares and does not intend to make a market in the shares. The Fund has agreed to indemnify the Distributor and certain of the Distributor's affiliates against certain liabilities, including certain liabilities arising under the Securities Act of 1933. To the extent consistent with applicable law, the Distributor has agreed to indemnify the Fund and each Trustee and former Trustee against certain liabilities under the Securities Act of 1933 and in connection with the services rendered to the Fund.

**HOW TO BUY SHARES**

Each investor must submit a completed Investor Application form five business days before the last business day of the month in which the purchase is being made (the "Purchase Date"). All purchases are subject to the receipt of immediately available funds three business days prior to the Purchase Date in the full amount of the purchase (to enable the Fund to invest the proceeds in Investment Funds as of the Purchase Date). An investor who misses one or both of these deadlines will have the effectiveness of its investment in the Fund delayed until the following month. The Adviser may waive any or all of the foregoing requirements in its sole discretion.

Despite having to meet the earlier application and funding deadlines described above, the Fund does not issue the shares purchased (and an investor does not become a shareholder with respect to such Shares) until the Purchase Date, i.e., the Tuesday of each calendar week (or the next business day if the Tuesday is not a business day) or the last business day of the relevant calendar month. Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date.

Any amounts received in advance of the initial or subsequent purchases of shares are placed in a non-interest-bearing account with the Transfer Agent (as defined herein) prior to their investment in the Fund, in accordance with Rule 15c2-4 under the 1934 Act. The Fund reserves the right to reject any purchase of shares in its sole discretion (including, without limitation, when it has reason to believe that a purchase of Shares would be unlawful). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective investor.

Initial and any additional purchases of shares of the Fund by any shareholder must be made via wire transfer of funds. Payment for each initial or subsequent additional purchases of Shares must be made in one installment.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means to you: When you open an account, the Fund will ask your name, address, date of birth, and other information that will allow the Fund to identify you. If the Fund is unable to verify your identity, the Fund reserves the right to restrict additional transactions and/or liquidate your account at the next calculated net asset value after your account is closed (less any applicable sales/account charges and/or tax penalties) or take any other action required by law. The Fund has implemented an anti-money laundering compliance program, which includes designation of an anti-money laundering compliance officer.

**Eligible Investors**

Each investor in the Fund will be required to certify to the Fund that the shares are being acquired for the account of an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act. Investors who are "accredited investors" are referred to in this Prospectus as "Eligible Investors." Existing shareholders who subscribe for additional Shares will be required to qualify as Eligible Investors at the time of each additional purchase. Qualifications that must be met in becoming a shareholder are set out in the application form that must be completed by each prospective investor. The Distributor and/or any Selling Agent may impose additional eligibility requirements for investors who purchase Shares through the Distributor or such Selling Agent.

Shareholders who invest in the Fund through a financial intermediary should contact their intermediary regarding purchase procedures. All investors must complete and submit the necessary Investor Application in good order. The Fund reserves the right to reject any initial or additional investment and to suspend the offering of Shares. Purchase through a financial intermediary does not affect these eligibility requirements.

A purchase of Shares will be made at the NAV per share next determined following receipt of a purchase order in good order by the Fund, its authorized agent, its Distributor's authorized agent, or authorized financial intermediary or the intermediary's authorized designee if received at a time when the Fund is open to new investments. A purchase order is in "good order" if the request includes:

● Name, date of birth, residential address, and social security number.

● The Fund name, share class and account number.

● The amount of the transaction (in dollars or shares).

● Signatures of all owners exactly as registered on the account (for mail requests).

● Any supporting legal documentation that may be required.

The Fund reserves the right to cancel any purchase order it receives if the Fund believes that it is in the best interest of the Fund's shareholders to do so.

Clients of investment advisory organizations may also be subject to investment advisory fees under their own arrangements with such organizations. Some Intermediaries may impose different or additional eligibility requirements. The Adviser has the discretion to further modify or waive their eligibility requirements.

Of critical importance, is the location of those authorized to transact on an account at the time the transaction request is placed with the Fund. In general, shareholders and authorized traders may only place trades with the Fund when physically in the U.S., a U.S. territory, stationed at a military base, or stationed at a U.S. Embassy. The location of the authorized caller may be obtained on a recorded phone call or in writing.

**Investment Minimum**

The minimum initial investment in shares of the Fund is $5,000,000 and there is no minimum subsequent investment. The Adviser may, in its sole discretion, waive these minimums with respect to certain employees, officers or Trustees of the Fund, the Adviser or its affiliates who qualify as accredited investors. The Fund may waive or lower investment minimums for investors who invest in the Fund through an asset-based fee program made available through a financial intermediary. If your investment is aggregated into an omnibus account established by an investment adviser, broker or other financial intermediary, the account minimums apply to the omnibus account, not to your individual investment. The financial intermediary may also impose minimum requirements that are different from those set forth in this Prospectus. If you choose to purchase Shares from or effect repurchase requests directly with the Fund, you will not incur charges on such purchases and repurchases. However, if you purchase Shares or effect repurchase requests through a broker-dealer or other intermediary, you may be charged a fee by that intermediary.

**Other Policies**

***No Share Certificates***. The issuance of Shares is recorded electronically on the books of the Fund. You will receive a confirmation of, or account statement reflecting, each new transaction in your account, which will also show the total number of Shares of the Fund you own. You can rely on these statements in lieu of certificates. The Fund does not issue certificates representing Shares of the Fund.

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. In some cases, Federal law also requires the Fund to verify and record information that identifies the natural persons who control and beneficially own a legal entity that opens an account. When an investor opens an account, therefore, the Fund will request names, addresses, dates of birth and other information that will allow the Fund to identify the investor and certain other natural persons associated with the account. For some legal entity accounts, the investor will be asked to provide identifying information for one natural person that controls the entity, and for each natural person that beneficially owns 25% or more of the legal entity.

The Fund is also required to obtain information that identifies each authorized signer for an account by requesting name, residential address, date of birth and social security number for each authorized signer.

Federal law prohibits the Fund and other financial institutions from opening a new account on behalf of a natural person unless they receive the minimum identifying information listed above. After an account is opened, the Fund may restrict your ability to purchase additional Shares until your identity is verified. The Fund may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. The Fund and its agents will not be responsible for any loss in an investor's account resulting from the investor's delay in providing all required identifying information or from closing an account and repurchasing an investor's Shares when an investor's identity is not verified.

In addition, the Fund may be required to "freeze" your account if there appears to be suspicious activity or if account information matches information on a government list of known terrorists or other suspicious persons.

**Liquidation or Reorganization**

To the extent authorized by law, the Fund reserves the right to discontinue offering shares at any time, to merge or reorganize itself or a class of Shares, or to cease operations and liquidate at any time. A liquidation may have adverse tax consequences to Shareholders. If the Fund were to liquidate, shareholders would receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. A liquidating distribution would generally be a taxable event to shareholders, resulting in a gain or loss for each shareholder for tax purposes, depending upon the shareholder's basis in his or her shares of the Fund. A shareholder would not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the shareholder (such as sales loads, account fees, or fund expenses), and a shareholder may receive an amount in liquidation less than his or her original investment.

**PAYMENTS BY THE ADVISER**

The Adviser and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, its service providers or their respective affiliates, as incentives to help market and promote the Fund and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Fund, the Distributor or shareholders of the Fund through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Fund in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Fund; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates also may make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Fund by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**DETERMINATION OF NET ASSET VALUE**

The price you pay for your Shares is based on the Fund's NAV. The NAV per share is determined for each class of the Fund's shares as of the close of regular trading on the New York Stock Exchange (the "Exchange") (typically 4:00 p.m. Eastern Time) as of the Tuesday of each calendar week (or the next business day if the Tuesday is not a business day), the last business day of each calendar month, each date that a Share is issued, the date of any distribution and at such other times as the Board shall determine (each, a "Determination Date"). The Fund is closed for business and does not price its shares on the following business holidays: New Year's Day, Martin Luther King Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day and other holidays observed by the Exchange. If the Exchange is closed due to weather or other extraordinary circumstances on a day it would typically be open for business, the Fund may treat such day as a typical business day and accept purchase and repurchase requests and calculate the Fund's NAV in accordance with applicable law. In determining its net asset value, the Fund will value its investments as of the relevant Determination Date. The net asset value for each class of shares is determined by dividing the value of the Fund's net assets attributable to a class of shares by the number of shares outstanding for that class.

For purposes of calculating the NAV, the Fund will use the fair value of the security or other instrument as determined in good faith by the Adviser as valuation designee under Rule 2a-5 under the 1940 Act and pursuant to policies and procedures adopted by the Adviser and the Fund's Board of Trustees (collectively, "Valuation Procedures"). The fair value of such investments as of each Determination Date ordinarily will be the capital account value of the Fund's interest in such investments as provided by the relevant Investment Manager as of or prior to the relevant Determination Date; provided that such values will be adjusted for any other relevant information available at the time the Fund values its portfolio, including capital activity and material events occurring between the reference dates of the Investment Manager's valuations and the relevant Determination Date. The Adviser, as valuation designee, may utilize services provided by third-party pricing vendors in valuing the Fund's Portfolio Investments, including Investment Funds.

A meaningful input in the Fund's fair valuations of its Investment Funds will be the valuations provided by the Investment Managers of the Investment Funds. Generally, each Investment Manager will value its investments at their market price if market quotations are readily available. In the absence of observable market prices, the Investment Manager values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist. Each Investment Manager's determination of fair value is then based on the best information available in the circumstances and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for nonperformance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties or certain debt positions.

The actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the Investment Manager's valuations are based. Neither the Fund nor the Adviser have oversight or control over the implementation of any Investment Manager's valuation process.

In reviewing the valuations provided by Investment Managers, the Valuation Procedures require the consideration of all relevant information reasonably available at the time the Fund values its portfolio. The Adviser will consider such information, and may conclude in certain circumstances that the information provided by the Investment Manager does not represent the fair value of a particular Investment Fund or direct private equity investment. In accordance with the Valuation Procedures, the Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests based on the net asset value reported by the relevant Investment Manager, or whether to adjust such value to reflect a premium or discount to such net asset value. Any such decision will be made in good faith, and subject to the review and supervision of the Board.

For example, Investment Managers may value investments in portfolio companies and direct private market investments at cost. The Valuation Procedures provide that, where cost is determined to best approximate the fair value of the particular security under consideration, the Adviser may approve such valuations. In other cases, the Adviser may be aware of sales of similar securities to third parties at materially different prices, or of other circumstances indicating that cost may not approximate fair value (which could include situations where there are no sales to third parties). In such cases, the Fund's investment will be revalued in a manner that the Adviser, in accordance with the Valuation Procedures, determines in good faith best approximates fair value. The Board will be responsible for ensuring that the Valuation Procedures are fair to the Fund and consistent with applicable regulatory guidelines.

Notwithstanding the above, Investment Managers may adopt a variety of valuation bases and provide differing levels of information concerning Investment Funds and direct private equity investments, and there will generally be no liquid markets for such investments.

Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Board or the Adviser will be able to confirm independently the accuracy of valuations provided by any Investment Managers (which are generally unaudited).

To the extent the Fund holds securities or other instruments that are not investments in Investment Funds or direct private equity investments, the Fund will generally value such assets as described below. Portfolio securities and other assets held in the Fund's portfolio for which market quotations are readily available are valued at market value. Market value is generally determined on the basis of official close price or last reported trade price. If no trades were reported, market value is based on prices obtained from a quotation reporting system, established market makers (including evaluated prices), or independent pricing services. Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, general market conditions, news, and other factors and assumptions.

If market quotations are not readily available or are deemed unreliable, the Fund will use the fair value of the security or other instrument as determined in good faith by the Adviser under the Valuation Procedures. Market quotations are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio holdings or assets. In addition, market quotations are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade, do not open for trading for the entire day and no other market quotations are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market quotations at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities and other instruments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities or other instruments in which the Fund invests may change on days when a shareholder will not be able to purchase or request the repurchase of shares of the Fund.

Fixed income investments (other than short-term obligations) held by the Fund are normally valued at prices supplied by independent pricing services in accordance with the Valuation Procedures. Short term investments maturing in 60 days or less are generally valued at amortized cost. Directly originated loans will be valued on an individual loan level and fair valuation of such loans will be performed using inputs that incorporate borrower level data, including significant events affecting the issuer or collateral, accruals, and market developments. The Fund expects to use a third-party valuation firm to value its loan investments, subject to oversight by the Adviser and the Board in accordance with the Valuation Procedures. Directly originated loans categorized as Level 3 investments will be initially valued at their initial transaction price and subsequently valued using (i) market data for similar instruments (e.g., recent transactions or indicative broker quotes), (ii) comparisons to benchmark derivative indices and/or (iii) valuation models. An illiquidity discount is applied where appropriate. The unobservable inputs and assumptions may differ by asset and in the application of the Fund or its selected vendor's valuation methodologies. The reported fair value estimates could vary materially if different unobservable inputs and other assumptions were chosen.

Exchange-traded derivatives, such as options, futures and options on futures, are valued at the last sale price determined by the exchange where such instruments principally trade as of the close of such exchange ("Exchange Close"). If a last sale price is not available, the value will be the mean of the most recently quoted bid and ask prices as of the Exchange Close. If a mean of the bid and ask prices cannot be calculated for the day, the value will be the most recently quoted bid price as of the Exchange Close. Over-the-counter derivatives are normally valued based on prices supplied by independent pricing services in accordance with the Valuation Procedures.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using the prevailing spot currency exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities or other instruments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and the market value may change on days when an investor is not able to purchase, or request the repurchase of shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Determination Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Determination Date. Shares of investment companies listed and traded on an exchange are valued in the same manner as any exchange-listed equity security. Such open-end mutual funds and listed investment companies may use fair value pricing as disclosed in their prospectuses.

Investments in investment companies that are not listed or traded on an exchange ("Non-Traded Funds"), if any, are valued at the respective NAV of each Non-Traded Fund on the Determination Date. Shares of investment companies listed and traded on an exchange are valued in the same manner as any exchange-listed equity security. Such Non-Traded Funds and listed investment companies may use fair value pricing as disclosed in their prospectuses.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with the Valuation Procedures.

**REPURCHASES AND TRANSFERS OF SHARES**

The Fund has no history of public trading, nor is it intended that the shares will be listed on a public exchange. No secondary market is expected to develop for the Fund's shares. To provide a limited degree of liquidity to Shareholders, the Fund may from time to time offer to repurchase shares pursuant to written tenders by shareholders. The Fund expects to offer to repurchase shares at least twice per calendar quarter, subject to the requirements of applicable law. No shareholder will have the right to require the Fund to repurchase or redeem such shareholder's Shares or any portion thereof. Shareholders are not permitted to transfer their investment from the Fund to any other registered investment company. Because no public market exists for the Shares, and no such market is expected to develop in the foreseeable future, shareholders will not be able to liquidate their investment, other than as a result of repurchases of Shares by the Fund, as described below, or, in limited circumstances, as a result of transfers of Shares to other investors.

**Repurchases of Shares**

The Fund will repurchase Shares from shareholders pursuant to written tenders on terms and conditions that the Board determines to be fair to the Fund and to all shareholders. When the Board determines that the Fund will repurchase Shares, notice will be provided to shareholders describing the terms of the offer, containing information shareholders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate. Shareholders deciding whether to tender their Shares during the period that a repurchase offer is open may obtain the Fund's net asset value per share by contacting the Adviser during the period. If a repurchase offer is oversubscribed by shareholders who tender Shares, the Fund may repurchase a pro rata portion by value of the Shares tendered by each shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law.

There is no minimum number of Shares which must be repurchased in any repurchase offer. In determining whether the Fund should offer to repurchase Shares from shareholders, the Board will consider the recommendation of the Adviser. Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Shares from shareholders by the applicable repurchase offer deadline. The Fund does not impose any charges in connection with repurchases of Shares.

The Fund's investments in Investment Funds may be subject to lengthy lock-up periods during which the Fund will not be able to dispose of such investments except through secondary transactions with third parties, which may occur at a significant discount to NAV and which may not be available at any given time. There is no assurance that third parties will engage in such secondary transactions and the Fund may require and be unable to obtain the Investment Fund's consent to effect such transactions. The Fund may need to suspend or postpone repurchase offers if it is not able to dispose of its interests in Investment Funds in a timely manner.

Payment for repurchased Shares may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Shares.

A shareholder tendering for repurchase only a portion of the shareholder's shares will be required to maintain an account balance of at least $5,000 after giving effect to the repurchase. If a shareholder tenders an amount that would cause the shareholder's account balance to fall below the required minimum, the Fund reserves the right to repurchase or redeem all of a shareholder's Shares at any time if the aggregate value of such shareholder's Shares is, at the time of such compulsory repurchase or redemption, less than the minimum initial investment applicable for the Fund. This right of the Fund to repurchase or redeem Shares compulsorily may be a factor that shareholders may wish to consider when determining the extent of any tender for purchase by the Fund.

The Fund may also repurchase and/or redeem Shares of a shareholder without consent or other action by the shareholder or other person, in accordance with the terms of its Agreement and Declaration of Trust and the 1940 Act, including Rule 23c-2 under the 1940 Act, if the Fund determines that:

● the Shares have been transferred or have vested in any person other than by operation of law as the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the shareholder or with the consent of the Fund, as described below;

● ownership of Shares by a shareholder or other person is likely to cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

● continued ownership of Shares by a shareholder may be harmful or injurious to the business or reputation of the Fund, the Board, the Adviser or any of their affiliates, or may subject the Fund or any shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

● any of the representations and warranties made by a shareholder or other person in connection with the acquisition of Shares was not true when made or has ceased to be true;

● with respect to a shareholder subject to Special Laws or Regulations, the shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold any Shares; or

● it would be in the best interests of the Fund for the Fund to repurchase the Shares.

In the event that the Adviser or any of their affiliates hold Shares in the capacity of a shareholder, the Shares may be tendered for repurchase in connection with any repurchase offer made by the Fund. Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly. Liquidity in assets that are not publicly traded is a rapidly evolving area, and the Fund may seek to create opportunities for Shareholders to achieve liquidity through additional means as they become available.

**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 may be transferred only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) by operation of law as a result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) under certain limited circumstances, with the written consent of the Fund, which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances.

The Fund generally will not consent to a transfer of Shares by a shareholder unless the transfer is to a transferee who represents that it is an Eligible Investor and after a partial transfer, the value of the Shares held in the account of each of the transferee and transferor is at least $25,000. A shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. 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.

By purchasing Shares, each Shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, and each other Shareholder, and any affiliate of the foregoing and any of their employees, officers or directors 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 Agreement and Declaration of Trust or any misrepresentation made by that Shareholder in connection with any such transfer.

See "Transfer of Shares" in the Statement of Additional Information for more information about transferring Fund shares.

**Notice to Shareholders**

The Fund will notify each shareholder of record and each beneficial owner of the Shares of a tender offer promptly upon commencement of the tender offer ("Shareholder Notification"). The Shareholder Notification will contain information shareholders should consider in deciding whether to tender Shares for repurchase. The notice also will include detailed instructions on how to tender shares for repurchase. The Shareholder Notification will also include all other information required by Rule 13e-4 under the 1934 Act. The tender offer notice also will provide information concerning the Fund's NAV, such as the NAV as of a recent date or a sampling of recent NAVs of the Fund, and a toll-free number to call for information regarding the repurchase offer.

**Repurchase Amounts and Payment of Proceeds**

If shareholders tender for repurchase more than the repurchase offer amount for a given repurchase offer, the Fund may, but is not required to, increase the amount of Shares that are subject to the repurchase offer. If the Fund determines not to repurchase more than the repurchase offer amount, or if shareholders tender Shares in an amount exceeding the revised repurchase offer amount, the Fund will repurchase Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

**Consequences of Repurchase Offers**

The Fund is permitted to borrow up to the maximum extent permitted under the 1940 Act to meet repurchase requests.

If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. There is no assurance that the Fund will be able sell a significant amount of additional Shares so as to mitigate these effects.

These and other possible risks associated with the Fund's repurchase offers are described under "Other Risks Relating to the Fund — Repurchase Offers Risks" above. In addition, the repurchase of Shares by the Fund will be a taxable event to shareholders. For a discussion of these tax consequences, see "Tax Matters" below and "Taxation" in the Statement of Additional Information.

**VOTING**

Each shareholder has the right to cast a number of votes equal to the number of Shares held by such shareholder at a meeting of shareholders called by the Fund's Board of Trustees. Shareholders will be entitled to vote on any matter on which shareholders of a registered investment company organized as a corporation would be entitled to vote, including certain elections of a Trustee and approval of the Investment Management Agreement, in each case to the extent that voting by shareholders is required by the 1940 Act. Notwithstanding their ability to exercise their voting privileges, shareholders in their capacity as such are not entitled to participate in the management or control of the Fund's business, and may not act for or bind the Fund.

**DISTRIBUTIONS**

The Fund intends to distribute substantially all of its net investment income and capital gains to shareholders at least once a year. Dividends, if any, from net investment income of the Fund and capital gains of the Fund are normally declared and paid annually. Payments will vary in amount, depending on investment income received and expenses of operation. It is likely that many of the Investment Funds in whose securities the Fund invests will not pay any dividends, and this, together with the Fund's relatively high expenses, means that there can be no assurance the Fund will have substantial income or pay dividends. The Fund is not a suitable investment for any investor who requires regular dividend income.

Notwithstanding the foregoing, the Board has delegated authority to the Fund's Treasurer to reduce the frequency with which dividends are declared and paid and to declare and make payments of long-term capital gains as permitted or required by law or in order to avoid the imposition of tax. Further, the Fund reserves the right to change its dividend distribution policy at the discretion of its Board.

A portion of the Fund's distributions may be considered a return of capital to shareholders. Any such portion would not be treated as dividends for U.S. federal income tax purposes, and would represent a return of the amounts that such shareholders invested. Although return-of-capital distributions are not currently taxable to shareholders, they reduce the shareholders' tax basis in their Shares. As a result of return-of-capital distributions, shareholders may recognize more gain (or less loss) in connection with dispositions of Fund Shares than they would have recognized if return-of-capital distributions had not been made, and a shareholder may be subject to tax in connection with the sale of Fund Shares, even if the Shares are sold at a loss relative to the shareholder's original investment. The Fund's final distribution for each tax year is expected to include any remaining investment company taxable income (computed without regard to the dividends-paid deduction) and net tax-exempt income undistributed during the tax year, as well as any undistributed net capital gain realized during the tax year. If the total distributions made in any tax year exceed investment company taxable income (computed without regard to the dividends-paid deduction), net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits and any excess will be treated as return of capital. The Fund's distribution policy may, under certain circumstances, have adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder's assets being invested in the Fund and, over time, increase the Fund's expense ratios. The distribution policy also may cause the Fund to sell securities at a time it would not otherwise do so to manage the distribution of income and gain. The initial distribution will be declared on date determined by the Board.

Each year, a statement on IRS Form 1099-DIV (or IRS Form 1099-B, as applicable) identifying the character of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which are generally not taxable) will be furnished to shareholders subject to IRS reporting. Fund ordinary distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. To the extent that the Fund pays distributions to shareholders using proceeds it receives from Fund distributions, such distributions generally would constitute a return of capital and generally will lower an investor's tax basis in his or her Shares. A return of capital generally is a return of an investor's investment rather than a return of earnings or gains derived from the Fund's investment activities. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

 ****

As discussed in the "Tax Matters" section, to qualify for and maintain RIC tax treatment, the Fund is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of "investment company taxable income" and net tax-exempt interest income, determined without regard to any deduction for dividends paid, for such tax year. To avoid certain excise taxes imposed on RICs, the Fund is required to distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Fund paid no U.S. federal income tax. The Fund can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund's borrowings. Any such limitations would adversely impact the Fund's ability to make distributions to shareholders.

Before investing you should consult your tax advisor.

**Dividend Reinvestment Plan**

The Fund will operate under the DRP administered by the Transfer Agent. Pursuant to the DRP, the Fund's Distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund.

Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the DRP on behalf of such participating Shareholder. A Shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRP by written instructions to that effect to the Transfer Agent. Shareholders who elect not to participate in the DRP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by the Transfer Agent at least five business days prior to the record date of the Distribution or the shareholder will receive such Distribution in Shares through the DRP. Any written request received later than such time may be processed by the Transfer Agent but is not guaranteed. Under the DRP, the Fund's Distributions to Shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a Distribution, the Transfer Agent, on the Shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from Shareholders by the Fund. The number of Shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's NAV per share.

The Transfer Agent will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Transfer Agent will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the DRP. Each participant, nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in its sole discretion. The Transfer Agent will distribute all proxy solicitation materials, if any, to participating Shareholders.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRP, the Transfer Agent will administer the DRP on the basis of the number of Shares certified from time to time by the record shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the DRP.

Neither the Transfer Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends.

The Fund reserves the right to amend or terminate the DRP upon 30 days' notice to Shareholders. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to amend the DRP to include a service charge payable by the participants.

All correspondence concerning the DRP should be directed to the Fund Agent at 212-239-3210.

**DESCRIPTION OF CAPITAL STRUCTURE**

**Shares of Beneficial Interest**

The Declaration of Trust authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest of each class. There is currently no market for Shares and the Fund does not expect that a market for Shares will develop in the foreseeable future. Pursuant to the Declaration of Trust and as permitted by Delaware law, shareholders are entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit incorporated in the State of Delaware and, therefore, generally will not be personally liable for the Fund's debts or obligations.

Shares

Under the terms of the Declaration of Trust, all Shares, when consideration for Shares is received by the Fund, will be fully paid and nonassessable. Distributions may be paid to shareholders if, as and when authorized and declared by the Board. Except as otherwise provided by the Trustees, Shares will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Fund, and will be freely transferable, except where their transfer is restricted by law or contract. The Declaration of Trust provides that the Board shall have the power to repurchase or redeem Shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each Share will be entitled to receive, according to its respective rights, a pro rata portion of the Fund's assets available for distribution for the applicable class, subject to any preferential rights of holders of the Fund's outstanding preferred shares, if any. Each whole Share will be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share will be entitled to a proportionate fractional vote. However, to the extent required by the 1940 Act or otherwise determined by the Board, classes of the Fund will vote separately from each other. Shareholders shall be entitled to vote on all matters on which a vote of shareholders is required by the 1940 Act, the Declaration of Trust or a resolution of the Board. There will be no cumulative voting in the election of Trustees. Under the Declaration of Trust, the Fund is not required to hold annual meetings of shareholders. The Fund only expects to hold shareholder meetings to the extent required by the 1940 Act or pursuant to special meetings called by the Board or a majority of shareholders.

Preferred shares and Other Securities

The Declaration of Trust provides that the Board may, subject to the Fund's investment policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including preferred shares, debt securities or other senior securities), by action of the Board without the approval of shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit. The Fund does not intend to issue preferred shares as of the date of this Prospectus.

Preferred shares could be issued with rights and preferences that would adversely affect shareholders. Preferred shares could also be used as an anti-takeover device. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i) immediately after issuance of preferred shares and before any distribution is made with respect to the Shares and before any purchase of Shares is made, the aggregate involuntary liquidation preference of such preferred shares together with the aggregate involuntary liquidation preference or aggregate value of all other senior securities must not exceed an amount equal to 50% of the Fund's total assets after deducting the amount of such distribution or purchase price, as the case may be; and (ii) the holders of preferred shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares.

**OUTSTANDING SECURITIES**

The following table sets forth information about the Fund's outstanding Shares as of February 2, 2026:

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| | | | |
|:---|:---|:---|:---|
| **Title <br> of Class** | **Amount <br> Authorized** | **Amount Held by Fund<br> or for its Account** | **Amount Outstanding Excluding <br> Amount Held by Fund <br> or for its Account** |
| Common Shares | Unlimited | None | 10,000 |

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**SUMMARY OF THE AGREEMENT AND DECLARATION OF TRUST**

An investor in the Fund will be a Shareholder of the Fund and his or her rights in the Fund will be established and governed by the Agreement and Declaration of Trust. A prospective investor and his or her advisers should carefully review the Agreement and Declaration of Trust as each Shareholder will agree to be bound by its terms and conditions. The following is a summary description of additional items and of select provisions of the Agreement and Declaration of Trust that may not be described elsewhere in this Prospectus. The description of such items and provisions is not definitive and reference should be made to the complete text of the Agreement and Declaration of Trust.

**Shareholders; Additional Classes of Shares**

Persons who purchase Shares will be Shareholders of the Fund. The Adviser may invest in the Fund as a Shareholder.

In addition, to the extent permitted by the 1940 Act and subject to the Fund's exemptive relief from the SEC, the Fund reserves the right to issue additional classes of Shares in the future subject to fees, charges, repurchase rights, and other characteristics different from those of the Shares offered in this Prospectus.

Each Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. All classes of Shares are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights.

**Anti-Takeover and Other Provisions**

The Agreement and Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund, to change the composition of the Board or convert the Fund to open-end status. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office (i) at any meeting of Shareholders by a vote of not less than two-thirds of the outstanding voting Shares or (ii) with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective. The Trustees may also fill vacancies caused by enlargement of their number or by the death, resignation or removal of a Trustee. The Agreement and Declaration of Trust requires the affirmative vote of not less than seventy-five percent (75%) of the Shares of the Fund to approve, adopt or authorize an amendment to the Agreement and Declaration of Trust that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by the vote of a majority of the outstanding voting securities, as defined in the 1940 Act, is required, notwithstanding any provisions of the Bylaws. Upon the adoption of a proposal to convert the Fund from a "closed-end company" to an "open-end company", as those terms are defined by the 1940 Act, and the necessary amendments to the Agreement and Declaration of Trust to permit such a conversion of the Fund's outstanding Shares entitled to vote, the Fund shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Fund and any national securities exchange.

**Limitation of Liability; Indemnification**

The Agreement and Declaration of Trust provides that the Trustees and former Trustees of the Board and officers and former officers of the Fund shall not be liable to the Fund or any of the Shareholders for any loss or damage occasioned by any act or omission in the performance of their services as such in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office or as otherwise required by applicable law. The Agreement and Declaration of Trust also contains provisions for the indemnification, to the extent permitted by law, of the Trustees and former Trustees of the Board and officers and former officers of the Fund (as well as certain other related parties) by the Fund (but not by the Shareholders individually) against any liability and expense to which any of them may be liable that arise in connection with the performance of their activities on behalf of the Fund. Persons extending credit to, contracting with or having any claim against the Fund shall look only to the assets of the Fund for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Fund's officers, employees or agents, whether past, present or future, shall be personally liable therefor. The rights of indemnification and exculpation provided under the Agreement and Declaration of Trust shall not be construed so as to limit liability or provide for indemnification of the Trustees and former Trustees of the Board, officers and former officers of the Fund, and the other persons entitled to such indemnification for any liability (including liability under applicable federal or state 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 or limitation on liability would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of the Agreement and Declaration of Trust to the fullest extent permitted by law.

**Derivative Actions, Direct Actions and Exclusive Jurisdiction**

The Agreement and Declaration of Trust provides that a Shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit 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; (ii) Shareholders eligible to bring such derivative action under the Delaware Statutory Trust Act (the "DSTA") who hold at least ten percent (10%) of the outstanding Shares of the Fund or ten percent (10%) of the outstanding Shares of the series or class to which such action relates, shall join in the request for the Trustees to commence such action; (iii) the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim (the Trustees may retain counsel or other advisors in considering the merits of the request and Shareholders making such request must reimburse the Fund for the expense of any such advisor if the Trustees determine not to take action); (iv) the Board 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; and (v) any decision by the Trustees to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in good faith and shall be binding upon the Shareholders. A Shareholder may only bring a derivative action if Shareholders owning not less than ten percent (10%) of the then outstanding Shares of the Fund or such series or class joins in the bringing of such court action, proceeding or claim. Further, to the fullest extent permitted by Delaware law, Shareholders may not bring direct actions against the Fund and/or the Trustees, except to enforce their rights to vote or certain rights to distributions or books and records under the DSTA, in which case a Shareholder bringing such direct action must hold in the aggregate at least 10% of the Fund's outstanding Shares (or at least 10% of the class to which the action relates) to join in the bringing of such direct action. Notwithstanding the foregoing, however, such provision shall not apply to any claims arising under U.S. federal securities law.

Under the Agreement and Declaration of Trust, actions by Shareholders against the Fund asserting a claim governed by Delaware law or the Fund's organizational documents must be brought in the Court of Chancery of the State of Delaware or any other court in the State of Delaware with subject matter jurisdiction. Shareholders also waive the right to jury trial to the fullest extent permitted by law. The exclusive jurisdiction provision limits a Shareholder's ability to litigate a claim in a jurisdiction that may be more favorable and convenient to the Shareholder. It may also make it more expensive for a Shareholder to bring a suit. Notwithstanding the foregoing, however, such provision shall not apply to any claims asserted under U.S. federal securities law.

**Fiduciary Duty**

The Agreement and Declaration of Trust provides that to the extent that, at law or in equity, a Trustee has duties (including fiduciary duties, if any) and liabilities relating thereto to the Trust, the Shareholders or to any other person, a Trustee shall not be liable to the Trust, the Shareholders or to any other person for the Trustee's good faith reliance on the provisions of the Agreement and Declaration of Trust. The provisions of the Agreement and Declaration of Trust, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of the Trustees otherwise existing under the Agreement and Declaration of Trust or at law or in equity, replace such other duties (including fiduciary duties) and liabilities of such Trustee. To the fullest extent permitted by law, only the Trustees shall have any fiduciary duties (or liability therefor) to the Trust or any Shareholder. Notwithstanding the foregoing, however, such provision shall not apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of the Trustees with respect to matters arising under the U.S. federal securities laws to the extent any such provision is in conflict with the U.S. federal securities laws.

**Amendment of the Agreement and Declaration of Trust**

The Agreement and Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Trustees, if required by the 1940 Act) and without the approval of the Shareholders unless the approval of Shareholders is required under 1940 Act or such an amendment would limit Shareholder rights, as discussed in the Agreement and Declaration of Trust.

**Term, Dissolution, and Liquidation**

Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the classes of Shares of the Fund in accordance with the respective rights of such classes.

**TAX MATTERS**

The following is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Fund. The discussion below provides general tax information related to an investment in the Fund, but does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Fund and does not address any state, local, non-U.S. or other tax consequences. It is based on the Code and U.S. Treasury regulations thereunder and administrative pronouncements, all as of the date of this Prospectus, any of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of a shareholder's particular circumstances, including (but not limited to) alternative minimum tax consequences and tax consequences applicable to shareholders subject to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding Shares as part of a hedging transaction, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; insurance companies; U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar; non-U.S. shareholders; or tax-exempt entities, including "individual retirement accounts" or "Roth IRAs." Unless otherwise noted, the following discussion applies only to a shareholder that holds Shares as a capital asset and is a U.S. Shareholder. A "U.S. Shareholder" generally is a beneficial owner of Shares who is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a trust if it (a) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective shareholder that is a partner in a partnership holding Shares should consult his, her or its tax advisors with respect to the purchase, ownership and disposition of Shares.

The discussion set forth herein does not constitute tax advice. Tax laws are complex and often change, and shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences of an investment in the Fund.

**Taxation of the Fund**

The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify for treatment annually, as a regulated investment company ("RIC") under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes as dividends to shareholders. To qualify as a RIC in any tax year, the Fund must, among other things, satisfy both a source-of-income test and asset-diversification tests. The Fund will qualify as a RIC if (i) at least 90% of the Fund's gross income for such tax year consists of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of shares, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such shares, securities or currencies; and net income derived from interests in "qualified publicly-traded partnerships" (such income, "Qualifying RIC Income"); and (ii) the Fund's holdings are diversified so that, at the end of each quarter of such tax year, (a) at least 50% of the value of the Fund's total assets is represented by cash and cash equivalents, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested (x) in securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more "qualified publicly-traded partnerships." The Fund's share of income derived from a partnership other than a "qualified publicly-traded partnership" will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A "qualified publicly-traded partnership" is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if (1) interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (2) less than 90% of its gross income for the relevant tax year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that are not directly related to the RIC's principal business of investing in shares or securities (or options and futures with respect to shares or securities). The Fund anticipates that, in general, its foreign currency gains will be directly related to its principal business of investing in shares and securities.

In addition, to maintain RIC tax treatment, the Fund must distribute on a timely basis with respect to each tax year dividends of an amount at least equal to 90% of the sum of its "investment company taxable income" and its net tax-exempt interest income, determined in each case without regard to any deduction for dividends paid, to shareholders (the "90% distribution requirement"). If the Fund qualifies as a RIC and satisfies the 90% distribution requirement, the Fund generally will not be subject to U.S. federal income tax on its "investment company taxable income" (computed without regard to the dividends-paid deduction) and net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes as dividends to shareholders (including amounts that are reinvested pursuant to the DRP). In general, a RIC's "investment company taxable income" for any tax year is its undistributed net taxable income, determined without regard to net capital gains and with certain other adjustments. The Fund intends to distribute all or substantially all of its "investment company taxable income" (determined without regard to the dividends-paid deduction), net tax-exempt interest income (if any) and net capital gains on an annual basis. Any taxable income, including any net capital gains that the Fund does not distribute in a timely manner, will be subject to U.S. federal income tax at regular corporate rates.

If the Fund retains any net capital gains, it may elect to treat such capital gains as having been distributed to shareholders. If the Fund makes such an election, each shareholder will be required to report its share of such undistributed net capital gains attributed to the Fund as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gains as a credit against its own U.S. federal income tax liability, if any, and to claim a refund on a properly filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each shareholder will be entitled to increase the adjusted tax basis of its Shares by the difference between its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion of its net capital gain for a tax year.

As a RIC, the Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed amounts for each calendar year (the "4% excise tax"). To avoid the 4% excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains for previous calendar years that were not distributed during those calendar years. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains previously subject to U.S. federal income tax. Furthermore, any distribution declared by the Fund in October, November or December of any calendar year, payable to shareholders, of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been paid on December 31 of the calendar year in which the distribution was declared.

If the Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement in respect of any tax year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gains, even if such income is distributed, and all distributions out of earnings and profits would be taxed as ordinary dividend income. Such distributions generally would be eligible for the dividends-received deduction in the case of certain corporate shareholders and may be eligible to be qualified dividend income in the case of certain non-corporate shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or asset diversification test described above, in certain cases, however, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty.

It is intended that the Fund will invest a portion of its assets in Investment Funds, some of which may be classified as partnerships for U.S. federal income tax purposes. An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) generally is not subject to an entity-level U.S. federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short- term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year. Each such item will generally be treated as though the partner realized the item directly. Partners of a partnership must report these items regardless of the extent to which, or whether, the partnership makes distributions for such taxable year. Accordingly, the Fund as a partner in Investment Funds may be required to recognize items of taxable income and gain prior to the time that any corresponding cash distributions are made to the Fund. In such case, the Fund may have to dispose of interests in Investment Funds that it would otherwise have continued to hold, or it may have to devise other methods to satisfy the source-of-income test, to the extent certain Investment Funds earn income of a type that is not qualifying gross income for purposes of the test.

Some of the income that the Fund may earn directly or through an Investment Fund, such as income recognized from an equity investment in an operating partnership, might not be Qualifying RIC Income for purposes of the source-of-income test. To manage the risk that such income might jeopardize the Fund's tax status as a RIC resulting from a failure to satisfy the source-of-income test, one or more subsidiary entities treated as corporations for U.S. federal income tax purposes may be incorporated to hold the applicable investments (and earn the income). If a subsidiary is formed as a U.S. entity, the entity will generally be required to incur entity-level income taxes on its earnings. If a subsidiary is formed as a non-U.S. entity, it will generally be subject to U.S. federal income tax (and a U.S. branch profits tax) on its income that is treated as effectively connected with the conduct of a trade or business in the U.S. A non-U.S. entity might also be subject to U.S. withholding taxes on certain U.S.-source income and non-U.S. taxes. Any costs of subsidiaries (including withholding, income and branch profits taxes) will reduce the return to shareholders.

UNLESS OTHERWISE INDICATED, REFERENCES IN THIS DISCUSSION TO THE FUND'S INVESTMENTS, ACTIVITIES, INCOME, GAIN AND LOSS INCLUDE THE DIRECT INVESTMENTS OR CO-INVESTMENTS, ACTIVITIES, INCOME, GAIN AND LOSS OF THE FUND, AS WELL AS THOSE INDIRECTLY ATTRIBUTABLE TO THE FUND AS A RESULT OF THE FUND'S INVESTMENT IN ANY INVESTMENT FUND (OR OTHER ENTITY) THAT IS PROPERLY CLASSIFIED AS A PARTNERSHIP OR DISREGARDED ENTITY FOR U.S. FEDERAL INCOME TAX PURPOSES.

Some of the investments that the Fund is expected to make, such as investments in debt instruments having market discount and/or treated as issued with OID, may cause the Fund to recognize income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. As a result, the Fund may have difficulty meeting the 90% distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in the Fund's taxable income for the tax year it is accrued, the Fund may be required to make a distribution to shareholders to meet the distribution requirements described above, even though the Fund will not have received any corresponding cash or property. The Fund may be required to borrow money, dispose of other securities or forgo new investment opportunities for this purpose.

There may be uncertainty as to the appropriate treatment of certain of the Fund's investments for U.S. federal income tax purposes. In particular, the Fund expects to invest a portion of its net assets in below investment grade instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as whether and to what extent the Fund should recognize 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 the Fund, to the extent necessary, in connection with the Fund's general intention to qualify for tax treatment as a RIC and to minimize the risk that it becomes subject to entity-level U.S. federal income or excise tax.

Income received by the Fund from sources outside the United States may be subject to withholding and other taxes imposed by such countries, thereby reducing income available to the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Fund generally intends to conduct its investment activities to minimize the effect of foreign taxation, but there is no guarantee that the Fund will be successful in this regard. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass through" to the Fund the foreign source amount of income deemed earned and the respective amount of foreign taxes paid by the Fund. If at least 50% of the value of the Fund's total assets at the close of each quarter of its tax year is represented by interests in other RICs, the Fund may also be eligible to elect to "pass through" to shareholders the foreign source amount of income deemed earned and the respective amount of foreign taxes paid or deemed paid by the Fund. If the Fund so elects, each shareholder would be required to include in gross income, even though not actually received, each shareholder's pro rata share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its pro rata share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both).

The Fund may invest in shares of foreign companies that are classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign company is considered a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. In general under the PFIC rules, an "excess distribution" received with respect to PFIC shares is treated as having been realized ratably over the period during which the Fund held the PFIC shares. The Fund generally will be subject to tax on the portion, if any, of the excess distribution that is allocated to the Fund's holding period in prior tax years (and an interest factor will be added to the tax, as if the tax had actually been payable in such prior tax years) even though the Fund distributes the corresponding income to shareholders. Excess distributions include any gain from the sale of PFIC shares as well as certain distributions from a PFIC. All excess distributions are taxable as ordinary income.

The Fund may be eligible to elect alternative tax treatment with respect to PFIC shares. Under one such election (i.e., a "QEF" election), the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether any distributions are received from the PFIC. If this election is timely made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, the Fund may be able to elect to mark its PFIC shares to market, which will cause any unrealized gains at the Fund's tax year-end to be treated as though they were recognized and reported as ordinary income. Any mark-to-market losses and any loss from an actual disposition of the PFIC's Shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income in prior tax years with respect to shares in the same PFIC.

Because the application of the PFIC rules may affect, among other things, the character of gains, the amount of gain or loss and the timing of the recognition of income, gain or loss with respect to PFIC shares, as well as subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to Fund shareholders, and which will be recognized by Fund shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Note that distributions from a PFIC are not eligible for the reduced rate of tax on distributions of "qualified dividend income" as discussed below.

If the Fund holds more than 10% of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC"), including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation, whether or not the corporation makes an actual distribution to the Fund during such tax year. . The Fund is generally required to distribute such income in order to satisfy the distribution requirements applicable to RICs, even to the extent the Fund's income from a CFC exceeds the distributions from the CFC and the Fund's proceeds from the sales or other dispositions of CFC stock during that tax year. In general, a foreign corporation will be treated as a CFC for U.S. federal income tax purposes if more than 50% of the shares of the foreign corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. Additionally, a fund's income inclusion with respect to a CFC might not be treated as Qualifying RIC Income for purposes of the source-of-income test applicable to RICs, depending on the Fund's other investments and whether the CFC actually makes distributions.

The functional currency of the Fund, for U.S. federal income tax purposes, is the U.S. dollar. Gains or losses attributable to fluctuations in foreign currency exchange rates that occur between the time the Fund accrues interest income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are respectively characterized as ordinary income or ordinary loss for U.S. federal income tax purposes. Similarly, on the sale of other disposition of certain investments, including debt securities, certain forward contracts, as well as other derivative financial instruments, denominated in a foreign currency, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are generally treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988 gains and losses," may increase or decrease the amount of the Fund's taxable income required to be distributed to Fund shareholders as ordinary income. For example, fluctuations in exchange rates may increase the amount of income that the Fund must distribute to qualify for tax treatment as a RIC and to prevent application of the excise tax on undistributed income. Alternatively, fluctuations in exchange rates may decrease or eliminate income available for distribution. If section 988 losses exceed other taxable income during a tax year, the Fund would not be able to distribute amounts treated as dividends for U.S. federal income tax purposes, and any distributions during a tax year made by the Fund before such losses were recognized would generally be treated as a return of capital to Fund shareholders for U.S. federal income tax purposes, rather than as ordinary dividend income, and would reduce the Fund shareholder's tax basis in Fund Shares.

If the Fund uses leverage through the issuance of preferred shares or borrowings, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset coverage test(s) under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit facilities or indentures may impose greater restrictions on the Fund's ability to declare and pay dividends on Fund Shares. Limits on the Fund's ability to pay dividends on Fund Shares may prevent the Fund from meeting the distribution requirements described above and, as a result, may affect the Fund's ability to qualify for tax treatment as a RIC or subject the Fund to the 4% excise tax. The Fund intends to avoid restrictions on its ability to make distribution payments. If the Fund is precluded from making distributions on Fund Shares because of any applicable asset coverage requirements, the terms of preferred shares (if any) may provide that any amounts so precluded from being distributed, but required to be distributed by the Fund to enable the Fund to satisfy the distribution requirements that would enable the Fund to be subject to tax as a RIC, will be paid to the holders of preferred shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred shares would be entitled to receive upon repurchase or liquidation of such preferred shares.

Certain of the Fund's investments are expected to be subject to special U.S. federal income tax provisions that may, among other things, (1) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (2) convert lower-taxed long-term capital gains into higher-taxed short-term capital gains or ordinary income, (3) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (4) adversely affect when a purchase or sale of shares or securities is deemed to occur, (5) adversely alter the intended characterization of certain complex financial transactions, (6) cause the Fund to recognize income or gain without a corresponding receipt of cash, (7) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (8) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such deduction and (9) produce income that will not constitute Qualifying RIC Income. The application of these rules could cause the Fund to be subject to U.S. federal income tax or the 4% excise tax and, under certain circumstances, could affect the Fund's status as a RIC. The Fund monitors its investments and may make certain tax elections to mitigate the effect of these provisions.

Unless and until the Fund is considered under the Code to be a "publicly offered regulated investment company," for purposes of computing the taxable income of U.S. Shareholders that are individuals, trusts or estates, (1) the Fund's earnings will be computed without taking into account such U.S. Shareholders' allocable shares of the Management Fees and certain other expenses, (2) each such U.S. Shareholder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. Shareholder's allocable share of these fees and expenses for such taxable year, (3) each such U.S. Shareholder will be treated as having paid or incurred such U.S. Shareholder's allocable share of these fees and expenses for the calendar year and (4) each such U.S. Shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. stockholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. Shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. Shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. stockholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code. In addition, if the Fund is not treated as a "publicly offered regulated investment company," the Fund will be subject to limitations on the deductibility of certain "preferential dividends" that are distributed to U.S. stockholders on a non-pro-rata basis. A "publicly offered regulated investment company" is a RIC whose equity interests are (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market, or (iii) held by at least 500 persons at all times during the RIC's taxable year.

The remainder of this discussion assumes that the Fund has qualified and will maintain its qualification as a publicly offered RIC and has satisfied the distribution requirements described above.

**Taxation of U.S. Shareholders**

***Distributions***

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Distributions of the Fund's ordinary income and net short-term capital gains will, except as described below with respect to distributions reported as "qualified dividend income," generally be taxable to shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described above), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time a shareholder has owned Shares. The ultimate tax characterization of the Fund's distributions made in a tax year cannot be determined until after the end of the tax year. As a result, the Fund may make total distributions during a tax year in an amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital that will be applied against and reduce the shareholder's tax basis in its Shares. To the extent that the amount of any such distribution exceeds the shareholder's tax basis in its Shares, the excess will be treated as gain from a sale or exchange of Shares. Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional Shares. Generally, for U.S. federal income tax purposes, a shareholder receiving Shares under the DRP will generally be treated as having received a distribution equal to the fair market value of such Shares on the date the Shares are credited to the shareholder's account.

A return-of-capital distribution to shareholders may be treated as a return of a portion of the shareholders' original investment in the Fund. A distribution to a shareholder that is treated as a return of capital will reduce the tax basis of the shareholder's investment. As a result return-of-capital distributions, shareholders may recognize more gain (or less loss) in connection with dispositions of Fund Shares than they would have recognized if return-of-capital distributions had not been made, and a shareholder may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the shareholder's original investment.

It is expected that a substantial portion of the Fund's income will consist of ordinary income. For example, interest and OID derived by the Fund characterized as ordinary income for U.S. federal income tax purposes. In addition, gain derived by the Fund from the disposition of debt instruments with "market discount" (generally, securities with a fixed maturity date of more than one year from the date of issuance acquired by the Fund at a price below the lesser of their stated redemption price at maturity or accreted value, in the case of securities with OID) will be characterized as ordinary income for U.S. federal income tax purposes to the extent of the market discount that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition, unless the Fund makes an election to accrue market discount on a current basis. In addition, certain of the Fund's investments will be subject to other special U.S. federal income tax provisions that may affect the character, increase the amount, and/or accelerate the timing of distributions to shareholders.

Distributions made by the Fund to a corporate shareholder will qualify for the dividends-received deduction only to the extent that the distributions consist of qualifying dividends received by the Fund. In addition, any portion of the Fund's dividends otherwise qualifying for the dividends-received deduction will be disallowed or reduced if the corporate shareholder fails to satisfy certain requirements, including a holding period requirement, with respect to its Shares. Distributions from non-U.S. entities will not qualify for the dividends-received deduction. Distributions reported as "qualified dividend income" to an individual or other non-corporate shareholder will be treated as qualified dividend income to such shareholder and generally will be taxed at long-term capital gain rates, provided the shareholder satisfies the applicable holding period and other requirements. Qualified dividend income generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain criteria. Dividends from PFICs generally will not qualify as qualified dividend income. The Fund cannot predict whether any portion of its distributions will be eligible for the dividends-received deduction or will be treated as qualified dividend income.

If a person acquires Shares shortly before the record date of a distribution, the price of the Shares may include the value of the distribution, and the person will be subject to tax on the distribution even though economically the distribution may represent a return of a portion of his, her or its investment in such Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December, that is payable to shareholders of record in such a month and that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In addition, certain distributions made after the close of a taxable year of the Fund may be "spilled back" and treated for certain purposes as paid by the Fund during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a regulated investment company's undistributed income and gain subject to the 4% excise tax, such spill back dividends are treated as paid by the regulated investment company when they are actually paid.

Certain distributions reported by the Fund as section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

Shareholders will be notified annually, as promptly as practicable after the end of each calendar year, 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.

***Sale or Exchange of Shares***

 ****

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering shareholder. Different tax consequences may apply for tendering and non-tendering shareholders in connection with a repurchase offer. For example, if a shareholder does not tender all of his or her Shares, such repurchase may be treated as a dividend (as opposed to a sale or exchange) for U.S. federal income tax purposes, and may result in deemed distributions to non-tendering shareholders. On the other hand, shareholders holding Shares as capital assets who tender all of their Shares (including Shares deemed owned by shareholders under constructive ownership rules) will be treated as having sold their Shares and generally will recognize capital gain or loss. The amount of the gain or loss will be equal to the difference between the amount received for the Shares and the shareholder's adjusted tax basis in the relevant Shares. Such gain or loss generally will be a long-term capital gain or loss if the shareholder has held such Shares as capital assets for more than one year. Otherwise, the gain or loss will be treated as short-term capital gain or loss.

Losses realized by a shareholder on the sale or exchange of Shares held as capital assets for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital gains received (or deemed received, as discussed above) with respect to such Shares. In addition, no loss will be allowed on a sale or other disposition of Shares if the shareholder acquires (including through reinvestment of distributions or otherwise) Shares, or enters into a contract or option to acquire Shares, within 30 days before or after any disposition of such Shares at a loss. In such a case, the basis of the Shares acquired will be adjusted to reflect the disallowed loss. Under current law, net capital gains recognized by non-corporate shareholders are generally subject to U.S. federal income tax at lower rates than the rates applicable to ordinary income.

In general, U.S. Shareholders currently are generally subject to a maximum federal income tax rate of either 15% or 20% (depending on whether the shareholder's income exceeds certain threshold amounts) on their net capital gain (i.e., the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in Shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate shareholders with net capital losses for a tax year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each tax year. Any net capital losses of a non-corporate shareholder in excess of $3,000 generally may be carried forward and used in subsequent tax years as provided in the Code. Corporate shareholders generally may not deduct any net capital losses for a tax year, but may carry back such losses for three tax years or carry forward such losses for five tax years.

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 U.S. federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. 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, dividends, interest and certain capital gains (among other categories of income) are generally taken into account in computing a shareholder's net investment income. Shareholders are urged to consult their tax advisors regarding the applicability of this tax to their income and gains in respect of their investment in the Fund.

The Fund (or if a U.S. Shareholder holds Shares through an intermediary, such intermediary) will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate generally applicable to long-term capital gains, the amount, if any, eligible for the dividends-received deduction and the amount, if any, eligible to be treated as qualified dividend income. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

Under U.S. Treasury regulations, if a shareholder recognizes losses with respect to Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. 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. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Reporting of adjusted cost basis information is required for covered securities, which generally include shares of a RIC, to the IRS and to taxpayers. Shareholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

***Backup Withholding and Information Reporting***

 ****

Information returns will be filed with the IRS in connection with payments on Shares and the proceeds from a sale or other disposition of Shares. A shareholder will be subject to backup withholding on all such payments if it fails to provide the payor with its correct taxpayer identification number (generally, in the case of a U.S. resident shareholder, on an IRS Form W-9) and to make required certifications or otherwise establish an exemption from backup withholding. Corporate shareholders and certain other shareholders generally are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld as backup withholding may be credited against the applicable shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Taxation of Non-U.S. Shareholders**

Whether an investment in the Fund is appropriate for a non-U.S. Shareholder (as defined below) will depend upon that investor's particular circumstances. An investment in the Fund by a non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in Shares.

The U.S. federal income taxation of a shareholder that is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "non-U.S. Shareholder"), depends on whether the income that the shareholder derives from the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

If the income that a non-U.S. Shareholder derives from the Fund is not "effectively connected" with a U.S. trade or business carried on by such non-U.S. Shareholder, dividends and certain other distributions (including any deemed distributions with respect to a repurchase offer) will generally be subject to a U.S. federal withholding tax at a rate of 30% (or a lower rate provided under an applicable treaty). Alternatively, if the income that a non-U.S. Shareholder derives from the Fund is effectively connected with a U.S. trade or business of the non-U.S. Shareholder, the Fund will not be required to withhold U.S. federal tax if the non-U.S. Shareholder complies with applicable certification and disclosure requirements, although such income will be subject to U.S. federal income tax in the manner described below and at the rates applicable to U.S. residents. Backup withholding will not, however, be applied to payments that have been subject to this 30% withholding tax applicable to non-U.S. Shareholders.

A non-U.S. Shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business will generally be exempt from U.S. federal income tax on capital gains distributions, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Shares. If, however, such a non-U.S. Shareholder is a nonresident alien individual and is physically present in the United States for 183 days or more during the tax year and meets certain other requirements such capital gains distributions, undistributed capital gains and gains from the sale or exchange of Shares will be subject to a 30% U.S. tax.

A 30% U.S. federal withholding tax will generally apply to ordinary dividends paid by the Fund to non-U.S. Shareholders, other than certain dividends reported by the Fund as (i) interest-related dividends, to the extent such dividends are derived from the Fund's "qualified net interest income," or (ii) short-term capital gain dividends, to the extent such dividends are derived from the Fund's "qualified short-term gain." "Qualified net interest income" is the Fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. "Qualified short-term gain" generally means the excess of the net short-term capital gain of the Fund for the taxable year over its net long-term capital loss, if any. However, depending on the circumstances, the Fund may designate all, some or none of the Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term capital gains, and a portion of such distributions (e.g., derived from interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding in any event. Moreover, in the case of Shares held through an intermediary, the intermediary may withhold amounts even if the Fund reports all or a portion of a distribution as exempt from U.S. federal withholding tax. To qualify for this exemption from withholding, a non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. tax residency status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). Thus, an investment in the Shares by a non-U.S. Shareholder may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. Shareholder, any distributions of income, capital gains distributions, amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Shares will be subject to U.S. income tax, on a net income basis, in the same manner, and at the graduated rates applicable to U.S. persons. If such a non-U.S. Shareholder is a corporation, it may also be subject to the U.S. branch profits tax.

A non-U.S. Shareholder other than a corporation may be subject to backup withholding on net capital gains distributions that are otherwise exempt from withholding tax or on distributions that would otherwise be taxable at a reduced treaty rate if such shareholder does not certify its non-U.S. status under penalties of perjury or otherwise establish an exemption.

If the Fund distributes net capital gains in the form of deemed rather than actual distributions, a non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax the Fund pays on the capital gains deemed to have been distributed. To obtain the refund, the non-U.S. Shareholder would be required to obtain a U.S. taxpayer identification number and file a federal income tax return even if the non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a federal income tax return.

Unless certain non-U.S. entities that hold Fund Shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to Fund distributions payable to such entities. A non-U.S. entity may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a non-U.S. government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

The tax consequences to a non-U.S. Shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the potential application of the U.S. estate tax.

**State and Local Taxes**

In addition to the U.S. federal income tax consequences summarized above, shareholders and prospective shareholders should consider the potential state and local tax consequences associated with an investment in the Fund. The Fund may become subject to income and other taxes in states and localities based on the Fund's investments in entities that conduct business in those jurisdictions. Shareholders will generally be taxable in their state of residence with respect to their income or gains earned and distributed by the Fund as dividends for U.S. federal income tax purposes, or the amount of their investment in the Fund.

**Other Taxes**

Under a Notice issued by the IRS, a portion of a RIC's income from a U.S. REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMICs") or equity interests in a "taxable mortgage pool" (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. The excess inclusion income of a RIC, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on unrelated business taxable income ("UBTI"), thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a RIC, then the RIC will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the highest federal income tax rate imposed on corporations. Certain reporting requirements are imposed upon RICs that have excess inclusion income. There can be no assurance that the Fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to the Fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or through an investment in a U.S. REIT.

Shareholders may be subject to state, local and non-U.S. taxes applicable to their investment in the Fund. In those states or localities, entity-level tax treatment and the treatment of distributions made to shareholders under those jurisdictions' tax laws may differ from the treatment under the Code. Accordingly, an investment in Shares may have tax consequences for shareholders that are different from those of a direct investment in the Fund's portfolio investments. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Taxation of Subsidiarie**s

The Fund may invest a portion of its assets (subject to the diversification rules applicable to RICs) in one or more wholly owned subsidiaries, which are expected to be treated as corporations for U.S. federal income tax purposes.

Any Subsidiary formed as a U.S. entity will be subject to U.S. federal income tax on all its income, but Fund distributions attributable to dividends received from the Fund by a U.S. Subsidiary may qualify for treatment as qualified dividend income or for the dividends-received deduction for corporate shareholders.

A Subsidiary formed as a non-U.S. entity generally will not be subject to U.S. federal income tax on a net income basis unless it is deemed to be engaged in the conduct of a trade or business within the United States. Any non-U.S. Subsidiary will be intended to conduct its activities in a manner that is expected to meet the requirements of a safe harbor under the Code under which a taxpayer engaged solely in trading in stocks or securities or certain commodities for its own account will not be deemed to be engaged in a trade or business within the United States. If a non-U.S. Subsidiary were to fail to qualify for this safe harbor and any income earned by it were treated as "effectively connected" with the conduct of a trade or business in the United States, such income would be subject to regular U.S. federal income tax and the so called "branch profits tax" imposed at a rate of 30%. Withholding Tax. A foreign corporation that is not engaged in the conduct of a U.S. trade or business is nevertheless generally subject to U.S. federal withholding tax at a flat rate of 30% on the gross amount of certain U.S. source income, such as dividends and certain interest income. The withholding tax does not apply to U.S. source capital gains (whether long term or short term) or to certain interest payments. A non-U.S. Subsidiary may earn income that will be subject to the 30% withholding tax.

*CFC Rules*. As discussed above, in general, a "United States shareholder" of a CFC must include in gross income for U.S. federal income tax purposes certain income earned by the CFC, regardless of whether the CFC distributes that income to the United States shareholder. A "United States shareholder" is a United States person who owns (directly, indirectly or constructively) 10% or more of the total combined (i) voting power of all classes of a foreign corporation's voting stock or (ii) value of shares of all classes of stock of a foreign corporation. A foreign corporation is a CFC if, on any day during its taxable year, "United States shareholders" own more than 50% of the voting power or value of its stock. The Fund expects that the Subsidiary will be treated as a CFC and that the Fund will be treated as a "United States shareholder" of the Subsidiary. If the Fund is a "United States shareholder" of a non-U.S. Subsidiary, the Fund will be required to include in its gross income its share of certain income earned by the Subsidiary, regardless of whether corresponding cash amounts are distributed to the Fund in a given year. The Fund must nevertheless distribute to its shareholders, at least annually, all or substantially all of its taxable income, including its income inclusion in respect of the non-U.S. Subsidiary, to qualify for treatment as a RIC under the Code and avoid U.S. federal income and excise taxes. Therefore, the Fund's investment in a non-U.S. Subsidiary may require the Fund to dispose of portfolio investments or to borrow, in each case potentially under disadvantageous circumstances, to generate cash necessary to satisfy its distribution requirements. Any disposition of investments will potentially cause the Fund to realize additional taxable income or gain, which would also need to be distributed.

**CUSTODIAN, ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT**

The custodian of the assets of the Fund is JPMorgan Chase Bank N.A. The Fund's transfer, shareholder services and dividend paying agent is Citco. Pursuant to an administration and accounting services agreement, Citco also provides certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records; acting as liaison with the Fund's independent registered public accounting firm by providing such accountant with various audit-related information with respect to the Fund; and providing other continuous accounting and administrative services. As compensation for these services, the Fund has agreed to pay Citco an annual flat fee, payable on a monthly basis, of $85,000.

**LEGAL MATTERS**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103-3007, serves as legal counsel to the Trust.

**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 and accrued income taxes, 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 determines that the distribution of assets in-kind would be in the interests of the Shareholders in facilitating an orderly liquidation.

**FISCAL YEAR; REPORTS**

For accounting purposes, the Fund's fiscal year and tax year end is April 30. After the end of each calendar year, a statement on Form 1099-DIV (or Form 1099-B, as appropriate) identifying the sources of the distributions paid by the Fund to shareholders for tax purposes will be furnished to shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to 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 1940 Act.

**PROSPECTUS**

**[Date]**

**Subject to Completion**

**Preliminary Statement of Additional Information**

Dated February 17, 2026

The information in this preliminary 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 preliminary 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.

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

**STATEMENT OF ADDITIONAL INFORMATION**

**[____], 2026**

This Statement of Additional Information ("SAI") is not a prospectus, and it should be read in conjunction with the prospectus of Banner Ridge DSCO Private Markets Fund (the "Fund"), as may be amended, restated or supplemented from time to time. The Fund is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company.

The Fund's prospectus is incorporated by reference into this SAI, and this SAI has been incorporated by reference into the Fund's prospectus. A free copy of the Fund's Annual/Semi-Annual Report, when available, and the Fund's prospectus will be available on the Fund's website at www.bannerridge.com, and, upon request, by writing to: Banner Ridge DSCO Private Markets Fund, 641 Lexington Avenue, 31st Floor. New York, NY 10022.

Date of Prospectus: [_______], 2026, as may be amended, restated or supplemented from time to time.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| INVESTMENT RISKS | 3 |
| INVESTMENT OBJECTIVE AND POLICIES | 41 |
| FUND MANAGEMENT | 45 |
| REPURCHASE AND TRANSFERS OF SHARES | 53 |
| PORTFOLIO TRANSACTIONS AND BROKERAGE | 55 |
| PROXY VOTING POLICY AND PROXY VOTING RECORD | 57 |
| TAXATION | 57 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | 70 |
| OTHER SERVICE PROVIDERS | 70 |
| OTHER MATTERS | 71 |
| FINANCIAL STATEMENTS | 71 |
| APPENDIX A: PROXY VOTING POLICIES AND PROCEDURES | A-1 |
| APPENDIX B: AUDITED FINANCIAL STATEMENTS | B-1 |
| APPENDIX C: UNAUDITED SCHEDULE OF INVESTMENTS | C-1 |

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**INVESTMENT RISKS**

The discussion set forth below provides descriptions of some of the types of investments and investment strategies that the Fund may use, and the risks and considerations associated with those investments and investment strategies. Please see the Fund's "Summary of Terms" and "Types of Investments and Related Risks" sections of the Prospectus for further information on the Fund's investment policies and risks. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about investment strategies (and related risks) that the Fund may use, even though they are not considered to be "principal" investment strategies. Accordingly, an investment strategy (and related risk) that is described below, but that is not described in the Prospectus, should not be considered to be a principal strategy (or related risk) applicable to the Fund.

The Fund may engage in any of the investment strategies or purchase any of the investments described below directly, through its investment in one or more other investment companies, including interests in alternative investment funds that pursue private equity strategies ("Investment Funds"), or through hybrid instruments, structured investments, or other derivatives. References to the "Fund" in this section include the Fund or an Investment Fund, as applicable. References to "adviser" in this SAI include Banner Ridge.

**A*CTIVE INVESTMENT MANAGEMENT RISK.*** The risk that, if the investment decisions and strategy of the portfolio manager(s) do not perform as expected, the Fund could underperform its peers or lose money. The Fund's performance depends on the judgment of the portfolio manager(s) about a variety of factors, such as markets, interest rates and/or the attractiveness, relative value, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The portfolio manager(s)' investment models may not adequately take into account certain factors, may perform differently than anticipated and may result in the Fund having a lower return than if the portfolio managers used another model or investment strategy. In addition, to the extent the Fund allocates a portion of its assets to specialist portfolio managers, the styles employed by the different portfolio managers may not be complementary, which could adversely affect the Fund's performance.

***AVAILABILITY OF INVESTMENT OPPORTUNITIES.*** The business of identifying and structuring investments of the types contemplated by the Fund is competitive, and involves a high degree of uncertainty. The availability of investment opportunities generally is subject to market conditions as well as, in some cases, the prevailing regulatory or political climate. No assurance can be given that the Fund will be able to identify and complete attractive investments in the future or that it will be able to fully invest its subscriptions. Similarly, identification of attractive investment opportunities by Investment Funds is difficult and involves a high degree of uncertainty. Even if an attractive investment opportunity is identified by the Adviser, an Investment Interest may not be permitted to take advantage of the opportunity to the fullest extent desired. Other investment vehicles sponsored, managed or advised by the Adviser and its affiliates may seek investment opportunities similar to those the Fund may be seeking. The Adviser will allocate fairly between the Fund and such other investment vehicles any investment opportunities that may be appropriate for the Fund and such other investment vehicles.

***ASSET COVERAGE RISK.*** To the extent required by the 1940 Act and current SEC regulations, if the Fund engages in transactions that are borrowings or expose the Fund to certain obligations to another party and the Fund elects to treat those obligations as borrowings, the Fund will maintain assets with a value sufficient at all times to meet the required asset coverage ratio set forth under "Investment Objectives and Policies." The need to maintain this level of assets could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations. The Fund reserves the right to modify its asset coverage policies in the future to comply with any changes in the SEC's positions regarding asset coverage.

***BORROWING RISK.*** The Fund may borrow money and use leverage to the extent permitted under the 1940 Act. Interest paid on borrowings will decrease the net earnings of the Fund and will not be available for investment. The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of notes in an aggregate amount up to 33 1/3% of the Fund's total assets (or in the case of the issuance of preferred shares, 50% of total assets), including any assets purchased with borrowed money, immediately after giving effect to the leverage. The Fund intends to enter into a credit facility during the 12-month period following the date of this SAI. The Fund may use leverage opportunistically and may use different types, combinations or amounts of leverage over time, based on the Adviser's views concerning market conditions and investment opportunities. The Fund's strategies relating to its use of leverage may not be successful, and the Fund's use of leverage will cause the Fund's net asset value ("NAV") to be more volatile than it would otherwise be. There can be no guarantee that the Fund will leverage its assets or, to the extent the Fund does utilize leverage, what percentage of its assets such leverage will represent.

***COUNTERPARTY RISK.*** With respect to certain transactions, such as over-the-counter ("OTC") derivatives contracts or repurchase agreements, the Fund will be exposed to the risk that the counterparty to the transaction may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to honor its obligations. In the event of a bankruptcy or insolvency of a counterparty, the Fund could experience delays in liquidating its positions and significant losses, including declines in the value of its investment during the period in which the Fund seeks to enforce its rights, the inability to realize any gains on its investment during such period and any fees and expenses incurred in enforcing its rights. The Fund also bears the risk of loss of the amount expected to be received under a derivative transaction in the event of the default or bankruptcy of a counterparty. OTC derivatives may not offer the Fund the same level of protection as exchange traded derivatives.

***CREDIT RISK.*** Credit risk is the risk that the issuer of a security will not be able to make timely principal and interest payments. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities issued by the U.S. Treasury historically have presented minimal credit risk. However, in recent years the long-term U.S. credit rating was downgraded by at least one major rating agency as a result of disagreements within the U.S. Government over raising the debt ceiling to repay outstanding obligations and this event introduced greater uncertainty about the future ability of the U.S. to repay its obligations due to political or other developments. A further credit rating downgrade or a U.S. credit default could decrease the value and increase the volatility of the Fund's investments.

***CURRENCY RISK.*** The risk that the value of the Fund's investments in foreign securities or currencies will be affected by the value of the applicable currency relative to the U.S. dollar. Foreign currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including: interest rates, inflation, changes in balance or payments and governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or foreign 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 U.S. or abroad. Changes in foreign currency exchange rates will affect the U.S. dollar market value of securities denominated in such foreign currencies and any income received or expenses paid by the Fund in that foreign currency. This may affect the Fund's performance. When the Fund sells a foreign currency or foreign currency denominated security, its value may be worth less in U.S. dollars even if the investment increases in value in its local market. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the revenue earned by issuers of these securities may also be affected by changes in the issuer's local currency. Currency markets generally are not as regulated as securities markets. Currency risk may be particularly high to the extent that the Fund invests in foreign securities or currencies that are economically tied to emerging markets countries. Some countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. The dollar value of foreign investments may be affected by exchange controls. The Fund may be positively or negatively affected by governmental strategies intended to make the U.S. dollar, or other currencies in which the Fund invests, stronger or weaker. Currency risk may be particularly high to the extent that the Fund invests in foreign securities or currencies that are economically tied to emerging market countries.

***CYBERSECURITY RISK.*** Cybersecurity breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund or Fund service provider to suffer data corruption or lose operational functionality. Intentional cybersecurity incidents include: unauthorized access to systems, networks, or devices (such as through "hacking" activity); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information.

A cybersecurity breach could result in the loss or theft of customer data or funds, the inability to access electronic systems ("denial of services"), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. For example, in a denial of service, Fund shareholders could lose access to their electronic accounts indefinitely, and employees of the Adviser, or the Fund's other service providers may not be able to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting, or fulfillment of Fund share purchases and repurchase requests. Cybersecurity incidents could cause the Fund, the investment Adviser or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which the Fund invests, thereby causing the Fund's investments to lose value.

The Adviser and its affiliates have established risk management systems that seek to reduce cybersecurity risks, and business continuity plans in the event of a cybersecurity breach. However, there are inherent limitations in such plans, including that certain risks have not been identified, and there is no guarantee that such efforts will succeed, especially since none of the investment Adviser or its affiliates controls the cybersecurity systems of the Fund's third-party service providers (including the Fund's custodian), or those of the issuers of securities in which the Fund invests.

***DERIVATIVE INSTRUMENTS.*** The Fund may use instruments called derivatives or derivative securities. A derivative is a financial instrument the value of which is derived from the value of one or more underlying securities, commodities, currencies, indices, debt instruments, other derivatives or any other agreed upon pricing index or arrangement (e.g., the movement over time of the Consumer Price Index or freight rates) (each an "Underlying Instrument"). Derivatives contracts are either physically settled, which means the parties trade the Underlying Instrument itself, or cash settled, which means the parties simply make cash payments based on the value of the Underlying Instrument (and do not actually deliver or receive the Underlying Instrument). Derivatives may allow the Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than transactions in other types of instruments.

Many derivative contracts are traded on securities or commodities exchanges, the contract terms are generally standard, and the parties make payments due under the contracts through the exchange. Most exchanges require the parties to post margin against their obligations under the contracts, and the performance of the parties' obligations under such contracts is usually guaranteed by the exchange or a related clearing corporation. Other derivative contracts are traded OTC in transactions negotiated directly between the counterparties. OTC derivative contracts do not have standard terms, so they are generally less liquid and more difficult to value than exchange-traded contracts. OTC derivatives also expose the Fund to additional credit risks to the extent a counterparty defaults on a contract.

Depending on how the Fund uses derivatives and the relationships between the market values of the derivative and the Underlying Instrument, derivatives could increase or decrease the Fund's exposure to the risks of the Underlying Instrument. Derivative contracts may also expose the Fund to additional liquidity and leverage risks. See "Risk Factors in Derivative Instruments" below.

The Fund may use derivatives for various purposes, including for cash flow management or, as part of its overall investment strategy, to seek to replicate the performance of a particular index or to seek to enhance returns. The use of derivatives to seek to enhance returns is considered speculative because the Fund is primarily seeking to achieve gains rather than to offset, or hedge, the risks of other positions. When the Fund invests in a derivative for speculative purposes, the Fund is fully exposed to the risks of loss of that derivative, which may sometimes be greater than the cost of the derivative itself. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly.

*Hedging Risk*. The Fund may use derivative instruments to offset the risks, or to "hedge" the risks, associated with other Fund holdings. For example, derivatives may be used to hedge against movements in interest rates, currency exchange rates and the equity markets through the use of options, futures transactions and options on futures. Derivatives may also be used to hedge against duration risk in fixed-income investments. Losses on one Fund investment may be substantially reduced by gains on a derivative that reacts to the same market movements in an opposite manner. However, while hedging can reduce losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the Fund or if the cost of the derivative offsets the advantage of the hedge.

Among other risks, hedging involves correlation risk, which is the risk that changes in the value of the derivative will not match (i.e., will not offset) changes in the value of the holdings being hedged as expected by the Fund. In such a case, any losses on the Fund holdings being hedged may not be reduced or may even be increased as a result of the use of the derivative. The inability to close options and futures positions also could have an adverse impact on the Fund's ability effectively to hedge its portfolio.

There can be no assurance that the use of hedging transactions will be effective. The Fund is not required to engage in hedging transactions, and the Fund may choose not to do so. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends.

The Fund might not employ any of the derivatives strategies described below, and there can be no assurance that any strategy used will succeed. The Fund's success in employing derivatives strategies may depend on the Adviser correctly forecasting interest rates, market values or other economic factors, and there can be no assurance that the Adviser's forecasts will be accurate. If the Adviser's forecasts are not accurate, the Fund may end up in a worse position than if derivatives strategies had not been employed at all. The Fund's ability to use certain derivative transactions may be limited by tax considerations and certain other legal considerations. Further, suitable derivative transactions might not be available at all times or in all circumstances. Described below are certain derivative instruments and trading strategies the Fund may use (either separately or in combination) in seeking to achieve its overall investment objectives.

***Foreign Currency Transactions.*** The Fund also may purchase and sell foreign currency options and foreign currency futures contracts and futures options, and may engage in foreign currency transactions either on a spot (cash) basis at prevailing currency exchange rates or through forward currency contracts. The Fund may engage in these transactions to hedge, directly or indirectly, against currency fluctuations, for other investment purposes and/or to seek to enhance returns. The Fund may enter into currency transactions only with counterparties that the Adviser deems to be creditworthy. Certain of the foreign currency transactions the Fund may use are described below.

*Forward Currency Contracts*. The Fund may enter into forward currency contracts ("forwards") in connection with settling purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's investments or as part of its investment strategy. Forwards are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a set price on a future date. The market value of a forward fluctuates with changes in foreign currency exchange rates. Forwards are marked to market daily based upon foreign currency exchange rates from an independent pricing service, and the change in value is recorded as unrealized appreciation or depreciation. The Fund's gains from its positions in forward foreign currency contracts may accelerate and/or recharacterize the Fund's income or gains and its distributions to shareholders. The Fund's losses from such positions may also recharacterize the Fund's income and its distributions to shareholders and may cause a return of capital to Fund shareholders. Such acceleration or recharacterization could affect an investor's tax liability. Forwards are highly volatile, involve substantial currency risk and may also involve credit. The Fund's ability to engage in foreign exchange hedging may also be constrained by the illiquid nature of the Underlying Instruments making it difficult settle losses on foreign exchange forward contracts.

The Fund may use a forward in a "settlement hedge," or "transaction hedge," to lock in the U.S. dollar price on the purchase or sale of securities denominated in a foreign currency between the time when the security is purchased or sold and the time at which payment is received. Forward contracts on foreign currency may also be used by the Fund in anticipation generally of the Fund's making investments denominated in a foreign currency, even if the specific investments have not yet been selected by the Adviser.

In a "position hedge," the Fund uses a forward contract to hedge against a decline in the value of existing investments denominated in foreign currency. For example, the Fund may enter into a forward contract to sell Japanese yen in return for U.S. dollars in order to hedge against a possible decline in the yen's value. Position hedges tend to offset both positive and negative currency fluctuations. Alternately, the Fund could hedge its position by selling another currency expected to perform similarly to the Japanese yen. This is called a "proxy hedge" and may offer advantages in terms of cost, yield or efficiency. However, proxy hedges may result in losses if the currency used to hedge does not move in tandem with the currency in which the hedged securities are denominated.

The Fund may also engage in cross-hedging by entering into forward contracts in one currency against a different currency. Cross-hedging may be used to limit or increase exposure to a particular currency or to establish active exposure to the exchange rate between the two currencies.

Options on foreign currencies are affected by the factors that influence foreign exchange rates and investments generally. The Fund's ability to establish and close out positions on foreign currency options is subject to the maintenance of a liquid secondary market, and there can be no assurance that a liquid secondary market will exist for a particular option at any specific time.

*Forward Rate Agreements*. The Fund may also enter into forward rate agreements. Under a forward rate agreement, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates. If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates. Any such gain received by the Fund would be taxable. These instruments are traded in the OTC market. These transactions involve risks, including counterparty risk. See "Risk Factors in Derivative Instruments" below.

*Additional Risks Associated with Foreign Currency Transactions*. It is extremely difficult to forecast currency market movements, and whether any hedging or other investment strategy will be successful is highly uncertain. Further, it is impossible to forecast with precision the market value of portfolio securities at the expiration of a foreign currency forward. Therefore, the Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if the Adviser's predictions regarding the movement of foreign currency or securities markets prove inaccurate. To the extent the Fund hedges against anticipated currency movements that do not occur, the Fund may realize losses and reduce its total return as a result of its hedging transactions. It is impossible to hedge fully or perfectly against the effects of currency fluctuations on the value of non-U.S. securities because currency movements impact the value of different securities in differing degrees. Foreign currency transactions, like currency exchange rates, can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund's ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund.

The Fund may buy or sell foreign currency options either on exchanges or in the OTC market. Foreign currency transactions on foreign exchanges may not be regulated to the same extent as similar transactions in the United States, may not involve a clearing mechanism and related guarantees and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (v) lesser trading volume. Foreign currency transactions are also subject to the risks inherent in investments in foreign markets. See "Foreign Investments" below.

***Risk Factors in Derivative Instruments.*** Derivatives are volatile and involve significant risks, including:

● <u>Correlation Risk</u> – the risk that changes in the value of a derivative instrument will not match the changes in the value of the Fund holdings that are being hedged.

● <u>Counterparty Risk</u> – the risk that the party on the other side of an OTC derivatives contract or a borrower of the Fund's securities may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to honor its obligations.

● <u>Credit Risk</u> – the risk that the issuer of a security will not be able to make timely principal and interest payments. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may affect the value of the Fund's investment in and/or exposure to that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

● <u>Currency Risk</u> – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

● <u>Index Risk</u> – in respect of index-linked derivatives, the risks associated with changes in the underlying indices. If an underlying index changes, the Fund may receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction from the reference index), may create leverage to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

● <u>Interest Rate Risk</u> – the risk that the value of an investment may decrease when interest rates rise because when interest rates rise, the prices of bonds and fixed rate loans fall. Generally, the longer the maturity of a bond or fixed rate loan, the more sensitive it is to this risk (interest rate risk is commonly measured by a fixed income investment's duration). Falling interest rates also create the potential for a decline in the Fund's income.

● <u>Leverage Risk</u> – the risk associated with certain types of investments or trading strategies (for example, borrowing money to increase the amount being invested) that relatively small market movements may result in large changes in the value of an investment. Certain investments or trading strategies that involve leverage can result in losses that substantially exceed the amount originally invested.

● <u>Liquidity Risk</u> – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like to sell them or at the price the seller believes the security is currently worth, and the risk that the Fund may not be able to meet margin and payment requirements and maintain a derivatives position.

● <u>Operational and Legal Risk</u> - the risk that certain investments may involve risk of operational issues such as documentation issues, settlement issues, system failures, inadequate controls and human error, and the risk of insufficient capacity or authority of a derivatives counterparty and risk related to the legality or enforceability of a derivatives trading contract.

● <u>Regulatory Risk</u> - Government legislation or regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the use, value or performance of derivatives. In October 2020, the SEC adopted new regulations applicable to the Fund's use of derivatives, short sales, reverse repurchase agreements, and certain other instruments that, among other things, require the Fund to adopt a derivatives risk management program and appoint a derivatives risk manager that will manage the program and communicate to the board of directors of the Fund. However, subject to certain conditions, funds that do not invest heavily in derivatives may be deemed limited derivatives users and would not be subject to the full requirements of the new rule. The SEC also eliminated the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments, as discussed herein, effective at the time that the Fund complies with the new rule. The rule could impact the effectiveness or raise the costs of the Fund's derivatives transactions, impede the employment of the Fund's derivatives strategies, or adversely affect Fund performance and cause the Fund to lose value.

● <u>Short Position Risk</u> - The Fund may also take a short position in a derivative instrument, such as a future, forward or swap. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the Underlying Instrument which could cause the Fund to suffer a (potentially unlimited) loss.

● <u>Tax Risk</u> – The tax treatment of a derivative may not be as favorable as a direct investment in the underlying asset. The use of derivatives may adversely affect the timing, character and amount of income the Fund realizes from its investments, and could impair the ability of the Adviser to use derivatives when it wishes to do so.

The potential loss on derivative instruments may be substantial relative to the initial investment therein. The Fund incurs transaction costs in opening and closing positions in derivative instruments. There can be no assurance that the use of derivative instruments will be advantageous.

***DOLLAR ROLLS.*** The Fund may enter into "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund gives up the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent that the price received for the securities sold is higher than the forward price for the future purchase plus any fee income received. Unless such benefits exceed the income and capital appreciation that would have been realized on the securities sold as part of the dollar roll, the use of this technique would adversely affect the Fund's investment performance. The benefits derived from the use of dollar rolls may depend, among other things, upon the ability of the Fund's Adviser to predict interest rates correctly. There can be no assurance that dollar rolls can be successfully employed. In addition, if the Fund uses dollar rolls while remaining substantially fully invested, the amount of the Fund's assets that are subject to market risk would exceed the Fund's net asset value, which could result in increased volatility of the price of the Fund's shares. Further, entering into dollar rolls involves potential risks that are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, the Fund's right to purchase from the counterparty may be restricted. Also, the value of the underlying security may change adversely before the Fund is able to purchase it, or the Fund may be required to purchase securities in connection with a dollar roll at a higher price than may be otherwise available on the open market. Further, because the counterparty may deliver a similar, but not identical, security, the Fund may be required to buy a security under the dollar roll that may be of less value than an identical security would have been.

***EQUITY RISK.*** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company. Equity securities include but are not limited to common stock, shares or interests issued by private equity issuers or investment funds, preferred stock, securities convertible into common or preferred stock and warrants or rights to acquire common stock, including options. The value of an equity security may be based on the real or perceived success or failure of the particular company's business, any income paid to stockholders in the form of a dividend, the value of the company's assets, general market conditions, or investor sentiment generally. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

<u>Special Purpose Acquisition Companies Risk</u> – The Fund may invest in special purpose acquisition companies ("SPACs") or similar special purpose entities. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their securities' prices. In addition, these securities, which are typically traded in the OTC market, may be considered illiquid and/or be subject to restrictions on resale.

***EVENT RISK.*** Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers or similar events financed by the issuer's taking on additional debt. As a result of the added debt, the credit quality and market value of a company's bonds and/or other debt securities may decline significantly.

***FIXED INCOME SECURITIES.*** The Fund is permitted to invest in fixed income securities including, but not limited to: (1) securities issued or guaranteed as to principal or interest by the U.S. Government, its agencies or instrumentalities; and (2) non-convertible debt securities issued or guaranteed by U.S. corporations or other issuers (including foreign issuers).

***FOREIGN INVESTMENTS.*** The Fund may invest in foreign issuers and borrowers, which include: (1) companies organized outside of the United States, including in emerging market countries; (2) foreign sovereign governments and their agencies, authorities, instrumentalities and political subdivisions, including foreign states, provinces or municipalities; and (3) issuers and borrowers whose economic fortunes and risks are primarily linked with markets outside the United States. These securities may be denominated, quoted in or pay income in, U.S. dollars or in a foreign currency. Certain companies organized outside the United States may not be deemed to be foreign issuers or borrowers if the issuer's or borrower's economic fortunes and risks are primarily linked with U.S. markets.

Investing in securities of foreign issuers and loans to foreign borrowers involves considerations and potential risks not typically associated with investing in obligations issued by U.S. entities. Less information may be available about foreign entities compared with U.S. entities. For example, foreign issuers and borrowers generally are not subject to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements comparable to those applicable to U.S. issuers and borrowers. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the United States. Other potential foreign market risks include difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts and political and social conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States or other foreign countries. In addition, changes in government administrations or economic or monetary policies in the United States or abroad could result in appreciation or depreciation of portfolio securities. Any of these actions could severely affect security prices, impair the Fund's ability to purchase or sell foreign securities or transfer the Fund's assets or income back into the United States, or otherwise adversely affect the Fund's operations.

Recent geopolitical events in the European Union and other events (e.g. wars, military conflicts, terrorism or natural disasters) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of the Fund's investments. Such developments could lead to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. Those events as well as other changes in regional economic and political conditions could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. For example, the imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. These types of measures may include, but are not limited to, banning a sanctioned country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing the assets of particular countries, entities, or persons. The imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country or companies located in or economically tied to the sanctioned country, devaluation of the sanctioned country's currency, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries.

A default or debt restructuring by any European country would adversely impact holders of that country's debt, and sellers of credit default swaps linked to that country's creditworthiness (which may be located in other countries). These events may have an adverse effect on the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. If any member country exits the European Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country's debt would face the risk of significant losses. In addition, the resulting economic instability of Europe and the currency markets in general could have a severe adverse effect on the value of securities held by the Fund.

Certain European countries in which the Fund may invest have recently experienced significant volatility in financial markets and may continue to do so in the future. The impact of the United Kingdom's departure from the European Union, commonly known as "Brexit," and the potential departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. These consequences include greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in such markets. Uncertainty relating to the United Kingdom's post-departure framework and relationships may have adverse effects on asset valuations and the renegotiation of trade agreements, as well as an increase in financial regulation in such markets. This may adversely impact Fund performance.

*Currency Risk and Exchange Risk*. Because foreign securities generally are denominated and pay dividends or interest in foreign currencies, the value of the Fund that invests in foreign securities as measured in U.S. dollars will be affected by changes in exchange rates. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as "currency risk," means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns. Moreover, transaction costs are incurred in connection with conversions between currencies. See "Currency Risk" above.

*Settlement Risk*. Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations may involve certain risks (such as delays in payment for or delivery of securities) not typically generated in the settlement of U.S. investments. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions being undertaken; these problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may remain uninvested with no return earned thereon for some period. There may also be the danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise in respect of securities held by or to be transferred to the Fund. Further, compensation schemes may be non-existent, limited or inadequate to meet the Fund's claims in any of these events. In connection with any of these events, and other similar circumstances, the Fund may experience losses because of failures of or defects in settlement systems.

There are additional and magnified risks involved with investments in emerging or developing markets, which may exhibit greater price volatility and risk of principal, have less liquidity and have settlement arrangements that are less efficient than in developed markets. In addition, the economies of emerging market countries generally are heavily dependent on international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. Emerging market economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade. See "Investments in Emerging Market Securities" below.

***GOVERNMENT INTERVENTION IN FINANCIAL MARKETS.*** Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. For example, in response to the outbreak of COVID-19, the U.S. Government passed the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") into law in March 2020 and the American Rescue Plan Act of 2021 (the "Rescue Act") into law in March 2021.

In addition, instability in the financial markets during and after the 2008-2009 financial downturn also led the U.S. Government and governments across the world to take a number of actions designed to support certain financial institutions and segments of the financial markets that experienced extreme volatility, and in some cases a lack of liquidity. Most significantly, the U.S. Government has enacted a broad-reaching regulatory framework over the financial services industry and consumer credit markets. Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of the Fund's portfolio holdings. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The Fund has established procedures to assess the liquidity of portfolio holdings and to value instruments for which market prices may not be readily available. The Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In the event of such a disturbance, issuers of securities held by the Fund may experience significant declines in the value of their assets and even cease operations, or may receive government assistance accompanied by increased restrictions on their business operations or other government intervention. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

***HIGH YIELD INVESTMENTS ("JUNK BONDS").*** Any security or loan with a long-term credit rating of "Ba" or lower by Moody's Investors Service, Inc. ("Moody's"), "BB" or lower by Standard and Poor's Corporation ("S&P") or "BB" or lower by Fitch, Inc. ("Fitch"), as well as any security or loan that is unrated but determined by the Adviser to be of comparable quality, is below investment grade.

Securities and bank loans rated below investment grade are commonly referred to as "high yield-high risk debt securities," "junk bonds," "leveraged loans" or "emerging market debt," as the case may be. Each rating category has within it different gradations or sub-categories. For instance, the "Ba" rating for Moody's includes "Ba3", "Ba2" and "Ba1." Likewise the S&P and Fitch rating category of "BB" includes "BB+", "BB" and "BB-." If the Fund is authorized to invest in a certain rating category, the Fund is also permitted to invest in any of the sub-categories or gradations within that rating category.

Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no assets available to repay junk bond holders. Junk bonds are also subject to extreme price fluctuations. Adverse changes in an issuer's industry and general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated fixed income securities. Further, issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing.

In addition, junk bonds frequently have redemption features that permit an issuer to repurchase the security before it matures. If an issuer redeems junk bonds owned by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Junk bonds may also be less liquid than higher rated fixed income securities, even under normal economic conditions. Moreover, there are relatively few dealers in the junk bond market, and there may be significant differences among these dealers' price quotes. Because they are less liquid, judgment may play a greater role in valuing these securities than is the case with securities that trade in a more liquid market.

The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. The credit rating of a junk bond does not necessarily take into account its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. These securities and bank loans generally entail greater risk (including the possibility of default or bankruptcy of the issuer), involve greater volatility of price and risk to principal and income and may be less liquid than securities and bank loans in higher rating categories. Securities and bank loans in the highest category below investment grade are considered to be of poor standing and predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. As such, these investments often have reduced values that, in turn, negatively impact the value of the Fund's shares. If a security or bank loan is downgraded to a rating category that does not qualify for investment, the Adviser will use its discretion on whether to hold or sell based upon its opinion on the best method to maximize value for shareholders over the long term.

***Distressed Securities.*** The Fund may invest in debt securities issued by companies that are involved in reorganizations, financial restructurings or bankruptcy. Investments in such distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities, including equity securities, with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale, and sales may be possible only at substantial discounts. Distressed securities and any securities received in exchange for such securities may also be difficult to value and/or liquidate.

***ILLIQUID INVESTMENTS.*** An illiquid investment for the Fund means any investment that the Adviser or the Fund's Adviser reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may not be able to sell illiquid securities or other investments when the Adviser considers it desirable to do so or may have to sell such securities or other investments at a price that is lower than the price that could be obtained if the securities or other investments were more liquid. Illiquid securities also may be more difficult to value due to the lack of reliable market quotations for such securities or investments, and investments in them may have an adverse impact on the Fund's net asset value.

Securities and other investments purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the security, market events, economic conditions or investor perceptions. Domestic and foreign markets are becoming more and more complex and interrelated such that events in one sector of the market or the economy, or in one geographical region, can reverberate and have negative consequences for other market, economic or regional sectors in a manner that may not be reasonably foreseen. With respect to OTC securities, the continued viability of any OTC secondary market depends on the continued willingness of dealers and other participants to purchase the securities.

***INFLATION RISK.*** The Fund's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund's assets can 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 the Fund's investments may not keep pace with inflation, which would generally adversely affect the real value of Fund shareholders' investment in the Fund. This risk is greater for fixed-income instruments with longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment.

***INITIAL PUBLIC OFFERINGS ("IPO RISK").*** Securities issued in IPOs have no trading history, and information about the issuing companies may be available for very limited periods. Some of the companies involved in new industries may be regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of them. Many IPOs are by small- or micro-cap companies that are undercapitalized. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO is complete.

The effect of IPOs on the Fund's performance depends on a variety of factors, including the number of IPOs the Fund invests in relative to the size of the Fund and whether and to what extent a security purchased in an IPO appreciates and depreciates in value. Although investments in IPOs have the potential to produce substantial gains in a short period of time, there is no assurance that the Fund will have access to profitable IPOs, that any particular IPO will be successful, or that any gains will be sustainable. Investors should not rely on past gains attributable to IPOs as an indication of future performance.

***INTEREST RATE RISK.*** A wide variety of factors can cause interest rates or yields of U.S. Treasury securities or other types of bonds to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, reduced market demand for low yielding investments, etc.). Thus, the Fund currently faces a heightened level of risk associated with rising interest rates and/or bond yields. If interest rates increase, such increases may result in a decline in the value of the fixed income or other investments held by the Fund that move inversely to interest rates. A decline in the value of such investments would result in a decline in the Fund's NAV. Additionally, further changes in interest rates could result in additional volatility and could cause Fund shareholders to tender their Shares for repurchase at its regularly scheduled repurchase intervals. The Fund may need to liquidate portfolio investments at disadvantageous prices in order to meet such repurchases. Further increases in interest rates could also cause dealers in fixed income securities to reduce their market making activity, thereby reducing liquidity in these markets. To the extent the Fund holds fixed income securities or other securities that behave similarly to fixed income securities, the longer the maturity dates are for such securities will result in a higher likelihood of a decrease in value during periods of rising interest rates.

***INVESTMENTS IN EMERGING MARKET SECURITIES.*** The Fund may invest in securities of issuers that conduct their principal business activities in, or whose securities are traded principally on exchanges located in, less developed countries considered to be "emerging markets." Unless otherwise stated in the Fund's investment strategy, emerging markets are those markets (1) included in emerging market or equivalent classifications by the United Nations (and its agencies); (2) having per capita income in the low to middle ranges, as determined by the World Bank; or (3) the Fund's benchmark index provider designates as emerging.

Emerging countries are generally located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. Investing in emerging market securities involves not only the risks described above with respect to investing in foreign securities, but also other risks that may be more severe and pervasive than those present in foreign countries with more developed markets. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. The value of the Fund's investments in emerging markets securities may be adversely affected by changes in the political, economic or social conditions, expropriation, nationalization, limitation on the removal of funds or assets, controls, tax regulations and other restrictions in emerging market countries. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such circumstances, it is possible that the Fund could lose the entire amount of its investments in the affected market.

Some countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war (such as Russia's invasion of Ukraine) and ethnic, religious and racial conflicts. The Fund's emerging market investments may introduce exposure to economic structures that are generally less diverse and mature than, and to political systems that can be expected to have less stability than, those of developed countries. Other characteristics of emerging markets that may affect investments include national policies that may restrict investment by foreigners in issuers or industries deemed sensitive to relevant national interests and the absence of developed legal structures governing private and foreign investments and private property, and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) and investors (e.g., the Fund) to bring actions against bad actors may be limited. As a result of these legal structures and limitations, the Fund faces the risk of being unable to enforce its rights with respect to its investments in emerging markets, which may cause losses to the Fund. . Settlements of trades in emerging markets may be subject to significant delays. The inability to make intended purchases of securities due to settlement problems could cause missed investment opportunities. Losses could also be caused by an inability to dispose of portfolio securities due to settlement problems. Also, the typically small size of the markets for securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may result in lack of liquidity and price volatility of those securities. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

The risks outlined above are often more pronounced in "frontier markets" in which the Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets. This magnification of risks is the result of a number of factors, including: government ownership or control of parts of the private sector and of certain companies; trade barriers; exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; less uniformity in accounting and reporting requirements; unreliable securities valuation; greater risk associated with custody of securities; and the relatively new and unsettled securities laws in many frontier market countries. In addition, the markets of frontier countries typically have low trading volumes, leading to a greater potential for extreme price volatility and illiquidity. This volatility may be further increased by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of funds investing in these markets could significantly affect local securities prices and, therefore, the net asset value of the Fund. All of these factors make investing in frontier market countries significantly riskier than investing in other countries, including more developed and traditional emerging market countries, and any one of them could cause the net asset value of the Fund's shares to decline.

In addition to the risks of foreign investing and the risks of investing in emerging or frontier markets, investments in certain countries with recently developed markets and structures, such as Nigeria, Croatia and Russia, implicate certain specific risks. Because of the recent formation of these securities markets and the underdeveloped state of these countries' banking systems, settlement, clearing and registration of securities transactions are subject to significant risks. Share ownership is often defined and evidenced by extracts from entries in a company's share register, but such extracts are neither negotiable instruments nor effective evidence of securities ownership. Further, the registrars in these countries are not necessarily subject to effective state supervision or licensed by any governmental entity, there is no central registration system for shareholders and it is possible for the Fund to lose its entire ownership rights through fraud, negligence or mere oversight. In addition, while applicable regulations may impose liability on registrars for losses resulting from their errors, it may be difficult for the Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In Croatia, these risks are limited to investments in securities that are not traded on the national stock exchange. However, in other countries, including Nigeria and Russia, all securities investments are subject to these risks.

*Risks of Investments in Russia*. The Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia's banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company's share register and normally evidenced by extracts from the register. These extracts are not negotiable instruments and are not effective evidence of securities ownership. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for the Fund to lose its registration through fraud, negligence or mere oversight. While the Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for the Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. To the extent that the Fund invests in Russian securities, the Fund intends to invest directly in Russian companies that use an independent registrar. There can be no assurance that such investments will not result in a loss to the Fund.

Certain of the companies in which the Fund may invest may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. In particular, as a result of recent events involving Ukraine and Russia, the United States and other countries have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or other countries could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities. These sanctions could also impair the Fund's ability to meet its investment objective. For example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in companies operating in or having dealings with sanctioned countries, prohibiting the Fund from selling or otherwise transacting in these investments. This could impact the Fund's ability to sell securities or other financial instruments as needed to meet shareholder redemptions. The Fund could seek to suspend redemptions in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine the value of its net assets. In addition, sanctions, and the Russian government's response, could result in a downgrade in Russia's credit rating, devaluation of its currency and/or increased volatility with respect to Russian securities. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which the Fund invests.

***INVESTMENTS IN SUBSIDIARY RISK.*** The Fund may invest in the shares of one or more wholly-owned and controlled Subsidiaries (each, a "Subsidiary"). Each Subsidiary is expected to be treated as a corporation for U.S. federal income tax purposes. A Subsidiary may be formed as a U.S. entity or as a non-U.S. entity. Investments in a Subsidiary are expected to provide the Fund with exposure to investments within the limitations of Subchapter M of the Code and IRS revenue rulings, as discussed below. Each Subsidiary is advised by the Adviser and managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Fund. However, unlike the Fund, a Subsidiary is not subject to diversification requirements. The Fund is the sole shareholder of each Subsidiary, and shares of a Subsidiary are not sold or offered to other investors. Each Subsidiary is not registered under the 1940 Act and, unless otherwise noted in the Fund's prospectus or this SAI, is not subject to the investor protection mechanisms or oversight regime of the 1940 Act. However, because the Fund wholly-owns and controls each Subsidiary, and the Fund and each Subsidiary are both managed by the Adviser, it is unlikely that a Subsidiary will take action contrary to the interests of the Fund and its shareholders. In addition, changes in the laws of the United States and/or other applicable jurisdictions could result in the inability of the Fund and/or a Subsidiary to operate as described in the Fund's prospectus and this SAI and could adversely affect the Fund. In particular, there is a risk that the IRS could determine that the income the Fund receives from a Subsidiary is not qualifying income for tax purposes, which could affect the Fund's qualification as a regulated investment company. If the Fund fails to qualify as a regulated investment company or the law changes in certain ways, Fund shareholders would likely suffer decreased investment returns.

The Fund, as a regulated investment company ("RIC") under the tax rules, is required to realize at least 90 percent of its annual gross income from investment-related sources, specifically from dividends, interest, proceeds from securities lending, gains from the sales of stocks, securities and foreign currencies, other income (including, but not limited to, gains from options, futures or forward contracts) derived from investing in such stock, securities or currencies or certain types of publicly traded partnerships (collectively referred to as "qualifying income"). The IRS has issued final regulations that generally treat the Fund's income inclusion with respect to a non-U.S. Subsidiary as qualifying income if either (A) there is a distribution out of the earnings and profits of the non-U.S. Subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. The tax treatment of the Fund's investment in a Subsidiary may be adversely affected by future legislation, Treasury Regulations, court decisions and/or guidance issued by the IRS that could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or any gains and distributions made by the Fund.

Any Subsidiary formed as a U.S. entity will be subject to U.S. federal income tax on all its income, but Fund distributions attributable to dividends received from the Fund by a U.S. Subsidiary may qualify for treatment as qualified dividend income or for the dividends-received deduction for corporate shareholders. A non-U.S. Subsidiary generally will not be subject to U.S. federal income tax, unless it is deemed to be engaged in a trade or business in the United States. A non-U.S. Subsidiary will, however, be considered a CFC, and as a result the Fund will generally be required to include as annual income amounts earned by the non-U.S. Subsidiary during the applicable year. Furthermore, the Fund will be subject to the distribution requirement applicable to open-end management investment companies on certain non-U.S. Subsidiary income, whether or not the non-U.S. Subsidiary actually makes a distribution to the Fund during the taxable year. If a net loss is realized by a Subsidiary, such loss is not generally available to offset the income earned by the Fund, and such loss cannot be carried forward to offset taxable income of the Fund or (in the case of a non-U.S. Subsidiary) of the Subsidiary in future periods.

***LARGE SHAREHOLDER TRANSACTION RISK.*** The Fund may experience adverse effects when certain large shareholders purchase or request repurchases of large numbers of shares of the Fund. These shareholders (or a single shareholder) may purchase shares or request repurchases of the Fund in large amounts unexpectedly or rapidly, including as a result of an asset allocation decision made by the Fund's Adviser. Such transactions could adversely affect the ability of the Fund to conduct its investment program. Such large shareholder repurchases may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Large repurchase requests could also cause the Fund's quarterly repurchase offers to be oversubscribed and result in shareholders only having a prorated portion of the shares they requested repurchased. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, large shareholder repurchases could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratios.

***LEVERAGE RISK.*** Certain transactions, including derivatives, to-be-announced investments and other when-issued, delayed delivery or forward commitment transactions, involve a form of leverage. Transactions involving leverage provide investment exposure in an amount exceeding the initial investment. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Certain derivatives have the potential to cause unlimited losses for the Fund, regardless of the size of the initial investment. Leverage may also cause the Fund's NAV to be more volatile than if the Fund had not been leveraged, as relatively small market movements may result in large changes in the value of a leveraged investment. To reduce the risk associated with leveraging, the Fund may "set aside" liquid assets (often referred to as "asset segregation"), or otherwise "cover" its position in a manner consistent with the 1940 Act or the rules and SEC interpretations thereunder. The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes in the SEC's positions regarding asset segregation. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so.

***LIQUIDATION OF FUND.*** The Board may determine to close and liquidate the Fund at any time. In the event of the liquidation of the Fund, shareholders will receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. A liquidating distribution may be a taxable event for shareholders who do not hold their shares in a tax deferred account and, depending on a shareholder's basis in his or her Fund shares, may result in the recognition of a gain or loss for tax purposes.

***LOANS AND LOAN PARTICIPATIONS.*** Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the prime rates of U.S. banks and alternate rates. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. However, because the trading market for certain corporate loans may be less developed than the secondary market for bonds and notes, the Fund may experience difficulties in selling its corporate loans. The Fund may make certain corporate loan investments as part of a broader group of lenders (together often referred to as a "syndicate") that is represented by a leading financial institution (or agent bank). The syndicate's agent arranges the corporate loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems or is terminated, the Fund may not recover its investment or recovery may be delayed. Corporate loans may be denominated in currencies other than U.S. dollars and are subject to the credit risk of nonpayment of principal or interest. Further, substantial increases in interest rates may cause an increase in loan defaults. Although the loans will generally be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid or lose all or substantially all of its value subsequent to investment. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the Fund's rights to the collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay.

The Fund may also invest in second lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral) and unsecured loans. Holders' claims under unsecured loans are subordinated to claims of creditors holding secured indebtedness and possibly other classes of creditors holding unsecured debt. Unsecured loans have a greater risk of default than secured loans, particularly during periods of deteriorating economic conditions. Also, since they do not afford the lender recourse to collateral, unsecured loans are subject to greater risk of nonpayment in the event of default than secured loans. Many such loans are relatively illiquid and may be difficult to value.

Some bank loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the bank loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of the bank loans, including, in certain circumstances, invalidating such bank loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect Fund performance.

Indebtedness of companies whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Some companies may never pay off their indebtedness or pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, the Fund bears a substantial risk of losing the entire amount invested.

Investments in bank loans through a direct assignment of the financial institution's interest with respect to the bank loan may involve additional risks. For example, if a secured bank loan is foreclosed, the Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, the Fund could be held liable as a co-lender.

Bank loans may be structured to include both term loans, which are generally fully funded at the time of investment, and revolving credit facilities, which would require the Fund to make additional investments in the bank loans as required under the terms of the credit facility at the borrower's demand.

A financial institution's employment as agent bank may be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement would remain available to the holders of such indebtedness. However, if assets held by the agent bank for the benefit of the Fund were determined to be subject to the claims of the agent bank's general creditors, the Fund may incur certain costs and delays in realizing payments on a bank loan or loan participation and could suffer a loss of principal and/or interest.

***Floating Rate Loans.*** The Fund may invest in interests in floating rate loans (often referred to as "floaters"). Senior floating rate loans hold the most senior position in the capital structure of a business entity (the "Borrower"), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. The Fund may also invest in second lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral) and unsecured loans. The Fund may also invest in companies whose financial condition is uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings. Floating rate loans typically have rates of interest that are reset or redetermined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a spread. The base lending rates are primarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the agent, as an assignment from another lender who holds a direct interest in the floating rate loan or as a participation interest in another lender's portion of the floating rate loan.

The value of the collateral securing a floating rate loan can decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value. Floating rate loans generally are subject to legal or contractual restrictions on resale. The liquidity of floating rate loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual floating rate loans. For example, if the credit quality of a floating rate loan unexpectedly declines significantly, secondary market trading in that floating rate loan can also decline for a period of time. During periods of infrequent trading, valuing a floating rate loan can be more difficult, and buying and selling a floating rate loan at an acceptable price can be more difficult and delayed. Difficulty in selling a floating rate loan can result in a loss and can hinder the Fund's ability to meet repurchase requests.

Many loans in which the Fund may invest may not be rated by a rating agency, and many, if not all, loans will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to loans will generally be less extensive than that available for registered or exchange-listed securities. In evaluating the creditworthiness of Borrowers, the investment adviser and/or Adviser considers, and may rely in part, on analyses performed by others. In the event that loans are not rated, they are likely to be the equivalent of below investment grade quality. Debt securities that are rated below-investment-grade and comparable unrated bonds are viewed by the rating agencies as having speculative characteristics and are commonly known as "junk bonds". Historically, senior-secured floating rate loans tend to have more favorable loss recovery rates than more junior types of below-investment-grade debt obligations. The Adviser does not view ratings as the primary factor in its investment decisions and relies more upon its credit analysis abilities than upon ratings.

Loans and other corporate debt obligations are subject to the risk of non-payment of scheduled interest or principal. Floating rate loans are rated below-investment-grade, which means that rating agencies view them as more likely to default in payment than investment-grade loans. Such non-payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund. Some floating rate loans are also subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such floating rate loans to presently existing or future indebtedness of the Borrower or take other action detrimental to the holders of floating rate loans including, in certain circumstances, invalidating such floating rate loans or causing interest previously paid to be refunded to the Borrower. If interest were required to be refunded, it could negatively affect the Fund's performance.

*Prepayment Risks*. Most floating rate loans and certain debt securities allow for prepayment of principal without penalty. Loans and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to fixed-rate investments, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the investment and making the investment more sensitive to interest rate changes. Accordingly, the potential for the value of a floating rate loan or security to increase in response to interest rate declines is limited. Further, loans or debt securities purchased to replace a prepaid loan or debt security may have lower yields than the yield on the prepaid loan or debt security.

*Market Risks*. Significant events, such as turmoil in the financial and credit markets, terrorist events, and other market disruption events, such as weather or infrastructure disruptions that affect the markets generally, can affect the liquidity of the markets and cause spreads to widen or interest rates to rise, resulting in a reduction in value of the Fund's assets. Other economic factors (such as a large downward movement in security prices, a disparity in supply of and demand for certain loans and securities or market conditions that reduce liquidity) can also adversely affect the markets for debt obligations. Rating downgrades of holdings or their issuers will generally reduce the value of such holdings. The Fund is also subject to income risk, which is the potential for a decline in the Fund's income due to falling interest rates or market reductions in spread.

Terrorist attacks and related events, including wars in Iraq and Afghanistan and their aftermath, and the recent rise of the militant group known as the Islamic State of Iraq and Syria, have led to increased short-term market volatility and may have long-term effects on U.S. and world economies and markets. A similar disruption of the financial markets, such as the problems in the subprime market, could affect interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to investments in floating rate loans. In particular, junk bonds and floating rate loans tend to be more volatile than higher-rated fixed income securities; as such, these circumstances and any actions resulting from them may have a greater effect on the prices and volatility of junk bonds and floating rate loans than on higher-rated fixed income securities. The Fund cannot predict the effects of similar events in the future on the U.S. economy.

*Material Non-Public Information*. The Fund may be in possession of material non-public information about a Borrower or issuer as a result of its ownership of a loan or security of such Borrower or issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a loan or security of such a Borrower or issuer when it would otherwise be advantageous to do so.

*Regulatory Risk*. To the extent that legislation or federal regulators impose additional requirements or restrictions on the ability of financial institutions to make loans, particularly in connection with highly leveraged transactions, floating rate loans for investment may become less available. Any such legislation or regulation could also depress the market values of floating rate loans. Loan interests may not be considered "securities," and purchasers, such as the Fund, may, therefore, not be entitled to rely on the anti-fraud protections of the federal securities laws.

***Loan Participations***. A participation interest is a fractional interest in a loan, issued by a lender or other financial institution. The lender selling the participation interest remains the legal owner of the loan. Where the Fund is a participant in a loan, it does not have any direct claim on the loan or any rights of set-off against the borrower and may not benefit directly from any collateral supporting the loan. As a result, the Fund is subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

The lack of a highly liquid secondary market may have an adverse impact on the ability to dispose of particular loan participations when necessary to meet repurchase requests of the Fund's shares, to meet the Fund's liquidity needs or when necessary in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a highly liquid secondary market for loan participations also may make it more difficult for the Fund to value these investments for purposes of calculating its net asset value.

***Senior Loans***. Senior debt (frequently issued in the form of senior notes or referred to as senior loans) is debt that takes priority over other unsecured or otherwise more "junior" debt owed by the issuer. Senior debt has greater seniority in the issuer's capital structure than subordinated debt. In the event the issuer goes bankrupt, senior debt theoretically must be repaid before other creditors receive any payment. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. In addition, there is no minimum rating or other independent evaluation of a borrower or its securities limiting the Fund's investments in senior loans, and thus the Adviser relies primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. As a result, the Fund that invests in senior loans is particularly dependent on the analytical abilities of its Adviser.

An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value even before a default occurs. Further, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect a senior loan's value.

No active trading market may exist for certain senior loans, which may impair the Fund's ability to realize full value in the event that it needs to sell a senior loan and may make it difficult to value senior loans. Adverse market conditions may impair the liquidity of some actively traded senior loans. To the extent that a secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Although senior loans in which the Fund invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. If the terms of a senior loan do not require the borrower to pledge additional collateral in the event of a decline in the value of the already pledged collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrowers' obligations under the senior loans. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include the invalidation of senior loans.

If a senior loan is acquired through an assignment, the Fund may not be able unilaterally to enforce all rights and remedies under the loan and with regard to any associated collateral. If a senior loan is acquired through a participation, the acquiring Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the entity selling the participation.

Senior loans in which the Fund may invest may be rated below investment grade. The risks associated with these senior loans are similar to the risks of below investment grade securities, although senior loans are typically senior and secured in contrast to other below investment grade securities, which are often subordinated and unsecured. This higher standing of senior loans has historically resulted in generally higher recoveries in the event of a corporate reorganization. In addition, because their interest rates are typically adjusted for changes in short-term interest rates, senior loans generally are subject to less interest rate risk than other below investment grade securities (which are typically fixed rate).

***Unsecured Loans***. The claims of holders of unsecured loans are subordinated to, and thus lower in priority of payment to, claims of creditors holding secured indebtedness and possibly other classes of creditors holding unsecured debt. Unsecured loans have a greater risk of default than secured loans, particularly during periods of deteriorating economic conditions. In addition, since they do not afford the lender recourse to collateral, unsecured loans are subject to greater risk of nonpayment in the event of default than secured loans.

*Delayed Settlement*. Compared to securities and to certain other types of financial assets, purchases and sales of senior loans take relatively longer to settle, partly due to the fact that senior loans require a written assignment agreement and various ancillary documents for each transfer, and frequently require discretionary consents from both the borrower and the administrative agent. In addition, recent regulatory changes have increasingly caused dealers to insist on matching their purchases and sales, which can lead to delays in the Fund's settlement of a purchase or sale of a senior loan in circumstances where the dealer's corresponding transaction with another party is delayed. Dealers will also sometimes sell senior loans short, and hold their trades open for an indefinite period while waiting for a price movement or looking for inventory to purchase.

This extended settlement process can (i) increase the counterparty credit risk borne by the Fund; (ii) leave the Fund unable to timely vote, or otherwise act with respect to, senior loans it has agreed to purchase; (iii) delay the Fund from realizing the proceeds of a sale of a senior loan; (iv) inhibit the Fund's ability to re-sell a senior loan that it has agreed to purchase if conditions change (leaving the Fund more exposed to price fluctuations); (v) prevent the Fund from timely collecting principal and interest payments; and (vi) expose the Fund to adverse tax or regulatory consequences.

***MARKET RISK.*** Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that such markets will go down sharply and unpredictably. Securities or other investments may decline in value due to factors affecting securities markets generally or individual issuers. The value of a security or other investment may change in value due to general market conditions that are not related to a particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The value of a security or other investment may also change in value due to factors that affect an individual issuer or a particular sector or industry. During a general downturn in the securities or other markets, multiple asset classes may decline in value simultaneously. When markets perform well, there can be no assurance that securities or other investments held by the Fund will participate in or otherwise benefit from the advance. Any market disruptions, including those arising out of geopolitical events, pandemics, epidemics or natural/environmental disasters, could also prevent the Fund from executing advantageous investment decisions in a timely manner.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, exchange trading suspensions or restrictions and closures of securities exchanges and businesses, impact the ability to complete redemptions, and adversely impact Fund performance. The impact of COVID continues to negatively affected the worldwide economy, created supply chain disruptions and labor shortages, and impacted the financial health of individual companies and the market in significant and unforeseen ways. The effects to public health, business and market conditions resulting from COVID-19 pandemic may have a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks.

Relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the Fed or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

In addition, while interest rates have been unusually low in recent years in the U.S. and abroad, any decision by the Fed to adjust the target federal funds rate, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. Also, regulators have expressed concern that rate increases may contribute to price volatility. These events and the possible resulting market volatility may have an adverse effect on the Fund. Political turmoil within the U.S. and abroad may also impact the Fund. Similarly, political events within the U.S. at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets.

In addition, following the global financial crisis, the Fed attempted to stabilize the economy and support the economic recovery by keeping the federal funds rate (the interest rate at which depository institutions lend reserve balances to other depository institutions overnight) at or near zero percent. To the extent that the Fed reduces its holdings in securities and raises the federal funds rate, there is a risk that interest rates across the financial industry will rise. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities.

***MID CAP SECURITIES RISK.*** Mid capitalization securities involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. These companies often have narrower markets, more limited operating or business history and more limited managerial or financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company's size, the greater these risks.

***MONEY MARKET INSTRUMENTS AND TEMPORARY INVESTMENT STRATEGIES.*** The Fund may hold cash and invest in money market instruments at any time. The Fund may invest some or all of its assets in cash, high quality money market instruments and shares of money market investment companies for temporary defensive purposes in response to adverse market, economic or political conditions when the adviser or the Fund's Adviser subject to the overall supervision of the adviser, as applicable, deems it appropriate.

Money market instruments include, but are not limited to: (1) banker's acceptances; (2) obligations of governments (whether U.S. or foreign) and their agencies and instrumentalities; (3) short-term corporate obligations, including commercial paper, notes, and bonds; (4) other short-term debt obligations; (5) obligations of U.S. banks, foreign branches of U.S. banks (Eurodollars), U.S. branches and agencies of foreign banks (Yankee dollars) and foreign branches of foreign banks; (6) asset-backed securities; and (7) repurchase agreements. The Fund may also invest in registered affiliated and unaffiliated money market funds that invest in money market instruments, as permitted by regulations adopted under the 1940 Act. The Fund's ability to redeem shares of a money market fund may be impacted by liquidity fees and redemption gates under certain circumstances.

***NATURE OF PORTFOLIO COMPANIES.*** The Investment Funds will include direct and indirect investments in various companies, ventures and businesses. This may include portfolio companies in the early phases of development, which can be highly risky due to the lack of a significant operating history, fully developed product lines, experienced management, or a proven market for their products. The Fund's investments may also include portfolio companies that are in a state of distress or which have a poor record and which are undergoing restructuring or changes in management, and there can be no assurances that such restructuring or changes will be successful. The management of such portfolio companies may depend on one or two key individuals, and the loss of the services of any of such individuals may adversely affect the performance of such portfolio companies.

***NEW FUND RISK.*** The Fund is a new fund which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

***NON-DIVERSIFICATION RISK.*** A non-diversified fund is permitted to invest a greater portion of its assets in a smaller number of issuers than a "diversified" fund. For this reason, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely, which may result in a greater risk of loss. A non-diversified Fund may also be subject to greater market fluctuation and price volatility than a more broadly diversified fund.

***NON-LISTED CLOSED-END; LIQUIDITY RISKS.*** The Fund is a non-diversified, closed-end management investment company and designed primarily for long-term investors. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market will develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment. The Fund is not intended to be a typical traded investment. Although the Fund expects to make regular tender offers for the repurchase of Shares, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. In connection with any given repurchase offer, it is possible that the Fund may offer to repurchase only a minimum amount of 5% of its outstanding Shares. Hence, you may not be able to sell your Shares when or in the amount that you desire. The Fund is not required to conduct tender offers and may not do so in any given quarter.

***OPERATIONAL RISKS.*** An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, inadequate or failed processes, failure in systems and technology, changes in personnel and errors caused by third-party service providers. Among other things, these errors or failures as well as other technological issues may adversely affect the Fund's ability to calculate their net asset values in a timely manner, including over a potentially extended period. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could causes losses to the Fund. In addition, as the use of technology increases, the Fund may be more susceptible to operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or operational capacity. As a result, the Fund may incur regulatory penalties, reputational damage, additional compliance costs associated with corrected measures and/or financial loss. In addition, cybersecurity breaches of the Fund's third-party service providers or issuers in which the Fund invests may also subject the Fund to many of the same risks associated with direct cybersecurity breaches.

In addition, the Fund may rely on various third-party sources to calculate its net asset value. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers' data sources. In particular, errors or system failures and other technological issues may adversely impact the Fund's calculation of its net asset value, and such net asset value calculation issues may result in inaccurately calculated net asset values, delays in net asset value calculation, and/or the inability to calculate net asset value over extended periods. The Fund may be unable to recover any losses associated with such failures.

***OTHER INVESTMENT COMPANIES.*** The Fund may invest in securities of other investment companies, such as open-end or closed-end management investment companies, or in pooled accounts, or other unregistered accounts or investment vehicles to the extent permitted by the 1940 Act, the rules thereunder and applicable SEC staff interpretations thereof, or applicable exemptive relief granted by the SEC.

These investments are subject to limitations prescribed by the 1940 Act, the rules thereunder and applicable SEC staff interpretations thereof, or applicable exemptive relief granted by the SEC. Generally, the Fund will not purchase securities of an investment company if, as a result: (1) more than 10% of the Fund's total assets would be invested in securities of other investment companies; (2) such purchase would result in more than 3% of the total outstanding voting securities of any such investment company being held by the Fund; or (3) more than 5% of the Fund's total assets would be invested in any one such investment company. In some instances, the Fund may invest in an investment company in excess of these limits; for instance, with respect to investments in money market funds or investments made pursuant to exemptive rules adopted and/or orders granted by the SEC.

Investments listed closed-end funds are subject to the additional risk that shares of closed-end fund may trade at a premium or discount to their net asset value per share. There may also not be an active trading market available for shares of some closed-end funds. Additionally, trading closed-end fund shares may be halted and closed-end fund shares may be delisted by the listing exchange. In addition, the Fund pays brokerage commissions in connection with the purchase and sale of shares of closed-end funds. Closed-end funds are also subject to specific risks depending on the nature of the closed-end fund, such as liquidity risk, sector risk, and foreign and emerging markets risk, as well as risks associated with fixed income securities, real estate investments and commodities. Closed-end funds may utilize more leverage than other types of investment companies. They can utilize leverage by issuing preferred stocks or debt securities to raise additional capital which can, in turn, be used to buy more securities and leverage its portfolio. A business development company ("BDC"), which is a type of closed-end fund, typically invests in small and medium-sized U.S. companies. A BDC's portfolio is subject to the risks inherent in investing in smaller companies, including that portfolio companies may be dependent on a small number of products or services and may be more adversely affected by poor economic or market conditions. Some BDCs invest substantially, or even exclusively, in one sector or industry group and therefore the BDC may be susceptible to adverse conditions and economic or regulatory occurrences affecting the sector or industry group, which tends to increase volatility and result in higher risk. The Small Business Credit Availability Act permits BDCs to adopt a lower asset coverage ratio, thereby enhancing their ability to use leverage. Investments in BDCs that use greater leverage may be subject to heightened risks.

The Fund will indirectly bear a pro rata share of fees and expenses incurred by any investment companies in which the Fund is invested. The Fund's pro rata portion of the cumulative expenses charged by the investment companies is calculated as a percentage of the Fund's average net assets. The pro rata portion of the cumulative expenses may be higher or lower depending on the allocation of the Fund's assets among the investment companies and the actual expenses of the investment companies. BDC expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with Fund operations.

***PREFERRED STOCK RISK.*** The prices and yields of nonconvertible preferred stocks generally move with changes in interest rates and the issuer's credit quality, similar to debt securities. The value of convertible preferred stocks varies in response to many factors, including, for example, the value of the underlying equity securities, general market and economic conditions and convertible market valuations, as well as changes in interest rates, credit spreads and the credit quality of the issuer.

***PRIVATE PLACEMENT RISK.*** Investments in private placements are generally considered to be illiquid. Privately placed securities may be difficult to sell promptly or at reasonable prices and might thereby cause the Fund difficulty in satisfying repurchase requests. In addition, less information may be available about companies that make private placements than about publicly offered companies and such companies may not be subject to the disclosure and other investor protection requirements that would be applicable if their securities were publicly traded. Privately placed securities are typically fair valued and generally have no secondary trading market; therefore, such investments may be more difficult to value than publicly traded securities. Difficulty in valuing a private placement may make it difficult to accurately determine the Fund's exposure to private placement investments. Private placement investments may subject the Fund to contingent liabilities in the event a private issuer is acquired by another company during the period it is held by the Fund. Private placement investments may involve a high degree of business and financial risk and may result in substantial losses. These factors may have a negative effect on the Fund's performance.

Some privately placed companies in which the Fund may invest may be operating at a loss or with substantial variations in operating results from period to period and may need substantial additional capital to support expansion or to achieve or maintain competitive positions. Such companies may face intense competition, including competition from companies with much greater financial resources, much more extensive development, production, marketing and service capabilities and a much larger number of qualified managerial and technical personnel. There is no assurance that the marketing efforts of any particular company will be successful or that its business will succeed. In addition, timely or accurate information may at times not be readily available about the business, financial condition and results of operations of the privately held companies in which the Fund invests. Private debt investments also are subject to interest rate risk, credit risk and duration risk.

***Private Investments in Public Equity (PIPES).*** PIPEs are equity securities issued in a private placement by companies that have outstanding, publicly traded equity securities of the same class. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. PIPE transactions will generally result in the Fund acquiring either restricted stock or an instrument convertible into restricted stock. As with investments in other types of restricted securities, such an investment may be illiquid. The Fund's ability to dispose of securities acquired in PIPE transactions may depend upon the registration of such securities for resale. Any number of factors may prevent or delay a proposed registration. Alternatively, it may be possible for securities acquired in a PIPE transaction to be resold in transactions exempt from registration in accordance with Rule 144 under the Securities Act of 1933 (the "Securities Act"), or otherwise under the federal securities laws. There is no guarantee, however, that an active trading market for the securities will exist at the time of disposition of the securities, and the lack of such a market could hurt the market value of the Fund's investments. As a result, even if the Fund is able to have securities acquired in a PIPE transaction registered or sell such securities through an exempt transaction, the Fund may not be able to sell all the securities on short notice, and the sale of the securities could lower the market price of the securities.

***Indemnification of Investment Funds, Investment Managers and Others.*** The Fund may agree to indemnify certain of the Investment Funds and their respective managers, officers, directors, and affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of Investment Funds. If the Fund were required to make payments (or return distributions) in respect of any such indemnity, the Fund could be materially adversely affected. Indemnification of sellers of Secondary Investments may be required as a condition to purchasing such securities.

***Termination of the Fund's Interest in an Investment Fund.*** An Investment Fund may, among other things, terminate the Fund's interest in that Investment Fund (causing a forfeiture of all or a portion of such interest) if the Fund fails to satisfy any capital call by that Investment Fund or if the continued participation of the Fund in the Investment Fund would have a material adverse effect on the Investment Fund or its assets. The Fund's over-commitment strategy may increase the risk that the Fund is unable to satisfy a capital call from an Investment Fund.

***General Risks of Secondary Investments.*** The overall performance of the Fund's secondary investments will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to carve out from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Fund acquires an Investment Fund interest as a secondary investment, the Fund will generally not have the ability to modify or amend such Investment Fund's constituent documents (e.g., limited partnership agreements) or otherwise negotiate the economic terms of the interests being acquired. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to secondary investments may be greater than those relating to primary investments.

Where the Fund acquires an Investment Fund interest as a secondary investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Investment Fund and, subsequently, that Investment Fund recalls any portion of such distributions, the Fund (as the purchaser of the interest to which such distributions are attributable) may be obligated to pay an amount equivalent to such distributions to such Investment Fund. While the Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Investment Fund, there can be no assurance that the Fund would have such right or prevail in any such claim.

The Fund may acquire secondary investments as a member of a purchasing syndicate, in which case the Fund may be exposed to additional risks including, among other things: (i) counterparty risk, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member, and (iv) execution risk.

***Force Majeure Risk.*** Investment Funds may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including an Investment Fund or a counterparty to the Fund or an Investment Fund) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to an Investment Fund or the Fund of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which the Fund may invest specifically. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more Portfolio Investments or its assets, could result in a loss to the Fund, including if its investment in such Investment Fund is canceled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). Any of the foregoing may therefore adversely affect the performance of the Fund and its investments.

***Substantial Fees and Expenses Risk.*** A shareholder in the Fund that meets the eligibility conditions imposed by one or more Investment Funds, including minimum initial investment requirements that may be substantially higher than those imposed by the Fund, could potentially invest directly in primaries of such Investment Funds. By investing in the Investment Funds through the Fund, a shareholder in the Fund will bear a portion of the Management Fee and other expenses of the Fund. A shareholder in the Fund will also indirectly bear a portion of the asset-based fees, carried interests or incentive allocations (which are a share of an Investment Fund's returns which are paid to the Investment Manager) and fees and expenses borne by the Fund as an investor in the Investment Funds. In addition, to the extent that the Fund invests in an Investment Fund that is itself a "fund of funds," the Fund will bear a third layer of fees. Each Investment Manager receives any incentive-based allocations to which it is entitled irrespective of the performance of the other Investment Funds and the Fund generally. As a result, an Investment Fund with positive performance may receive compensation from the Fund, even if the Fund's overall returns are negative.

***Incentive Allocation Arrangements.*** Each Investment Manager may receive a performance fee, carried interest or incentive allocation generally equal to 20% of the net profits earned by the Investment Fund that it manages, typically subject to a preferred return. These performance incentives may create an incentive for the Investment Managers to make investments that are riskier or more speculative than those that might have been made in the absence of the performance fee, carried interest, or incentive allocation.

***Control Positions.*** Investment Funds may take control positions in companies. The exercise of control over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise and other types of liability related to business operations. In addition, the act of taking a control position, or seeking to take such a position, may itself subject an Investment Fund to litigation by parties interested in blocking it from taking that position. If those liabilities were to arise, or such litigation were to be resolved adversely to the Investment Funds, the investing Investment Funds likely would suffer losses on their investments.

***Inadequate Return.*** No assurance can be given that the returns on the Fund's investments will be commensurate with the risk of investment in the Fund. Shareholders should not commit money to the Fund unless they have the resources to sustain the loss of their entire investment in the Fund.

***Inside Information.*** From time to time, the Fund or its affiliates may come into possession of material, non-public information concerning an entity in which the Fund has invested, or proposes to invest. Possession of that information may limit the ability of the Fund to buy or sell securities of the entity.

***Recourse to the Fund's Assets.*** The Fund's assets, including any investments made by the Fund and any interest in the Investment Funds held by the Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

***Limitations on Transfer; Shares Not Listed; No Market for Shares.*** The transferability of Shares is subject to certain restrictions contained in the Fund's Agreement and Declaration of Trust and is affected by restrictions imposed under applicable securities laws. Shares are not traded on any national securities exchange or other market. No market currently exists for Shares, and the Fund contemplates that one will not develop. The Shares are, therefore, not readily marketable. Although the Adviser and the Fund expect to recommend to the Board of Trustees that the Fund offer to repurchase Shares quarterly, no assurances can be given that the Fund will do so and, in any case, repurchases will not begin until two years after the Fund has commenced operations. Consequently, Shares should only be acquired by investors able to commit their funds for an indefinite period of time.

***REGIONAL/COUNTRY FOCUS RISK.*** To the extent that the Fund focuses its investments in a particular geographic region or country, the Fund may be subject to increased currency, political, social, environmental, regulatory and other risks not typically associated with investing in a larger number of regions or countries. In addition, certain foreign economies may themselves be focused in particular industries or more vulnerable to political changes than the U.S. economy, which may have a pronounced impact on the Fund's investments. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. Regional and country focus risk is heightened in emerging markets.

The following sets forth additional information regarding risks associated with investing in certain geographic regions and countries.

***Investments in Europe Risk.*** The Economic and Monetary Union of the European Union requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange rate of the euro (the common currency of certain European Union countries), the default or threat of default by an European Union member country on its sovereign debt, and/or an economic recession in an European Union member country may have a significant adverse effect on the economies of European Union member countries and their trading partners. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect every country in Europe, including countries that do not use the euro. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. A default or debt restructuring by any European country would adversely impact holders of that country's debt, and sellers of credit default swaps linked to that country's creditworthiness (which may be located in other countries). These events may have an adverse effect on the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. If any member country exits the European Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country's debt would face the risk of significant losses. In addition, the resulting economic instability of Europe and the currency markets in general could have a severe adverse effect on the value of securities held by the Fund.

The impact of the United Kingdom's departure from the European Union, commonly known as "Brexit," and the potential departure of one or more other countries from the European Union has and may have significant political and financial consequences for global markets. These consequences include greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in such markets. Uncertainty relating to the United Kingdom's post-departure framework and relationships may have adverse effects on asset valuations and the renegotiation of trade agreements, as well as an increase in financial regulation in such markets. This may adversely impact Fund performance.

Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European issuers that rely on the U.S. for trade. Secessionist movements, such as the Catalan movement in Spain and the independence movement in Scotland, as well as governmental or other responses to such movements, may also create instability and uncertainty in the region. In addition, the national politics of countries in the European Union have been unpredictable and subject to influence by disruptive political groups and ideologies. The governments of European Union countries may be subject to change and such countries may experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. The occurrence of terrorist incidents throughout Europe also could impact financial markets. The impact of these events is not clear but could be significant and far-reaching and could adversely affect the value (and liquidity) of the Fund's investments.

***Investments in Asia Risk.*** Certain Asian economies have experienced high inflation, high unemployment, currency devaluations and restrictions, and over-extension of credit. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. During the global recession that began in 2009, many of the export-driven Asian economies experienced the effects of the economic slowdown in the United States and Europe, and certain Asian governments implemented stimulus plans, low-rate monetary policies and currency devaluations. Economic events in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia. Any adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which the Fund invests. Many Asian countries are subject to political risk, including corruption and regional conflict with neighboring countries. In addition, many Asian countries are subject to social and labor risks associated with demands for improved political, economic and social conditions.

***Investments in China Risk.*** Investments in securities of companies domiciled in the People's Republic of China ("China" or the "PRC") involve a high degree of risk and special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others, an authoritarian government, popular unrest associated with demands for improved political, economic and social conditions, the impact of regional conflict on the economy and hostile relations with neighboring countries. Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements with Hong Kong related to integration. China has a complex territorial dispute regarding the sovereignty of Taiwan; Taiwan-based companies and individuals are significant investors in China. Potential military conflict between China and Taiwan may adversely affect securities of Chinese issuers. In addition, China has strained international relations with Japan, India, Russia and other neighbors due to territorial disputes, historical animosities and other defense concerns. China could be affected by military events on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.

The U.S. government may occasionally place restrictions on investments in Chinese companies. For example, on June 3, 2021, President Biden issued an executive order prohibiting U.S. persons from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company ("CMIC"). This executive order superseded a prior similar order from then-President Trump. A number of Chinese issuers have been designated under this program and more could be added. Certain implementation matters related to the scope of, and compliance with, the executive order have not yet been resolved, and the ultimate application and enforcement of the executive order may change. As a result, the executive order and related guidance may significantly reduce the liquidity of such securities, force the Fund to sell certain positions at inopportune times or for unfavorable prices, and restrict future investments by the Fund.

The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy and develop market mechanisms. But there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. In addition, the imposition of sanctions and other government restrictions by the United States and other governments may also result in losses.

The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling or the suspension of short selling for certain stocks. This may affect market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the Fund. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn affect the performance of the securities markets and as a result the performance of the Fund. Segments of China's private debt markets (e.g., non-investment grade debt or "junk bonds") may at times become relatively concentrated by a limited number of large issuers in one or more industries (e.g., real estate). The default or threat of default by one or more such large issuers could have adverse consequences on other issuers in such industries or related industries.

In addition, there is less regulation and monitoring of the securities markets and the activities of investors, brokers and other participants in China than in the United States. Accordingly, issuers of securities in China are not subject to the same degree of regulation as those in the United States with respect to such matters as insider trading rules, tender offer regulation, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of information. Stock markets in China are in the process of change and further development. This may lead to trading volatility, and difficulties in the settlement and recording of transactions and interpretation and application of the relevant regulations. Custodians may not be able to offer the level of service and safe-keeping in relation to the settlement and administration of securities in China that is customary in more developed markets. In particular, there is a risk that the Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a sub-custodian. The Fund thus faces the risk of being unable to enforce its rights with respect to its holdings of Chinese investments.

The RMB, China's official currency, is currently not a freely convertible currency and is subject to foreign exchange control policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may negatively impact performance and liquidity of the Fund as capital may become trapped in the PRC. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. At times, there may be insufficient offshore RMB for the Fund to remain fully invested in Chinese equities. Investing in entities either in, or which have a substantial portion of their operations in, the PRC may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs and delays to the Fund.

While the Chinese economy has grown rapidly in recent years, there is no assurance that this growth rate will be maintained. China may experience substantial rates of inflation or economic recessions, causing a negative effect on the economy and securities market. China's economy is heavily dependent on export growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers or a downturn in any of the economies of China's key trading partners may have an adverse impact on the securities of Chinese issuers. The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by the PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time and from region to region. The application and enforcement of the PRC tax rules could have a significant adverse effect on the Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting standards and practices and those prepared in accordance with international accounting standards.

***REPURCHASE AND REVERSE REPURCHASE AGREEMENTS.*** A repurchase agreement is an agreement between two parties whereby one party sells the other a security at a specified price with a commitment to repurchase the security later at an agreed-upon price, date and interest payment. A reverse repurchase agreement is a term used to describe the opposite side of a repurchase transaction and represents a form of borrowing. The party that purchases and later resells a security is said to perform a repurchase; the other party, that sells and later repurchases a security is said to perform a reverse repurchase. The Fund is permitted to enter into fully collateralized repurchase agreements. The Fund's Board of Trustees has delegated to the Adviser the responsibility of evaluating the creditworthiness of the banks and securities dealers with which the Fund will engage in repurchase agreements. The Adviser will monitor such transactions to ensure that the value of underlying collateral will be at least equal to the total amount of the repurchase obligation as required by the valuation provision of the repurchase agreement, including the accrued interest. Repurchase agreements carry the risk that the market value of the securities declines below the repurchase price. The Fund could also lose money if it is unable to recover the securities and the value of any collateral held or assets segregated by the Fund, if applicable, to cover the transaction is less than the value of the securities. In the event the borrower commences bankruptcy proceedings, a court may characterize the transaction as a loan. If the Fund has not perfected a security interest in the underlying collateral, the Fund may be required to return the underlying collateral to the borrower's estate and be treated as an unsecured creditor. As an unsecured creditor, the Fund could lose some or all of the principal and interest involved in the transaction. The use of reverse repurchase agreements may increase the possibility of fluctuation in the Fund's net asset value.

***REPURCHASE OFFERS RISK.*** The Fund expects to make periodic offers to repurchase Shares at NAV, pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended. The Fund believes that these repurchase offers are generally beneficial to the Fund's shareholders, and repurchases generally will be funded from available cash or sales of portfolio securities. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratios. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, the Fund will repurchase the Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. Shareholders will be subject to the risk of NAV fluctuations during that period. Thus, there is also a risk that some shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. The NAV of Shares tendered in a repurchase offer may fluctuate between the date a shareholder submits a repurchase request and closing date of the tender offer. Such fluctuations may be exacerbated by currency fluctuations to the extent the Fund invests in foreign markets and other market developments. The NAV on the valuation date for the tender offer may be higher or lower than on the date a shareholder submits a repurchase request. See "Repurchases and Transfers of Shares" in the Prospectus.

The Fund may postpone or suspend repurchase offers or may elect not to make a tender offer in any given quarter. A postponement or suspension may occur only if approved by a vote of a majority of the Board of Trustees, including a majority of the Independent Trustees. The Fund or your financial intermediary will send you a notice if there is such a determination and if a repurchase offer is renewed after a suspension or postponement.

***RESTRICTED SECURITIES RISK.*** The Fund may invest in securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale ("restricted securities"). Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Restricted securities include private placement securities that have not been registered under the applicable securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S. In many cases, privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. As a result of the absence of a public trading market, privately placed securities may be less liquid and more difficult to value than publicly traded securities. To the extent that privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than those originally paid by the Fund or less than their fair market value. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Certain of the Fund's investments in private placements may consist of direct investments and may include investments in smaller, less seasoned issuers, which may involve greater risks. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in such securities, the Fund may obtain access to material nonpublic information, which may restrict the Fund's ability to conduct portfolio transactions in such securities.

Some of these securities are new and complex, and trade only among institutions; the markets for these securities are still developing, and may not function as efficiently as established markets. Owning a large percentage of restricted securities could hamper the Fund's ability to raise cash to meet repurchase requests. Also, because there may not be an established market price for these securities, the Fund may have to estimate their value, which means that their valuation (and, to a much smaller extent, the valuation of the Fund) may have a subjective element. Transactions in restricted securities may entail registration expense and other transaction costs that are higher than those for transactions in unrestricted securities. Where registration is required for restricted securities a considerable time period may elapse between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might obtain less favorable pricing terms that when it decided to sell the security. The Fund may purchase securities that may have restrictions on transfer or resale (including Rule 144A securities and Regulation S securities). "Rule 144A" securities are privately placed, restricted securities that may only be resold under certain circumstances to other qualified institutional buyers. Rule 144A investments are subject to certain additional risks compared to publicly traded securities. If there are not enough qualified buyers interested in purchasing Rule 144A securities when the Fund wishes to sell such securities, the Fund may be unable to dispose of such securities promptly or at reasonable prices. For this reason, although Rule 144A securities are generally considered to be liquid, the Fund's holdings in Rule 144A securities may adversely affect the Fund's overall liquidity if qualified buyers become uninterested in buying them at a particular time. Issuers of Rule 144A securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available. Further, issuers of Rule 144A securities can require recipients of the information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund's ability to dispose of a security. Offerings of Regulation S securities may be conducted outside of the United States. Regulation S securities are generally less liquid than registered securities, as a result, the Fund may take longer to liquidate these positions than would be the case for publicly traded securities. Although Regulation S securities may be resold in privately negotiated transactions, the price realized from these sales could be less than those originally paid by the Fund. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that would be applicable if their securities were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

Depending upon the circumstances, the Fund may only be able to sell these securities in the United States if an exemption from registration under the federal and state securities laws is available or may only be able to sell these securities outside of the United States (such as on a foreign exchange). These securities may either be determined to be liquid or illiquid pursuant to policies and guidelines established by the Fund's Board of Trustees. See also "Private Placement Risk" above.

***SECTOR CONCENTRATION RISK.*** An Investment Fund may concentrate its investments in specific industry sectors. This focus may constrain the liquidity and the number of portfolio companies available for investment by an Investment Fund. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the industry sectors of concentration.

***SPECIAL TAX RISKS.*** Special tax risks are associated with an investment in the Fund. The Fund intends to satisfy the requirements each taxable year necessary to qualify as a "regulated investment company" or "RIC" under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, certain ongoing asset diversification, source-of-income and annual distribution requirements. Each of these ongoing requirements for qualification for the favorable tax treatment available to RICs require.

Some of the income that the Fund may earn directly, or indirectly through an Investment Interest, such as income recognized from an equity investment in an operating partnership, may not satisfy the source-of-income test. To manage the risk that such income might jeopardize the Fund's tax status as a RIC, one or more subsidiary entities treated as corporations for U.S. federal income tax purposes may be incorporated to hold the applicable investments (and earn the income). If a subsidiary is formed as a U.S. entity, the entity will generally be required to incur entity-level income taxes on its earnings. If a subsidiary is formed as a non-U.S. entity, it will generally be subject to U.S. federal income tax (and a U.S. branch profits tax) on its income that is treated as effectively connected with the conduct of a trade or business in the U.S. A non-U.S. entity might also be subject to U.S. withholding taxes on certain U.S.-source income and non-U.S. taxes. Any costs of subsidiaries (including withholding, income and branch profits taxes) will reduce the return to shareholders.

If before the end of any quarter of its taxable year, the Fund believes that it may fail any of the asset diversification requirements, the Fund may seek to take certain actions to avert such a failure. However, certain actions typically taken by RICs to avert such a failure (e.g., the disposition of assets causing the diversification discrepancy) may be difficult for the Fund to pursue because the Fund may redeem its interest in an Investment Fund only at certain times specified by the governing documents of each respective Investment Fund. While the Code ordinarily affords the Fund a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to effect a redemption from an Investment Fund referred to above may limit utilization of this cure period.

If the Fund fails to satisfy the asset diversification or other RIC requirements, it may lose its status as a RIC under the Code. In that case, all of its taxable income would be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to shareholders. In addition, all distributions (including distributions of net capital gain) to shareholders would be characterized as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification as a RIC would have a material adverse effect on the value of the Fund's Shares and the amount of the Fund's distributions.

***Additional Tax Considerations; Distributions to Shareholders and Potential Fund-Level Tax Liabilities.*** The Fund expects to distribute substantially all of its net ordinary income and net capital gains to shareholders. In general, these distributions are respectively characterized as ordinary dividend income or long-term capital gain when distributed as dividends for U.S. federal income tax purposes to shareholders. The Fund will inform shareholders of the amount and character of its distributions to shareholders. See "Taxation" below for more information. If the Fund distributes (or is deemed to have distributed) in respect of any calendar year less than the sum of 98% of its calendar year ordinary income (taking into account certain deferrals and elections), 98.2% of its capital gain net income (determined on the basis of a one-year period generally ending on October 31 of such calendar year, and adjusted for certain ordinary losses), plus any such amounts that were not distributed in previous calendar years, then the Fund will generally be subject to a nondeductible 4% excise tax with respect to the Fund's undistributed amounts. The Fund will not be subject to this excise tax on any amount which the Fund incurred an entity-level U.S. federal income tax.

In addition, the Fund may invest in Investment Funds located outside of the U.S. or other non-U.S. portfolio company or entities which may be considered passive foreign investment companies ("PFICs") or controlled foreign corporations ("CFCs") for U.S. federal income tax purposes. A non-U.S. Subsidiary formed by the Fund may be treated as a CFC or PFIC for U.S. federal income tax purposes. PFICs and CFCs are subject to special tax rules, under which income may be recognized by the Fund in respect of PFICs and CFCs regardless of whether thee PFICs or CFCs make any distributions to the Fund. As a result, the Fund may, in a particular taxable year, be required to make ordinary income distributions in excess of the net economic income from such investments with respect to such taxable year. Furthermore, income or gain from such Investment Funds or other entities may be subject to non-U.S. withholding or other taxes. Any such withholding or other taxes would reduce the return on the Fund's investment in such Investment Funds and thus on the shareholders' investment in the Fund.

***TO BE ANNOUNCED (TBA) TRANSACTIONS RISK.*** TBA investments include when-issued and delayed delivery securities and forward commitments. The Fund is permitted to purchase or sell securities on a when-issued or delayed-delivery basis. When-issued or delayed-delivery transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. The Fund may sell the securities before the settlement date if the Adviser deems it advisable. Distributions attributable to any gains realized on such a sale are taxable to shareholders. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. The Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. The Fund may also take a short position in a TBA investment when it owns or has the right to obtain, at no added cost, identical securities. If the Fund takes such a short position, it may reduce the risk of a loss if the price of the securities declines in the future, but will lose the opportunity to profit if the price rises. The Fund may purchase or sell undrawn or delayed draw loans.

***Short Sales of TBA Investments Risk.*** The Fund may also engage in shorting of TBAs. When the Fund enters into a short sale of a TBA investment it effectively agrees to sell at a future price and date a security it does not own. Although most TBA short sales transactions are closed before the Fund would be required to deliver the security, if the Fund does not close the position, the Fund may have to purchase the securities needed to settle the short sale at a higher price than anticipated, which would cause the Fund to lose money. The Fund may not always be able to purchase the securities required to settle a short sale at a particular time or at an attractive price. The Fund may incur increased transaction costs associated with selling TBA securities short. In addition, taking short positions in TBA securities results in a form of leverage, which could increase the volatility of the Fund's returns.

***U.S. GOVERNMENT SECURITIES RISK.*** Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. U.S. Government securities are also subject to default risk, which is the risk that the U.S. Treasury will be unable to meet its payment obligations. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

***VALUATION RISK.*** Investors who purchase shares of the Fund on, or whose repurchase requests are valued on, days when the Fund is holding instruments that have been fair valued may receive fewer or more shares or lower or higher repurchase proceeds than they would have received if the instruments had not been fair valued or if the Fund had employed an alternate valuation methodology. Such risks may be more pronounced in a rising interest rate environment, and, to the extent the Fund holds a significant percentage of fair valued or otherwise difficult to value securities, it may be particularly susceptible to the risks associated with valuation. For additional information about valuation determinations, see "Determination of Net Asset Value" in the Prospectus. Portions of the Fund's portfolio that are fair valued or difficult to value vary from time to time. The Fund's shareholder reports (when available) contain detailed information about the Fund's holdings that are fair valued or difficult to value, including values of such holdings as of the dates of the reports.

***Valuation of Private Investments Risk.*** The Fund's ownership interest in private investments are not publicly traded and the Fund will use a third party pricing service or internal pricing methodologies to provide pricing information for certain private investments. The value of investments that are not publicly traded may not be readily determinable, and the Fund will value these investments at fair value as determined in good faith by the Fund pursuant to the Valuation Procedures, including to reflect significant events affecting the value of the Fund's investments. Many of the Fund's investments may be classified as Level 3 under Topic 820 of the U.S. Financial Accounting Standards Board's Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures ("ASC Topic 820"). This means that the Fund's portfolio valuations will be based on significant unobservable inputs and the Fund's own assumptions about how market participants would price the asset or liability in question. The Fund expects that inputs into the determination of fair value of the Fund's portfolio investments will require significant judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. The valuation of the Fund's investments in Investment Funds is ordinarily determined based upon valuations provided by the Investment Managers on a quarterly basis. Although such valuations are provided on a quarterly basis, the Fund will provide valuations, and will issue Shares, on a weekly basis. In this regard, an Investment Manager may face a conflict of interest in valuing the securities, as their value may affect the Investment Manager's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Manager, the accuracy of the valuations provided by the Investment Managers, that the Investment Managers will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Managers' policies and procedures and systems will not change without notice to the Fund. As a result, an Investment Manager's valuation of the securities may fail to match the amount ultimately realized with respect to the disposition of such securities. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Fund's net asset value could be adversely affected if the Fund's determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.

***Valuations Subject to Adjustment.*** The Fund determines its month-end net asset value based upon the quarterly valuations reported by the Investment Funds, which may not reflect market or other events occurring subsequent to the quarter-end. The Fund will fair value its holdings in Investment Funds to reflect such events, consistent with its valuation policies; however, there is no guarantee the Fund will correctly fair value such investments. Additionally, the valuations reported by Investment Funds may be subject to later adjustment or revision. For example, fiscal year-end net asset value calculations of the Investment Funds may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Fund, and therefore the Fund, at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the repurchase proceeds of the Fund received by shareholders who had their Shares repurchased prior to such adjustments and received their repurchase proceeds. As a result, to the extent that such subsequently adjusted valuations from the Investment Funds or revisions to the net asset value of an Investment Fund or direct private equity investment adversely affect the Fund's net asset value, the remaining outstanding Shares may be adversely affected by prior repurchases to the benefit of shareholders who had their Shares repurchased at a net asset value higher than the adjusted amount. Conversely, any increases in the net asset value resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Shares and to the detriment of shareholders who previously had their Shares repurchased at a net asset value lower than the adjusted amount. The same principles apply to the purchase of Shares. New shareholders may be affected in a similar way.

***VENTURE CAPITAL.*** An Investment Fund may invest and the Fund may co-invest in venture capital. Venture capital is usually classified by investments in private companies that have a limited operating history, are attempting to develop or commercialize unproven technologies or implement novel business plans or are not otherwise developed sufficiently to be self-sustaining financially or to become public. Although these investments may offer the opportunity for significant gains, such investments involve a high degree of business and financial risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that may be at a later stage of development.

***VOLATILITY RISK.*** The risk that the Fund's share price, yield and total return may fluctuate more than those of funds that use a different investment strategy.

***WARRANTS AND RIGHTS RISK.*** Warrants are instruments giving holders the right, but not the obligation, to buy equity or fixed income securities of a company at a specific price during a specified period. Rights are similar to warrants but normally have a short life span to expiration. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security. Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investment in warrants may be more speculative than other equity-based investments. The market for warrants may be limited and it may be difficult for the Fund to sell a warrant promptly at an advantageous price.

***ZERO COUPON SECURITIES.*** Zero-coupon securities pay no interest prior to their maturity date or another specified date in the future but are issued and traded at a discount to their face value. The discount varies as the securities approach their maturity date (or the date on which interest payments are scheduled to begin). While interest payments are not made on such securities, holders of such securities are deemed to have received income ("phantom income") annually, notwithstanding that cash may not be received currently. As with other fixed income securities, zero coupon bonds are subject to interest rate and credit risk. Some of these securities may be subject to substantially greater price fluctuations during periods of changing market rates than comparable securities that pay interest currently. Longer term zero coupon bonds have greater interest rate risk than shorter term zero coupon bonds.

**INVESTMENT OBJECTIVE AND POLICIES**

The investment objectives and principal investment strategies of the Fund are described in the Fund's prospectus. Additional information concerning certain of the Fund's investments, strategies and risks is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUND

The Fund has adopted the fundamental investment restrictions set forth below. Fundamental investment restrictions may not be changed with respect to the Fund without the approval of a majority of the Fund's outstanding voting securities as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act and as used in the prospectus and this SAI, a "majority of the outstanding voting securities" means the lesser of (1) the holders of 67% or more of the outstanding shares of the Fund (or a class of the outstanding shares of the Fund) represented at a meeting if the holders of more than 50% of the outstanding shares of the Fund (or class) are present in person or by proxy or (2) the holders of more than 50% of the outstanding shares of the Fund (or of the class).

Unless otherwise provided below, all references below to the assets of the Fund are in terms of current market value.

The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. will not borrow money or issue any class of senior securities, except to the extent consistent with the 1940 Act, and the rules and regulations thereunder, or as may otherwise be permitted from time to time by regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. will not "concentrate" its investments in a particular industry or group of industries, except as permitted under the 1940 Act, and the rules and regulations thereunder as such may be interpreted or modified from time to time by regulatory authorities having appropriate jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. will not make loans, except to the extent consistent with the 1940 Act, and the rules and regulations thereunder, or as may otherwise be permitted from time to time by regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. will not act as an underwriter of securities of other issuers, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. will not purchase or sell real estate, except to the extent permitted under the 1940 Act and the rules and regulations thereunder, as such may be interpreted or modified from time to time by regulatory authorities having appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. will not invest in physical commodities or contracts relating to physical commodities, except to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time and as set forth in the Fund's prospectus and SAI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. will not purchase securities on margin, except as permitted under the 1940 Act, and the rules and regulations thereunder as such may be interpreted or modified from time to time by regulatory authorities having appropriate jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. will not engage in short sales or write put or call options, except as permitted under the 1940 Act, and the rules and regulations thereunder as such may be interpreted or modified from time to time by regulatory authorities having appropriate jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. NON-FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUND

In addition to the investment objective of the Fund, the following limitation is non-fundamental and may be changed by the Fund's Board of Trustees (the "Board") without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund invests and/or make capital commitments of, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in private market investments. This non-fundamental policy may be changed by the Board upon at least 60 days' written notice to Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NON-FUNDAMENTAL TAX RESTRICTIONS OF THE FUND

The Fund must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain its assets so that, at the close of each quarter of its taxable year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at least 50% of the fair market value of its total assets is comprised of cash, cash items, U.S. Government securities, securities of other regulated investment companies and other securities (including bank loans), limited in respect of any one issuer to no more than 5% of the fair market value of the Fund's total assets and 10% of the outstanding voting securities of such issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no more than 25% of the fair market value of its total assets is invested in the securities (including bank loans) of any one issuer (other than U.S. Government securities and securities of other regulated investment companies), or of two or more issuers controlled by the Fund and engaged in the same, similar, or related trades or businesses, or of one or more qualified publicly traded partnerships.

These tax-related limitations are subject to cure provisions under applicable tax laws and may be changed by the Board without shareholder approval to the extent appropriate in light of changes to applicable tax law requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. CLASSIFICATION

The Fund has elected to be classified as a non-diversified closed-end management investment company. As a non-diversified management investment company, the Fund is not required to comply with the diversification rules of the 1940 Act, although the Fund must meet the tax-related diversification requirements set forth in Section C above.

The Fund may change its classification status from non-diversified to diversified without the prior approval of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. ADDITIONAL INFORMATION REGARDING INVESTMENT RESTRICTIONS

The information below is not considered to be part of the Fund's fundamental policies and is provided for informational purposes only.

If the percentage restrictions on investments described in this SAI and any Prospectus are adhered to at the time of investment, a later increase or decrease in such percentage resulting from a change in the values of securities or loans, a change in the Fund's net assets or a change in security characteristics is not a violation of any of such restrictions.

With respect to investment restriction A.2, the 1940 Act does not define what constitutes "concentration" in an industry. However, the U.S. Securities and Exchange Commission ("SEC") has taken the position that an investment in excess of 25% of the Fund's total assets in one or more issuers conducting their principal business activities in the same industry generally constitutes concentration. The Fund does not apply this restriction to municipal securities, repurchase agreements collateralized by securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or other investment companies. In addition, for purposes of the Fund's concentration policy set forth in investment restriction A.2, obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities that are not mortgage-backed securities shall not be considered part of any industry.

With respect to investment restriction A.5, the 1940 Act does not directly restrict the Fund's ability to invest in real estate but does require that every fund have the fundamental investment policy governing such investments. The Fund may acquire real estate as a result of ownership of securities or other instruments and the Fund may invest in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts.

With respect to investment restriction A.6, although the 1940 Act does not directly limit the Fund's ability to invest in physical commodities or contracts relating to physical commodities, the Fund's investments in physical commodities or contracts relating to physical commodities may be limited by the Fund's intention to qualify as a registered investment company, as at least 90% of its gross income must come from certain qualifying sources of income, and income from physical commodities or contracts relating to physical commodities does not constitute qualifying income for this purpose. Other restrictions that could also limit the Fund's investment in physical commodities or contracts relating to physical commodities include where that investment implicates the Fund's diversification, concentration, or securities-related issuer policies, and where the Fund would need to take certain steps as set forth in its policies to avoid being considered to issue any class of senior securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. CERTAIN INVESTMENT STRATEGIES, RISKS AND CONSIDERATIONS

The investment objective and principal investment strategies for the Fund are discussed in the Fund's prospectus. Certain descriptions in the Fund's prospectus and this SAI of a particular investment practice or technique in which the Fund may engage or a financial instrument that the Fund may purchase are meant to describe the spectrum of investments that the Fund's Adviser, in its discretion, might, but is not required to, use in managing the Fund's portfolio assets in accordance with the Fund's investment objective, policies and restrictions. The Adviser, in its discretion, may employ any such practice, technique or instrument for the Fund for which it serves as adviser. It is possible that certain types of financial instruments or techniques may not be available, permissible or effective for their intended purposes in all markets.

The rules under the Commodity Exchange Act ("CEA") require that adviser either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or be subject to registration with the Commodity Futures Trading Commission as a "commodity pool operator" ("CPO") with respect to the Fund and be required to operate the Fund in compliance with certain disclosure, reporting, and recordkeeping requirements.

Under current CFTC rules, the investment adviser of a registered investment company may claim an exemption from registration as a CPO only if the registered investment company that it advises uses futures contracts, options on such futures, commodity options and certain swaps solely for "bona fide hedging purposes," or limits its use of such instruments for non-bona fide hedging purposes to certain de minimis amounts.

The Adviser has elected to claim an exclusion from the definition of CPO with respect to the Fund. As a result, the Fund will not purchase commodity futures, commodity options contracts, or swaps if, immediately after and as a result of such purchase, (i) the Fund's aggregate initial margin and premiums posted for its non-bona fide hedging trading in these instruments exceeds 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and losses and excluding the in the-money amount of an option at the time of purchase) or (ii) the aggregate net notional value of the Fund's positions in such instruments not used solely for bona fide hedging purposes exceeds 100% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and losses).

The Fund may choose to change its election at any time. If the Fund operates subject to CFTC regulation, it may incur additional expenses.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by an investment company evidencing indebtedness, including the issuance of debt or preferred shares of beneficial interest. Current law, as interpreted by the SEC and its staff, provides that, in the case of a senior security representing indebtedness, a closed-end investment company must have asset coverage of 300% immediately after such issuance, and no dividends on the company's stock may be made unless the indebtedness generally has an asset coverage at that time of 300%. In the case of a class of senior security representing a stock, a closed-end investment company must have asset coverage of 200% immediately after such issuance, and no dividends on the company's stock may be made unless the preferred stock generally has an asset coverage at that time of 200%. Shareholders of preferred stock also must have the right, as a class, to elect at least two trustees at all times and to elect a majority of trustees if dividends on their stock are unpaid in certain amounts.

Notwithstanding any of the foregoing policies, any investment company, whether organized as a trust, association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Fund, provided that if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Fund shall, within 90 days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**FUND MANAGEMENT**

**Board of Trustees**

The Board of Trustees and officers of the Fund, their business addresses, principal occupations for at least the past five years and years of birth are listed in the tables below. The Fund's Board of Trustees (i) provides broad supervision over the affairs of the Fund and (ii) elects officers who are responsible for the day-to-day operations of the Fund and the execution of policies formulated by the Board of Trustees. The first table below provides information about those trustees who are deemed not to be "interested persons" of the Fund, as that term is defined in the 1940 Act (i.e., "non-interested trustees"), and the second table below provides information about the Fund's "interested" trustee and the Fund's officers.

**NON-INTERESTED TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, YEAR OF BIRTH AND ADDRESS\*** | **POSITION HELD WITH THE FUND** | **TERM OF OFFICE\*\* AND LENGTH OF TIME SERVED** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS** | **NUMBER OF PORTFOLIOS IN FUND COMPLEX\*\*\* OVERSEEN BY TRUSTEE** | **OTHER DIRECTORSHIPS HELD BY TRUSTEE** |
| Justin Hoertling<br> Year of Birth: 1983 | Trustee | Since Fund Inception | Consultant, Conrad Advisors, LLC (alternative assets firm) | 1 |  |
| Michael McGinn<br> Year of Birth: 1983 | Trustee | Since Fund Inception | Global Partnerships (asset manager) | 1 |  |

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\* The address for each Trustee is c/o 641 Lexington Avenue, 31st Floor, New York, NY 10022.

\*\* Term of Office: Each Trustee holds an indefinite term until his or her retirement, resignation, removal, or death.

\*\*\* The "Fund Complex" consists of the Fund.

**OFFICERS AND INTERESTED TRUSTEE**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, YEAR OF BIRTH AND ADDRESS\*** | **POSITION HELD WITH THE FUND** | **TERM OF OFFICE\*\* AND LENGTH OF TIME SERVED** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS** | **NUMBER OF PORTFOLIOS IN FUND COMPLEX\*\*\* OVERSEEN BY TRUSTEE** | **OTHER DIRECTORSHIPS HELD BY TRUSTEE** |
| Rob O'Connor\*\*\*\*<br> Year of Birth: 1975 | Trustee and Chairman of the Board | Since Fund Inception | Managing Partner, Banner Ridge Partners, LP (asset manager) | Not applicable | Not applicable |
| Scott Halper<br> Year of Birth: 1980 | President, Principal Executive Officer, Secretary, Chief Compliance Officer and Chief Anti-Money Laundering Officer | Since Fund Inception | Partner, Banner Ridge Partners, LP (asset manager) | Not applicable | Not applicable |
| Crystal Duong<br> Year of Birth: 1986 | Treasurer, Comptroller and Principal Financial Officer | Since Fund Inception | Senior Controller, Banner Ridge Partners, LP (asset manager) | Not applicable | Not applicable |

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\* The address for each officer and Trustee 641 Lexington Avenue, 31st Floor, New York, NY 10022.

\*\* Term of Office: Each Trustee and officer Each Trustee holds an indefinite term until his or her retirement, resignation, removal, or death.

\*\*\* The portfolios of the "Fund Complex" consists of the Fund.

---

| | |
|:---|:---|
| \*\*\*\* | "Interested person," as defined in the 1940 Act, of the Fund because of the person's affiliation with, or equity ownership of, Banner Ridge Partners, LP (the "Adviser") or affiliated companies. |

---

**BOARD OF TRUSTEES.**

The Fund has a Board of Trustees. The Board is responsible for oversight of the Fund. The Board elects officers who are responsible for the day–to-day operations of the Fund. The Board oversees the Adviser and the other principal service providers of the Fund. As described in more detail below, the Board has established two standing committees that assist the Board in fulfilling its oversight responsibilities: the Audit Committee and the Governance Committee (collectively, the "Committees").

The Board is chaired by Mr. O'Connor. The Board has determined that the Board's leadership and committee structure is appropriate because it provides a foundation for the Board to work effectively with management and service providers and facilitates the exercise of the Board's independent judgment. In addition, the committee structure permits an efficient allocation of responsibility among the Trustees.

The Board oversees risk as part of its general oversight of the Fund and risk is addressed as part of various Board and Committee activities. The Fund is subject to a number of risks, including investment, compliance, financial, operational and valuation risks. The Fund's service providers, which are responsible for the day-to-day operations of the Fund, apply risk management in conducting their activities. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund, and that it is not possible to develop processes and controls to eliminate all risks and their possible effects. The Audit Committee receives reports or other information from management regarding risk assessment and management. In addition, the Adviser has established an internal committee focused on risk assessment and risk management related to the operations of the Fund and the investment adviser, and the chair of that committee reports to the Board on a periodic basis. The Fund's chief compliance officer ("CCO") provides an annual report to the Board regarding material compliance matters. The Board also receives and considers other reports from the CCO throughout the year, as well as reports from the investment adviser relating to investment performance, including information regarding investment risk. The Audit Committee assists the Board in reviewing financial matters, including matters relating to financial reporting risks and valuation risks. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

**STANDING COMMITTEES.**

As described in more detail below, the Board has established two standing committees that assist the Board in fulfilling its oversight responsibilities: the Audit Committee and the Governance Committee. The Fund does not have a standing compensation committee; however, the Governance Committee is responsible for making recommendations to the Board regarding the compensation of the non-interested members of the Board. The Board has adopted written charters for each Committee.

The Audit Committee currently consists of all non-interested trustees of the Fund: Messrs. Justin Hoertling and Michael McGinn. The Audit Committee (i) oversees the Fund's accounting and financial reporting policies and practices, the Fund's internal controls and, as appropriate, the internal controls of certain service providers; (ii) assists the Board in its oversight of the qualifications, independence and performance of the Fund's independent registered public accounting firm; the quality, objectivity and integrity of the Fund's financial statements and the independent audit thereof; and the performance of the Fund's internal audit function; and (iii) acts as a liaison between the Fund's independent registered public accounting firm and the full Board. The Fund's independent registered public accounting firm reports directly to the Audit Committee, and the Audit Committee regularly reports to the Board. The Audit Committee meets periodically, as necessary.

Management is responsible for maintaining appropriate systems for accounting. The Fund's independent registered public accounting firm is responsible for conducting a proper audit of the Fund's financial statements and is ultimately accountable to the Audit Committee. The Audit Committee has the ultimate authority and responsibility to select (subject to approval by the non-interested trustees and ratification by the Fund shareholders, as required) and evaluate the Fund's independent registered public accounting firm, to determine the compensation of the Fund's independent registered public accounting firm and, when appropriate, to replace the Fund's independent registered public accounting firm.

The Governance Committee currently consists of all non-interested trustees of the Fund: Messrs. Justin Hoertling and Michael McGinn. The Governance Committee: (i) screens and selects candidates to the Board and (ii) periodically reviews and evaluates the compensation of the non-interested trustees and makes recommendations to the Board regarding the compensation of, and expense reimbursement policies with respect to, non-interested trustees. The Governance Committee is also authorized to consider and make recommendations to the Board regarding governance policies, including, but not limited to, any retirement policy for non-interested trustees. The Governance Committee will consider nominees recommended by shareholders for non-interested trustee positions if a vacancy among the non-interested trustees occurs and if the nominee meets the Committee's criteria. The Governance Committee meets periodically, as necessary.

**TRUSTEE QUALIFICATIONS.**

The governing documents for the Fund do not set forth any specific qualifications to serve as a Trustee; however, the charter for the Governance Committee provides that the Committee may adopt from time to time specific, minimum qualifications that the Committee believes a candidate must meet before being considered as a candidate for Board membership.

The Board has concluded, based on each trustee's experience, qualifications, attributes and/or skills, on an individual basis and in combination with those of other trustees, that each trustee is qualified to serve as a trustee for the Fund. Among the attributes and skills common to all trustees are the ability to review, evaluate and discuss information and proposals provided to them regarding the Fund, the ability to interact effectively with management and service providers, and the ability to exercise independent business judgment. Where applicable, the Board has considered the actual service of each trustee in concluding that the trustee should continue to serve. Each trustee's ability to perform his or her duties effectively has been attained through the trustee's education and work experience, as well as service as a trustee for the Fund and/or other entities. Set forth below is a brief description of the specific experience of each trustee. Additional details regarding the background of each trustee is included in the chart earlier in this section.

The Board has concluded that Rob O'Connor possesses the qualifications to serve as trustee based on Mr. O'Connor's experience as Managing Partner of Banner Ridge, where he leads portfolio construction, monitoring, and management for proprietary investment strategies, in addition to running forecasting and cash management and supporting financing activities.

The Board has concluded that Justin Hoertling possesses the qualifications to serve as trustee based on Mr. Hoertling's financial sector experience serving as an intermediary in the secondary market for alternative assets and the Chief Financial Officer of a privately held financial services company.

The Board has concluded that Michael McGinn possesses the qualifications to serve as trustee based on Mr. McGinn's experience as Chief Financial Officer of multiple enterprises operating in the financial sector. Through these and other roles, Mr. McGinn has experience in various facets of the financial sector, with a background in fund accounting, financial modeling and budgeting, audit, tax planning, human resources, compliance, and operations.

**OWNERSHIP OF FUND SHARES.**

The following table discloses the dollar range of equity securities beneficially owned by each trustee as of September 30, 2025 (i) in the Fund and (ii) on an aggregate basis in any registered investment companies overseen by the trustee within the same family of investment companies:

**NON-INTERESTED TRUSTEES**

---

| | | |
|:---|:---|:---|
| **NAME OF TRUSTEE** | **DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND** | **AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL REGISTERED INVESTMENT COMPANIES OVERSEEN BY TRUSTEE IN FAMILY OF INVESTMENT COMPANIES** |
| Justin Hoertling | None | None |
| Michael McGinn | None | None |

---

**INTERESTED TRUSTEE**

---

| | | |
|:---|:---|:---|
| **NAME OF TRUSTEE** | **DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND** | **AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL REGISTERED INVESTMENT COMPANIES OVERSEEN BY TRUSTEE IN FAMILY OF INVESTMENT COMPANIES** |
| Rob O'Connor | None | None |

---

**COMPENSATION OF TRUSTEES.**

In consideration of the services rendered by the Independent Trustees, the Fund pays an annual retainer of $25,000 to each Independent Trustee. The Trustees who are "interested persons", as defined in the 1940 Act, of the Fund and the Fund's officers do not receive compensation from the Fund. The Trustees do not receive any pension or retirement benefits.

The following table sets forth the anticipated compensation to be paid to the Fund's Independent Trustees for the Fund's initial fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate Compensation From the Fund** | **Pension Or Retirement Benefits Accrued As Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From the Fund Complex Paid To Trustees** |
| Justin Hoertling | $25000 |  |  | $25000 |
| Michael McGinn | $25000 |  |  | $25000 |

---

The Fund's Declaration of Trust provides that the Fund, to the full extent permitted by Delaware law and the federal securities laws, shall indemnify the trustees and officers of the Fund. The Declaration of Trust does not authorize the Fund to indemnify any trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

**INVESTMENT ADVISER**

*Banner Ridge Partners, LP.* ("Banner Ridge"), a limited partnership, and registered investment adviser under the Adviser Act serves as the Fund's investment adviser pursuant to the terms of the Investment Management Agreement and subject to the oversight of, and any policies established by, the Board. Pursuant to the Investment Management Agreement, the Adviser is responsible for the management of the Fund and the daily investment of the assets for the Fund. Banner Ridge's principal offices are located at 641 Lexington Avenue, 31st Floor, New York, NY 10022. Banner Ridge was founded in 2019 by Anthony Cusano and C.J. Driessen. As of August 20, 2025, Banner Ridge had approximately $13.3 billion in total assets under management.

Investment Management Agreement. The Fund and the Advisers have entered into an Investment Management Agreement (the "Investment Management Agreement"). Pursuant to the Investment Management Agreement, the Adviser provides investment advisory services to the Fund.

The Investment Management Agreement sets forth a standard of care pursuant to which the Adviser is responsible for performing services to the Fund, and also includes liability and indemnification provisions.

The continuance of the Investment Management Agreement after the first two (2) years must be specifically approved at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the vote of a majority of the Trustees, including a majority of the Trustees who are not parties to such Investment Management Agreement or "interested persons" of the Fund or Banner Ridge, cast in-person at a meeting called for the purpose of voting on such approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the vote of a majority of the outstanding voting securities of the Fund.

The Investment Management Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Fund or by a majority of the outstanding shares of the Fund, on not less than 30 days' nor more than 60 days' written notice to the Adviser.

Because the Fund is new and has not yet commenced operations, it has not paid any management fees to the Adviser under the Investment Management Agreement.

**Portfolio Managers**

The following portfolio managers, each of which is employed by Banner Ridge and is a member of its Investment Committee, will be responsible for implementing portfolio management decisions for the Fund:

*Anthony Cusano, Managing Partner*

 

Mr. Cusano is a Co-Founder and Managing Partner at Banner Ridge. Mr. Cusano is the chairman of the Investment Committee and is responsible for sourcing and executing transactions across the firm's investment products.

Mr. Cusano brings eighteen years of experience analyzing and structuring complex private deals. Prior to Banner Ridge, Mr. Cusano spent nine years at Siguler Guff & Company, LP, where he was a Managing Director and sole Portfolio Manager of the firm's Secondary Opportunities Fund. Mr. Cusano also focused on private equity investments across the firm's primary, secondary and co-investment business lines. Previously, Mr. Cusano worked on the distressed research team at StepStone Group where he focused on distressed debt and special situations globally. Before joining StepStone, Mr. Cusano worked for Cornell Capital Partners where he structured equity PIPE and convertible debt transactions in public securities. Mr. Cusano also owned and operated an IT consulting firm, which was subsequently acquired by CopyCare of San Diego, Inc. in 2007.

Mr. Cusano holds a B.S. summa cum laude in Business Administration with a concentration in Financial Management from California Polytechnic State University and an M.B.A. in Entrepreneurial Finance from the University of California San Diego's Rady School of Management. Mr. Cusano is a CFA charterholder.

*C.J. Driessen, Partner*

 

Mr. Driessen is a Co-Founder and Partner at Banner Ridge. Mr. Driessen is responsible for sourcing, underwriting and analyzing investments across the firm's platform and serves on the Investment Committee.

Previously, Mr. Driessen was a Principal at Siguler Guff & Company, LP, where he was responsible for leading the underwriting of secondary transactions across distressed, special situations, out-of-favor, and credit funds as well as illiquid hedge fund interests. In addition, Mr. Driessen led complex financing structures for clients across the firm and oversaw the development of the portfolio management system for secondary transactions. Prior to Siguler Guff, Mr. Driessen focused on analysis of hedge fund side pocket secondary transactions, special situations co-investments and public markets credit and equity investments at LSV Advisors. Mr. Driessen started his career in Mergers & Acquisitions at The Blackstone Group, where he worked on the structured transactions team focusing on complex situations involving derivatives, tax-free spin-offs and the restructuring of AIG. Prior to The Blackstone Group, Mr. Driessen designed, implemented and managed a proprietary web-based project management and pipeline system at Johnson & Johnson.

Mr. Driessen holds a B.A. in Economics and a B.S. in Systems Engineering from the University of Pennsylvania. Mr. Driessen is a CFA charterholder.

**Other Accounts Managed by Banner Ridge's Portfolio Managers**

The following table lists the number and types of other accounts managed or advised by the Fund's portfolio managers and assets under management in those accounts as of August 20, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND AND PORTFOLIO MANAGER** | **NUMBER OF ACCOUNTS** | **ASSETS MANAGED <br> (in billions)** | **NUMBER OF ACCOUNTS WHERE ADVISORY FEE IS BASED ON ACCOUNT PERFORMANCE** | **TOTAL ASSETS IN ACCOUNTS WHERE ADVISORY FEE IS BASED ON ACCOUNT PERFORMANCE <br> (in billions)** |
| **Anthony Cusano** | | | | |
| Other Registered Investment Companies |  |  |  |  |
| Other Pooled Investment Vehicles | 12 | $13.3 | 12 | $13.3 |
| Other Accounts |  |  |  |  |
| **C.J. Driessen** |  |  |  |  |
| Other Registered Investment Companies |  |  |  |  |
| Other Pooled Investment Vehicles | 12 | $13.3 | 12 | $13.3 |
| Other Accounts |  |  |  |  |

---

**Conflicts of Interest Between the Portfolio Managers and Other Accounts**

Whenever a portfolio manager of the Fund manages other accounts, potential conflicts of interest exist, including potential conflicts between the investment strategy of the Fund and the investment strategy of the other accounts. For example, in certain instances, a portfolio manager may take conflicting positions in a particular security for different accounts, by selling a security for one account and continuing to hold it for another account. In addition, the fact that other accounts require the portfolio manager to devote less than all of his or her time to the Fund may be seen itself to constitute a conflict with the interest of the Fund.

Each portfolio manager may also execute transactions for another fund or account at the direction of such fund or account that may adversely impact the value of securities held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. In addition, some of these accounts managed by the portfolio managers may have fee structures, including performance fees, that are or have the potential to be higher, in some cases significantly higher, than the fees the Adviser receives for managing the Fund. Finally, if the portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take advantage of that opportunity due to an allocation of that opportunity to or across eligible funds and accounts. Banner Ridge's policies, however, require that portfolio managers allocate investment opportunities among accounts managed by them in an equitable manner over time.

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management, which indirectly links compensation to sales. Also, potential conflicts of interest may arise since the structure of Banner Ridge's compensation may vary from account to account.

Banner Ridge has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**Compensation of Portfolio Managers**

Banner Ridge's investment professionals receive a base salary, benefits, and discretionary bonus linked to the professional's and Banner Ridge's performance for the year. As applicable, an investment professional's compensation may include the professional's equity ownership in Banner Ridge. Banner Ridge also typically allocates carried interest participation in its funds to investment professionals.

**Fund Shares Owned by Portfolio Managers**

Because the Fund had not commenced operations as of the date of this SAI, the Fund's portfolio managers did not own any shares in the Fund.

**REPURCHASE AND TRANSFERS OF SHARES**

**Repurchase Offers**

In determining whether the Fund should repurchase Shares from shareholders of the Fund pursuant to written tenders, the Fund's Board will consider the recommendation of the Adviser. The Board also will consider various factors, including, but not limited to, those listed in the prospectus, in making its determinations.

The Fund's Board will cause the Fund to make offers to repurchase Shares from shareholders pursuant to written tenders only on terms it determines to be fair to the Fund and to all shareholders of the Fund. When the Fund's Board determines that the Fund will repurchase Shares, notice will be provided to each shareholder of the Fund describing the terms thereof, and containing information shareholders should consider in deciding whether and how to participate in such repurchase opportunity. Shareholders who are deciding whether to tender their Shares during the period that a repurchase offer is open may ascertain an estimated net asset value of their Shares from Citco Retail Alternative Fund Services (USA) Inc. ("Citco"), the administrator for the Fund, during such period. If a repurchase offer is oversubscribed by shareholders, the Fund may repurchase only a pro rata portion of the Shares tendered by each shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law.

Upon its acceptance of tendered Shares for repurchase, the Fund will maintain daily on its books a segregated account consisting of (i) cash, (ii) liquid securities or (iii) interests in Investment Funds that the Fund has requested be withdrawn (or any combination of the foregoing), in an amount equal to the aggregate estimated unpaid dollar amount of any outstanding repurchase offer.

Payment for repurchased Shares may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise liquidate these holdings, potentially resulting in losses, and may increase the Fund's portfolio turnover. The Adviser intends to take measures (subject to such policies as may be established by the Fund's Board) to attempt to avoid or minimize potential losses and turnover resulting from the repurchase of Shares.

**Mandatory Repurchases and Redemptions**

As noted in the prospectus, the Fund has the right to repurchase and/or redeem Shares of a shareholder or any person acquiring Shares from or through a shareholder under certain circumstances, in accordance with the terms of its Agreement and Declaration of Trust and the 1940 Act, including Rule 23c-2 under the 1940 Act. Such mandatory redemptions may be made if:

● Shares have been transferred or vested in any person other than by operation of law as the result of the death, dissolution, bankruptcy or incompetency of a shareholder or with the consent of the Fund;

● ownership of Shares by a shareholder or other person will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the U.S. or any other relevant jurisdiction;

● continued ownership of such shares may be harmful or injurious to the business or reputation of the Fund or the Adviser, or may subject the Fund or any shareholder to an undue risk of adverse tax or other fiscal consequences;

● any of the representations and warranties made by a shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true; or

● it would be in the best interests of the Fund to redeem Shares.

**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).

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Fund that the proposed transferee, at the time of the transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. See "Eligible Investors" in the Prospectus. Notice of a proposed transfer of Shares must also be accompanied by a properly completed subscription document 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, each of the transferee and transferor own less than $10,000 worth of Shares. 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 allocations and distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Agreement and 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 Agreement and 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 purchasing Shares, each Shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, and each other Shareholder, and any affiliate of the foregoing and any of their employees, officers or directors 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 Agreement and Declaration of Trust or any misrepresentation made by that Shareholder in connection with any such transfer.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

**Portfolio Transactions.** The Fund has no obligation to deal with any dealer or group of dealers in the execution of transactions in portfolio securities.

Subject to any policy established by the Board, the Adviser is primarily responsible for the investment decisions of the Fund and the placing of its portfolio transactions. In placing brokerage orders, it is the policy of the Fund to obtain the most favorable net results, taking into account various factors, including price, dealer spread or commission, if any, size of the transaction and difficulty of execution. While the Adviser generally seeks reasonably competitive spreads or commissions, the Fund does not necessarily pay the lowest possible spread or commission. The Adviser may direct certain brokerage transactions, using best efforts, subject to obtaining best execution, to broker/dealers in connection with a commission recapture program used to defray fund expenses for the Fund.

The Adviser generally deals directly with the dealers who make a market in the securities involved (unless better prices and execution are available elsewhere) if the securities are traded primarily in the over-the-counter market. Such dealers usually act as principals for their own account. On occasion, securities may be purchased directly from the issuer. In addition, the Adviser may effect certain "riskless principal" transactions through certain dealers in the over-the-counter market under which commissions are paid on such transactions. Bonds and money market securities are generally traded on a net basis and do not normally involve either brokerage commissions or transfer taxes.

To the extent that accounts managed by the Adviser are simultaneously engaged in the purchase of the same security as the Fund, then, as authorized by the Board, available securities may be allocated to the Fund and another client account and may be averaged as to price in a manner determined by the Adviser to be fair and equitable. Such allocation and pricing may affect the amount of brokerage commissions paid by the Fund. In some cases, this system might adversely affect the price paid by the Fund (for example, during periods of rapidly rising or falling interest rates) or limit the size of the position obtainable for the Fund (for example, in the case of a small issue).

Accounts managed by the Adviser (or its affiliates) may hold securities also held by the Fund. Because of different investment objectives or other factors, a particular security may be purchased by the Adviser for one client when one or more other clients are selling the same security.

Commission rates are established by country and trade method used to execute a given order.

**Brokerage Selection.** The Trust does not expect to use one particular broker-dealer to effect the Trust's portfolio transactions. When one or more broker-dealers is believed capable of providing the best combination of price and execution, the Adviser is not required to select a broker-dealer based on the lowest commission rate available for a particular transaction. In such cases, the Adviser may pay a higher commission than otherwise obtainable from other brokers in return for brokerage research services provided to the Adviser consistent with Section 28(e) of the Exchange Act. Section 28(e) provides that an Adviser may cause a fund to pay a broker-dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged as long as the Adviser makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer. To the extent the Adviser obtains brokerage and research services that it otherwise would acquire at its own expense, the Adviser may have an incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case.

The Adviser will only obtain brokerage and research services from broker-dealers in arrangements that are consistent with Section 28(e) of the Exchange Act. The types of products and services that the Adviser may obtain from broker-dealers through such arrangements will include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis, as well as execution and communication services related to the execution, clearing, and settlement of securities transactions. The Adviser may use products and services provided by brokers in servicing all of its client accounts and not all such products and services may necessarily be used in connection with the account that paid commissions to the broker-dealer providing such products and services. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of brokerage and research services.

In some cases, the Adviser may receive a product or service from a broker that has both a research" and a "non-research" use. When this occurs, the Adviser will make a good faith allocation between the research and non-research uses of the product or service. The percentage of the service that is used for research purposes may be paid for with brokerage commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the Adviser believes that its allocation procedures are reasonably designed to appropriately allocate the anticipated use of such products and services to research and non-research uses.

The Adviser may obtain third-party research from broker-dealers or non-broker-dealers by entering into commission sharing arrangements ("CSAs"). Under a CSA, the executing broker-dealer agrees that part of the commissions it earns on certain equity trades will be allocated to one or more research providers as payment for research. CSAs allow the Adviser to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third party research providers for research.

**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund or the Adviser, if any, for a commission in conformity with the 1940 Act, the Exchange Act and rules promulgated by the SEC. Under the 1940 Act and the Exchange Act, affiliated broker-dealers are permitted to receive and retain compensation for effecting portfolio transactions for the Fund on an exchange if a written contract is in effect between the affiliate and the Fund expressly permitting the affiliate to receive and retain such compensation. These rules further require that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Board, including those trustees who are not "interested persons" of the Fund, has adopted procedures for evaluating the reasonableness of commissions paid to affiliates and reviews these procedures periodically.

**Securities of "Regular Broker-Dealers.** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which the Fund may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Trust are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Trust's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Trust; or (iii) sold the largest dollar amounts of the Trust's shares.

Because the Fund is new, as of the date of this SAI, the Fund did not hold any securities of any "regular brokers and dealers."

**PROXY VOTING POLICY AND PROXY VOTING RECORD**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to Banner Ridge. A copy of Banner Ridge's Proxy Voting Policy is attached as Exhibit A to this SAI. Due to the nature of the securities and other assets in which the Fund intends to invest, proxy voting decisions for the Fund may be limited.

The Fund is required to disclose annually the Fund's complete proxy voting record during the most recent 12-month period ended June 30 on Form N-PX. Form N-PX for the Fund will be available without charge, upon request, by calling (212) 239-3210 and on the SEC's website at www.sec.gov.

**TAXATION**

**SHAREHOLDER TAXATION**

The following is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Fund. The discussion below provides general tax information related to an investment in the Fund, but does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Fund and does not address any state, local, non-U.S. or other tax consequences. It is based on the Code and U.S. Treasury regulations thereunder and administrative pronouncements, all as of the date of this SAI, any of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of a shareholder's particular circumstances, including (but not limited to) alternative minimum tax consequences and tax consequences applicable to shareholders subject to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding Shares as part of a hedging transaction, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; insurance companies; U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar; non-U.S. shareholders; or tax-exempt entities, including "individual retirement accounts" or "Roth IRAs." Unless otherwise noted, the following discussion applies only to a shareholder that holds Shares as a capital asset and is a U.S. Shareholder. A "U.S. Shareholder" generally is a beneficial owner of Shares who is for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust if it (a) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective shareholder that is a partner in a partnership holding Shares should consult his, her or its tax advisors with respect to the purchase, ownership and disposition of Shares.

The discussion set forth herein does not constitute tax advice. Tax laws are complex and often change, and shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences of an investment in the Fund.

**Taxation of the Fund**

The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify for treatment annually, as a regulated investment company ("RIC") under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes as dividends to shareholders. To qualify as a RIC in any tax year, the Fund must, among other things, satisfy both a source-of-income test and asset-diversification tests. The Fund will qualify as a RIC if (i) at least 90% of the Fund's gross income for such tax year consists of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of shares, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such shares, securities or currencies; and net income derived from interests in "qualified publicly-traded partnerships" (such income, "Qualifying RIC Income"); and (ii) the Fund's holdings are diversified so that, at the end of each quarter of such tax year, (a) at least 50% of the value of the Fund's total assets is represented by cash and cash equivalents, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested (x) in securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more "qualified publicly-traded partnerships." The Fund's share of income derived from a partnership other than a "qualified publicly-traded partnership" will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A "qualified publicly-traded partnership" is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if (1) interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (2) less than 90% of its gross income for the relevant tax year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that are not directly related to the RIC's principal business of investing in shares or securities (or options and futures with respect to shares or securities). The Fund anticipates that, in general, its foreign currency gains will be directly related to its principal business of investing in shares and securities.

In addition, to maintain RIC tax treatment, the Fund must distribute on a timely basis with respect to each tax year dividends of an amount at least equal to 90% of the sum of its "investment company taxable income" and its net tax-exempt interest income, determined in each case without regard to any deduction for dividends paid, to shareholders (the "90% distribution requirement"). If the Fund qualifies as a RIC and satisfies the 90% distribution requirement, the Fund generally will not be subject to U.S. federal income tax on its "investment company taxable income" (determined without regard to the dividends-paid deduction) and net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes as dividends to shareholders (including amounts that are reinvested pursuant to the DRP). In general, a RIC's "investment company taxable income" for any tax year is its undistributed taxable income, determined without regard to net capital gains and with certain other adjustments. The Fund intends to distribute all or substantially all of its "investment company taxable income" (determined without regard to the dividends-paid deduction), net tax-exempt interest income (if any) and net capital gains on an annual basis. Any taxable income, including any net capital gains that the Fund does not distribute in a timely manner, will be subject to U.S. federal income tax at regular corporate rates.

If the Fund retains any net capital gains, it may elect to treat such capital gains as having been distributed to shareholders. If the Fund makes such an election, each shareholder will be required to report its share of such undistributed net capital gains attributed to the Fund as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gains as a credit against its own U.S. federal income tax liability, if any, and to claim a refund on a properly filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each shareholder will be entitled to increase the adjusted tax basis of its Shares by the difference between its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion of its net capital gain for a tax year.

As a RIC, the Fund will be, subject to a nondeductible 4% federal excise tax on certain undistributed amounts for each calendar year (the "4% excise tax"). To avoid the 4% excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains for previous calendar years that were not distributed during those calendar years. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains previously subject to U.S. federal income tax. Furthermore, any distribution declared by the Fund in October, November or December of any calendar year, payable to shareholders, of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been paid on December 31 of the calendar year in which the distribution was declared.

If the Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement in respect of any tax year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gains, even if such income is distributed, and all distributions out of earnings and profits would be taxed as ordinary dividend income. Such distributions generally would be eligible for the dividends-received deduction in the case of certain corporate shareholders and may be eligible to be qualified dividend income in the case of certain non-corporate shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or asset diversification test described above, in certain cases, however, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty.

It is intended that the Fund will invest a portion of its assets in Investment Funds, some of which may be classified as partnerships for U.S. federal income tax purposes. An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) generally is not subject to an entity-level U.S. federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short- term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year. Each such item will generally be treated as though the partner realized the item directly. Partners of a partnership must report these items regardless of the extent to which, or whether, the partnership makes distributions for such taxable year. Accordingly, the Fund as a partners in Investment Funds may be required to recognize items of taxable income and gain prior to the time that any corresponding cash distributions are made to the Fund. In such case, the Fund may have to dispose of interests in Investment Funds that it would otherwise have continued to hold, or it may have to devise other methods to satisfy the source-of-income test, to the extent certain Investment Funds earn income of a type that is not qualifying gross income for purposes of the test. Some of the income that the Fund may earn directly or through an Investment Fund, such as income recognized from an equity investment in an operating partnership, might not be Qualifying RIC Income for purposes of the source-of-income test. To manage the risk that such income might jeopardize the Fund's tax status as a RIC resulting from a failure to satisfy the source-of-income test, one or more subsidiary entities treated as corporations for U.S. federal income tax purposes may be incorporated to hold the applicable investments (and earn the income). If a subsidiary is formed as a U.S. entity, the entity will generally be required to incur entity-level income taxes on its earnings. If a subsidiary is formed as a non-U.S. entity, it will generally be subject to U.S. federal income tax (and a U.S. branch profits tax) on its income that is treated as effectively connected with the conduct of a trade or business in the U.S. A non-U.S. entity might also be subject to U.S. withholding taxes on certain U.S.-source income and non-U.S. taxes. Any costs of subsidiaries (including withholding, income and branch profits taxes) will reduce the return to shareholders.

UNLESS OTHERWISE INDICATED, REFERENCES IN THIS DISCUSSION TO THE FUND'S INVESTMENTS, ACTIVITIES, INCOME, GAIN AND LOSS INCLUDE THE DIRECT INVESTMENTS OR CO-INVESTMENTS, ACTIVITIES, INCOME, GAIN AND LOSS OF THE FUND, AS WELL AS THOSE INDIRECTLY ATTRIBUTABLE TO THE FUND AS A RESULT OF THE FUND'S INVESTMENT IN ANY INVESTMENT FUND (OR OTHER ENTITY) THAT IS PROPERLY CLASSIFIED AS A PARTNERSHIP OR DISREGARDED ENTITY FOR U.S. FEDERAL INCOME TAX PURPOSES.

Some of the investments that the Fund is expected to make, such as investments in debt instruments having market discount and/or treated as issued with "original issue discount" ("OID"), may cause the Fund to recognize income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. As a result, the Fund may have difficulty meeting the 90% distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in the Fund's taxable income for the tax year it is accrued, the Fund may be required to make a distribution to shareholders to meet the distribution requirements described above, even though the Fund will not have received any corresponding cash or property. The Fund may be required to borrow money, dispose of other securities or forgo new investment opportunities for this purpose.

There may be uncertainty as to the appropriate treatment of certain of the Fund's investments for U.S. federal income tax purposes. In particular, the Fund expects to invest a portion of its net assets in below investment grade instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as whether and to what extent the Fund should recognize 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 the Fund, to the extent necessary, in connection with the Fund's general intention to qualify for tax treatment as a RIC and to minimize the risk that it becomes subject to entity-level U.S. federal income or excise tax.

Income received by the Fund from sources outside the United States may be subject to withholding and other taxes imposed by such countries, thereby reducing income available to the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Fund generally intends to conduct its investment activities to minimize the effect of foreign taxation, but there is no guarantee that the Fund will be successful in this regard. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass through" to the Fund the foreign source amount of income deemed earned and the respective amount of foreign taxes paid by the Fund. If at least 50% of the value of the Fund's total assets at the close of each quarter of its tax year is represented by interests in other RICs, the Fund may also be eligible to elect to "pass through" to shareholders the foreign source amount of income deemed earned and the respective amount of foreign taxes paid or deemed paid by the Fund. If the Fund so elects, each shareholder would be required to include in gross income, even though not actually received, each shareholder's pro rata share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its pro rata share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both).

The Fund may invest in shares of foreign companies that are classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign company is considered a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. In general under the PFIC rules, an "excess distribution" received with respect to PFIC shares is treated as having been realized ratably over the period during which the Fund held the PFIC shares. The Fund generally will be subject to tax on the portion, if any, of the excess distribution that is allocated to the Fund's holding period in prior tax years (and an interest factor will be added to the tax, as if the tax had actually been payable in such prior tax years) even though the Fund distributes the corresponding income to shareholders. Excess distributions include any gain from the sale of PFIC shares as well as certain distributions from a PFIC. All excess distributions are taxable as ordinary income.

The Fund may be eligible to elect alternative tax treatment with respect to PFIC shares. Under one such election (i.e., a "QEF" election), the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether any distributions are received from the PFIC. If this election is timely made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, the Fund may be able to elect to mark its PFIC shares to market, which will cause any unrealized gains at the Fund's tax year-end to be treated as though they were recognized and reported as ordinary income. Any mark-to-market losses and any loss from an actual disposition of the PFIC's Shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income in prior tax years with respect to shares in the same PFIC.

Because the application of the PFIC rules may affect, among other things, the character of gains, the amount of gain or loss and the timing of the recognition of income, gain or loss with respect to PFIC shares, as well as subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to Fund shareholders, and which will be recognized by Fund shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Note that distributions from a PFIC are not eligible for the reduced rate of tax on distributions of "qualified dividend income" as discussed below.

If the Fund holds more than 10% of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC"), including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation, whether or not the corporation makes an actual distribution to the Fund during such tax year. The Fund is generally required to distribute such income in order to satisfy the distribution requirements applicable to RICs, even to the extent the Fund's income from a CFC exceeds the distributions from the CFC and the Fund's proceeds from the sales or other dispositions of CFC stock during that tax year. In general, a foreign corporation will be treated as a CFC for U.S. federal income tax purposes if more than 50% of the shares of the foreign corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. Additionally, a fund's income inclusion with respect to a CFC might not be treated as Qualifying RIC Income for purposes of the source-of-income test applicable to RICs, depending on the Fund's other investments and whether the CFC actually makes distributions.

The functional currency of the Fund, for U.S. federal income tax purposes, is the U.S. dollar. Gains or losses attributable to fluctuations in foreign currency exchange rates that occur between the time the Fund accrues interest income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are respectively characterized as ordinary income or ordinary loss for U.S. federal income tax purposes. Similarly, on the sale of other disposition of certain investments, including debt securities, certain forward contracts, as well as other derivative financial instruments, denominated in a foreign currency, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are generally treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988 gains and losses," may increase or decrease the amount of the Fund's taxable income required to be distributed to Fund shareholders as ordinary income. For example, fluctuations in exchange rates may increase the amount of income that the Fund must distribute to qualify for tax treatment as a RIC and to prevent application of the excise tax on undistributed income. Alternatively, fluctuations in exchange rates may decrease or eliminate income available for distribution. If section 988 losses exceed other taxable income during a tax year, the Fund would not be able to distribute amounts treated as dividends for U.S. federal income tax purposes, and any distributions during a tax year made by the Fund before such losses were recognized would generally be treated as a return of capital to Fund shareholders for U.S. federal income tax purposes, rather than as ordinary dividend income, and would reduce the Fund shareholder's tax basis in Fund Shares.

If the Fund uses leverage through the issuance of preferred shares or borrowings, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset coverage test(s) under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit facilities or indentures may impose greater restrictions on the Fund's ability to declare and pay dividends on Fund Shares. Limits on the Fund's ability to pay dividends on Fund Shares may prevent the Fund from meeting the distribution requirements described above and, as a result, may affect the Fund's ability to qualify for tax treatment as a RIC or subject the Fund to the 4% excise tax. The Fund intends to avoid restrictions on its ability to make distribution payments. If the Fund is precluded from making distributions on Fund Shares because of any applicable asset coverage requirements, the terms of preferred shares (if any) may provide that any amounts so precluded from being distributed, but required to be distributed by the Fund to enable the Fund to satisfy the distribution requirements that would enable the Fund to be subject to tax as a RIC, will be paid to the holders of preferred shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred shares would be entitled to receive upon repurchase or liquidation of such preferred shares.

Certain of the Fund's investments are expected to be subject to special U.S. federal income tax provisions that may, among other things, (1) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (2) convert lower-taxed long-term capital gains into higher-taxed short-term capital gains or ordinary income, (3) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (4) adversely affect when a purchase or sale of shares or securities is deemed to occur, (5) adversely alter the intended characterization of certain complex financial transactions, (6) cause the Fund to recognize income or gain without a corresponding receipt of cash, (7) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (8) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such deduction and (9) produce income that will not constitute Qualifying RIC Income. The application of these rules could cause the Fund to be subject to U.S. federal income tax or the 4% excise tax and, under certain circumstances, could affect the Fund's status as a RIC. The Fund monitors its investments and may make certain tax elections to mitigate the effect of these provisions.

Unless and until the Fund is considered under the Code to be a "publicly offered regulated investment company," for purposes of computing the taxable income of U.S. Shareholders that are individuals, trusts or estates, (1) the Fund's earnings will be computed without taking into account such U.S. Shareholders' allocable shares of the Management Fees and certain other expenses, (2) each such U.S. Shareholder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. Shareholder's allocable share of these fees and expenses for such taxable year, (3) each such U.S. Shareholder will be treated as having paid or incurred such U.S. Shareholder's allocable share of these fees and expenses for the calendar year and (4) each such U.S. Shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. stockholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. Shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. Shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. stockholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code. In addition, if the Fund is not treated as a "publicly offered regulated investment company," the Fund will be subject to limitations on the deductibility of certain "preferential dividends" that are distributed to U.S. stockholders on a non-pro-rata basis. A "publicly offered regulated investment company" is a RIC whose equity interests are (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market, or (iii) held by at least 500 persons at all times during the RIC's taxable year.

The remainder of this discussion assumes that the Fund has qualified and will maintain its qualification as a publicly offered RIC and has satisfied the distribution requirements described above.

**Taxation of U.S. Shareholders**

***Distributions***

Distributions of the Fund's ordinary income and net short-term capital gains will, except as described below with respect to distributions reported as "qualified dividend income," generally be taxable to shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described above), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time a shareholder has owned Shares. The ultimate tax characterization of the Fund's distributions made in a tax year cannot be determined until after the end of the tax year. As a result, the Fund may make total distributions during a tax year in an amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital that will be applied against and reduce the shareholder's tax basis in its Shares. To the extent that the amount of any such distribution exceeds the shareholder's tax basis in its Shares, the excess will be treated as gain from a sale or exchange of Shares. Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional Shares. Generally, for U.S. federal income tax purposes, a shareholder receiving Shares under the DRP will generally be treated as having received a distribution equal to the fair market value of such Shares on the date the Shares are credited to the shareholder's account.

A return-of-capital distribution to shareholders may be treated as a return of a portion of the shareholders' original investment in the Fund. A distribution to a shareholder that is treated as a return of capital will reduce the tax basis of the shareholder's investment. As a result return-of-capital distributions, shareholders may recognize more gain (or less loss) in connection with dispositions of Fund Shares than they would have recognized if return-of-capital distributions had not been made, and a shareholder may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the shareholder's original investment.

It is expected that a substantial portion of the Fund's income will consist of ordinary income. For example, interest and OID derived by the Fund characterized as ordinary income for U.S. federal income tax purposes. In addition, gain derived by the Fund from the disposition of debt instruments with "market discount" (generally, securities with a fixed maturity date of more than one year from the date of issuance acquired by the Fund at a price below the lesser of their stated redemption price at maturity or accreted value, in the case of securities with OID) will be characterized as ordinary income for U.S. federal income tax purposes to the extent of the market discount that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition, unless the Fund makes an election to accrue market discount on a current basis. In addition, certain of the Fund's investments will be subject to other special U.S. federal income tax provisions that may affect the character, increase the amount, and/or accelerate the timing of distributions to shareholders.

Distributions made by the Fund to a corporate shareholder will qualify for the dividends-received deduction only to the extent that the distributions consist of qualifying dividends received by the Fund. In addition, any portion of the Fund's dividends otherwise qualifying for the dividends-received deduction will be disallowed or reduced if the corporate shareholder fails to satisfy certain requirements, including a holding period requirement, with respect to its Shares. Distributions from non-U.S. entities will not qualify for the dividends-received deduction. Distributions reported as "qualified dividend income" to an individual or other non-corporate shareholder will be treated as qualified dividend income to such shareholder and generally will be taxed at long-term capital gain rates, provided the shareholder satisfies the applicable holding period and other requirements. Qualified dividend income generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain criteria. Dividends from PFICs generally will not qualify as qualified dividend income. The fund cannot predict whether any portion of its distributions will be eligible for the dividends-received deduction or will be treated as qualified dividend income.

If a person acquires Shares shortly before the record date of a distribution, the price of the Shares may include the value of the distribution, and the person will be subject to tax on the distribution even though economically the distribution may represent a return of a portion of his, her or its investment in such Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December, that is payable to shareholders of record in such a month and that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In addition, certain distributions made after the close of a taxable year of the Fund may be "spilled back" and treated for certain purposes as paid by the Fund during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a regulated investment company's undistributed income and gain subject to the 4% excise tax, such spill-back dividends are treated as paid by the regulated investment company when they are actually paid. Certain distributions reported by the Fund as section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

Shareholders will be notified annually, as promptly as practicable after the end of each calendar year, 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.

***Sale or Exchange of Shares***

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering shareholder. Different tax consequences may apply for tendering and non-tendering shareholders in connection with a repurchase offer. For example, if a shareholder does not tender all of his or her Shares, such repurchase may be treated as a dividend (as opposed to a sale or exchange) for U.S. federal income tax purposes, and may result in deemed distributions to non-tendering shareholders. On the other hand, shareholders holding Shares as capital assets who tender all of their Shares (including Shares deemed owned by shareholders under constructive ownership rules) will be treated as having sold their Shares and generally will recognize capital gain or loss. The amount of the gain or loss will be equal to the difference between the amount received for the Shares and the shareholder's adjusted tax basis in the relevant Shares. Such gain or loss generally will be a long-term capital gain or loss if the shareholder has held such Shares as capital assets for more than one year. Otherwise, the gain or loss will be treated as short-term capital gain or loss.

Losses realized by a shareholder on the sale or exchange of Shares held as capital assets for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital gains received (or deemed received, as discussed above) with respect to such Shares. In addition, no loss will be allowed on a sale or other disposition of Shares if the shareholder acquires (including through reinvestment of distributions or otherwise) Shares, or enters into a contract or option to acquire Shares, within 30 days before or after any disposition of such Shares at a loss. In such a case, the basis of the Shares acquired will be adjusted to reflect the disallowed loss. Under current law, net capital gains recognized by non-corporate shareholders are generally subject to U.S. federal income tax at lower rates than the rates applicable to ordinary income.

In general, U.S. Shareholders currently are generally subject to a maximum federal income tax rate of either 15% or 20% (depending on whether the shareholder's income exceeds certain threshold amounts) on their net capital gain (i.e., the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in Shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate shareholders with net capital losses for a tax year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each tax year. Any net capital losses of a non-corporate shareholder in excess of $3,000 generally may be carried forward and used in subsequent tax years as provided in the Code. Corporate shareholders generally may not deduct any net capital losses for a tax year, but may carry back such losses for three tax years or carry forward such losses for five tax years.

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 U.S. federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. 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, dividends, interest and certain capital gains (among other categories of income) are generally taken into account in computing a shareholder's net investment income. Shareholders are urged to consult their tax advisors regarding the applicability of this tax to their income and gains in respect of their investment in the Fund.

The Fund (or if a U.S. Shareholder holds Shares through an intermediary, such intermediary) will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate generally applicable to long-term capital gains, the amount, if any, eligible for the dividends-received deduction and the amount, if any, eligible to be treated as qualified dividend income. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

Under U.S. Treasury regulations, if a shareholder recognizes losses with respect to Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. 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. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Reporting of adjusted cost basis information is required for covered securities, which generally include shares of a RIC, to the IRS and to taxpayers. Shareholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

***Backup Withholding and Information Reporting***

Information returns will be filed with the IRS in connection with payments on Shares and the proceeds from a sale or other disposition of Shares. A shareholder will be subject to backup withholding on all such payments if it fails to provide the payor with its correct taxpayer identification number (generally, in the case of a U.S. resident shareholder, on an IRS Form W-9) and to make required certifications or otherwise establish an exemption from backup withholding. Corporate shareholders and certain other shareholders generally are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld as backup withholding may be credited against the applicable shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Taxation of Non-U.S. Shareholders**

Whether an investment in the Fund is appropriate for a non-U.S. Shareholder (as defined below) will depend upon that investor's particular circumstances. An investment in the Fund by a non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in Shares.

The U.S. federal income taxation of a shareholder that is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "non-U.S. Shareholder"), depends on whether the income that the shareholder derives from the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

If the income that a non-U.S. Shareholder derives from the Fund is not "effectively connected" with a U.S. trade or business carried on by such non-U.S. Shareholder, dividends and certain other distributions (including any deemed distributions with respect to a repurchase offer) will generally be subject to a U.S. federal withholding tax at a rate of 30% (or a lower rate provided under an applicable treaty). Alternatively, if the income that a non-U.S. Shareholder derives from the Fund is effectively connected with a U.S. trade or business of the non-U.S. Shareholder, the Fund will not be required to withhold U.S. federal tax if the non-U.S. Shareholder complies with applicable certification and disclosure requirements, although such income will be subject to U.S. federal income tax in the manner described below and at the rates applicable to U.S. residents. Backup withholding will not, however, be applied to payments that have been subject to this 30% withholding tax applicable to non-U.S. Shareholders.

A non-U.S. Shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business will generally be exempt from U.S. federal income tax on capital gains distributions, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Shares. If, however, such a non-U.S. Shareholder is a nonresident alien individual and is physically present in the United States for 183 days or more during the tax year and meets certain other requirements such capital gains distributions, undistributed capital gains and gains from the sale or exchange of Shares will be subject to a 30% U.S. tax.

A 30% U.S. federal withholding tax will generally apply to ordinary dividends paid by the Fund to non-U.S. Shareholders, other than certain dividends reported by the Fund as (i) interest-related dividends, to the extent such dividends are derived from the Fund's "qualified net interest income," or (ii) short-term capital gain dividends, to the extent such dividends are derived from the Fund's "qualified short-term gain." "Qualified net interest income" is the Fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. "Qualified short-term gain" generally means the excess of the net short-term capital gain of the Fund for the taxable year over its net long-term capital loss, if any. However, depending on the circumstances, the Fund may designate all, some or none of the Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term capital gains, and a portion of such distributions (e.g., derived from interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding in any event. Moreover, in the case of Shares held through an intermediary, the intermediary may withhold amounts even if the Fund reports all or a portion of a distribution as exempt from U.S. federal withholding tax. To qualify for this exemption from withholding, a non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. tax residency status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). Thus, an investment in the Shares by a non-U.S. Shareholder may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. Shareholder, any distributions of income, capital gains distributions, amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Shares will be subject to U.S. income tax, on a net income basis, in the same manner, and at the graduated rates applicable to, U.S. persons. If such a non-U.S. Shareholder is a corporation, it may also be subject to the U.S. branch profits tax.

A non-U.S. Shareholder other than a corporation may be subject to backup withholding on net capital gains distributions that are otherwise exempt from withholding tax or on distributions that would otherwise be taxable at a reduced treaty rate if such shareholder does not certify its non-U.S. status under penalties of perjury or otherwise establish an exemption.

If the Fund distributes net capital gains in the form of deemed rather than actual distributions, a non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax the Fund pays on the capital gains deemed to have been distributed. To obtain the refund, the non-U.S. Shareholder would be required to obtain a U.S. taxpayer identification number and file a federal income tax return even if the non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a federal income tax return.

Unless certain non-U.S. entities that hold Fund Shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to Fund distributions payable to such entities. A non-U.S. entity may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a non-U.S. government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

The tax consequences to a non-U.S. Shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the potential application of the U.S. estate tax.

**State and Local Taxes**

In addition to the U.S. federal income tax consequences summarized above, shareholders and prospective shareholders should consider the potential state and local tax consequences associated with an investment in the Fund. The Fund may become subject to income and other taxes in states and localities based on the Fund's investments in entities that conduct business in those jurisdictions. Shareholders will generally be taxable in their state of residence with respect to their income or gains earned and distributed by the Fund as dividends for U.S. federal income tax purposes, or the amount of their investment in the Fund.

**Other Taxes**

Under a Notice issued by the IRS, a portion of a RIC's income from a U.S. REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMICs") or equity interests in a "taxable mortgage pool" (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. The excess inclusion income of a RIC, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on unrelated business taxable income ("UBTI"), thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a RIC, then the RIC will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the highest federal income tax rate imposed on corporations. Certain reporting requirements are imposed upon RICs that have excess inclusion income. There can be no assurance that the Fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to the Fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or through an investment in a U.S. REIT.

**Taxation of Subsidiaries**

The Fund may invest a portion of its assets (subject to the diversification rules applicable to RICs) in one or more wholly owned subsidiaries, which are expected to be treated as corporations for U.S. federal income tax purposes.

Any Subsidiary formed as a U.S. entity will be subject to U.S. federal income tax on all its income, but Fund distributions attributable to dividends received from the Fund by a U.S. Subsidiary may qualify for treatment as qualified dividend income or for the dividends-received deduction for corporate shareholders.

A Subsidiary formed as a non-U.S. entity generally will not be subject to U.S. federal income tax on a net income basis unless it is deemed to be engaged in the conduct of a trade or business within the United States. Any non-U.S. Subsidiary will be intended to conduct its activities in a manner that is expected to meet the requirements of a safe harbor under the Code under which a taxpayer engaged solely in trading in stocks or securities or certain commodities for its own account will not be deemed to be engaged in a trade or business within the United States. If a non-U.S. Subsidiary were to fail to qualify for this safe harbor and any income earned by it were treated as "effectively connected" with the conduct of a trade or business in the United States, such income would be subject to regular U.S. federal income tax and the so called "branch profits tax" imposed at a rate of 30%.

*Withholding Tax*. A foreign corporation that is not engaged in the conduct of a U.S. trade or business is nevertheless generally subject to U.S. federal withholding tax at a flat rate of 30% on the gross amount of certain U.S. source income, such as dividends and certain interest income. The withholding tax does not apply to U.S. source capital gains (whether long term or short term) or to certain interest payments. A non-U.S. Subsidiary may earn income that will be subject to the 30% withholding tax.

*CFC Rules*. As discussed above, in general, a "United States shareholder" of a CFC must include in gross income for U.S. federal income tax purposes certain income earned by the CFC, regardless of whether the CFC distributes that income to the United States shareholder. A "United States shareholder" is a United States person who owns (directly, indirectly or constructively) 10% or more of the total combined (i) voting power of all classes of a foreign corporation's voting stock or (ii) value of shares of all classes of stock of a foreign corporation. A foreign corporation is a CFC if, on any day during its taxable year, "United States shareholders" own more than 50% of the voting power or value of its stock. The Fund expects that the Subsidiary will be treated as a CFC and that the Fund will be treated as a "United States shareholder" of the Subsidiary. If the Fund is a "United States shareholder" of a non-U.S. Subsidiary, the Fund will be required to include in its gross income its share of certain income earned by the Subsidiary, regardless of whether corresponding cash amounts are distributed to the Fund in a given year. The Fund must nevertheless distribute to its shareholders, at least annually, all or substantially all of its taxable income, including its income inclusion in respect of the non-U.S. Subsidiary, to qualify for treatment as a RIC under the Code and avoid U.S. federal income and excise taxes. Therefore, the Fund's investment in a non-U.S. Subsidiary may require the Fund to dispose of portfolio investments or to borrow, in each case potentially under disadvantageous circumstances, to generate cash necessary to satisfy its distribution requirements. Any disposition of investments will potentially cause the Fund to realize additional taxable income or gain, which would also need to be distributed.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As of the date of this SAI, Banner Ridge owned of record or beneficially 5% or more of the outstanding Shares of the Fund. Banner Ridge provided the initial investment in the Fund and thus owns greater than 25% of the Fund's outstanding shares as of the date of this SAI. It is expected that, shortly after the Fund commences operations, Banner Ridge DSCO Fund III, LP ("DSCO Fund III") will invest in the Fund and own the majority of the Fund's shares. For so long as DSCO Fund III has a greater than 25% interest in the Fund, it may be deemed to be a "control person" of the Fund for purposes of the 1940 Act.

**OTHER SERVICE PROVIDERS**

**Administrator**

Citco serves as the Fund's administrator. Citco has its principal business offices at 7300 College Blvd, Suite 300, Overland Park, KS 66210.

*Administration Agreement with the Fund*. The Fund and the Administrator have entered into an administration and transfer agency agreement (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Fund with certain services, among other responsibilities, administrative, tax, accounting services, portfolio compliance monitoring, and financial reporting for the maintenance and operations of the Fund.

For its administrative services, the Administrator receives a flat fee payable monthly by the Fund. As of the date of this SAI, the Fund had not commenced operations and, therefore, had not paid any administration fees to the Administrator.

**Transfer Agent**

Citco also serves as the Fund's transfer agent. As transfer agent, Citco, among other things, reviews and processes purchase orders, effects transfers of shares, prepares and transmits payments for dividends and distributions, maintains records of accounts, and provides oversight of service providers providing similar shareholder services on behalf of Fund shareholders.

**Custodian**

JPMorgan Chase Bank, N.A. (the "Custodian"), serves as custodian for the Fund. The Custodian maintains in separate accounts cash, securities and other assets of the Fund, keeps all necessary accounts and records, and provides other services. The Custodian is required, upon the order of the Fund, to deliver securities held by it, in its capacity as custodian, and to make payments for securities purchased by the Fund.

**Distributor**

The Fund and Foreside Financial Services, LLC (the "Distributor") are parties to a distribution agreement (the "Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund's shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, ME 04101.

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Fund and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Board or, by the holders of a majority of the outstanding voting securities of the Fund, upon not less than sixty (60) days' written notice by either party.

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP ("PwC") serves as the Fund's Independent Registered Public Accounting Firm. PwC is located at 300 Madison Avenue, New York, NY 10017.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103, is legal counsel to the Fund.

**OTHER MATTERS**

**CODE OF ETHICS**

The Fund has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are reasonably designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC and are available to the public.

**REGISTRATION STATEMENT**

This SAI and the Prospectus do not contain all the information included in the Fund's registration statement filed with the SEC under the Securities Act with respect to the securities offered hereby. The registration statement, including the exhibits filed therewith, are available on the SEC's website at www.sec.gov.

Statements contained herein and in the Prospectus as to the contents of any contract or other documents are not necessarily complete, and, in each instance, are qualified by, reference to the copy of such contract or other documents filed as exhibits to the registration statement.

**FINANCIAL STATEMENTS**

Appendix B to this SAI provides the Fund's financial statements as of November 17, 2025, which have been audited by PwC. Appendix C to this SAI provides an unaudited schedule of investments of DSCO Fund III as of December 31, 2025.

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

**Banner Ridge Partners, LP**

I. Introduction

Advisers generally have a fiduciary duty to vote proxies in the best interests of investors. Rule 206(4)-6 under the Advisers Act requires that a registered adviser with proxy voting authority generally satisfy certain requirements. This Policy applies to voting securities held by Banner Ridge's Clients and has been designed to ensure that Banner Ridge votes proxies in the best interest of its Clients. In accordance with its obligations under this rule, the Company has designed and adopted the following procedures to ensure that proxies are voted, and requests for waivers and amendments determined, at all times, in the best interest of Clients holding such securities or investments. Notwithstanding the foregoing, opportunities for voting proxies are rare given Banner Ridge's investment strategy.

II. Policy

The Policy applies to those Clients that own voting securities or debt instruments and for which Banner Ridge has authority to vote proxies. When voting proxies for Clients, Banner Ridge's primary objective is to make voting decisions in the best interest of those Clients.<sup>1</sup>

MATERIAL CONFLICTS OF INTEREST

To the extent the Company receives proxies to vote on behalf of its Clients, the Company will vote proxies in the best interest of its Clients. Banner Ridge will seek to avoid material conflicts of interest between the interests of Banner Ridge on the one hand and the interests of its Clients on the other. In cases of conflict, resolution will be addressed with the Investment Committee, including the CCO, if contemplated in the Client's organizational documents.

RULE 206(4)-6, (B) AND (C) – PROXY VOTING DISCLOSURE TO ADVISORY CLIENTS

Proper records will be maintained in connection with this policy. Information on how Banner Ridge has voted proxies on behalf of its Clients can be requested by contacting the CCO.

<sup>1</sup> Although Banner Ridge will generally vote against proposals that may have a negative impact on its Clients' investments, it may vote for such a proposal if there exists a compelling long-term reason for doing so.

**APPENDIX B: AUDITED FINANCIAL STATEMENTS**

**Banner Ridge DSCO Private Markets Fund**

**Financial Statements**

**For the period from April 22, 2025 (Organization date) through**

**November 17, 2025**

![](image_002.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees and Shareholders of Banner Ridge DSCO Private Markets Fund,

***Opinion on the Financial Statement***

We have audited the accompanying statement of assets and liabilities of Banner Ridge DSCO Private Markets Fund (the "Fund") as of November 17, 2025, and the related statements of operations for the period from April 22, 2025 to November 17, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of November 17, 2025, and the results of its operations for the period from April 22, 2025 through November 17, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

 ****

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 17, 2026

We have served as the auditor of one or more investment companies in the Banner Ridge Partners group of funds since 2025.

*PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017*

*T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us*

 

 

 

**Banner Ridge DSCO Private Markets Fund**

**Statement of Assets and Liabilities**

**November 17, 2025**

*(expressed in U.S. dollars)*

 

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Adviser (Note 2) | 220745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs (Note 2) | 133903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $454648 |

---

 

---

| | |
|:---|:---|
| **Liabilities** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued organizational costs | $220745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued offering costs | 133903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 354648 |

---

---

| | |
|:---|:---|
| **Commitments and Contingencies (Note 5)**<br> **Net assets** |  |
| Net assets are comprised of: |  |
| Paid-in capital (unlimited shares authorized) | $100000 |
| **Net assets** | $100000 |
| Net assets |  |
| Shares outstanding | 10000 |
| Net asset value per share | $10.00 |

---

See accompanying notes to the financial statements.

**Banner Ridge DSCO Private Markets Fund**

**Statement of Operations**

**For the period from April 22, 2025 (Organization date) through November 17, 2025**

*(expressed in U.S. dollars)*

 

---

| | |
|:---|:---|
| **Expenses** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | $220745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 220745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reimbursement from Adviser | (220745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $- |

---

See accompanying notes to the financial statements.

**Banner Ridge DSCO Private Markets Fund**

**Notes to Financial Statements**

**November 17, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Organization and Purpose

Banner Ridge DSCO Private Markets Fund (the "Fund") was formed on April 22, 2025 as a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund seeks to provide capital appreciation by targeting private investments on an opportunistic basis primarily in the United States and Europe. The Fund may also invest in other non-U.S. countries outside of Europe, including emerging markets. The Fund may invest in a range of both public and private (i.e., companies that are not listed on an exchange) equity investments that exhibit strong growth and profitability characteristics. The Fund may also make non-equity investments, such as: structured products (e.g., collateralized loan obligation); loans and loan participations; distressed debt; debtor-in-possession financing; real estate; and special situations. The Fund's real estate investing can be in the form of (i) investing in single properties experiencing distress, (ii) purchasing interests in pools of securitized real estate assets such as mortgages trading at dislocated prices or (iii) purchasing all or part of a loan secured by an underlying property from a lender or motivated seller. The Fund's special situation investing involving companies in significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceeding.

Banner Ridge Partners, LP ("Banner Ridge" or the "Adviser"), a Delaware limited Fund, serves as the Fund's investment adviser. Banner Ridge is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Fund offers one class of shares of beneficial interest ("Shares") at the current NAV at the time of admittance. No person who is admitted as a shareholder of the Fund will have the right to require the Fund to redeem its Shares. Shares are not listed on any securities exchange. The Shares do not represent a deposit or 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 will be wound up and dissolved on the earliest of: (i) 10 years after the date of the Initial Closing (through the close of business); provided that, the Board of Trustees (the "Board") of the Fund may, in its discretion, extend the term of the Fund for two successive one-year periods to allow for the orderly liquidation of the Portfolio Investments; (ii) after the Commitment Period, at the time as of which the Fund has disposed of all of its Portfolio Investments; (iii) a determination by the Board that the Fund should be dissolved; (iv) at any time that there are no shareholders in the Fund; or (v) the entry of a decree of judicial dissolution under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Summary of Significant Accounting Policies

**Basis of Accounting**

The financial statements of the Fund have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. A statement of changes in net assets and financial highlights have not been presented because the Fund has not commenced operations. The financial statements are expressed in U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Organization and Offering Costs

Organization and offering costs consists of third party charges and out-of-pocket costs and expenses incurred by the Fund and the Adviser in connection with the formation of the Fund, the offering of the Fund's shares to the public, and the admission of investors in the Fund, including, but not limited to

**Banner Ridge DSCO Private Markets Fund**

**Notes to Financial Statements**

**November 17, 2025**

legal, accounting, filing, administrative, printing, distribution and all other expenses incurred in connection with the offering and sale of interests in the Fund.

The Fund has incurred organizational costs of $220,745. The Fund's offering costs of $133,903 have been recorded as a deferred asset and will be amortized to expense over twelve months on a straight-line basis following the commencement of operations. An amount equal to $220,745 has been presented on the Statement of Assets and Liabilities as Due from Adviser to pay for upfront organizational costs of $220,745 on behalf of the Fund. The Fund's organizational and offering costs are subject to reimbursement in accordance with the Expense Payment and Reimbursement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Income Taxes

The Fund intends to adhere to the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and plans to distribute substantially all of its net investment income and any net realized capital gains on an annual basis. Because the Fund intends to qualify annually as a RIC under the Code, the Fund intends to distribute at least 90% of its investment company taxable income to its Shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate. The Fund is required to comply with applicable diversification and income requirements on a quarterly and annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash and Cash Equivalents

The Fund considers highly liquid short-term interest-bearing investments with original maturities of three months or less and other investments readily convertible into cash to be cash equivalents. The cash on the Statement of Assets and Liabilities represents amounts held with JPMorgan Chase Bank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Management Agreement

The Fund entered into an Investment Management Agreement (the "Agreement") with Banner Ridge on November 17, 2025 and will automatically terminate two years from the date of the Agreement's execution unless renewed. The Agreement shall 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 Board, including the vote of a majority of the Independent Trustees of the Fund or Adviser, cast in person at a meeting called for the purpose of voting on such approval or (ii) the vote of a majority of the outstanding voting securities of the Fund; provided that if the continuance of the Agreement is submitted to the shareholders of the Fund for the shareholders' approval and such shareholders fail to approve the continuance of the Agreement, Banner Ridge may continue to serve in a manner consistent with the 1940 Act and its rules and regulations.

Banner Ridge shall be responsible for the management, operation and control of the investment and trading activities of the Fund, to the fullest extent permitted by law. The Adviser is authorized to cause the Fund to make Fund investments and incur leverage, directly or indirectly through one or more subsidiaries or special purpose vehicles. Organizational and offering costs paid on behalf of the Fund as described in Note 2 (a) shall be reimbursable to Banner Ridge.

**Banner Ridge DSCO Private Markets Fund**

**Notes to Financial Statements**

**November 17, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expense Payment and Reimbursement Agreement

The Adviser shall advance payment for all or a portion of organizational and offering costs incurred by the Fund. Such expenses will be reimbursed by the Fund at a date after which the Fund's registration statement with the Securities and Exchange Commission is declared effective and the Fund commences operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Management Fees

The Fund shall pay to the Investment Manager, as compensation for the Investment Manager's services rendered, a fee, computed at an annual rate of 1.00% of the total capital commitments of all purchasers of the Fund's shares. Such management fee will be payable quarterly in arrears for each calendar quarter. The Investment Manager may from time to time, and in its sole discretion, agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Fund for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Manager. Any such fee reduction or undertaking may be discontinued or modified by the Investment Manager at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Administrator and Transfer Agent

The Board has entered into an agreement with Citco Retail Alternative Fund Services (USA) Inc. to serve as the Fund's administrator and transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor

The Fund has engaged Foreside Financial Services, LLC, a Delaware limited liability company to serve as the principal underwriter and distributor of the Fund's shares pursuant to a distribution agreement (the "Distribution Agreement") with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Capital Shares

In order to provide the Fund with the initial capital required pursuant to Section 14 of the Investment Company Act of 1940, as amended, an initial contribution of $100,000 has been made in exchange for 10,000 shares of beneficial interest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Commitments and Contingencies

The Fund indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund which cannot be predicted with any certainty. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Subsequent Events

Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no other subsequent events that required adjustment to the disclosure of the financial statements.

**APPENDIX C: UNAUDITED SCHEDULE OF INVESTMENTS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment** <br> **Type** | **Acquisition<br> Date** | **Cost** | **Fair Value** | **Footnotes** | **Percentage<br> of Total<br> Investment<br> Portfolio** |
| **Investments** |  |  |  |  |  |  |
| **Co-Investments** |  |  |  |  |  |  |
| **Private Equity** |  |  |  |  |  |  |
| **Scotland** |  |  |  |  |  |  |
| **Credit** |  |  |  |  |  |  |
| 17Capital (Alpha) Co-Invest | Co-Investment | 9/9/2025 | $399676 | $393351 |  | 0.68% |
| **Total for Scotland** |  |  | 399676 | 393351 |  |  |
| **United States** |  |  |  |  |  |  |
| **Buyout** |  |  |  |  |  |  |
| AP IX Panther Co-Invest Holdings, L.P. | Co-Investment | 3/14/2025 | 5369586 | 5214591 |  | 9.04% |
| AP Voyager Co-Invest L.P. | Co-Investment | 6/10/2025 | 4640324 | 4639960 |  | 8.04% |
| **Total for Buyout** |  |  | 10009910 | 9854551 |  |  |
| **Credit** |  |  |  |  |  |  |
| AP Almond Co-Invest | Co-Investment | 10/15/2025 | 3650455 | 3598024 |  | 6.24% |
| BSI II Graduate Co-Invest I | Co-Investment | 7/9/2025 | 4333055 | 4457427 |  | 7.72% |
| CF BYD Co-Investment Holdings<sup>+</sup> | Co-Investment | 4/1/2025 | 3698818 | 4030330 |  | 6.98% |
| Everberg SC Holdings IX, LLC (XYZ Roofco, LLC)<sup>+</sup> | Co-Investment | 8/20/2025 | 1130538 | 1109340 |  | 1.92% |
| Everberg SC Holdings XL, LLC<sup>+</sup> | Co-Investment | 8/20/2025 |  |  |  | 0.00% |
| Everberg SC Holdings XLI, LLC<sup>+</sup> | Co-Investment | 8/20/2025 | 1695811 | 1666135 |  | 2.89% |
| Everberg SC Holdings XLII, LLC<sup>+</sup> | Co-Investment | 10/1/2025 | 674191 | 673509 |  | 1.17% |
| Everberg Scorpion Holdco<sup>+</sup> | Co-Investment | 10/1/2025 | 1361283 | 1359403 |  | 2.36% |
| MidOcean Tactical Credit Fund III-EQ Feeder 2 | Co-Investment | 6/25/2025 | 3914959 | 4352974 |  | 7.54% |
| MidOcean Tactical Credit Fund III-EQ Feeder 2A | Co-Investment | 6/25/2025 |  |  |  | 0.00% |
| **Total for Credit** |  |  | 20459110 | 21247142 |  |  |
| **Real Estate Debt** |  |  |  |  |  |  |
| Canyon Residential Credit Strategies | Co-Investment | 11/28/2025 | 1304562 | 1304562 |  | 2.26% |
| DW Domain Landbanking SMA | Co-Investment | 9/18/2025 | 4515788 | 4491955 |  | 7.78% |
| **Total for Real Estate Debt** |  |  | 5820350 | 5796517 |  |  |
| **Small Buyout** |  |  |  |  |  |  |
| ACP Verify Invesco, LLC | Co-Investment | 5/14/2025 | 1080521 | 1073807 |  | 1.86% |
| Bobcat Dealer Acquisition Partners, LLC | Co-Investment | 9/30/2025 | 763053 | 762452 |  | 1.32% |
| Castle Harlan CDP Partners | Co-Investment | 12/29/2025 | 1303343 | 1303343 |  | 2.26% |
| CRC (Atria) Investment Holdings II | Co-Investment | 10/1/2025 | 500433 | 500294 |  | 0.87% |
| EGI-CIT Aggregator, LLC | Co-Investment | 7/8/2025 | 3553549 | 3553500 |  | 6.16% |
| EGP 5G Blocker, LLC | Co-Investment | 7/23/2025 | 1525402 | 1525272 |  | 2.64% |
| EGP 5G Holdings LLC | Co-Investment | 7/23/2025 |  |  |  | 0.00% |
| GLC Gaming CV I, LLC | Co-Investment | 10/20/2025 | 380956 | 372344 |  | 0.65% |
| Inspire Brands BR Blocker, LLC | Co-Investment | 6/20/2025 | 1058449 | 1057699 |  | 1.83% |
| Inspire Brands BR, LLC | Co-Investment | 6/20/2025 |  |  |  | 0.00% |
| Landmark Funeral Group Investors, LLC | Co-Investment | 7/14/2025 | 523123 | 521444 |  | 0.90% |
| TSC Opportunities, LP | Co-Investment | 4/25/2025 | 2720199 | 2854942 |  | 4.95% |
| **Total for Small Buyout** |  |  | 13409028 | 13525097 |  |  |
| **Total for United States** |  |  | 49698398 | 50423307 |  |  |
| **Total for Co-Investments** |  |  | 50098074 | 50816658 |  |  |
| **United States** |  |  |  |  |  |  |
| **Primary** |  |  |  |  |  |  |
| 17Capital Strategic Lending Fund 6 Partners Fund Feeder II SCSp | Primary | 7/4/2025 | 3337895 | 3448153 |  | 5.98% |
| **United States** |  |  |  |  |  |  |
| **Secondary** |  |  |  |  |  |  |
| Restaurant Royalty Partners (USD) Feeder (Delaware) | Secondary | 8/27/2025 | 3532755 | 3439934 |  | 5.96% |
| **Total Investment Funds** |  |  | $56968724 | $57704745 |  |  |

---

+ The fair value of the investment was determined using significant unobservable inputs.

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

**PART C**

**OTHER INFORMATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements: Part A: Not applicable. Part B: Report of Independent Registered Public
 Accounting Firm, Statement of Assets, Liabilities and Partners' Capital, Statement of Operations and Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Exhibits* 

---

| | |
|:---|:---|
| (a)(i) | [Certificate of Trust is incorporated herein by reference to Exhibit (a)(i) to the Registrant's Registration Statement on Form N-2 (File Nos. 333-288517 and 811-24100), filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0001398344-25-012697 on July 3, 2025 (the "Initial Registration Statement").](https://www.sec.gov/Archives/edgar/data/2067434/000139834425012697/fp0094051-1_ex9925a1.htm) |

---

(a)(ii) [Agreement and Declaration of Trust is incorporated herein by reference to Exhibit (a)(ii) to the Initial Registration Statement.](https://www.sec.gov/Archives/edgar/data/2067434/000139834425012697/fp0094051-1_ex9925a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws are incorporated herein by reference to Exhibit (b) to the Initial Registration Statement.](https://www.sec.gov/Archives/edgar/data/2067434/000139834425012697/fp0094051-1_ex9925b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Voting Trust Agreement – *not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Instruments Defining Rights of Shareholders – none other than the Agreement and Declaration of Trust and By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dividend Reinvestment Plan – *not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Form of Investment Management Agreement between the Registrant and Banner Ridge Partners, LP (the "Adviser") is filed herewith.](fp0097487-1_ex9925g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Form of Distribution Agreement between the Registrant and Foreside Financial Services, LLC (the "Distributor") is filed herewith.](fp0097487-1_ex9925h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bonus or Profit Sharing – *not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Form of Custody Agreement between the Registrant and JPMorgan Chase Bank N.A. (the "Custodian") is filed herewith.](fp0097487-1_ex9925j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other Material Contracts:

&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) [Form of Services Agreement between the Registrant and Citco Retail Alternative Fund Services (USA) Inc. ("Citco") is filed herewith.](fp0097487-1_ex9925ki.htm)

&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) [Expense Payment and Reimbursement Agreement between the Registrant and the Adviser is filed herewith.](fp0097487-1_ex9925kii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, tis filed herewith.](fp0097487-1_ex9925l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP, is filed herewith.](fp0097487-1_ex9925n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Omitted Financial Statements – *not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Initial Capital Agreement is filed herewith.](fp0097487-1_ex9925p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Codes of Ethics:

&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) [Code of Ethics for the Registrant is filed herewith.](fp0097487-1_ex9925ri.htm)

&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) [Code of Ethics for the Adviser is filed herewith.](fp0097487-1_ex9925rii.htm)

&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) [Code of Ethics for the Distributor is filed herewith.](fp0097487-1_ex9925riii.htm)

(s)(i) [Powers of Attorney for Rob O'Connor, Justin Hoertling, Michael McGinn and Crystal Duong are filed herewith.](fp0097487-1_ex9925si.htm)

(s)(ii) [Resolution adopted by the Board of Trustees of the Registrant is filed herewith.](fp0097487-1_ex9925sii.htm) <br>(s)(iii) [Calculation of Filing Fee Tables are filed herewith.](fp0097487-1_ex9925siii.htm)

**Item 26. Marketing Arrangements.**

The information contained under the heading "Plan of Distribution" in this Registration Statement is incorporated by reference.

**Item 27. Other Expenses of Issuance and Distribution.**

---

| | |
|:---|:---|
| SEC registration fees | $103590 |
| Trustee fees | $50000 |
| Transfer agent fees | $85000 |
| Costs of printing and engraving | $5000 |
| Legal and accounting fees | $345000 |
| Total | $588590 |

---

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

None.

**Item 29. Numbers of Holders of Securities.**

The following table sets forth the number of record holders of the Registrant's common stock as of February 12, 2026:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Beneficial Interest | 1 |

---

**Item 30. Indemnification.**

Reference is made to Article V of the Agreement and Declaration of Trust. Article V, Section 5.3 of the Declaration of Trust provides that the Trustees shall not be responsible or liable to the Trust or the Shareholders for any neglect or wrongdoing of any officer, employee or agent (including, without limitation, the Investment Advisers, the Distributor, the custodian and the transfer agent) of the Trust, nor shall any Trustee be responsible or liable for the act or omission of any other Trustee.

The Registrant hereby undertakes that it will apply the indemnification provisions of the Agreement and Declaration of Trust in a manner consistent with Investment Company Act Release No. 11330 (Sept. 4, 1980) issued by the Securities and Exchange Commission, so long as the interpretation of Sections 17(h) and 17(i) of the 1940 Act contained in that release remains in effect. The Registrant, in conjunction with the Adviser and the Registrant's Board of Trustees, maintains insurance on behalf of any person who is or was an Independent Trustee, officer, employee, or agent of the Registrant, against certain liability asserted against him or her and incurred by him or her or arising out of his or her position. In no event, however, will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person or any act for which the Registrant itself is not permitted to indemnify.

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

Banner Ridge Partners, LP serves as investment adviser for the Registrant. The principal address of the Adviser is 641 Lexington Avenue, 31st Floor, New York, New York 10022. The Adviser is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of the Adviser is set forth in its Form ADV, on file with the SEC (CRD No. 304928, SEC No. 801-117167), and is incorporated herein by reference.

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

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are Located At:** |
| Registrant's Investment Adviser | Banner Ridge Partners, LP<br> 641 Lexington Avenue<br> 31st Floor<br> New York, New York 10022 |
| Registrant's Administrator | Citco Retail Alternative Fund Services (USA) Inc. <br> 7300 College Boulevard<br> Suite 300<br> Overland Park, Kansas 66210 |
| Registrant's Custodian | JPMorgan Chase Bank, N.A.<br> 383 Madison Avenue<br> New York, New York 10017 |
| Registrant's Distributor | Foreside Financial Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 |
| Registrant's Transfer Agent | Citco Retail Alternative Fund Services (USA) Inc.<br> 7300 College Boulevard<br> Suite 300<br> Overland Park, Kansas 66210 |

---

**Item 33. Management Services.**

Not applicable.

**Item 34. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant hereby undertakes to suspend the offering of its shares until it amends its prospectus if (a) subsequent to the effective date of its registration statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of the Registration Statement or (b) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&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 the registration statement:

&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) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&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) to reflect in the prospectus any facts or events 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; Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" in the effective registration statement.

&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) 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act of 1933, 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Registrant is relying on Rule 430B:

&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;(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;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 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 prospectuses filed in reliance on Rule 430A under the Securities Act, 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that, for the purpose of determining liability 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities arising under the 1933 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 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 Act and will be governed by the final adjudication of such issue.

&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 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 Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on the 17th day of February, 2026.

---

| | |
|:---|:---|
| **BANNER RIDGE DSCO PRIVATE MARKETS FUND** | **BANNER RIDGE DSCO PRIVATE MARKETS FUND** |
| By: | /s/ Scott Halper |
|  | Scott Halper |
|  | President and Principal Executive Officer |

---

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 and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| \* | Trustee | February 17, 2026 |
| Rob O'Connor |  |  |
| \* | Trustee | February 17, 2026 |
| Justin Hoertling |  |  |
| \* | Trustee | February 17, 2026 |
| Michael McGinn |  |  |
| /s/ Scott Halper | President and Principal | February 17, 2026 |
| Scott Halper | Executive Officer |  |
| \* | Treasurer, Comptroller and | February 17, 2026 |
| Crystal Duong | Principal Financial Officer |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Scott Halper |
|  | Scott Halper |
|  | Attorney-in-Fact |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(g)](fp0097487-1_ex9925g.htm) | [Form of Investment Management Agreement between the Registrant and the Adviser](fp0097487-1_ex9925g.htm) |
| [(h)](fp0097487-1_ex9925h.htm) | [Form of Distribution Agreement between the Registrant and the Distributor](fp0097487-1_ex9925h.htm) |
| [(j)](fp0097487-1_ex9925j.htm) | [Form of Custody Agreement between the Registrant and the Custodian](fp0097487-1_ex9925j.htm) |
| [(k)(i)](fp0097487-1_ex9925ki.htm) | [Form of Services Agreement between the Registrant and Citco](fp0097487-1_ex9925ki.htm) |
| [(k)(ii)](fp0097487-1_ex9925kii.htm) | [Expense Payment and Reimbursement Agreement between the Registrant and the Adviser](fp0097487-1_ex9925kii.htm) |
| [(l)](fp0097487-1_ex9925l.htm) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP](fp0097487-1_ex9925l.htm) |
| [(n)](fp0097487-1_ex9925n.htm) | [Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP](fp0097487-1_ex9925n.htm) |
| [(p)](fp0097487-1_ex9925p.htm) | [Initial Capital Agreement](fp0097487-1_ex9925p.htm) |
| [(r)(i)](fp0097487-1_ex9925ri.htm) | [Code of Ethics for the Registrant](fp0097487-1_ex9925ri.htm) |
| [(r)(ii)](fp0097487-1_ex9925rii.htm) | [Code of Ethics for the Adviser](fp0097487-1_ex9925rii.htm) |
| [(r)(iii)](fp0097487-1_ex9925riii.htm) | [Code of Ethics for the Distributor](fp0097487-1_ex9925riii.htm) |
| [(s)(i)](fp0097487-1_ex9925si.htm) | [Powers of Attorney for Rob O'Connor, Justin Hoertling, Michael McGinn and Crystal Duong](fp0097487-1_ex9925si.htm) |
| [(s)(ii)](fp0097487-1_ex9925sii.htm) | [Resolution adopted by the Board of Trustees of the Registrant](fp0097487-1_ex9925sii.htm) |
| [(s)(iii)](fp0097487-1_ex9925siii.htm) | [Calculation of Filing Fee Tables](fp0097487-1_ex9925siii.htm) |

---

## Exhibit 99.25

**INVESTMENT MANAGEMENT AGREEMENT**

THIS INVESTMENT MANAGEMENT AGREEMENT, is made and entered into as of [_____], (the "***Agreement***"), by and between Banner Ridge DSCO Private Markets Fund, a Delaware statutory trust (the "***Fund***") and Banner Ridge Partners, LP, a Delaware limited partnership (the "***Investment Manager***").

**NOW, THEREFORE**, in consideration of the mutual promises and agreements contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree 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;1. The Investment Manager hereby agrees to perform all of the following duties under 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;(a) The Investment Manager shall be responsible for the management, operation and control of the investment and trading activities of the Fund, to the fullest extent permitted by 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;(b) The Investment Manager is hereby authorized to cause the Fund to make Fund investments and incur leverage, directly or indirectly through one or more subsidiaries or special purpose vehicles.

&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 Investment Manager is hereby authorized, on behalf of the Fund, to possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, Fund investments and other property and funds held or owned by the Fund, including, without limitation, as the Fund's agent and attorney-in-fact exercising and enforcing rights with respect to any claims relating to such Fund investments and other property and funds, including with respect to litigation, bankruptcy or other reorganization.

&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) In the performance of the Investment Manager's duties hereunder, the Investment Manager is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund in any way or otherwise be deemed to be an agent 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;(e) The Investment Manager shall maintain separate books and records of all matters pertaining to Fund assets required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator, custodian, or transfer agent appointed by the Fund) relating to the Investment Manager's responsibilities provided hereunder with respect to the Fund, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act. The Investment Manager shall make such books and records available to the Board of Trustees of the Fund at any time upon reasonable request, shall deliver such books and records to the Fund upon the termination of this Agreement, and shall make such books and records available to the Fund without delay during any day the Fund is open for business.

&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. As compensation for its services hereunder, the Investment Manager shall be paid a management fee set forth on Schedule A hereto. Such management fee will payable quarterly in arrears for each calendar quarter. The Investment Manager may from time to time, and in its sole discretion, agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Fund for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Manager. Any such fee reduction or undertaking may be discontinued or modified by the Investment Manager at any time.

&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. To the fullest extent permitted by applicable law, the Fund shall bear and be charged with all Organizational Expenses and Operating Expenses of the Fund, as such terms are defined in Schedule B hereto. The Investment Manager shall bear all costs incurred by it in connection with the performance of its duties 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;4. (a) To the fullest extent permitted by applicable law, none of the Investment Manager or any of its partners, shareholders, members, officers, directors, managers, employees, agents or affiliates (each, an "***Indemnified Party***") shall be liable to the Fund or to any shareholder, whether for breach of contract, breach of duties, or otherwise, for: (i) any act or omission taken or suffered by that Indemnified Party in connection with the conduct of the affairs of the Fund, unless that act or omission, as determined by an adjudication, an arbitration or an admission by such Indemnified Party, resulted from an Indemnification Exclusion Event (as defined below) by that Indemnified Party; (ii) any mistake, negligence, dishonesty or bad faith of any agent of the Fund selected by that Indemnified Party with reasonable care; (iii) good faith reliance on the provisions of this Agreement; (iv) any change in federal, state or local or foreign income tax laws, or in interpretations thereof, as they apply to the Fund or the shareholders, whether any such change occurs through legislative, judicial or administrative action; or (v) any act or omission suffered or taken by that Indemnified Party on behalf of the Fund or in connection with the affairs of the Fund in good faith in reliance upon the advice of legal counsel or accountants selected by an Indemnified Party with reasonable care (each as determined by a court of competent jurisdiction). Notwithstanding the foregoing, nothing contained in this Section 4(a) shall relieve (nor is intended to relieve) an Indemnified Party of any liability to the extent (and only to the extent) such liability may not be waived, modified or limited under applicable law (including liability under certain U.S. securities laws which, under certain circumstances, may impose liability even on persons acting in good faith).

&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) As used herein "***Indemnification Exclusion Event***" means (i) bad faith, willful misconduct, gross negligence, (ii) a material breach of this Agreement or a breach of fiduciary duties to the Fund (as determined by a court of competent jurisdiction), or (iii)(A) the criminal conviction (including a plea of no contest) in a U.S. federal or state court of competent jurisdiction of the Investment Manager or any principal thereof of (*1*) a felony involving moral turpitude, (*2*) a felony punishable by a fine against such person in excess of two hundred fifty thousand dollars ($250,000) or the incarceration against such person of more than one (1) year that has a material adverse effect on the business of the Fund, (*3*) a material violation of the securities law applicable to the Fund, or (*4*) a violation of any other statute involving fraud, misappropriation or embezzlement; (B) the final, binding and non-appealable determination by a court of competent jurisdiction, an arbitration or an admission by such person that such person has (*1*) committed gross negligence or willful misconduct with respect to such person's duties to the Fund, or (*2*) breached such person's fiduciary duties to the Fund, or (C) the entering by a U.S. federal or state court of competent jurisdiction of an injunction prohibiting the Investment Manager from acting as the investment manager 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;5. (a) To the fullest extent permitted by applicable law, the Fund shall indemnify and hold harmless the Indemnified Parties from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses, including attorneys' fees, and of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnified Party and arise out of or in connection with the affairs of the Fund or in connection with the Fund's business (but not including any Indemnified Party's investment losses in respect of a direct or indirect investment made by such person in the Fund), any Fund investment or other entity any securities of which the Fund owns or has owned (but only after first taking up the indemnification with that Fund investment or other entity and then only to the extent that full indemnification is not provided by that Fund investment or other entity) or the performance by that Indemnified Party of any of the Investment Manager's responsibilities hereunder (collectively, the "***Indemnified Expenses***"); provided, however, an Indemnified Party shall not be entitled to indemnification hereunder if and to the extent that (i) there is an adjudication, an arbitration or an admission by such Indemnified Party that the Indemnified Party's conduct constituted an Indemnification Exclusion Event; or (ii) such Indemnified Expenses arise solely out of internal disputes between or among Indemnified Parties; provided, further, for the avoidance of doubt, if a court or other governing body makes a judicial decision or determination that an Indemnified Party is not entitled to indemnification hereunder, and that judicial decision or determination is subsequently overturned or dismissed by another court or governing body of competent jurisdiction, that Indemnified Party shall once again be entitled to indemnification hereunder. The termination of any proceeding by settlement or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption or constitute a determination or adjudication that any such Indemnified Party's conduct constituted bad faith, willful misconduct, or gross negligence. The right of any Indemnified Party to the indemnification provided herein shall be cumulative of, and in addition to, any and all rights to which that Indemnified Party may otherwise be entitled by contract or as a matter of law or equity and shall extend to that Indemnified Party's successors, assigns and legal representatives. Notwithstanding the foregoing, nothing contained in this Section 5(a) shall relieve (nor is intended to relieve) an Indemnified Party of any liability to the extent (and only to the extent) such liability may not be waived, modified or limited under applicable law (including liability under certain U.S. securities laws which, under certain circumstances, may impose liability even on persons acting in good faith).

&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) The Fund may, as determined by the Investment Manager, pay or reimburse the Indemnified Expenses reasonably incurred by an Indemnified Party, if determined by the Investment Manager that such Indemnified Party is entitled to indemnification pursuant to this Agreement, that may be subject to a right of indemnification hereunder as those expenses are incurred in advance of any final disposition; provided, however, the Indemnified Party shall execute a written undertaking to repay the full amount advanced if there is a final adjudication, in the underlying action or proceeding in which the Indemnified Expenses were incurred, that the Indemnified Party is not entitled to the indemnification provided by 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;(c) Any person entitled to indemnification from the Fund hereunder shall first seek recovery under any other indemnity or any insurance policies by which that person is indemnified or covered, as the case may be, but only to the extent that the indemnitor with respect to that indemnity or the insurer with respect to that insurance policy provides (or acknowledges its obligation to provide) that indemnity or coverage on a timely basis, as the case may be, and, if that person is other than the Investment Manager, that person shall obtain the written consent of the Investment Manager prior to entering into any compromise or settlement that would result in an obligation of the Fund to indemnify that person; and if liabilities arise out of the conduct of the affairs of the Fund and any other person for which the person entitled to indemnification from the Fund hereunder was then acting in a similar capacity, the amount of the indemnification provided by the Fund shall be limited to the Fund's proportionate share thereof as reasonably determined by the Investment Manager in light of its fiduciary duties to the Fund and its shareholders. Following the Investment Manager's consent in the foregoing sentence, the Investment Manager shall provide notice to the Board with respect to such indemnification obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Investment Manager agrees to be bound by the investment restrictions and guidelines set forth in the Fund's registration statement on Form N-2 as currently in effect and shall operate the Fund's investment program in a manner consistent 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;7. This Agreement shall become effective as of the date set forth above and shall remain in full force and effect continually thereafter, subject to renewal as provided in Section 7(c) hereof, and unless terminated automatically as set forth in Section 9 hereof or until terminated 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;(a) The Fund may cause this Agreement to terminate either (i) by vote of the Trust's Board or (ii) upon the affirmative vote of a majority of the outstanding voting securities 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) The Investment Manager at any time may terminate this Agreement upon at least seventy-five (75) days' prior written notice to 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;(c) This Agreement automatically shall terminate two years from the date of the Agreement's execution unless the Agreement's renewal specifically is approved at least annually thereafter by (i) a majority vote of the Trustees, including a majority vote of Trustees who are not "interested persons" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund or the Investment Manager, at a meeting called for the purpose of voting on such approval; or (ii) the vote of a majority of the outstanding voting securities of the Fund; provided, however, that, if the continuance of this Agreement is submitted to the shareholders of the Fund for the shareholders' approval and such shareholders fail to approve the continuance of this Agreement as provided herein, the Investment Manager may continue to serve hereunder as to the Fund in a manner consistent with the 1940 Act and the rules and regulations thereunder; 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) Termination of this Agreement pursuant to this Section shall be without payment of any penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This instrument contains the entire agreement among the parties relating to the subject matter hereof. This Agreement may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto and in accordance with the 1940 Act, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement shall automatically terminate, without the payment of any penalty, in the event of the Agreement's "assignment" (as that term is defined in Section 2(a)(4) of the 1940 Act); provided, that such termination shall not relieve the Investment Manager of any liability incurred 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;10. The Investment Manager agrees to notify the Fund in writing within thirty (30) days before any change in the control of the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to principles of conflicts of laws.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have executed this Agreement by their representatives thereunto duly authorized, as of the day and year first above written.

---

| | |
|:---|:---|
| **Banner Ridge DSCO PRIVATE MARKETS FUND** | **Banner Ridge DSCO PRIVATE MARKETS FUND** |
| By: |  |
|  | [Name], [Title] |
| **BANNER RIDGE PARTNERS, LP** | **BANNER RIDGE PARTNERS, LP** |
| By: | Banner Ridge LLC |
|  | its general partner |
| By: |  |
|  | Anthony Cusano, Manager |

---

*Signature Page to Investment Management Agreement*

**APPENDIX A**

**to the**

**INVESTMENT MANAGEMENT AGREEMENT**

**dated [____] between**

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

**and**

**BANNER RIDGE PARTNERS, LP**

The Fund shall pay to the Investment Manager, as compensation for the Investment Manager's services rendered, a fee, computed at an annual rate of 1.00% of the total capital commitments of all purchasers of Fund shares.

**APPENDIX B**

**to the**

**INVESTMENT MANAGEMENT AGREEMENT**

**dated [____] between**

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

**and**

**BANNER RIDGE PARTNERS, LP**

<u>Organizational Expenses and Operating Expenses</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) <u>Organizational Expenses</u>. To the fullest extent permitted by applicable law, the Fund shall bear and be charged with any actual, documented, out-of-pocket, third party expenses related to the organization and offering of the Fund, including governmental charges and professional fees and expenses in connection with the preparation of this Agreement and other contractual documents, legal and accounting fees, printing costs, "blue sky" filing fees and expenses, travel and out-of-pocket expenses (the "***Organizational Expenses***").

&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>Operating Expenses</u>. To the fullest extent permitted by applicable law, the Fund shall bear and be charged with all fees, costs and expenses incurred in connection with its activities and operations (or any Fund investment as the case may be) (the "***Operating Expenses***"), including, but not limited to, any of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) administrative fees, costs and expenses related to the operation of the Fund, including the fees and expenses of accountants, lawyers, administrators and other professionals and service providers incurred in connection with the Fund's annual audit, data processing, asset-level management and servicing, funding notices, record-keeping, legal, compliance, financial reporting, legal opinions, tax planning, tax projections, tax strategy and tax return preparation, as well as expenses associated with the preparation and distribution of reports and any other documents which in the opinion of the Investment Manager are necessary or desirable in connection with the business and administration of the Fud;

&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;(2) fees, costs and expenses incurred in evaluating, negotiating, structuring, acquiring, appraising, financing, refinancing, holding, developing, monitoring, managing, disposing of or otherwise dealing with Fund investments pursued by or for the Fund (whether or not the Fund actually invests therein), including any "dead-deal" costs, spread and other commissions, bank charges, administration expenses, accounting expenses, custody fees, initial and variation margin, transfer fees, registration fees, interest on debit balances or borrowing, reasonable travel expenses (which shall include any air travel expenses limited to commercial rates and lodging expenses limited to standard rates), legal, due diligence, investment banking, brokerage, reporting, projections, valuation, appraisal, tax, accounting, audit, financing, insurance, consulting, leasing, inspection and indemnification expenses and other fees and out-of-pocket costs related thereto, including reimbursable expenses incidental to the operation of Fund investments paid to any service provider;

&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;(3) costs, fees and expenses arising out of the Fund's ownership of an investment, including any capital calls for performance-based and asset-based compensation paid to portfolio managers and other operating expenses charged to the Fund by an investment;

&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;(4) fees, costs and expenses, if any, with respect to arranging for financing for the Fund, any subsidiary of the Fund, or any other Fund investments;

&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;(5) interest expenses, all costs of making temporary investments, brokerage commissions and other investment costs incurred by or on behalf 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) fees, costs and expenses incurred in organizing, forming, maintaining and dissolving each subsidiary and any other entity formed to facilitate the Fund's investments (including any legal and accounting expenses and other fees and out-of-pocket costs related thereto);

&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;(7) taxes, fees and other equivalent governmental charges levied against the Fund, any Fund investment or the income thereof, fees of auditors, counsel and other advisors of the Fund, premiums for insurance protecting the Fund, the Investment Manager (acting in that capacity), and other Indemnified Parties, and litigation costs 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Indemnified Expenses incurred pursuant to this Agreement or related to any Investment, and any other extraordinary administrative or operating fees or expenses (*e.g.*, litigation);

&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;(9) costs, including the costs of vendors and service providers, of the Fund's compliance with applicable laws and regulations of governmental and self-regulatory bodies, including any expenses derived from compliance with AIFMD and expenses preparing and filing reports under the Securities and Exchange Act of 1934; for the avoidance of doubt, any costs or expenses incurred for the Investment Manager's compliance with the Investment Advisers Act of 1940, as amended, will be paid or borne by the Investment Manager and shall not be paid or borne by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) costs and premiums of directors and officers insurance, and errors and omissions or similar insurance for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) all reasonable and documented out-of-pocket expenses incurred in connection with any meetings of shareholders, the Board and any committee of the Fund (including travel, lodging, meals and entertainment expenses);

&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;(12) specific expenses incurred in obtaining, developing or maintaining market data technology systems, research and other information and information service subscriptions utilized with respect to the Fund's investment program including fees to third-party providers of research, portfolio risk management services (including the costs of risk management software or database packages);

&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;(13) all ordinary out of pocket expenses related to the operation, administration or liquidation of the Fund, including the cost of the preparation, printing and distribution of the Fund's financial statements or other reports and any related expenses of the Investment Manager;

&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;(14) all expenses incurred in the collection of amounts due to the Fund from any person, including any expenses incurred in connection with a default or other cost-recovery provisions set forth 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) the Management Fee payable to the Investment Manager hereunder.

## Exhibit 99.25

**DISTRIBUTION AGREEMENT**

THIS AGREEMENT is made and entered into as of ____________, 2025, by and between Banner Ridge DSCO Private Markets Fund, a Delaware statutory trust (the "Client" or the "Fund") and Foreside Financial Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Client is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company, and is authorized to issue shares of beneficial interest ("Shares");

WHEREAS, the Client desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares;

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 Client's governing body (the "Board") in accordance with the requirements of the 1940 Act, as such requirements may be modified by rule, regulation, order or guidance of the U.S. Securities and Exchange Commission (the "SEC") or its staff; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Client subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings set forth herein, the parties agree as follows:

1. **Appointment of Distributor**. The Client 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 Client for the distribution of the Shares, upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean the then-current prospectus, including the statement of additional information, as both may be amended or supplemented, and included in the currently effective registration statement or post-effective amendment thereto (the "Registration Statement") of the Client 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 continuous public offering of Shares, the Distributor shall distribute the Shares on a best efforts basis, meaning that the Distributor shall not be obligated to sell any certain number of Shares. All orders for Shares shall be made through financial intermediaries or submitted 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 Client or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment, 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 National Securities Clearing Corporation ("NSCC"), Depository Trust and Clearing Corporation ("DTCC") and any other similar successor organizations to sponsor a participant number for the Fund so as to enable the Shares to be traded through NSCC's Fund/SERV System ("FundSERV") or DTCC's Alternative Investment Product Services ("AIP"), as applicable. The Client acknowledges and agrees that the Distributor shall not be responsible for any operational matters associated with the FundSERV or Networking services within your NSCC account, including but not limited to taking orders from financial intermediaries. In addition, if AIP is applicable, the Distributor will serve as Non-Settling AIP sponsor and shall not be responsible for any operational matters associated with trades or subscription to AIP services of DTCC 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 Client marketing materials ("Marketing Materials") specifically approved by the Client or the investment adviser to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed Marketing Materials provided by the Client for compliance with applicable Securities and Exchange Commission ("SEC") and FINRA advertising rules and regulations, and shall file with FINRA those Marketing Materials it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Client any comments provided by regulators with respect to such Marketing Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. At the request of the Client, the Distributor shall enter into the Standard Dealer Agreement (as defined below), and may, in its discretion, enter into non-standard dealer agreements with financial intermediaries as the Client may select, in order that such financial intermediaries may sell Shares of the Fund. The Fund's form of dealer agreement and/or selling agreement shall be in a form similar to that attached at Exhibit B ("Standard Dealer Agreement"). Client shall ensure that the Fund's Standard Dealer Agreement is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Client acknowledges and agrees that the Distributor shall not be obligated to make any payments to any broker-dealers, other financial intermediaries or other third parties, unless (i) the Distributor has received an authorized corresponding payment from the Fund's distribution and/or servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan been approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. 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, including reports regarding the use of 12b-1 payments received by the Distributor, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Client shall at all times remain the property of the Client, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Board or the Client's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. To the extent permitted by law, the Distributor shall promptly notify the Client of the commencement of any material 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. The Distributor undertakes to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor.

**3. Duties of the Client.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client agrees to repurchase Shares tendered by shareholders of the Fund in accordance with the Client's obligations in the Prospectus and the Registration Statement. The Client 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;B. The Client 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 Client 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 Client agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material action, correspondence, or other communication by the 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) 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 at any time as permitted by the 1940 Act or the rules of the
SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of the commencement of any material litigation or proceedings against the Client or any of its officers
or directors in connection with the issue and sale of any of the Shares; and

&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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Client shall inform the Distributor of any such states in which the Client has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in unauthorized states where the Distributor had no information from the Client that such sale or sales were unauthorized at the time of such sale or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Client 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 Client shall reasonably cooperate in the efforts of the Distributor to distribute the Shares. In addition, the Client shall keep the Distributor reasonably informed of its affairs related to the activities contemplated by this Agreement. The Client will provide to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information, (ii) copies of semi-annual reports and annual audited reports of the Client's books and accounts made by independent public accountants regularly retained by the Client, and (iii) such other information or material for use in connection with the distribution of Shares. The Client shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Client represents that it will not use or authorize the use of any Marketing Materials unless and until such Marketing 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 Client shall provide and cause each other agent or service provider to the Client, including the Client'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 Client shall not file any amendment to the Registration Statement or Prospectus that materially 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 Client's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Client 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. If the Client is a direct participation program as defined by FINRA Rule 2310, the Client will not take any action that would cause the Distributor to be in violation of FINRA Rule 2310, including ensuring that the Registration Statement meets the requirements of the Rule, certain valuation information will be disclosed in shareholder reports as required by the Rule and ensuring that the non-cash compensation requirements of the Rule and Regulation Best Interest are followed.

4. **Representations and Warranties of the Client**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client 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 existing 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) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action;

&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 Prospectus is effective, no stop order of the SEC or any other federal, state or foreign regulatory
authority, with respect thereto has been issued, no proceedings for such purpose have been instituted, or to its knowledge are being contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;(vi) 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;(vii) the Registration Statement, the Prospectus included therein and all Marketing Materials have been prepared
by or at the direction of the Client and have been approved by the Client and shall be prepared, in all material respects, in conformity
with all applicable law, including without limitation, the 1933 Act, the 1940 Act and the rules and regulations of the SEC and the applicable
requirements of FINRA (the "Rules and Regulations");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Registration Statement, the Prospectus included therein and any Marketing Materials contain all statements
required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all statements of fact contained in the Registration Statement, the Prospectus included therein and any
Marketing Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case
may be, and none of the Registration Statement, the Prospectus included therein and any Marketing Materials shall 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it 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 Client's
business and for the offer, issuance, distribution and sale of the 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.

5. **Representations and Warranties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Client, 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) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action;

&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.

6. **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of the Distributor's services in connection with the distribution of Shares, the 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 6A, the Distributor shall be entitled to no compensation or reimbursement of expenses from the Client for the services provided by the Distributor pursuant to this Agreement. Any such compensation or reimbursement of expenses shall be paid or reimbursed by the Fund's investment adviser pursuant to an agreement between the investment adviser and the Distributor.

7. **Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client shall bear all costs and expenses related to the Funds, including, but not limited, to those in connection with registration of the Shares with the SEC, FINRA and the applicable jurisdictions, the costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related Marketing Material and all other communications with shareholders of the Funds, as well as all costs and expenses in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. For the services provided hereunder, the Distributor shall only bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws (subject to Distributor approved states and territories) and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**8. Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by the Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall not be liable for any action taken or failure to act in good faith or reasonable reliance upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the advice of the Client, or counsel to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any oral instruction which it receives and which it reasonably believes in good faith was transmitted
by the person or persons authorized by the Board to give such oral instruction (the Distributor shall have no duty or obligation to make
any inquiry or effort of certification of such oral instruction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any written instruction or certified copy of any resolution of the Board, and the Distributor may rely
upon the genuineness of any such document or copy thereof reasonably believed in good faith by the Distributor to have been validly executed;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement,
instrument, report, notice, consent, order, or other document reasonably believed in good faith by the Distributor to be genuine and to
have been signed or presented by the Client or other proper party or parties; and the Distributor shall not be under any duty or obligation
to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature,
request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or
instrument which the Distributor reasonably believes in good faith to be genuine.

9. **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client shall indemnify and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, agents 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 reasonable and documented counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur, arising out of or relating to (i) the Distributor serving as distributor of the Fund pursuant to this Agreement; (ii) the Client's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Client's failure to comply in all material respects with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, Marketing Materials or other information filed or made public by the Client (as from time to time amended) 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, the 1940 Act, the 1934 Act or any other statute or the common law, or violated any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold; provided, however, that the Client'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, shareholder reports, Marketing Materials or other information filed or made public by the Client (as from time to time amended) in reasonable reliance upon and in strict conformity with information about the Distributor, furnished to the Client or its counsel by the Distributor in writing and intended specifically for use in such Registration Statement, Prospectus, shareholder reports, Marketing Materials or other information filed or made public by the Client (as from time to time amended). In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Client 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall indemnify, defend and hold the Client, its affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act (collectively, the "Client Indemnitees"), free and harmless from and against any and all Losses that any Client Indemnitee may incur, arising out of or based upon (i) the Distributor's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; or (ii) the Distributor's failure to comply in all material respects with any applicable securities laws or regulations. In no event shall anything contained herein be so construed as to protect the Client against any liability to the Distributor to which the Client 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In no case is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Failure by the indemnified party to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party 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 the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that the indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 9(A) or 9(B) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Client 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 Agreement to the maximum extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. No person shall be obligated to provide indemnification under this Section 9 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 9 to the maximum extent so permissible.

10. **Conversions; Dealer Agreement Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client acknowledges and agrees that the Distributor may enter into, assume, or become a party to certain dealer, selling and/or similar agreements ("Conversion Agreement") as the result of the conversion of the Client to Distributor from another principal underwriter or distributor. Such Conversion Agreements may contain certain obligations or duties more appropriately allocated to the Fund's transfer agent, the Fund's adviser, or one of the Fund's other service providers. The Client agrees to perform, or cause to perform, any and all duties and obligations under those Conversion Agreements to the extent that such duties and obligations are not required to be performed by the Distributor under the Standard Dealer Agreement ("Non-Standard Duties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Client acknowledges and agrees that the Distributor may enter into, assume, or become a party to certain dealer, selling and/or similar agreements ("Non-Standard Dealer Agreements") that contain certain representations, duties, obligations, undertakings and indemnification that are not included in the Standard Dealer Agreement, or lack certain representations, duties, and indemnification included in the Standard Dealer Agreement ("Non-Standard Representations," and collectively with Non-Standard Duties, "Non-Standard Obligations"). The Client agrees to perform, or cause to perform, all such Non-Standard Obligations under any Non-Standard Dealer Agreement. For the avoidance of doubt, any dealer or selling agreement that materially deviates from the Standard Dealer Agreement shall be considered a "Non-Standard Dealer Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To the extent that the Distributor (i) assumes, or becomes a party to, any Conversion Agreement, or (ii) after the review and approval by the Client, enters into any Non-Standard Dealer Agreement, the Client 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) any failure to perform any Non-Standard Obligations under any Conversion Agreement or Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement or Conversion Agreement to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; (c) any indemnification provided by the Distributor under a Conversion Agreement or Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification that the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitee against any liability to the Client or its shareholders to which such Distributor Indemnitee would otherwise be subject by reason of its willful misfeasance, bad faith, or gross negligence in the performance or reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement to the extent that such duties and obligations are the responsibility of the Distributor in the Standard Dealer Agreement.

11. **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.

12. **Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective as of the date hereof. 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 in accordance with the requirements of the 1940 Act, as such requirements may be modified by rule, regulation, order or guidance of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty (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 Client 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 the Fund, or by the Distributor.

13. **Anti-Money Laundering Compliance**. The Distributor and the Client each individually represent that its anti-money laundering program ("AML Program"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Client acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR Chapter X.

14. **Privacy**. The Distributor and the Client each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation and (ii) it will comply with Regulation S-P as applicable. Each party 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 the Fund.

15. **Confidentiality**. During the term of this Agreement, the Distributor and the Client 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 information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, products, procedures, customer lists, business plans. 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 becomes publicly known through lawful means; 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, will maintain commercially reasonable information security policies and procedures for protecting 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 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 unless otherwise prohibited by law and will cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure. The parties agree that the procedures and restrictions set forth herein shall not apply to disclosures of Confidential Information to Distributor's applicable regulatory authorities in connection with routine regulatory examinations or requests for information with respect to which Distributor shall be permitted to disclose such Confidential Information necessary to respond to such examinations or requests. The Distributor will advise such regulatory authorities of the confidential nature of such information.

16. **Use of Names; Publicity**. Each party shall not use the other party's name in any offering material, shareholder report, Marketing Material or other material in a manner not approved by the other party in writing prior to such use, such approval not to be unreasonably withheld. Each party consents to all uses of its name as required by the SEC, any state securities commission, or any federal or state regulatory authority. Neither party will disclose any of the economic terms of this Agreement, except as may be required by law.

17. **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 email, 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):

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| | |
|:---|:---|
| (i) **To Distributor:** | (ii) **If to the Client:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside Financial Services, LLC<br> Attn: Legal Department<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Email: legal@Foreside.com<br> With a copy to:<br> <u>dealerservices@acaglobal.com</u> | Banner Ridge DSCO Private Markets Fund<br> Attn:<br> «Address1»<br> «City», «State» «ZipCode»<br> Email: |

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18. **Modifications**. No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties. Any amendment will be approved by the Board in accordance with the requirements of the 1940 Act, as such requirements may be modified by rule, regulation, order or guidance of the SEC or its staff.

19. **Governing Law**. This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

20. **Survival**. The provisions of Sections 7, 8, 9, 10, 13, 15, 16 and 19 of this Agreement shall survive any termination of this Agreement.

21. **Insurance.** The Distributor, at its own expense, shall maintain insurance coverage in full force and effect, in an amount necessary and appropriate with respect to its business.

22. **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 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.

**23. Exclusivity.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

**24. Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Electronically transmitted signatures shall be deemed to be originals.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

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| | |
|:---|:---|
| Foreside Financial Services, LLC | Banner Ridge DSCO Private Markets Fund |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

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**EXHIBIT A**

<u>Compensation</u>

<u>SALES LOADS</u>*\**:

Any and all upfront commissions on sales of Shares notified by the Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront commission rate set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Shares.

Such commissions shall not exceed the percentages of the applicable sale amount set forth in the Registration Statement and shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the Fund.

*\*All commissions received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit.*

<u>DISTRIBUTION FEE</u>*\**:

The Fund will pay the Distributor an ongoing quarterly fee at the annualized rate set forth in the Registration Statement and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such fee from the Fund.

*\*All 12b-1 payments received by the Distributor shall be held to be used solely for distribution-and/or servicing-related expenses, as described in the applicable Plan, and shall not be retained as profit by the Distributor.*

**FORESIDE FINANCIAL SERVICES, LLC**

**DEALER AGREEMENT**

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Foreside Financial Services, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Banner Ridge DSCO Private Markets Fund (the "<u>Fund</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of the Fund;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants 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. **Dealer.** Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Fund.

2. **Qualification of Shares.** The Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Dealer will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Dealer is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Dealer submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Dealer is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Dealer with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Dealer is authorized to distribute to Dealer's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Dealer is not authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Dealer may identify the Fund in a listing of closed-end funds available through Dealer to its customers. Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions.** On each purchase of Shares by Dealer (but not including the reinvestment of any dividends or distributions), Dealer shall be entitled to receive such dealer allowances, concessions, sales charges or other compensation, if any, as may be set forth in the Prospectus. The Fund reserves the right to waive sales charges. Dealer represents that it is eligible to receive any such sales charges and concessions paid to it under this section.

6. **Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Dealer cancels the trade for any reason, Dealer shall be responsible for any loss resulting to the Fund or to Distributor from Dealer's failure to make payments as aforesaid. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to the Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such guarantee is required by the Fund, and Dealer shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Dealer of any provision of this agreement.

9. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Dealer shall cooperate with Distributor to satisfy AML due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund to ensure compliance with AML Laws. Dealer also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

[11. **Distribution and/or Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for distribution, shareholder or administrative services, as described therein. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.]

[12. **Shareholder Servicing Fee.** Subject to and in accordance with the terms of each Prospectus, the Fund has adopted a Shareholder Servicing Plan by which Authorized Service Providers may receive a fee for providing certain services to their customers who own Shares. If applicable, Dealer agrees to enter into a separate Shareholder Services Agreement with the Fund.]

13. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

14. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Dealer's suspension or expulsion from FINRA will automatically terminate this agreement without notice. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

15. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

16. **Notices.** All notices and other communications to Distributor shall be sent to it at 190 Middle Street, Suite 301, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

17. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

18. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the 1940 Act.

19. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

20. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. 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.

 

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**FORESIDE FINANCIAL SERVICES, LLC**

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| |
|:---|
| By: |
| Name: |
| Title: |
| **[DEALER NAME]** |
| By: |
| Name: |
| Title: |
| Address of Dealer: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

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**APPENDIX A**

**FORESIDE FINANCIAL SERVICES, LLC**

**DISTRIBUTION/SERVICE FEE AGREEMENT**

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Foreside Financial Services, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Dealer have entered into a dealer agreement dated as of ____________ ("<u>Dealer Agreement</u>"), which entitles Dealer to serve as a selected dealer of the Banner Ridge DSCO Private Markets Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Dealer wish to confirm Distributor's and Dealer's understanding and agreement with respect to [Rule 12b-1] payments to be made to Dealer in accordance with the Dealer Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants 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. This Agreement confirms Distributor's and Dealer's understanding and agreement with respect to [Rule 12b-1] payments to be made to Dealer in accordance with the Dealer Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Dealer Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Dealer pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 of the 1940 Act. Dealer shall furnish sales and marketing services and/or shareholder services to Dealer's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by the Fund's transfer agent. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such [Rule 12b-1 Plan] payments or other dealer compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's Clearing Agent such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Dealer whose records, as maintained by the Fund or the transfer agent, designate Dealer's firm as the customer's dealer of record. No such fee payments will be payable to Dealer with respect to Shares purchased by or through Dealer and redeemed by the Fund within seven (7) business days after the date of confirmation of such purchase. Dealer represents that Dealer is eligible to receive any such payments made to Dealer under the Plans.

4. Dealer agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Dealer shall furnish Distributor with a written report describing the amounts payable to Dealer pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Dealer shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Dealer pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated upon a termination of the relevant Plan or the Dealer Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Dealer Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| | |
|:---|:---|
| **FORESIDE FINANCIAL SERVICES, LLC** | **[DEALER NAME]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
|  | [Dealer address] |

---

**FORESIDE FINANCIAL SERVICES, LLC**

**SELLING GROUP MEMBER AGREEMENT**

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Foreside Financial Services, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Banner Ridge DSCO Private Markets Fund (the "<u>Fund</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Fund;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants 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. **Selling Group Member.** Intermediary represents that it is properly qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>") as if they were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares. Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Fund.

2. **Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares so as to profit Intermediary or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Intermediary is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Intermediary with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Intermediary is authorized to distribute to Intermediary's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Intermediary may identify the Fund in a listing of closed-end funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions.**

6. **Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Fund or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to the Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Fund, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

9. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

[11. **Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.]

[12. **Shareholder Servicing Fee.** Subject to and in accordance with the terms of each Prospectus, the Fund has adopted a Shareholder Servicing Plan by which Authorized Service Providers may receive a fee for providing certain services to their customers who own Shares. If applicable, Dealer agrees to enter into a separate Shareholder Services Agreement with the Fund.]

13. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

14. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

15. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

16. **Notices.** All notices and other communications to Distributor shall be sent to it at 190 Middle Street, Suite 301, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

17. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

18. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

19. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

20. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. 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.

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**FORESIDE FINANCIAL SERVICES, LLC**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| **[INTERMEDIARY NAME]** |
| By: |
| Name: |
| Title: |
| Address of Intermediary: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

---

**APPENDIX A**

**FORESIDE FINANCIAL SERVICES, LLC**

**SERVICE FEE AGREEMENT**

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Foreside Financial Services, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ____________ ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of the Banner Ridge DSCO Private Markets Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to [Rule 12b-1] payments to be made to Intermediary in accordance with the Selling Group Member Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants 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. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to [Rule 12b-1] payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 of the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such [Rule 12b-1 Plan] payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose records, as maintained by the Fund or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and redeemed by the Fund within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plans.

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans [or in Rule 12b-1]. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated upon a termination of the relevant Plan or the Selling Group Member Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

---

| | |
|:---|:---|
| **FORESIDE FINANCIAL SERVICES, LLC** | **[INTERMEDIARY NAME]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
|  | [Intermediary address] |

---

## Exhibit 99.25

![](fp0097487-1_01.jpg)

**Documents to keep**

**Prepared for:**

The enclosed materials provide you with important information about your relationship with J.P. Morgan. Please retain these documents for your records.

**For your records**

- Depositing Cash and Securities into a JPM Account

- Combined General Terms and Conditions and Amendments

- Deposit Rate Sheet

- Privacy Notice

- Commercial Checking Fee Schedule for Financial Institutions

- Fee Schedule - Custody Account

---

| | |
|:---|:---|
| **DEPOSITING SECURITIES AND CASH <br> INTO A J.P. MORGAN ACCOUNT** | ![](fp0097487-1_01.jpg) |

---

Please follow the instructions below to transfer securities or cash into a J.P. Morgan account. (If you are making deposits into a J.P. Morgan Securities LLC margin account, then use the Depositing Securities and Cash into a J.P. Morgan Securities LLC Margin Account form.)

Note: When transferring securities for an "alpha" account, you will only be able to list the "alpha" and the first seven (7) digits of your account number. There is a 12-character limit on account numbers; therefore, "Q1234567" is the maximum number of characters allowed.

**Securities**

---

| | |
|:---|:---|
| ● **DEPOSITORY TRUST COMPANY (DTC) AND FREE TRANSACTIONS** <br> All Depository Trust Company–eligible and free transactions should be directed to:<br>JPMorgan Chase Bank, N.A.<br> DTC participant number 902<br> Credit account P72500 | ● **FEDERAL RESERVE TRANSACTIONS**<br> All Federal Reserve–eligible U.S. government transactions should be directed to:<br>JPMCHASE/CUST<br> ABA number 021 000 021<br> FFC to account number P72500 |
| FFC account number | For account number |
| FFC account of | For account of |
| ● **PHYSICAL TRANSACTIONS**<br> All physical transactions should be directed as follows: |  |
| **Mail deliveries (overnight and regular mail)**<br> Service teams **outside of New York** should send certifications and other documents via overnight FedEx<sup>®</sup> to: | <br> Service teams **in New York** should send certifications and other documents to: |
| JPMorgan Chase Bank, N.A.<br> Attn: Physical Processing<br> 500 Stanton Christiana Road<br> NCC 3, 2nd Floor<br> Newark, DE 19713-2107 | JPMorgan Chase Bank, N.A.<br> Attn: Physical Receive Department<br> 4 Chase Metrotech Center<br> 3rd Floor<br> Brooklyn, NY 11245-0001 |
| FFC | FFC |
| For account of | For account of |
| **Street deliveries**<br> Street deliveries (via third-party messenger or walk-up messenger) should be delivered to:<br>JPMorgan Chase Bank, N.A.<br> Attn: Physical Receive Department<br> 4 Chase Metrotech Center<br> 1st Floor, Window #5<br> Brooklyn, NY 11245-0001<br> (Use Willoughby Street entrance)<br> Internal account number P72500 |  |
| FFC |  |
| For account of |  |

---

● **AFFIRMATION INSTRUCTIONS** 

Both the Agent Interested account number and the A/C P72500 account number must be referenced.

---

| | |
|:---|:---|
| **Standing instruction broker** | **Money manager is the affirming party** |
| DTC 902 | DTC 902 |
| Agent ID number 29038 | Agent ID number 28574 |
| Institution ID number 27656 | Institution ID number |
| Agent Interested account-PBD# | Agent Interested account-PBD# |
| Interested Party number 27656 A/C P72500 | Interested Party number 27656 A/C P72500 |

---

**Foreign Currency**

Please contact your account officer for correct wiring instructions when depositing foreign currency to an account, whether or not the funds are converted to U.S. dollars.

---

| | |
|:---|:---|
| DEPOSITING SECURITIES AND CASH <br> INTO A J.P. MORGAN ACCOUNT | ![](fp0097487-1_01.jpg) |

---

**Cash Deposits**

Please include a deposit ticket with your check. Checks can be sent as follows:

---

| | |
|:---|:---|
| **By regular mail** | **By overnight mail** |
| JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. |
| PB-National Bank By Mail | PB-National Bank By Mail |
| P.O. Box 6185 | Mail Code OH1-0333 |
| Westerville, OH 43086 | 340 S. Cleveland Avenue |
| Account number\* | Building 370 |
| For account of | Westerville, OH 43081 |
|  | Account number\* |
| **For foreign checks, mail to:** | For account of |
| JPMorgan Chase Bank, N.A. |  |
| International Check Collections |  |
| 1111 Fannin Street |  |
| Floor 13 |  |
| Houston, TX 77002 |  |
| Mail Code TX2-F012 |  |

---

● **AUTOMATED CLEARING HOUSE (ACH) TRANSFERS**

For ACH transfers, the American Bankers Association (ABA) transit number and account information should be taken from the Magnetic Ink Character Recognition (MICR) line of the checks. ACH transfers should be sent as follows:

 Account number\*

\* For deposits, ACH transfers and Federal Fund wires, the account numbers must be numeric. Insert the appropriate account number by converting the alpha character to a numeric prefix (e.g., A12345-000 = 1012345-000).

\*\* The ABA number needs to be selected based upon the state in which the bank account is opened. For additional assistance in selecting the appropriate ABA number, please contact your J.P. Morgan service team.

---

| | |
|:---|:---|
| **NUMERIC SHADOW EQUIVALENT FOR OMNI PREFIX** | **NUMERIC SHADOW EQUIVALENT FOR OMNI PREFIX** |
| **\*= NO SHADOW/STATEMENTS ONLY** | **\*= NO SHADOW/STATEMENTS ONLY** |
| **ALPHA** | **NUMERIC** |
| A | 10 |
| B | 51 |
| C | 12 |
| D | 55 |
| E | 54 |
| F | 52 |
| G | 53 |
| H | 17 |
| I | 59 |
| J | 72 |
| K | 73 |
| L | 74 |
| M | 22 |
| N | 23 |
| O | 64 |
| P | 25 |
| Q | 26 |
| R | 27 |
| S | 28 |
| T | 58 |
| U | 30 |
| V | 31 |
| W | 32 |
| \*X | 33 |
| \*Y | 69 |
| \*Z | 71 |

---

---

| | |
|:---|:---|
| **CUSTODY** | **CUSTODY** |
| **ALPHA** | **NUMERIC** |
| B | 51 |
| C | 12 |
| D | 55 |
| H | 17 |
| E | 54 |
| M | 22 |
| Q | 26 |

---

---

| | |
|:---|:---|
| **IM** | **IM** |
| **ALPHA** | **NUMERIC** |
| A | 10 |
| F | 52 |
| N | 23 |
| V | 31 |
| S | 28 |

---

---

| | |
|:---|:---|
| **FIDUCIARY** | **FIDUCIARY** |
| **ALPHA** | **NUMERIC** |
| P | 25 |
| R | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BANK ACCOUNT STATE** | **BANK ACCOUNT STATE** | **ABA NUMBER** | **ABA NUMBER** | **ABA NUMBER** |
| AZ | (601) | 122 | 100 | 024 |
| CA/NV | (703) | 322 | 271 | 627 |
| CO | (501) | 102 | 001 | 017 |
| CT/NJ/NY | (802) | 021 | 000 | 021 |
| FL | (021) | 267 | 084 | 131 |
| GA | (021) | 061 | 092 | 387 |
| ID | (702) | 123 | 271 | 978 |
| IL | (111) | 071 | 000 | 013 |
| IN | (053) | 074 | 000 | 010 |
| KY | (034) | 083 | 000 | 137 |
| LA | (552) | 065 | 400 | 137 |
| MI | (021) | 072 | 000 | 326 |
| OH/WV | (001) | 044 | 000 | 037 |
| OK | (662) | 103 | 000 | 648 |
| OR/WA | (702) | 325 | 070 | 760 |
| TX | (201) | 111 | 000 | 614 |
| UT | (602) | 124 | 001 | 545 |
| WI | (121) | 075 | 000 | 019 |

---

![](fp0097487-1_05.jpg)

**Effective on the dates indicated below, the following are amendments to your *Combined Terms and Conditions* ("Combined Terms and Conditions") and/or *International General Terms for Accounts and Services Account Agreements* ("International Combined Terms and Conditions"), and may contain additional information about the features of your accounts.**

Unless indicated below, all other terms and conditions of your Combined Terms and Conditions and/or International Combined Terms and Conditions still apply. Please contact your J.P. Morgan team if you have any questions about these changes or would like additional information.

**Amendments applicable to the Combined Terms and Conditions and the International Combined Terms and Conditions:**

**Effective October 15, 2025** 

**DEPOSITS OR CASHED ITEMS**

**A new paragraph is added after the last paragraph of the section entitled "Deposits or Cashed Items" in the Deposit Account Agreement in your Combined Terms and Conditions and/or International Combined Terms and Conditions. The new paragraph shall read as follows:**

Check writing services may not be available for certain Non-U.S. Clients.

**Effective December 1, 2025**

**IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC FUNDS TRANSFERS**

**The last paragraph of the section entitled "In Case of Errors or Questions About Your Electronic Funds Transfers" in the Deposit Account Agreement in your Combined Terms and Conditions and/or International Combined Terms and Conditions shall be revised and read as follows:**

**For Business Accounts, the Following Procedures Apply:** Our practice is to follow the procedures described above, but we are not legally required to do so. For example, we are not required to give provisional credit, or to finalize the claim during the periods stated above. You are required to notify us no later than 30 days after we sent you the first statement on which the error appeared. We may require you to provide us with a written statement that the disputed transaction was unauthorized. You are required to notify us to return any ACH debit entry as unauthorized by the business day following the business day the ACH debit entry is posted. If you don't notify us in this timeframe, we will not reimburse your claim. We may make an effort to recover the funds on your behalf from the originating financial institution. Please note that claims for ACH payments on business accounts may require up to 75 days to finalize or reverse your provisional credit. As a reminder, when your Account is a type listed under "Business Accounts" in our product information, you agree not to use it for personal purposes.© 2025 JPMorgan Chase & Co. All rights reserved. (7/2025) 0725-076-LE-AOG

**Effective on the dates indicated below, the following are amendments to your *Combined Terms and Conditions* ("Combined Terms and Conditions") and/or *International General Terms for Accounts and Services Account Agreements* ("International Combined Terms and Conditions"), and may contain additional information about the features of your accounts.**

Unless indicated below, all other terms and conditions of your Combined Terms and Conditions and/or International Combined Terms and Conditions still apply. Please contact your J.P. Morgan team if you have any questions about these changes or would like additional information.

**Amendments applicable to the Combined Terms and Conditions and the International Combined Terms and Conditions:**

**Effective July 11, 2025** 

**DEPOSITS OR CASHED ITEMS**

**The first paragraph of the section entitled Deposits or Cashed Items in the Deposit Account Agreement in your Combined Terms and Conditions and/or International Combined Terms and Conditions shall be revised and read as follows:**

Checks, drafts and other negotiable instruments, including substitute checks (see the section of this booklet entitled Check 21—Substitute Check and Your Rights) (collectively, "checks") deposited to your Account or cashed, automated clearinghouse ("ACH") entries and all other types of external and book-entry funds transfers (checks and funds transfers collectively referred to herein as "items"), may be charged back against the Account (or an Account for split deposits) or any other Account of yours at the Bank if we are informed that the item is being or has been returned unpaid (or, for checks drawn on other accounts with us, the check is dishonored by us for any reason), without regard to whether such return or dishonor is timely. We may charge your Account whether or not the check is returned to us, and whether or not we can return the item or a copy to you. Even if we verify a deposited or cashed check and tell you that the check has been paid, that will not release your liability as an endorser. This right shall extend to any check or other item deposited into your Account or cashed, that is finally paid and then is returned because a claim is made that the check or other item was altered, forged, unauthorized, has a missing signature, sent to a wrong account number, procured by fraud, scam or financial exploitation, or should not have been paid for any reason. This right shall also extend to items for which we obtain a return of funds based on your request and we incur liability for the transaction as a result (including any claims, costs and expenses). In lieu of charging your Account we may withhold an amount equal to such check or other item from your Account until a final determination of the validity of such claim has been made. We have no duty to return a check that has been charged back to an Account if that Account has become overdrawn. We are not required to give you next-day notice if a deposited or cashed item is dishonored.

**VOLATILE MARKET CONDITIONS**

**A new section entitled Volatile Market Conditions is added after Section 23 (Data Sources) in the Brokerage Account Agreement in your Combined Terms and Conditions and/or International Combined Terms and Conditions. The new section shall read as follows:**

If you place an order in a security to JPMS during periods of high or increased market volatility in the security's prices or trading volumes, please note the following:

● *Delays*. High volumes of trading during such periods, whether at market opening or intra-day, may cause delays in execution and executions at prices and sizes significantly away from the market price and size quoted or displayed at the time the order was entered. Quoted or displayed share sizes may also be smaller during such periods, making it harder to execute larger share orders. There may also be delays in providing trade status reports to you.

 

● *Market Order Prices and Limit Order Liquidity*. While you may receive a prompt execution of a market order during such periods, the execution may be at a price significantly different from the current quoted price for that security. While you receive price protection for a limit order because it is executed only at the specified limit price or better, there is the possibility that the order will not be executed during such periods.

● *Limited Access*. You may suffer market losses during such periods if systems problems result in an inability to place buy or sell orders. JPMS will make reasonable efforts to communicate with clients as appropriate in the event of such system problems.

 

● *Trading Halts*. If the primary listing exchange for the security or FINRA declares a trading halt in the security or across all NMS stocks, JPMS may be prohibited from trading the security during such periods. In addition, existing orders JPMS receives prior to the trading halt may be canceled or held until trading resumes.

 

● *Limit Up/Limit Down Price Bands*. During such periods, JPMS may be prohibited from trading the security at prices below or above the security's Lower or Upper Price Bands, respectively, disseminated pursuant to the Regulation NMS Plan to Address Extraordinary Market Volatility.

 

● *Stop Orders*. A stop order does not guarantee the execution price. Rather, because a stop order becomes a market order when the stop price is reached, the price at which a stop order is executed may vary significantly from the stop price, particularly during volatile conditions. This may result in selling at an undesirable price even if the price of the stock stabilizes later during the same trading day. Likewise, the activation of sell stop orders may add downward price pressure on a stock during times of extreme volatility, thus making it more likely to result in an execution well below the stop price. You may be able to help manage some of these risks by placing a stop limit order, i.e., a stop order that becomes a limit order when the stock reaches the stop price. However, you should also be aware that stop limit orders will not be executed at all if JPMS is unable to trade at the stop price or better.

 

● *Electronic Services*. If you place a trade through Electronic Services (described in Section 21) during such a period, you agree to accept full responsibility for that order. If JPMS believes any particular stock is or may be volatile, we may, but are not obligated to, decline to allow you and other clients to place orders for that stock through the Electronic Services. In addition, if made available, JPMS reserves the right, but is not obligated, to prevent any initial public offering (IPO) stock from being traded through the Electronic Services. In either of these situations, you need to contact the client service center to assist you with transactions in these stocks. JPMS is not liable to you for any losses, lost opportunities or increased commissions resulting from you being unable to place orders for these stocks through the Electronic Services.

 

**Effective August 15, 2025** 

**CORPORATE EVENTS**

**The first paragraph of the section entitled Corporate Events in the Asset Account Agreement in your Combined Terms and Conditions and/or International Combined Terms and Conditions shall be revised and read as follows:**

Corporate actions include any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to Securities that requires discretionary action by the beneficial owner of the Securities, but does not include rights with respect to class-action litigation or proxy voting. Promptly after receipt from issuers, we will forward to you corporate actions relating to Securities held in your Custody Account. Instructions for corporate actions must be transmitted to us through the online tools at jpmorganonline.com or by telephone to a member of your J.P. Morgan team authorized to receive such instruction. We will not accept instructions for corporate actions transmitted by email nor will we provide advice to you in connection with corporate actions, including whether or what election to make. We will act in accordance with your properly transmitted instructions in relation to corporate actions. If you fail to provide us with timely instructions with respect to any corporate action, neither J.P. Morgan nor its Subcustodians or their respective nominees will take any action in relation to that corporate action, except as otherwise agreed in writing by you and J.P. Morgan.

**Effective September 1, 2025** 

**DEPOSITS OR CASHED ITEMS**

**The fifth paragraph of the section entitled Deposits or Cashed Items in the Deposit Account Agreement in your Combined Terms and Conditions and/or International Combined Terms and Conditions shall be revised read as follows:**

We may return or refuse to accept all or any part of a deposit or credit to your Account, or to cash a check at any time. We will not be liable to you for doing so, even if such action causes outstanding items to be dishonored and returned. We may refuse to accept any third-party check (for example, a check originally payable to another party that you attempted to deposit or cash) for any reason, and may require verification of any endorsement. At our discretion, returned or refused deposits (or the legal equivalent of the deposited item) may be returned to you as a substitute check, or may be sent on a collection basis even after we have taken physical possession of the check. Additionally, you will be solely responsible for any loss or liability we sustain in connection with the deposit of substitute checks.© 2025 JPMorgan Chase & Co. All rights reserved. (5/2025) 0525-056-LE-AOG

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**Combined Terms**

**and Conditions**

**CONTENTS**

NOTE—This document contains various account agreements related to deposit, custody, and brokerage services offered at J.P. Morgan. Only those agreements specific to the service requested shall apply.

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| | |
|:---|:---|
| **GENERAL TERMS FOR ACCOUNTS AND SERVICES** | **1** |
| **ACCOUNTS AND SERVICES RELATING TO ASSETS HELD BY** |  |
| **JPMORGAN CHASE BANK, N.A. AND AFFILIATED BANKS** | **9** |
| ASSET ALLOCATION ADVISORY SERVICES | 9 |
| ASSET ACCOUNT AGREEMENT | 9 |
| **AGREEMENTS FOR ACCOUNTS AND SERVICES OFFERED THROUGH** |  |
| **J.P. MORGAN SECURITIES LLC AND J.P. MORGAN ENTITIES** | **14** |
| BROKERAGE ACCOUNT AGREEMENT | 14 |
| MARGIN DISCLOSURE STATEMENT | 22 |
| MARGIN ACCOUNT AGREEMENT | 23 |
| DISCLOSURE TO CLIENTS IN COMPLIANCE WITH FINRA RULE 4370 REGARDING CONTINUITY AND |  |
| CONTINGENCY PLANS AND EMERGENCY CONTACT INFORMATION FOR J.P. MORGAN | 24 |
| RISKS OF CERTAIN INVESTMENTS | 24 |
| **DEPOSIT ACCOUNTS AND SERVICES OFFERED** |  |
| **BY JPMORGAN CHASE BANK, N.A.** | **29** |
| DEPOSIT ACCOUNT AGREEMENT | 29 |
| GENERAL ACCOUNT TERMS AND CONDITIONS | 29 |
| CHECK 21—SUBSTITUTE CHECKS AND YOUR RIGHTS | 36 |
| IMPORTANT ENDORSEMENT STANDARDS FOR PERSONAL AND BUSINESS ACCOUNTS | 37 |
| ELECTRONIC FUNDS TRANSFER SERVICES | 37 |
| **APPENDIX: ASSET ACCOUNT AND DEPOSIT ACCOUNT—FUNDS AVAILABILITY POLICY STATEMENT** | **42** |
| **APPENDIX: OTHER BANKING SERVICES RELATING TO ACCOUNTS** | **43** |

---

**GENERAL TERMS FOR ACCOUNTS AND SERVICES**

CONTROLLING VERSION—THE ENGLISH LANGUAGE VERSION OF THIS AGREEMENT IS THE ORIGINAL AND BINDING TEXT. ANY TRANSLATIONS ARE MADE ONLY FOR YOUR CONVENIENCE. IN CASE OF ANY DIVERGENCE BETWEEN TEXT AND TRANSLATION, THE ENGLISH TEXT IS CONTROLLING.

"Account" refers to the account or accounts subject to these General Terms and an additional account agreement. "Accountholder" means the person or entity (also called "you" or "your") who owns the Account. "We," "us," "our," "J.P. Morgan" and the "Bank" mean JPMorgan Chase Bank, N.A. (JPMCB) or, in the case of a product or service furnished by, or Account with, or Obligations owed to another Morgan Affiliate, that Morgan Affiliate. Other definitions of capitalized terms used in these General Terms are found in the Definitions Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Types of Accounts** 

The titles under which accounts are opened, the selection of the type of account or opening an account for a minor under various states' Uniform Transfers or Gifts to Minors Acts (UTMA/UGMA) have important consequences for taxes, control of assets, and wealth and estate planning. Clients should discuss how to structure financial accounts with their own legal or tax advisor. Material provided by J.P. Morgan is not intended to provide, and should not be relied on for, accounting, legal, estate planning or tax advice nor does it provide investment advice unless specifically contracted for. Non-U.S. Clients should consult their home-country advisors about how the effect of disposition of property under the account types described below would intersect with laws applicable to them.

Please note that the heirs of Non-U.S. Clients who die holding investments in the United States may be subject to U.S. estate taxes. Whether or not U.S. estate taxes will be imposed depends on:

● Whether the assets in which he or she invested are deemed to have U.S. situs,

● The total value of his or her investments, and

● The provisions of the tax treaty (if any) between the United States and his or her country of domicile, among other things.

Please note that whether or not certain assets will be deemed to have a U.S. situs is complicated, and we encourage you to consult a qualified tax advisor for a more complete explanation of the U.S. estate tax system.

**Individual Accounts**

Where only one individual appears on the Application or a signature card as the owner of such account, the Account will be treated as a solely owned account. In the event of the Accountholder's death or adjudication of incompetence, we have the right to honor checks or other items drawn against the Account until ten days after we receive actual written notice of death or incompetence, and upon such notice, we may restrict access to the Account until your executor, administrator or other representative of the estate provides the appropriate documentation to us, including a death certificate. To the extent and under the circumstances permitted by the laws of the state governing your Account, upon receipt of actual written notice and proof of your death, the balance in your Account will be paid to the person or entity you designate to "pay on death" ("POD") or whom you designate as a POD payee or beneficiary on your Account's signature card, Application, or other form provided by us. Non-U.S. Clients should consult a qualified advisor, as the estate laws of your country of domicile may be different than New York law.

**Joint Accounts**

Unless the signature card or Application provides otherwise, where two or more individuals are designated or appear on a signature card or Application as owners of such Account, then as between them, they will be treated as joint tenants with rights of survivorship. For any joint account where a joint owner has died, we need not release funds in the Account until all legal documents are delivered to us. You will notify us of the death of any joint owner and reimburse us for any tax we may be required to pay by reason of our payment or release of funds in the Account. Certain states also permit married residents to own property as community property or as tenants by the entirety. These forms of ownership have different attributes than ownership as joint tenants with right of survivorship. You must consult your own legal advisor about which type of account is best for you.

Any joint owner may close the Account. We may, at our sole discretion, act upon the instructions of any joint owner, including an instruction to withdraw funds or add a signatory to the Account, without the consent of the other joint owner. However, we are under no obligation to follow such instruction, and may refuse to do so without liability. We also may pay all or any part of the funds in the Account to any of the joint owners upon request of that joint owner or to a court or governmental agency upon receipt of a garnishment order, tax levy or similar legal process identifying any one of the joint owners.

Any Accountholder may grant a security interest in a joint account without the consent of the other owners. All joint owners will be jointly and severally liable for all Obligations, whether or not that particular owner incurred the Obligation or received benefit from a transaction which resulted, directly or indirectly, in such Obligation.

For deposit accounts, we may refuse to accept items for deposit or to pay withdrawals on the signature of any one of several joint account owners if we receive a written request not to do so from any joint account owner. After we receive such written request, we may refuse to honor any check, draft or demand upon the account by any of the joint account owners, including the one providing the request to us, unless all of the joint account owners concur in the withdrawal of funds from the account.

In the event we receive such a written request, we shall be relieved of any and all liability to every joint account owner for failure or refusal to honor any check, draft or other demand for payment or withdrawal unless all of the joint account owners join in the drawing or other request. This shall not affect transactions previously completed.

Each joint owner appoints each of the others as such joint owner's agent and attorney in fact with power to endorse and deposit items payable to such joint owner in the joint account. If a joint account is established without the signature of the other joint owner, you will hold us harmless for our reliance upon the designation of the other as a joint owner.

If you hold an investment through your Account which is entered into under a separate agreement, for example, an investment in a hedge fund, the agreements governing such investment may impose terms and conditions on investors that are at variance with the characteristics of the type of joint account you have selected. You agree that the terms and conditions in such investment's governing documents supersede and prevail over this Agreement. However, this Agreement governs any proceeds distributed to the Account as a result of such investment, including, without limitation, liquidation proceeds.

**Accounts for Minors**

The custodian of an Account opened for a minor under the Uniform Transfers or Gifts to Minors Act controls the Account, but the designated minor is the owner of the funds in the Account. The gift to the minor is irrevocable.

The default statutory age of custodianship termination of an UTMA/UGMA account varies by state, although most states set the maximum age of termination at 21. Certain states permit the age of termination to be extended beyond the default statutory age of termination (usually up to 21 or 25 years of age). This election may be exercised only in those states that specifically provide for it, and only insofar as the extension complies with applicable requirements. The custodian agrees and acknowledges that he or she is responsible under UTMA/UGMA for determining the governing state law and age of termination and that J.P. Morgan is not responsible for doing so. If the custodian does not indicate the governing state law or age of termination at account opening, the Account will be set up using the default age of termination in the custodian's state of residence. You should consult your own legal or tax advisor if you have questions about the governing state law or age of termination.

By acting as a custodian, you certify that the assets in the Account will be for the exclusive use and benefit of the minor, consistent with your obligations under the applicable UTMA/UGMA state law. In addition, you certify that you will be responsible for transferring control of the Account and the assets to the beneficiary at the age of termination. We may restrict your access to the Account and/or take other steps with respect to the Account upon the beneficiary reaching the age of termination.

You agree, on your own behalf and on behalf of the minor, to indemnify and hold J.P. Morgan harmless from any and all liability, including from any claim by the minor, for following any instructions with respect to the Account.

For Non-U.S. Clients, unless separately agreed to us in writing, the Account and your custodianship will be governed by New York law. Your period of custodianship will terminate upon the minor reaching the age of 21. You should consult your legal or tax advisors, as your country of domicile may not recognize a gift made under UTMA or the validity of an Account governed under UTMA.

**Deposit Account ("Totten") Trusts and Representative Payee**

If a deposit account is established as "in trust for" ("ITF") or as trustee for a third person without formal trust documents, the Account may be treated as a Totten Trust account or as otherwise required by the laws of the state where the deposit is located. For ITF accounts, upon the death of the Accountholder, we may require written confirmation from an Executor or representative of your estate that you did not expressly revoke an ITF beneficiary designation in your will or testamentary instrument. Non-U.S. clients should note that we will release funds in your Accounts in accordance with New York law and we encourage you to consult your own legal advisor as the testate and intestate succession laws of your home country may be different. By opening and maintaining these Accounts with us, you acknowledge that your intent is that the estate laws of your country of domicile are not applicable to your Accounts.

If you have opened the account as a Representative Payee for receipt of certain federal benefits on behalf of a beneficiary, you agree that you will cause to be deposited into the Account only those benefits payable to the beneficiary. The Bank is neither obligated to ensure that only those eligible federal benefits are deposited into the Account, nor does it have a duty to determine whether any withdrawals or transfers from the Account are for the benefit of the beneficiary. If the beneficiary dies, you agree to (a) promptly notify the Bank, (b) no longer permit further deposits to the Account, (c) promptly notify the Bank if any such deposits are made, and (d) maintain sufficient available balances in the Account from which any benefit payments may be reclaimed by the applicable U.S. Government agency. If the Bank is unable to debit the Account or if there are insufficient available funds in the Account from which to debit the full amount of any reclamation by the government, you authorize the Bank to offset any account owned by you or the beneficiary for any amounts reclaimed by the applicable U.S. Government agency.

**Transfer on Death Accounts**

Securities in an Account designated as "Transfer on Death" ("TOD") will be held for the benefit of the beneficiaries you designate on the Application. Upon the death of the last surviving Accountholder, ownership of the Securities passes to those beneficiaries, not the deceased Accountholder's estate. If there are two or more beneficiaries, they will hold as tenants in common. If no beneficiary survives the death of all Account owners, the Securities will be part of the last surviving owner's estate. TOD Accounts may not be available in all states and are available only for Accounts eligible to hold Securities.

For Non-U.S. Clients, you should consult your own legal and tax advisor, as your country of domicile may not recognize TOD registration. By opening and maintaining Accounts with us, you acknowledge that your intent is that the estate laws of your country of domicile are not applicable to TOD Accounts and we will release funds in accordance with New York law.

**WE MAY OFFER AND/OR SELL TO YOU SECURITIES OR OTHER FINANCIAL INSTRUMENTS WHICH MAY NOT BE REGISTERED UNDER, AND ARE NOT THE SUBJECT OF A PUBLIC OFFERING UNDER, THE SECURITIES OR OTHER FINANCIAL REGULATORY LAWS OF YOUR HOME COUNTRY. SUCH SECURITIES OR INSTRUMENTS ARE OFFERED AND/OR SOLD TO YOU ON A PRIVATE BASIS ONLY. ANY COMMUNICATION BY US TO YOU REGARDING SUCH SECURITIES OR INSTRUMENTS, INCLUDING WITHOUT LIMITATION THE DELIVERY OF A PROSPECTUS, TERM SHEET OR OTHER OFFERING DOCUMENT, IS NOT INTENDED BY US AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OR INSTRUMENTS IN ANY JURISDICTION IN WHICH SUCH AN OFFER OR A SOLICITATION IS UNLAWFUL. FURTHERMORE, SUCH SECURITIES OR INSTRUMENTS MAY BE SUBJECT TO CERTAIN REGULATORY AND/OR CONTRACTUAL RESTRICTIONS ON SUBSEQUENT TRANSFER BY YOU, AND YOU ARE SOLELY RESPONSIBLE FOR ASCERTAINING AND COMPLYING WITH SUCH RESTRICTIONS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Your Representations and Warranties** 

All information provided in the Application or otherwise given to us from time to time is accurate, true and complete.

For individual and joint accounts, the identified Accountholders are the beneficial owners. For entity accounts, beneficial ownership is as you have told us. You will notify us immediately if the beneficial ownership of any Account changes.

If you are a natural person, you represent and warrant that you are of the age of majority according to the law of your place of residence and of the place of your Accounts.

If you establish the Account when acting in a fiduciary capacity, (i) all beneficial interests in the estate, trust or Account for which you are a fiduciary are owned by individuals or by non-profit organizations; and (ii) you are legally empowered to enter into and perform this Agreement in such capacity.

If the Account is to be maintained in the name of a sole proprietorship, (i) you are the sole owner of the sole proprietorship; (ii) the sole proprietorship is doing business under the name and style of, and at the location, given in the Application; (iii) you will be personally responsible for any debts, deficiencies or overdrafts in the sole proprietorship Account; and (iv) checks drawn on the sole proprietorship's Account may be debited against any Account you hold, in your individual name or jointly, with us.

For Accounts opened other than by a natural person, (i) the Accountholder has the power to enter into and perform under the Agreement, (ii) all necessary actions have been taken and approvals received in accordance with its organizational documents and applicable law and regulation, and (iii) the Accountholder is duly organized and in good standing in the jurisdiction in which it is organized. The persons signing the Application have the authority to bind the Accountholder to the Agreement. We will not open new accounts for companies that have issued shares in bearer form except if the shares are publicly traded on a recognized exchange. In the case that the Accountholder is an entity, you must provide us with information related to the Accountholder that includes, but is not limited to, a current version of the Accountholder's Articles of Incorporation and a certified copy of the Accountholder's Shareholder Register. You agree that you will immediately inform us if there are changes to: (i) the Accountholder's share capital; (ii) the ownership of the Accountholder's shares; (iii) the beneficial ownership of, and control over, the Accountholder; and (iv) if the Accountholder contemplates issuing bearer shares.

You hereby represent that you do not have an entity affiliate of a Canadian Person as defined in the OSC's Trade Repositories and Derivative Data Reporting who is responsible generally for all or substantially all of your liabilities. For the purpose of this Rule, such Canadian Person affiliate does not include individuals.

We may rely on these representations and warranties, which are made as of the date of the Agreement and which will continue until the Agreement is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Authorized Instructions** 

Authorized Persons on your Account are those indicated on your Application, any resolution, or other separate written authorization related to the Account that you deliver to us. You agree to be bound by all instructions that we believe are authorized and to have been given by an Authorized Person, regardless of how those instructions have been transmitted, and no Morgan Affiliate will be liable for any loss, cost, or expense for acting on such instructions. Until you or another Authorized Person has revoked the authority of an Authorized Person in writing, Authorized Persons shall continue to be Authorized Persons. You authorize us to accept instructions by telephone, facsimile transmission, in writing or any other method that you may agree to use but understand that we are not required to accept instructions by any such media.

You agree to be bound by any facsimile or other electronically transmitted signature that we in good faith believe to have been transmitted by you and that such signature will evidence your agreement or consent and will be legally binding, enforceable and the legal equivalent of your handwritten signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Monitoring Conversations** 

You agree that so long as your Account is open, we may monitor, record and/or transcribe (including by employing the use of artificial intelligence tools) conversations and telephone calls (should we elect, in our discretion, to do so) that you have with our employees or agents for the purpose of verifying transactions, quality control, or for other business reasons. You waive any notice other than this provision that your communications shall or may be monitored, recorded and/or transcribed at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Wireless Operator** 

By using our services, you authorize your wireless operator (AT&T, Sprint, T-Mobile, U.S. Cellular, Verizon, or any other branded wireless operator) to use, or to disclose to J.P. Morgan or any of its affiliates or agents, your mobile number, name, address, email, network status, customer type, customer role, billing type, mobile device identifiers (IMSI and IMEI) and other subscriber and device status details, if available, where provided in accordance with your mobile operator's privacy policy for the duration of our business relationship solely to help verify your identity, and to help protect against or prevent actual or potential fraud or unauthorized use of our services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Telephone and Electronic Communications** 

If you provide us with your mobile number, you agree that we have permission to contact you at that number. Your consent allows us to use text messaging, artificial or prerecorded voice messages and automatic dialing technology for informational and account service calls, but not for telemarketing or sales calls. It may include contact from companies working on our behalf to service your accounts. Message and data rates may apply. If you provide us with your email address, you agree that we may send servicing messages (such as fraud alerts and hold alerts) related to your accounts to that address. You may contact us anytime to change your mobile number, email address or delivery preference by calling or writing your J.P. Morgan team at the telephone number or address on your monthly statement, or change them online using online tools at **https://jpmorgan.chase.com**.

Confidentiality and integrity of messages via email, facsimile, or other electronic media cannot be assured, and electronic media may not always transmit correctly, so you will not assume we have received a message via such media if we do not respond within a reasonable time. You understand that messages left on a voicemail system may not be collected immediately for various reasons and, again, you will not assume we have received a message if we do not respond within a reasonable time. You understand that we do not accept securities, money transfer, or other instructions sent by electronic media, and will not be responsible for them. If we agree to accept instructions you send by such media, you accept that you do so at your risk, in accordance with this paragraph and Section 3 above. We may record and monitor communications via electronic media similarly to telephone conversations, as explained above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Statements and Confirmations; Balancing and Holding Information** 

We will provide you with periodic statements detailing the activity that occurs in your Accounts, provided that, for Accounts set up exclusively for executing transactions through J.P. Morgan Securities LLC (JPMS) and that do not show any security or money positions as of month end, you consent to the suspension of such statements. Any requested statement will be provided promptly upon your request, and delivery of all statements will be promptly reinstated upon your request. JPMS will confirm Brokerage Account transactions when required by applicable law and regulation. You will not receive confirmations relating to your Investment Management Account activity or accounts opened for you with Third-Party Managers. For an Account in which the Bank does not exercise investment discretion, written notification of a securities transaction will be provided upon request at no additional cost. All statements and advices will be sent to you by mail (which may include email) at the address last recorded by us. This address must be one where you actually receive communications. We may require written notification of any address change.

**You agree that you must review statements and confirmations promptly and notify us immediately of any errors, omissions, improper payments or transfers. Unless otherwise provided by applicable law or regulation or specifically provided elsewhere in the General Terms or any Account Agreement, you agree that you cannot make a claim against us based on any error, omission, improper payment or transfer disclosed by a confirmation or statement if you fail to notify us of it within five (5) Business Days after its delivery in the case of a confirmation, and within thirty (30) Business Days after its delivery in the case of a statement. Responsibilities with respect to periodic statements covering Deposit Accounts are identified in the Deposit Account Agreement.**

Asset values on periodic statements come from our proprietary pricing models or external pricing services that we select and may rest on estimates and assumptions we make about relevant future market conditions and other matters, all of which are subject to change without notice. Such changes may have a material impact on valuations, and valuations based on other models or different assumptions may yield materially different results. Statement valuations may not represent the actual or indicative terms for new transactions or for liquidation of existing transactions, and may vary from valuations used by us for other purposes. Accordingly, you will not use your statements as the sole basis for valuing your assets, and you will seek advice from your accountant or attorney about using statements to prepare tax returns, financial statements, regulatory reports, or for other purposes. You agree that we and Morgan Affiliates shall not be liable for losses, costs, expenses or damages (incidental, special, consequential, compensatory, punitive, or otherwise) arising out of any use or reliance on any valuation of any asset set forth in a periodic statement or other document.

Balances and Account holdings change on a frequent basis. Information about the amount of your balance or holdings will be as of a given time, and there is no assurance that the same balance or holdings will be in your Account at the time the checks that you write are presented for payment. You hereby waive any claims against us based on balance and holdings information provided to you orally, electronically or in writing or to a third party on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Security Interest; Right to Debit and Setoff** 

In order to secure payment when due of any and all Obligations under this Agreement to us or any Morgan Affiliate, you pledge and grant to us and each of them a continuing security interest in the Collateral. This security interest shall apply to any Collateral (and proceeds thereof) now or at any time in the future held in or credited to any Account or other accounts maintained for you. You acknowledge and agree that where we or any other Morgan Affiliate holds Collateral or is a securities intermediary in respect of any Collateral, we each hold the Collateral for ourselves and also as agents for all other Morgan Affiliates who are secured parties hereunder pursuant to the Intercompany J.P. Morgan Securities Account Control Agreement among various Morgan Affiliates as amended or restated from time to time. At any time that you have not met any Obligation under this Agreement we may liquidate, sell or transfer all or any portion of the Collateral to satisfy that Obligation in whatever priority we choose in our sole discretion; exercise all rights and remedies we have under applicable law with respect to the Collateral; or, exercise any other rights or remedies we have under other agreements or applicable law.

In addition, and to extent allowed by applicable law, we may, without prior notice or demand, apply or setoff the funds in your Account at any time to pay off any Obligation, whether direct or indirect, you have to a Morgan Affiliate that provides products or services under this Agreement. If the Account is a joint account, the funds in the joint account may be used to pay the Obligations of a single Accountholder. A hold against the Account (to the extent of our right of offset) may be imposed rather than an immediate debit of the funds. Any of your assets or your Obligations may be transferred within and among Morgan Affiliates in order to effect the rights in this Section. You acknowledge that your Account is a general account and not a special purpose account.

Notwithstanding any other provision of this Agreement to the contrary, except as may be permitted by applicable law (but only to the extent the rights granted and/or actions contemplated hereunder would not give rise to a non-exempt prohibited transaction under Section 4975 of the Code), Morgan does not look to the assets or other property held within Individual Retirement Accounts or any qualified retirement or welfare benefit plan Account (collectively, "Retirement Accounts") to satisfy any debt or Obligation that exists in connection with any non-Retirement Account that Morgan maintains for you, nor does Morgan look to such non-Retirement Account assets or other property to satisfy any debt or Obligation that exists in connection with any Retirement Accounts, and the term Collateral as used in this Agreement shall be interpreted to be consistent with this sentence. Retirement Accounts remain subject to legal remedies for debts and Obligations owed in relation to the Retirement Accounts themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Fees** 

You agree to pay all fees, charges and commissions associated with this Agreement and the Accounts and services we provide to you. We are authorized to charge your Accounts directly for payment for all applicable fees contained in the fee schedules in effect from time to time, which are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Foreign Currency Risks** 

For Non-U.S. Clients, you will pay your Obligations in the relevant currency. Should you be unable to pay in the specified currency, you shall be liable to us for the U.S. dollar equivalent of the amount of the foreign currency, required to pay your Obligations at our then-prevailing rate of exchange. You understand and agree that in processing foreign currency payments, other banks we use may deduct their fees from the payment order given to them and may charge your payment order for exchange costs for payments not made in the local currency. You are responsible for complying with all local currency restrictions and any other local law governing your transactions. You must reimburse us for any cost or charge imposed on the transferability, convertibility or availability of any currency held by you.

If the transferability, convertibility or availability of any currency is restricted or impaired: (a) we will not have any liability for any resulting loss or damage, including our inability to make payment on any deposit or other obligation; (b) we will not be obligated to substitute any other currency; and (c) we will not be obligated to seek any regulatory approval or make any regulatory submission even if it would remedy such restriction or impairment. If, in our sole discretion, we determine that substitution of another currency would be feasible on commercially reasonable terms, and reasonable or necessary or in accord with market practice, we may effect such substitution at a rate of exchange determined by us to be reasonable as of the date of substitution decided by us. We will not have any liability for any direct or indirect loss resulting from such substitution. We will not be obligated to make payment on any deposit or other obligation of any other office or branch at, or from the assets of, any other office or branch unless expressly so agreed in writing. We may at any time decline to accept any deposit or any payment in any currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Error Corrections** 

We have the right to correct all errors that arise in your Accounts without prior notice to you, including debiting your Accounts for any sums or positions incorrectly existing therein and correcting errors with respect to Account holdings or balances. We may also reverse any provisional credits or recredits. We may take these actions even if they result in a debit balance or overdraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Credit Reports** 

We may from time to time request credit reports on you in connection with your Application for an Account or for credit products offered by us, or in connection with a pledge of an Account, or an update, renewal or extension of an Account or credit product. Upon your request, we may inform you whether we have obtained any such reports and, if we have, we will inform you of the name and address of the reporting agency that furnished the reports to us. Any credit reports that we receive will be deemed to have been obtained by each Morgan Affiliate for its own benefit.

If you believe that we have reported inaccurate or incomplete information about your account to a consumer reporting agency, you have the right to file a dispute with that consumer reporting agency. You may also submit a dispute directly to us by writing to the following address: JPMorgan Chase Bank, N.A., PO Box 182108, Internal Mail OHW-1000, Columbus, OH 43218. Provide your name, address and phone number; the account number; the specific information you are disputing; an explanation of why it is inaccurate or incomplete; and any supporting documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Limitations on Responsibilities and Liabilities; Indemnification** 

We shall be responsible for the performance of only those duties that are set forth in this Agreement. Except as otherwise provided by law, our sole liability and that of Morgan Affiliates to you, your heirs, legal representatives, assigns or any other party for any wrongful act or failure to act in connection with any of the products or services provided to you shall be any direct damages you incur because of our gross negligence or willful misconduct. Direct damages will be limited to the amount of any funds or the fair market value of any property lost because of such gross negligence or willful misconduct, together with compensatory interest and a credit for our fees with respect to any relevant transaction. Under no circumstance shall we be liable to you or any other person for any services provided by third parties (e.g., clearing agencies, central depositories, communications carriers) or for any indirect, incidental, special, or consequential damages, regardless of the form of action and even if we have been advised of the possibility of such damages. We disclaim any and all warranties, whether express or implied, including, but not limited to, all warranties of merchantability or fitness for a particular purpose.

We will not be responsible for losses caused directly or indirectly by events or conditions beyond our control, such as war, acts of terrorism, natural disasters, government restrictions, strikes, a failure of public utility, communication, computer, equipment or other systems, a failure or delay in receiving electronic data or any law, legal or regulatory requirements, exchange or market rulings, or suspension of trading.

You will indemnify and hold all Morgan Affiliates providing products or services under the Agreement harmless from any claim, loss, liability, or expense, including, without limitation, collection costs, reproduction and search costs and the reasonable fees and disbursements of counsel and other advisors incurred by them (i) in rendering services hereunder; (ii) if you breach the Agreement; (iii) if a third party brings a claim, suit or proceeding against a Morgan Affiliate because it provided products and services to you, (iv) resulting from a subpoena, administrative order, court order, levy, garnishment, attachment or other legal process affecting the Account, or (v) if a Morgan Affiliate prevails in any claim, suit or proceeding between you and the Morgan Affiliate. You will not be required to indemnify any Morgan Affiliate if the claim, loss, or liability results from its gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Cyber Risk and Security** 

We are committed to the safety and security of your assets, and to helping you protect yourself from cyber-based attacks. From time to time, we may provide cybersecurity awareness training or information on best practices, but you remain responsible for taking appropriate steps to ensure the security and protection of your information and Account. You acknowledge that our online and mobile services and applications are provided without any warranty or representation of any kind, including, but not limited to, any warranty or representation regarding security or availability of service. You should notify us immediately if you suspect fraud has occurred on your Account (e.g., a stolen password or an unauthorized transaction).

Equipment. You agree that you are responsible for obtaining and maintaining any equipment used to allow you access to any of our services. You agree to assume all risks associated with potential errors or delays in completing transactions arising from such equipment. We shall not be responsible for any losses resulting from a failure of such equipment.

Third-Party Providers and Services. You acknowledge the security risks associated with online and mobile networks, and you agree that we shall not be liable for any losses or damages that arise as a result of your accessing our online services via an unencrypted or otherwise unsecure method (e.g., use of a publicly provided Wi-Fi connection). You agree to assume all risks associated with accessing third-party websites, and agree to follow our rules and assume all risks associated with transacting on our systems via the internet, including mobile applications. You agree that you are responsible for obtaining and maintaining any third-party services and communication media that you use to access our services electronically, and that we are not responsible for any potential errors or delays in completing transactions arising from any third-party service that you use to access our online services. You further agree that you are responsible for any fees charged by third-party service providers.

Access Information. You agree that you are responsible for safeguarding your access information (e.g., user name and password). You agree to ensure (i) the security of your information (e.g., by changing your passwords regularly, not sharing passwords with others, and complying with pin procedures); (ii) that you will only enter your login credentials and password on our official sites and not in response to emails that do not come from us; and (iii) that your devices are used only by Authorized Persons. You acknowledge that we may monitor access to, or data stored on, our systems at any time without notice and that we may monitor, limit or terminate access to our systems.

Force Majeure; Consequential Damages. You agree that, unless otherwise required by law, and subject to any applicable standard of care, we shall have no liability for a failure to perform under this agreement, or any other applicable agreement, in the event of a breach of security of our systems or any other cause over which we do not have control, including, but not limited to, failure of electronic or mechanical equipment, strikes, failures of common carrier or utility systems, severe weather or other causes commonly known as "acts of God," whether or not such cause was reasonably foreseeable. You also agree that we are not responsible for consequential damages, both with regard to the availability or security of online/ mobile services, and in the event of a breach of security of our systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Taxes** 

You will be responsible for the payment of all taxes relating to your Accounts, including, but not limited to, any federal, state and local withholding tax. You will reimburse us on demand, hold us harmless and make us whole for any withholding tax, including, but not limited to, backup withholding tax, transfer taxes, documentary taxes, valued-added taxes, assessments or charges that are imposed at any time on or in connection with this Agreement, and shall indemnify us against liability for any such tax (including any interest and penalties). We are authorized to deduct from any cash receivable, and/or payments made or credited to your Accounts any taxes or levies and/or interest or penalties we are legally required to pay to the IRS and/or to any governmental authority for whatever reason with respect to your Accounts. In case your Accounts do not contain sufficient funds to satisfy the aforementioned taxes, including interest and/or penalties, we are authorized by you to sell, distribute, and/or liquidate any assets which we hold in custody for your benefit and/or in your name and/or on your behalf up to the amount we are legally required to pay to the IRS to satisfy any of such taxes, interest and/or penalties.

If you withhold any tax as required by law, you shall timely pay such amount to the governmental authority, and then (except with respect to net income taxes but including penalties and interest) the sum payable by you to us shall be increased as necessary so that after such withholding has been made (including any withholding that may be applicable to additional sums payable hereunder), we shall receive an amount equal to the amount we would have received had no such withholding been made. You shall provide satisfactory evidence of payment to the governmental authority. You shall indemnify us for any liability or expense incurred as a result of your failure to pay such taxes, whether or not the taxes were correctly or legally imposed.

Some assets in your Accounts may be subject to U.S. tax withholding, other tax withholding at source or other tax-based or legal consequences. We do not provide accounting, tax, legal or estate planning advice, and you should obtain such advice from your own advisors to the extent you deem necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Cost Basis Information and Reporting** 

The Internal Revenue Code requires J.P. Morgan to report to you and the IRS cost basis and other relevant information (collectively, "Cost Basis Information") concerning investments held in your non-retirement accounts. The Cost Basis Information can vary depending on the tax lot disposition method applicable to the investments within your Account. The tax lot disposition method applied to your Account determines the order in which shares are redeemed when you sell your investments.

For U.S. persons, J.P. Morgan's default tax lot disposition method is First In, First Out ("FIFO"), and for non-U.S. persons, the default tax lot disposition method is High Cost. You have the ability to instruct J.P. Morgan to use an alternative tax lot disposition method during the opening of your Account, and you may change your tax lot disposition method after account opening, so long as your selections comply with the IRS rules and other restrictions.

The default tax lot disposition method will apply to all investment types except for alternative investments which may differ since some funds may use or require a specified tax lot disposition method when processing redemption or sale orders. In such cases, J.P. Morgan will use the tax lot disposition method specified by the fund regardless of an alternative method you may have instructed.

You are responsible for determining the tax lot disposition method for your Account and you should consult with your own tax and accounting advisors to determine which tax lot disposition method is best for you. Neither J.P. Morgan nor its representatives or affiliates offer tax or accounting advice or services, and you will not solicit or rely upon any such advice from them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Abandoned or Inactive Accounts** 

Unless you make a transaction in your Account from time to time or notify us in writing that you know your Account still exists, state law may require us to send the Property in the Account to the applicable state as abandoned property. Upon the closing of your account, if you do not wish to receive the return of any account balances, you agree that we may hold such balances in house accounts with other client funds until such time we are required to send the funds to the applicable state as abandoned property.

The applicable state is generally the state of your last known address as shown on our books and records, or the state of the JPMCB address where your Account is maintained if your address is outside the United States. After the turnover, the funds must be reclaimed from the applicable state. Your Account may be charged for certain expenses incurred in remitting funds to any state. These charges are not refundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Power of Attorney** 

If you wish to designate an attorney-in-fact, you must do so in a form acceptable to us. Subject to the laws of your state, we reserve the right to refuse to honor any Power of Attorney presented to us, as well as to refuse to recognize a successor attorney-in-fact at any time, whether or not the successor attorney-in-fact is specifically identified in the Power of Attorney. In addition, we reserve the right to refuse to follow the instruction of an attorney-in-fact to designate the attorney-infact as a joint account holder, ITF beneficiary, or POD beneficiary to the Account. We are not required to investigate the facts relating to any Power of Attorney provided to us on your behalf. However, we may follow or refuse to follow any instructions from an attorney-in-fact at any time, including, for example, if we suspect fraud or abuse on your account, but we have no liability to anyone if we do so. You agree that we are authorized, but not required, to honor a Power of Attorney until we receive written notice (1) that you have revoked the Power of Attorney or (2) that the Power of Attorney has been revoked as a matter of state law, and that we have had a reasonable opportunity to act on that written notice. We may rely on a copy of an original Power of Attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Restricting Your Account; Blocking or Delaying Transactions** 

There are many reasons we may decline or prevent transactions to or from your Account or otherwise restrict your Account; it generally happens when we believe in good faith that preventing or restricting transactions on your Account is advisable to protect you or us, or to comply with legal requirements or Legal Process. You acknowledge and agree that we may decline or prevent any or all transactions to or from your Account, including refusing, freezing, reversing or delaying any specific withdrawal, payment or transfer of funds to or from your Account, or liquidating any position you hold, or removing funds from your account to hold them pending investigation, including in one or more of the following circumstances:

Your Account is involved in any legal or administrative proceeding;

We receive conflicting information or instructions regarding Account ownership, control, funds or activity;

We suspect that you may be the victim of a fraud, scam or financial exploitation, even though you have authorized the transaction(s);

We suspect that any transaction may involve illegal activity or may be fraudulent;

We are complying, in our sole discretion, with any federal, state or local law, rule or regulation, including federal asset control and sanction rules and anti-moneylaundering rules, or with our policies adopted to ensure that we comply with those laws, rules or regulations; or

We reasonably believe that doing so is necessary to avoid a loss or reduce risk to us.

We also may limit cash deposits to, or withdrawals from, your Account (or all of your Accounts collectively) in a single transaction or total withdrawals or deposits during any period of time, or who may make deposits, in order to reduce risk and/or enhance our efforts to comply with federal or state law.

In addition to the above, we may refuse to pay out any money or transfer or distribute Securities or other Property from your Accounts: (i) in the event of your death or the death of any co-Accountholder, until we are fully satisfied, in our sole judgment, that we will have no resulting liability or potential liability for any estate tax, gift tax or other tax; or (ii) upon receipt of oral or written notice of a claim regarding the Account, until we have a court order or the written consent of all required parties. We also may place a hold on the Account or we may file an action in interpleader. You agree to reimburse us for any expenses, including reasonable attorneys' fees that we incur because of any dispute, including any incurred without litigation. We are not required to determine whether a dispute has merit in order to take one of the actions permitted by this section.

We may assign and transfer your account information and documentation to a replacement account number at our discretion and without notice to you. We may make this assignment when we deem necessary to avoid disruptions, including when your account is reported compromised by you or any signer. If we issue you a replacement account number, this agreement governing you and your account will continue to apply, without interruption, as if you retained the discontinued account number.

We will have no liability for any action we take under this section and/or related sections, and we may take such action without advanced notice. To the extent that any action we take is related to Legal Process, please refer to those sections for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Termination** 

Either of us may terminate this Agreement or some or all of the products, features and services provided at any time upon notice to the other. However, any security interest in Collateral, or any other setoff rights against your Accounts or Property will not terminate until you have satisfied indefeasibly and in full all your Obligations, whether arising before or after termination. Termination of one or more of the services and features of an Account may result in the cancellation of some or all of the features or privileges described in this Agreement. You understand that you remain responsible for all charges, debit items or other transactions initiated or authorized by you or Authorized Persons, whether arising before or after termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Compliance with Laws** 

You certify that you have observed and will continue to observe all laws and regulations that apply to your activities and relationship with us or any Morgan Affiliate.

J.P. Morgan is committed to complying with U.S. statutory and regulatory requirements designed to combat money laundering and terrorist financing. The USA PATRIOT Act requires that all financial institutions obtain certain identification documents or other information in order to comply with their customer identification procedures. Until you provide the required information or documents, we may not be able to open or maintain an account or effect any transactions for you.

When you open an account, we will ask for your name, address, date of birth and tax identification number for U.S. persons or passport number, country of issuance and expiration date for non-U.S. persons. In order to demonstrate that we have confirmed your identity, we will ask for a copy of your driver's license or other identifying documents such as a passport, Military ID or other government issued document. The following notice is required by The Unlawful Internet Gambling Enforcement Act of 2006 and applies to all commercial clients: The Bank strictly prohibits the use of any account to conduct transactions (including, without limitation, the acceptance or receipt of credit or other receipt of funds through an electronic funds transfer, or by check, draft or similar instrument, or the proceeds of any of the foregoing) that are related, directly or indirectly, to unlawful Internet gambling. The term "unlawful Internet gambling," as used in this notice, shall have its meaning set forth in 12 C.F.R. Section Part 233, Section 132.2(bb). You agree not to conduct any transactions through the account that directly or indirectly involve or are related to unlawful Internet gambling, including, without limitation, the acceptance or receipt of any funds or deposits in connection therewith.

We are required to comply with all U.S. sanctions enforced by the Department of Treasury's Office of Foreign Asset Control ("OFAC"), which may include rejecting or blocking transactions or funds of certain individuals, entities or certain foreign countries subject to U.S. sanctions. In signing the Account Application and opening an account with us, you agree and affirm that you are not an individual or entity subject to any sanctions under any of the sanctions programs administered or enforced by OFAC. You agree that we can freeze and/or reject any transaction if we determine we are required to do so pursuant to any of the OFAC sanctions programs or by any Bank policy or procedure. You acknowledge and agree that any transactions through the Bank may be delayed or suspended, and that a hold may be placed on such funds while a transaction is reviewed for possible violations of any of the OFAC sanctions programs. Pursuant to our review, the transaction may be rejected, and/or the transaction may be blocked, at which time we would be required to place an indefinite hold on the funds. You acknowledge and agree that we will have no liability for any such delays, suspensions, holds and/or any resulting unavailability of funds.

You represent and warrant that (i) you are solely responsible for, and we are not responsible for, your tax affairs or obligations; (ii) you do not have reasonable grounds to suspect that any assets in, or to be deposited in, your Accounts with us are, or may in the future be, the proceeds of any criminal activity or conduct (including, but not limited to, tax crimes); (iii) the existence of your Accounts, the assets in your Accounts and the income derived from your Accounts have been or will be disclosed to the relevant tax authorities, if such disclosure is required by the laws that apply to your Accounts, the assets in your Accounts or, if applicable, to the beneficial or economic interest holder of your Accounts; and (iv) all information that has been, or will be, provided to us is complete and accurate, including any information pertaining to your country of citizenship, residence, principal place of business and any other relevant information to determine legal and tax status. Further, you undertake to (i) inform us immediately of any changes in connection with the information that you have provided us, and (ii) promptly provide us with such information and documentation relating to your tax affairs as we may request in order to comply with our regulatory obligations.

You make the representations and warranties contained herein for and on behalf of yourself and all other persons that may have a beneficial or economic interest in the assets held in the Accounts. You represent and warrant that you are authorized to make these representations and warranties, and that you are sufficiently knowledgeable about the matters contemplated hereby to make the representations and warranties contained herein. You hereby agree that you will notify us immediately if any of the representations and warranties contained herein cease to be true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Rules and Regulations** 

Your transactions will be effected in accordance with our internal rules and policies, the applicable rules, regulations, customs, and usages of any exchange, market, clearinghouse, or self-regulatory organization, and all applicable federal and state laws, rules, regulations, and treaties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Governing Law; Jurisdiction** 

Except as otherwise provided, or insofar as preempted by federal law, this Agreement shall be governed by the law of the State of New York without giving effect to its choice of law or conflict of laws provisions (other than Section 5-1401 of the New York General Obligations Law).

Deposit accounts shall be governed by the law of the place where each deposit account is located.

This Agreement varies applicable law or regulation to the maximum extent permitted under any such law or regulation. Any provision of applicable law or regulation that cannot be varied by agreement or notice shall supersede any conflicting term of this Agreement. If any provision of this Agreement is held to be illegal or unenforceable, the validity of the remaining portions of this Agreement shall not be affected.

You submit to the exclusive jurisdiction of any federal or state court located in the county where the office holding your Account is situated for all legal proceedings arising out of this Agreement. You irrevocably waive any objection of inconvenient forum that you may now or later have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **FDIC Insurance** 

**Investment products (including mutual funds) are not bank deposits and are not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other agency of the United States, nor are they obligations of, nor insured or guaranteed by, JPMorgan Chase Bank, N.A. or any of its subsidiaries or affiliates. Investment products (including mutual funds) are subject to investment risks, including the possible loss of the principal amount invested.**

Deposits held at U.S. branch offices are insured by the FDIC for the standard insurance amount of $250,000 per depositor, per insured bank, in the same ownership capacity. Deposits of non-U.S. dollar funds will be held in accounts outside of the United States. Under federal law, deposits that are maintained outside of the United States, including in any JPMCB branch located outside of the United States, are not insured by the FDIC or any other agency of the U.S. Federal Government; are subject to cross-border risks; and enjoy a lesser preference, as compared to deposits held in the United States, in the event JPMCB should be liquidated, become insolvent or be placed into receivership or be subject to other proceedings for the benefit of creditors. Certain of these foreign accounts may be considered reportable to the Internal Revenue Service on a Report of Foreign Bank and Financial Accounts.

If you have opened a deposit or custody account with a U.S. branch office of JPMCB on behalf of the beneficial owner(s) of the funds in the account (for example as a trustee, agent, nominee, guardian, executor, custodian or funds held in some other capacity for the benefit of others), those beneficial owners may be eligible for "pass-through" insurance from the FDIC. This means the account could qualify for more than the standard maximum deposit insurance amount (currently $250,000 per depositor in the same ownership capacity). You as the Accountholder must be able to provide a record of the interests of the beneficial owner(s) in accordance with the FDIC's requirements as specified below. The FDIC has published a guide that describes the process to follow and the information you will need to provide in the event JPMCB fails. That information can be accessed on the FDIC's website at **https://www.fdic.gov/deposit/deposits/brokers/part-370-appendix.html**.

In addition, the FDIC published an Addendum to the guide, section VIII, which is a good resource to understand the FDIC's alternative recordkeeping requirements for pass-through insurance. The Addendum sets forth the expectations of the FDIC for pass-through insurance coverage of any deposit accounts, including those with transactional features. The Addendum will provide information regarding the records you keep on the beneficial owners of the funds, identifying information for those owners, and the format in which to provide the records to the FDIC upon bank failure. You must be able to provide this information in a timely manner in order to receive payment for the insured amount of pass-through deposit insurance coverage as soon as possible. For pass-through insurance coverage of accounts with transactional features, you will have an opportunity to validate the capability to deliver the required information in the appropriate format so that a timely calculation of deposit insurance coverage can be made.

If you maintain the account on behalf of the beneficial owner(s), you agree to cooperate fully with us and the FDIC in connection with determining the insured status of funds in such accounts at any time. In the event of a bank failure, if the account has transactional features, you agree to provide the FDIC with the information described above in the required format within 24 hours of a bank failure. As soon as a receiver is appointed, a hold will be placed on your account and that hold will not be released until the FDIC determines that you have provided the necessary data to enable the FDIC to calculate the deposit insurance. You understand and agree that your failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and may result in legal claims against you from the beneficial owners of the funds in the account. If you do not provide the required data, your account may be held or frozen until the information is received, which will cause a delay when the beneficial owners could receive funds. Notwithstanding other provisions in this Agreement, this section survives after a receiver is appointed for us, and the FDIC is considered a third-party beneficiary of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Waiver of Jury Trial** 

To the extent permitted by law, we and you knowingly, voluntarily and irrevocably waive all right to trial by jury in any action, proceeding or counterclaim, of whatever type or nature, including, but not limited to, actions in contract or tort, arising out of this Agreement or the relationship established by this Agreement.

You acknowledge that this jury waiver is a material inducement to us to enter into this agreement and acknowledge that no representative of ours has represented (expressly or otherwise) that we might not enforce this jury waiver in the event of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Legal Process and Requests for Information** 

"Legal Process" means any document that appears to have the force of law regarding restricting, holding or paying out funds from your Account, including a garnishment, attachment, execution, levy or similar order. You acknowledge and agree that Legal Process served on us may instruct us to take certain actions with respect to your account, which may create potential liability or other risks to us if we fail to take any action directed by the Legal Process.

You agree that it is your responsibility to consult with an attorney and/or to initiate, or participate in, legal proceedings related to the Legal Process if you do not believe that the Legal Process is valid; otherwise dispute any issue related to the Legal Process, and/or seek to claim any additional exemption of funds related to the Legal Process not otherwise applied by us. You further agree that we will have no obligation to initiate any legal proceedings, or seek clarification, of any kind regarding any issue related to Legal Process. If you fail to properly seek or obtain judicial relief related to Legal Process within the deadlines provided for in the Legal Process or by applicable law, you acknowledge and agree that we will continue to comply with the Legal Process, including paying out all funds as directed by the Legal Process. We do not have to determine whether the legal process was validly issued or enforceable; and we will have no liability for any action we take as directed by the Legal Process or otherwise permitted by this Agreement.

If a hold is in effect, we will continue to charge any applicable fees even though the Account cannot be closed. We also may remove your overdraft protection if a hold is placed, but you may ask us to relink your accounts after the hold is removed. As permitted by law, we will deduct from your balance a Legal Processing Fee or costs and expenses we incur in complying with the order, or both.

You will be liable to us for any loss, cost or expense (including attorneys' fees that we incur) resulting from our compliance with any Legal Process or any related litigation.

You agree that we are authorized to comply with any subpoena (including arbitration panel subpoenas), court order or any request for information or documents from a government entity or arbitration panel relating to your account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Use and Exchange of Non-Public Personal Information** 

The J.P. Morgan Privacy Notice governs the use and exchange of non-public personal information about you, including by Morgan Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Appointment as Agent for Card Accounts and Automobile Finance or Lease Accounts ("Auto Account(s)") with Chase Auto: Authorization** 

If Card Accounts have been issued in your name, you appoint us, or our designated Morgan Affiliate, as your agent and authorize us to represent you, in your name and place, with regard to providing instruction to the Morgan Affiliate that issued your Card Accounts. This appointment shall be limited to the provision of instructions regarding the operation and servicing of your Card Accounts. Our signature as well as any and all declarations or other documents executed by us on your behalf with respect to instructions provided to the Morgan Affiliate that issued the Card Accounts, will be fully binding on you, and you will be fully liable for any and all dispositions made by us. This power is coupled with an interest and will survive your disability or incompetence. Our appointment as agent pursuant to this paragraph will not be understood to impose upon us any additional duties not expressly undertaken in this Agreement. The card product agreement that is provided to you in connection with the Card Account (the "Cardmember Agreement") shall govern your use of the Card Account. In the event of a conflict between the General Terms and the Cardmember Agreement with respect to your use of the Card Account, the Cardmember Agreement shall prevail.

If you have Auto Accounts with Chase Auto, you appoint us, or our designated Morgan Affiliate, as your agent and authorize us to represent you, in your name and place, with regard to providing instruction to the Morgan Affiliate that holds your Auto Accounts. This appointment shall be limited to the provision of instructions regarding the operation and servicing of your Auto Accounts. Our signature as well as any and all declarations or other documents executed by us on your behalf with respect to instructions provided to the Morgan Affiliate that holds the Auto Accounts, will be fully binding on you, and you will be fully liable for any and all dispositions made by us. This power is coupled with an interest and will survive your disability or incompetence. Our appointment as agent pursuant to this paragraph will not be understood to impose upon us any additional duties not expressly undertaken in this Agreement. The automobile finance or lease agreements that are provided to you in connection with the Auto Accounts (the "Auto Agreements") shall govern your Auto Accounts. In the event of a conflict between the General Terms and the Auto Agreements with respect to your Auto Accounts, the Auto Agreements shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Offshoring** 

Certain services under this Agreement may be performed by any Morgan Affiliate, including affiliates, branches and units located in any country in which we conduct business or have a service provider. You authorize J.P. Morgan to transfer client information to such affiliates, branches and units at such locations as J.P. Morgan deems appropriate. J.P. Morgan reserves the right to store, access, or view data in locations it deems appropriate for the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Successors and Assigns; Subcontracting** 

This Agreement shall be binding upon and inure to the benefit of each of us and our successors, assigns, heirs, and representatives. You will not assign any of your rights or obligations under this Agreement without our prior written consent. Except where prohibited by applicable law or regulation, each Morgan Affiliate providing accounts and services under this Agreement may assign its rights and obligations under this Agreement, or grant participations in its rights, such as its rights as a creditor, to any other party without notice to you or your consent. You agree that each Morgan Affiliate may arrange for another Morgan Affiliate or other entity to perform on its behalf any act required to be performed by such Morgan Affiliate under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.** **Entire Agreement, Amendment, Waiver, and Construction** 

This Agreement contains the entire agreement between you, us, and all Morgan Affiliates for the Accounts and services described, and supersedes any prior oral or written agreements relating to the Accounts opened and services contracted for. This Agreement continues to apply to your Account and issues related to your Account even after it closes. No prior conduct, past practice, or oral statement by our officers or employees will modify your or our obligations under the Agreement. If there are any conflicts between the General Terms and any product Agreement contained in this document, the product Agreement shall prevail. This Agreement and our fees and charges may be amended, and we may modify any aspect of an Account, at any time, by notifying you. We do not waive any right under this Agreement or under applicable law because we delay in exercising that right. If we exercise any single or partial right, we may exercise or further exercise that right or any other right or remedy at a later time. Our rights are cumulative under this Agreement and do not exclude any rights or remedies provided by law. No ambiguity in any provision of this Agreement shall be construed against us by reason of the fact that we or our legal counsel drafted such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.** **Notice; Communications; Electronic Delivery** 

Unless otherwise provided herein, or separately agreed to by us, all Communications required under or related to this Agreement or our relationship with you shall be personally delivered or sent by first-class mail, postage prepaid or by overnight courier.

If you have provided your consent or agreement to the use of electronic records and signatures, any Communication may instead be delivered at our discretion electronically.

Such Communications may be sent electronically by us to you by (i) transmitting the Communication to the email address or mobile number provided by you or to such other email address or mobile number as you may specify from time to time in writing, or (ii) posting the Communication on a website and sending you a notice at your postal address or email address or mobile number informing you that the Communication has been posted, where it has been posted, and how to view it. Communications sent electronically to you will be effective when the Communication, or a notice advising of its posting to a website, is sent to your postal address, email address or mobile number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.** **Electronic Delivery of Shareholder and Investment Materials** 

Unless otherwise agreed between you and J.P. Morgan, you agree that we may deliver Shareholder and Investment Materials to you electronically. We may deliver the Shareholder and Investment Materials to you using any electronic delivery method for Communications described in the previous section. We may, in our sole discretion, deliver Shareholder and Investment Materials to you in writing in addition to, or instead of, delivering them electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.** **Definitions** 

"Agreement" means these General Terms, the applicable Agreements for Accounts and Services for the products and services you select, all relevant appendices, the Application, any supplemental forms you are asked to complete, and rate and fee schedules, all as the same may be amended or supplemented from time to time.

"Application" mean the application you have signed with respect to the Accounts and this Agreement, any supplemental or additional applications (including those amending or replacing a prior application) for products and services offered by J.P. Morgan. Your Application includes any agreements or applications you signed or submitted to a predecessor of a Morgan Affiliate, and further means any information you have given in writing to us or a predecessor of a Morgan Affiliate related to these products and services. "Authorized Persons" means you and those persons who have been authorized by you to act on your behalf in connection with an Account.

"Business Day" unless otherwise specified in the Agreement means a day on which a relevant Morgan Affiliate is generally open for the conduct of substantially all of its business functions. For any Morgan Affiliate that is an insured depository institution, a Business Day is any day other than Saturday, Sunday, or a legal holiday where the Morgan Affiliate is located.

"Card Accounts" include any business purpose or consumer credit card accounts issued by or on behalf of one or more Morgan Affiliates.

"Collateral" means all of your rights, title, and interest in and to any Deposit Accounts, or in and to any Property maintained in any other Account identified as Collateral on any Application or otherwise, and any proceeds thereof and substitutions and additions thereto.

"Communications" mean each disclosure, notice, agreement, change in terms, undertaking, fee schedule, periodic statement, record, tax statement, prospectus, trade confirmation, Shareholder and Investment Materials, response to claims, transaction history, privacy policy, document or other information required to be provided "in writing," or that we otherwise provide to you, or that you sign or submit or agree to at our request, in connection with your relationship to us.

"Financial Institution Clients" mean entities that are clients of the Bank that, at our sole discretion and using a well-known industry-classification system, we categorize as Financial Institution Clients. Examples of Financial Institution Clients include, but are not limited to, hedge funds, private equity funds and certain special purpose vehicles.

"Item" means any check, draft and other negotiable instrument, including a substitute check, deposited to your Account or cashed, automated clearinghouse ("ACH") entry and all other types of external and book-entry funds transfers.

"JPMCB" means JPMorgan Chase Bank, N.A.

"JPMS" means J.P. Morgan Securities LLC.

"JPM Fund" means a mutual fund or other collective investment fund which a Morgan Affiliate advises or to which it provides other services for which it is separately compensated.

"Morgan" or "Morgan Affiliate" means JPMorgan Chase & Co. or any entity controlled by, controlling, or under common control with JPMorgan Chase & Co. For the purpose of this definition, "control" means ownership of more than 50% of the voting securities of an entity or the ability to elect a majority of the board of directors or other governing body of such entity.

"Morgan Affiliate Fund" means any JPM Fund or any other fund that is an "affiliate" of JPMCB as defined in Regulation W promulgated by the Federal Reserve Board.

"Non-U.S. Client" or "non-U.S. person" means a person, trust, foundation, partnership or entity domiciled in a foreign jurisdiction.

"Obligations" means all obligations of payment or performance, whether joint or several, contingent or otherwise, that you have to a Morgan Affiliate arising under the Agreement or any other agreement relating to products or services offered by or through J.P. Morgan, including, but not limited to, agreements for borrowed money, guarantees, letters of credit, floors, collars, swaps, options, foreign exchange transactions (or any similar transaction or combination of these types of transactions), overdrafts and shortfalls of any kind, no matter how arising, as well as obligations to pay fees, to provide information, to make accurate representations and to provide security.

"Property" means, but is not limited to, Securities and Securities Entitlements of all kinds, money, deposits, bankers' acceptances, commercial paper, contract rights of all kinds, accounts, goods, documents, general intangibles, chattel paper, commodities and commodity interests and the distributions, proceeds, products and accessions of and to the above.

"Securities Depository" means any securities depository, clearing corporation, dematerialized book entry system or similar system for the central handling of Securities.

"Securities Entitlement" means the rights and property interests of an entitlement holder with respect to a financial asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

"Securities Intermediary" means J.P. Morgan, a Subcustodian, a Securities Depository and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

"Security" or "Securities" means any share (including a mutual fund share or unit of a unit investment trust), stock, bond, debenture, note, certificate of indebtedness, warrant, option, or interest, in each case whether represented by a certificate or by a book entry on the records of the issuer or other entity responsible for recording such book entries or by other means by which a claim to an interest is evidenced; any security or property that we hold as Securities Intermediary in your Account; and any Security Entitlement in respect of any of the foregoing.

"Shareholder and Investment Materials" mean shareholder material including proxy materials, prospectuses, corporate actions, and class actions.

"Subcustodian" means any of the subcustodians appointed by J.P. Morgan from time to time to hold Property and act on its behalf in different jurisdictions and includes any Subcustodian Bank Affiliate. In no event will an entity that is a Securities Depository, whether or not acting in that capacity, be deemed to be a Subcustodian. For the avoidance of doubt, the transfer agent of a Security shall not be deemed to be a Subcustodian with respect to that Security.

"Subcustodian Bank Affiliate" means a Subcustodian that is both a subsidiary of JPMorgan Chase & Co. and either (i) a bank chartered or incorporated in the United States of America or (ii) a branch or subsidiary of such a bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.** **Important Information about Conflicts Relating to Flow of Information** 

While different areas within J.P. Morgan have separate reporting lines and conduct their day-to-day business independently of each other, certain selected employees have management responsibilities over more than one area. We have implemented and maintain procedures, processes and controls to reduce the risk of any such employee from exercising inappropriate influence in carrying out their duties. We have information barriers and other policies to regulate and restrict the flow of information between and within different business areas. Strict controls are in place to regulate and restrict the flow of confidential information and nonpublic material information between our private banking and investment banking units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.** **Important Information about Benchmark Reforms; LIBOR** 

Interest rates (such as LIBOR or EURIBOR) and a wide range of other index levels, rates and values are treated as "benchmarks" and are the subject of recent regulatory reform.

There are certain risks associated with loans, derivatives, floating rate securities and other instruments or investments that rely on a benchmark that changes or is affected by benchmark reforms. While benchmark reforms are intended to make benchmarks more robust, the reforms may cause benchmarks to perform differently than in the past, to disappear entirely or have other consequences that cannot be predicted. This could have a material impact on any investments linked to or referencing such a benchmark. Such impact may include (i) reducing or increasing the volatility of the published rate or level of the benchmark, (ii) early redemption or termination of the investment or (iii) adjustments to the terms of the investment. Any of these impacts may be disadvantageous to investors. In particular, reforms may increase costs and risks associated with investments that use an affected benchmark.

The LIBOR rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The U.K. Financial Conduct Authority ("FCA") has publicly announced that certain tenors and currencies of LIBOR will cease to be published or representative of the underlying market and economic reality they are intended to measure on certain future dates; current information about these dates is available at **https://www.jpmorgan.com/disclosures/interbank_offered_rates**. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published, and we recommend that you consult your advisors to stay informed of any such developments. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments in the Account and result in costs incurred in connection with closing out positions and entering into new trades.

**ACCOUNTS AND SERVICES RELATING TO ASSETS HELD BY JPMORGAN CHASE BANK, N.A. AND AFFILIATED BANKS**

**ASSET ALLOCATION ADVISORY SERVICES**

Upon your request, JPMCB or an affiliated bank (a "Bank") will advise you about the allocation and management of your investments and cash under management or held by JPMCB or Morgan Affiliates. The Bank also may, in consultation with you, present to you investment ideas and strategies for assets held or managed by other financial institutions to the extent you disclose such assets in writing to the Bank.

The Bank may advise and assist you in the preparation of an investment plan based upon information provided by you. Such investment plan documents the Bank's understanding of, among other things, your current wealth picture, investment goals, risk profile and strategic asset allocation with J.P. Morgan. To the extent that the Bank exercises discretion and executes investment ideas in your managed account at JPMCB or, at your direction, JPMS executes trades in brokerage accounts, such transactions will be executed pursuant to governing documents and applicable law.

You will review your investment plan from time to time and notify the Bank if you believe any information contained therein is incorrect or does not reflect your investment goals, risk profile, desired asset allocation and/or other considerations addressed therein. Rebalancing decisions and directing the movement of assets between your Accounts are your sole responsibility and neither the Bank nor JPMS will do so except pursuant to your express direction.

From time to time the Bank may recommend changes in your investment plan. No changes in such plan shall be effective unless agreed to in writing by you. Until notified in writing by you, the Bank is entitled to rely upon the most recent investment plan that you have adopted.

Asset allocation services are subject to the General Terms for Accounts and Services and Appendices contained herein (the "General Terms") as well as the Asset Account Agreement. Capitalized terms not otherwise defined in this Agreement have the meanings given to them in the General Terms. To the extent there are any conflicts between the General Terms and this Agreement, this Agreement shall prevail.

**ASSET ACCOUNT AGREEMENT**

The "Asset Account" is a group of accounts and financial services that can be linked together. Account activity and holdings will be reported on an integrated and comprehensive statement. The following accounts and services may be linked:

● An automatic sweep of deposits and uninvested cash balances into a J.P. Morgan Fund that is a money market mutual fund;

● An Account which will hold Securities and other Property ("Custody Account");

● Direct purchase of J.P. Morgan Funds;

● Banking services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. check-writing capability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. an ATM or debit card ("Banking Card") issued by a Morgan Affiliate for use to withdraw funds from an Account or to make
purchases at participating merchants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. electronic banking and funds transfers services, including information about the Asset Account; and

● Optional brokerage execution services offered through JPMS.

Each of these is described in more detail below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Deposits and Uninvested Cash** 

Uninvested cash balances and new cash deposits (collectively, "Cash Deposit") in your Custody Account will be held on your behalf with JPMorgan Chase Bank, N.A., a wholly owned subsidiary of JPMorgan Chase & Co., unless otherwise provided herein. We may, but are not required to, pay interest on the Cash Deposit from time to time at our discretion (or charge a fee if, at the time, the prevailing interest rate in the relevant market for similar deposits in the same currency is negative). This rate is established on the basis of various market factors, including short-term rates, federal funds rates, and competitors' rates. At any time and at our discretion, how the rate is determined on the Cash Deposit may change. This rate may be tiered based on the balances in your Accounts.

The interest rate and annual percentage yield (APY) applicable to the Cash Deposit on the date your Asset Account is opened will be set forth on a "rate sheet" or other interest rate disclosure provided when the Asset Account is opened. The interest rate disclosure is considered part of this agreement.

If designated as interest bearing, interest on Cash Deposit will be compounded monthly, calculated daily using the daily accrual method, and credited to your Account on the first day of the month. The daily accrual method applies the daily periodic rate to the principal balance in the account. Interest will begin to accrue on the first business day that funds are credited to the Account. Interest is computed on a 365-day basis, except in leap years when interest is computed on a 366-day basis. We pay interest only in whole cents. Therefore, at the end of each interest payment period, any fractional amount of interest less than half of one cent will be rounded down and any fractional amount of interest equal to half of one cent or more will be rounded up to the next whole cent, which means that certain low balances will accrue no interest, particularly in a low-interest rate environment. Interest on Cash Deposit will cease accruing on the date you instruct JPMorgan Chase Bank, N.A., or JPMorgan Chase Bank, N.A. notifies you, to close your Asset or Custody Account. See the "Exit Procedure" section of this Agreement for more details.

Cash Deposit held at U.S. branch offices is insured by the Federal Deposit Insurance Corporation ("FDIC") for the standard insurance amount of $250,000 per depositor, per insured bank, for each account ownership category. The $250,000 limit on FDIC insurance generally represents the aggregate coverage available to an individual for all deposit accounts held in a custodial capacity on the individual's behalf at any particular insured financial institution. If the combined balance of your Cash Deposit and any other single ownership categories that you have with the same bank exceeds $250,000, your total FDIC coverage for all single ownership categories with the same bank will be limited to $250,000, but if you have funds in two FDIC-insured Morgan Affiliate banks, those funds will be covered separately up to the applicable limits. Cash Deposit in excess of $250,000 in any single FDIC-insured institution will be uninsured.

This section describes our default approach to the calculation and payment of interest on Cash Deposits for custody, brokerage, and managed accounts other than those accounts held by Financial Institution Clients.

Cash Deposit, as previously defined as uninvested cash balances and new cash deposits, in managed accounts will be held with JPMorgan Chase Bank, N.A. as a deposit, unless you instruct otherwise or as may be required by applicable law or regulations. JPMorgan Chase Bank, N.A. benefits from these Cash Deposits. For example, JPMorgan Chase Bank, N.A. may use the deposits to make loans and other investments. The profitability on such lending activities and investments is generally measured by the difference, or "spread," between the interest rate paid on the deposits and other costs associated with the Cash Deposit, and the interest rate or other income earned by JPMorgan Chase Bank, N.A. on loans and investments made with the deposits. Therefore, JPMorgan Chase Bank, N.A. has a financial incentive in the use of the Cash Deposit for uninvested cash balances.

As an alternative to this default approach, managed account clients and Non-U.S. clients can request to utilize the Money Market Sweep Fund as described and defined in the section immediately below. For Financial Institution Clients, the Money Market Sweep Fund is the default and typically sole approach. We may, at our sole discretion, make the Money Market Sweep Fund available to brokerage and custody accounts subject to certain criteria, including, but not limited to, relationship balance, the frequency of money market fund purchases in the account and market conditions, including prevailing interest rates. Generally, managed accounts, irrespective of whether they utilize the Money Market Sweep Fund, receive a higher rate of interest on Cash Deposits than brokerage and custody accounts. Please contact your J.P. Morgan team to learn more about the Money Market Sweep Fund as well as applicable rates on Cash Deposits and the Money Market Sweep Fund, all of which are subject to change.

**Money Market Sweep Fund**

Managed accounts, as well as certain brokerage and custody accounts as described in the section immediately above, can request to have uninvested cash balances swept into a dividend-paying money market mutual fund (the "Money Market Sweep Fund") offered by a Morgan Affiliate, so long as the selected Money Market Sweep Fund is available to accept such funds for investment. If you have selected banking services and access Cash Deposit held in your Custody Account by check seven or more times within a quarter, then you will no longer be eligible for the Money Market Sweep Fund. Funds that are to be invested in a Money Market Sweep Fund will be held in a single consolidated JPMorgan Chase Bank, N.A. account overnight and invested in the designated Money Market Sweep Fund on the morning of the next business day. In the event of a failure of JPMorgan Chase Bank, N.A. on the day that the balances are swept from the beneficial owner's account to the single consolidated JPMorgan Chase Bank, N.A. account, the balances will be considered deposits by the Federal Deposit Insurance Corporation (FDIC) and will be insured by the FDIC under its applicable insurance rules and limits. However, if JPMorgan Chase Bank, N.A. were to fail on the next business day, when the balances are invested in the Money Market Sweep Fund, the balance will not be considered deposits by the FDIC, and the beneficial owner's swept balances will be treated in one of two ways: (i) if the failed JPMorgan Chase Bank, N.A.'s assets were transferred to an acquiring institution, the swept balances will be available to be returned back into the client's account on the business day following the failure of JPMorgan Chase Bank, N.A.; or (ii) if the failed JPMorgan Chase Bank, N.A. will be dissolved, the client will receive a check or other payment from the FDIC for the value of the client's allotted interest in the Money Market Sweep Fund in accordance with FDIC's normal procedures. We have no duty to supervise any Money Market Sweep Fund and have not provided you with any investment advice or recommendation, nor are we responsible for any act or omission, or the solvency of, any Money Market Sweep Fund. The transfer agent or distributor of the Money Market Sweep Fund has the sole responsibility to provide information to you about it. In certain states, money market mutual funds are marketed through J.P. Morgan Securities LLC. Non-U.S. clients should consult their independent tax, accounting and legal advisors before investing in the Money Market Sweep Fund, including to determine if a particular Money Market Sweep Fund is a U.S. situs asset and potentially subject to U.S. estate taxes.

**You could lose money by investing in a Money Market Sweep Fund. With respect to a Money Market Sweep Fund that qualifies as a "retail" or "government" money market fund under applicable money market fund regulations, although the Money Market Sweep Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. If a Money Market Sweep Fund does not qualify as a "government" money market fund, the Money Market Sweep Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Money Market Sweep Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a Money Market Sweep Fund is not insured or guaranteed by the FDIC or any other government agency. A Money Market Sweep Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

You appoint us, or our designated Morgan Affiliate, as your attorney-in-fact with full power and authority to purchase or redeem shares of the Money Market Sweep Fund or otherwise to effect transactions with your Money Market Sweep Fund as instructed by you, or to discharge any Obligation you owe to us or a Morgan Affiliate, or as required by the prospectus of the applicable Money Market Sweep Fund, or otherwise in accordance with this Agreement. You agree that we shall not be liable for any losses, direct or indirect, resulting from your investment in a Money Market Sweep Fund, including, but not limited to, the Money Market Sweep Fund's variable net asset value, redemption gates or liquidity fees.

We are not obligated to continue to provide money market sweep services during any time that the Money Market Sweep Fund you select is not available to accept collected balances for investment.

If a Money Market Sweep Fund imposes a liquidity fee on the redemption of Money Market Sweep Fund shares, we will execute all scheduled redemption orders of the Money Market Sweep Fund shares, even though the fee will be deducted from the redemption proceeds and will reduce the amount actually received by you, and may cause an overdraft in your Account.

If a Money Market Sweep Fund imposes a redemption gate, you understand that: (i) you may not receive redemption proceeds for a predetermined period of time (up to applicable regulatory limits) in the Money Market Sweep Fund's discretion; (ii) the Net Asset Value ("NAV") of the Money Market Fund shares may fluctuate during the time period that the redemption gate is in effect; and (iii) redemption gates may cause an overdraft in your Account. You agree that when the Money Market Sweep Fund has imposed a redemption gate, we will not execute purchase orders of Money Market Sweep Fund shares and will process redemptions: (i) for a full suspension, when the gate is lifted; and (ii) for a partial suspension, the Money Market Sweep Fund will carry over the redemption order until it is fulfilled.

You acknowledge that a certain Money Market Sweep Fund may calculate its NAV multiple times per business day, as set forth in the Money Market Sweep Fund's prospectus or offering documents. We will submit all purchase and redemption orders to the Money Market Sweep Fund on or before the Money Market Sweep Fund's NAV calculation time of the next business day. You will receive the NAV per share next calculated after the Money Market Sweep Fund (or its designee) receives and accepts the order from us.

You acknowledge that a certain Money Market Sweep Fund may have new trade cutoff times that may be earlier than previously set by the Money Market Sweep Fund, and under certain circumstances such cutoff times may change from time to time.

**Withdrawals from Your Cash Deposit or Sweep Fund**

We may refuse withdrawals from the Cash Deposit or the Money Market Sweep Fund if funds are not available, or if the Account is pledged as collateral in respect of an outstanding Obligation or otherwise, or if we suspect legal violations, fraud, impropriety, or other irregularity, or if we are served with legal process affecting your Account.

On any day, and subject to the limitations described in this Agreement, you can withdraw the total balance of the available balance of the Cash Deposit or Money Market Sweep Fund. In the event that the total balance is zero or less or in any other circumstance when funds cannot be transferred to cover debits or withdrawals that would result in an overdraft, we will have no obligation to honor any withdrawal, debit, or instruction to transfer funds, including payments for purchases of Securities or other Property. In the event that your action creates an overdraft and we agree to pay it, you will pay the entire amount of such overdraft balance immediately. Interest will be charged on such overdraft at a rate computed in accordance with our current rate schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **The Custody Account** 

Custody Accounts are maintained at the Morgan Affiliate determined to be most convenient when an Account is opened. Unless otherwise indicated on the periodic statement for the Custody Account, the Morgan Affiliate with which your Custody Account is held is JPMorgan Chase Bank, N.A.

**General Terms of Custody**

We will record, on our books, your interest in Property that we hold directly or indirectly for your account as your custodial agent. Property may be held through one or more Subcustodians or Securities Depositories we select and may be registered in the name of our nominee, or in the name of the nominee of any Securities Depository or Subcustodian that we use. Your Securities may be held in omnibus accounts and treated as fungible with all other Securities of the same class and denomination pursuant to the provisions of applicable law. We may hold in bearer form such Securities as are customarily held in bearer form or are delivered to us or a Subcustodian in bearer form. Property we hold for your account through a Subcustodian or Securities Depository will be held subject to this Agreement, applicable law and market requirements. For the avoidance of doubt, unless we have provided prior written approval, you may not instruct a third party to register any Security in the name of J.P. Morgan, a Subcustodian, a Securities Depository or any of their respective nominees. You agree that any Security registered in the name of J.P. Morgan, a Subcustodian, a Securities Depository or any of their respective nominees without our authorization shall not be considered to be held in custody under this Agreement.

We will receive distributions of dividends, interest, stock, rights, and other similar payments and distributions with respect to Securities, present for payment maturing Securities and those called for redemption, as well as income and interest coupons and other income items that call for payment upon presentation, sell any fractional interests in Securities resulting from a dividend of Securities, in all cases net of any applicable taxes or other charges withheld by the maker of such payment or distribution, and deposit funds received in your Custody Account.

In the event that, as a result of holding Securities in an omnibus account, you receive fractional interests in Securities arising out of a corporate action or class-action litigation, we will credit you with the amount of cash you would have received, as reasonably determined by us, had the Securities not been held in an omnibus account, and you shall relinquish to us your interest in such fractional interests.

We will execute in your name such certificates as may be required to obtain payment in respect of Securities, exchange interim or temporary documents of title for definitive ones, or obtain new certificates if the par value of any shares is changed.

You will be solely responsible for compliance with any notification or other requirement of any jurisdiction affecting your beneficial ownership of Property, and we will not be liable for your noncompliance with those requirements.

In accordance with the J.P. Morgan Privacy Notice, we are authorized to release your non-public personal information, including, but not limited to, your name, contact information, and share positions, in order to process your transactions, maintain your accounts, and comply with applicable law, including to Securities Intermediaries, Morgan Affiliates and competent regulators and law enforcement authorities.

Unless you have instructed us otherwise in writing, or unless such release is mandatory, we are authorized to release to issuing companies your name, contact information, and share positions, in compliance with applicable laws.

**Appointment as Agent: Authorization**

You appoint us, or our designated Morgan Affiliate, as your agent in connection with our provision of custody services and authorize us to represent you in every respect, in your name and place, with regard to our acting as your custodian pursuant to this Agreement. By way of example, but not by way of limitation, we or the appropriate Subcustodian are authorized to execute endorsements, assignments, or other instruments of conveyance or transfers of Securities or other Property in the Account and to execute any other documents deemed necessary or desirable and proper in connection with our provision of custody services under this Agreement. Our signature or that of the appropriate Subcustodian, as well as any and all declarations or other documents, will be fully binding on you, and you will be fully liable for any and all dispositions made by us. This power is coupled with an interest and will survive your disability or incompetence. Our appointment as agent pursuant to this paragraph will not be understood to impose upon us any additional duties not expressly undertaken in this Agreement.

We, in our sole discretion, are also expressly authorized to employ agents and sub-agents in connection with our provision of custody services under this Agreement and pay reasonable compensation to such agents and sub-agents directly from the Account.

In cases where you hold assets in an account maintained in your name at the Subcustodian (in which case assets held in that account will not be part of the Custody Account unless otherwise agreed with the Subcustodian), you appoint us as your agent to act on your behalf upon your instructions and to take such actions as are deemed necessary to comply with applicable law or market requirements or to exercise any right or remedy available to us under applicable law or otherwise.

**Acting on Instructions; Unclear Instructions**

You authorize us to accept, rely upon and/or act upon any instructions received by you without inquiry. You are solely responsible for the accuracy and completeness of instructions, their proper delivery to us, for updating instructions as may be necessary to ensure their continued accuracy and completeness, and for monitoring their status. We will not be responsible for any liabilities resulting from your failure to perform these responsibilities.

We shall promptly notify an Authorized Person if we determine that an instruction does not contain all information reasonably necessary for us to carry out the instruction. We may decline to act upon an instruction if we do not receive missing information, clarification or confirmation satisfactory to us. We will not be liable for any liabilities arising from any reasonable delay in carrying out any such instruction while we seek any such missing information, clarification or confirmation, or in declining to act upon any instruction for which we do not receive such missing information, clarification, or confirmation satisfactory to us.

**Corporate Events**

Corporate actions include any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to Securities that requires discretionary action by the beneficial owner of the Securities, but does not include rights with respect to class-action litigation or proxy voting. Promptly after receipt from issuers, we will forward to you corporate actions relating to Securities held in your Custody Account. We will act in accordance with your instructions in relation to such corporate actions. If you fail to provide us with timely Instructions with respect to any corporate action, neither J.P. Morgan nor its Subcustodians or their respective nominees will take any action in relation to that corporate action, except as otherwise agreed in writing by you and J.P. Morgan.

In the event of a rights offering by an issuer of Securities, if you do not instruct us how to exercise your rights under such offering by the applicable deadline, then we will take no action, and the rights will expire (such expiration may be subject to further action by the issuer of Securities in certain circumstances). In the event of a partial redemption of Securities, if your Securities are part of a fungible group, then we, the issuer, the Securities Depository, and the Subcustodian each may select, in any nondiscriminatory manner, the Securities to participate in such partial redemption, partial payment, or other action affecting less than all Securities of the relevant class.

With respect to any corporate events not otherwise described above, we may (in the absence of an instruction from an Authorized Person within any prescribed deadline) take any action that we consider appropriate under the circumstances, provided that we will not be obligated to take any action with respect to any corporate event or any legal proceedings involving holders of Securities.

You acknowledge that J.P. Morgan's ability to act on your instructions or directions for corporate events may be precluded or restricted under a variety of circumstances. These circumstances include, but are not limited to: (i) the Securities being on loan or out for registration; (ii) the pendency of conversion or another corporate action; (iii) the Securities being held in a margin or collateral account with J.P. Morgan or another bank or broker, pledged to a counterparty, or otherwise in a manner which affects voting; (iv) local law or market practices, or restrictions by the issuer; and (v) J.P. Morgan being required to take action with respect to all shares held for a particular issue for all of our clients on a uniform basis (i.e., a "yes" or "no" for the total position based on net instructions received from all its clients).

**Class Action Settlements**

Any notices received by J.P. Morgan regarding settled securities class-action litigation that requires action by affected beneficial owners of the underlying Securities will be promptly forwarded to the client if J.P. Morgan, using reasonable care and diligence in the circumstances, identifies that the client was a shareholder and held the relevant Securities in custody with J.P. Morgan at the relevant time. J.P. Morgan will not make filings in the name of the client in respect to such notifications except as otherwise agreed in writing between the client and J.P. Morgan.

**Proxies**

J.P. Morgan shall not be obligated to take any action or render any advice with respect to the voting of proxies related to issues of securities held in your Custody Account(s). Further, there may be instances when you may not be able to exercise voting or other rights of ownership. J.P. Morgan will forward all proxies received by it from issuers, including proxy solicitation material and other related material, including interim reports, annual reports and other issuer mailings to you, and you are responsible for providing J.P. Morgan with any applicable instructions or directions contemplated by such communications.

You acknowledge that J.P. Morgan's ability to act on your instructions or directions with respect to the voting of proxies may be precluded or restricted under a variety of circumstances. These circumstances include, but are not limited to: (i) the Securities being on loan or out for registration; (ii) the pendency of conversion or another corporate action; (iii) the Securities being held in a margin or collateral account with J.P. Morgan or another bank or broker, pledged to a counterparty, or otherwise in a manner which affects voting; (iv) local law or market practices, or restrictions by the issuer; and (v) J.P. Morgan being required to vote all shares held for a particular issue for all of our clients on a uniform basis (i.e., a "yes" or "no" vote for the total position based on net voting instructions received from all its clients).

**Subcustodians and Securities Depositories**

To the extent permitted by applicable law, we will require each Subcustodian to identify that Securities held at such Subcustodian by us on behalf of our clients belong to our clients, by means of differently titled accounts on the books of the Subcustodian or other equivalent measures that achieve the same level of protection. We reserve the right to refuse to accept delivery of Securities or cash in certain countries and jurisdictions.

Unless instructions require another location acceptable to us or as otherwise provided herein, Securities will be held in the country or jurisdiction in which their principal trading market is located, where such Securities may be presented for payment, where such Securities were acquired, or where such Securities are located. We reserve the right to restrict your access to the services we provide in, and the liabilities we incur with respect to, certain markets that are deemed by us to be restricted markets from time to time.

You remain responsible for assessing and managing investment-related exposures arising out of the country risk of investing or holding assets in a particular country or market. Accordingly, we will not be responsible for any liabilities resulting from country risk. Country risk includes, but is not limited to, risks arising from nationalization, expropriation, capital controls, currency restrictions or other governmental actions; the country's financial infrastructure, including prevailing custody, tax and settlement practices; laws applicable to the safekeeping and recovery of assets held in custody; the regulation of the banking and securities industries, including changes in market rules; currency devaluations or fluctuations; and market conditions affecting the orderly execution of securities transactions or the value of assets. If an event resulting from country risk leads to restrictions on, or losses of, cash or cash equivalents held by us or any Subcustodian Bank Affiliate in any market for the purpose of facilitating our custody business, we may, at our sole discretion, apply the impact of those restrictions or losses to the relevant currency held in your Custody Account in a proportional manner as we may reasonably determine.

**Liability for Subcustodians and Securities Depositories**

Any agreement that we enter into with a Subcustodian for holding your assets will provide (i) that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration, or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and (ii) that the beneficial ownership thereof will be freely transferable without the payment of money or value other than for safe custody or administration, unless in each case required otherwise by applicable law in the relevant market. We shall be responsible for all claims for payment of fees for safe custody or administration so that no Subcustodian exercises any claim for such payment against your assets. Where a Subcustodian deposits Securities with a Securities Depository, we will direct the Subcustodian to identify on its records that the Securities deposited by the Subcustodian at such Securities Depository belong to us, as your agent.

We will be liable for direct liabilities incurred by you with respect to your Custody Account that result from the gross negligence, fraud or willful misconduct of a Subcustodian in the provision of custodial services by it according to the standards prevailing in the relevant market, or the insolvency of any Subcustodian Bank Affiliate.

We will use reasonable care in the selection, monitoring and continued appointment of Subcustodians. Subject to our duty in the foregoing sentence and our duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning it customarily reviewed by us in our oversight process, we will not be responsible for any losses (whether direct or indirect) incurred by you that result from the insolvency of any Subcustodian which is not our branch or a Subcustodian Bank Affiliate.

We are not responsible for the selection or monitoring of any Securities Depository and will not be liable for any liabilities arising out of any act or omission by (or the insolvency of) any Securities Depository. In the event you incur any liabilities due to an act or omission, negligence, willful misconduct, fraud or insolvency of a Securities Depository, we will make reasonable efforts, in our discretion, to seek recovery from the Securities Depository, but we will not be obligated to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

**Deposit of Cash**

Any cash in any currency received by or on our behalf for your account will be either (i) deposited in one or more custody accounts held by us in the United States or at one of our non-U.S. branch offices and will constitute a debt owing to you by us as banker, provided that any cash so deposited with a non-U.S. branch office will be payable exclusively by that branch office in the applicable currency, subject to compliance with applicable law, including, without limitation, any applicable currency restrictions, or (ii) deposited in an account maintained in your name at the Subcustodian in the relevant market, in which case the deposit will constitute a debt owing to you by that Subcustodian as your banker and not by us, payable exclusively in the applicable currency at that Subcustodian; for the avoidance of doubt, cash held in that account will not be part of the Custody Account.

**Deposits at the London Branch**

The London Branch of JPMorgan Chase Bank, N.A. is a participant in the UK Financial Services Compensation Scheme (the "FSCS"), and the following terms apply to the extent any of your cash deposits are held at the London Branch. The terms of the FSCS offer protection in connection with deposits to certain types of claimants in the event that they suffer a financial loss as a direct consequence of the London Branch being unable to meet any of its obligations and, subject to the FSCS rules regarding eligible deposits, you may have a right to claim compensation from the FSCS. Subject to the FSCS rules, the maximum compensation payable by the FSCS in relation to eligible deposits is as set out in the relevant information sheet, which is available online as referenced below. For the purposes of establishing such maximum compensation, all your eligible deposits at the London Branch are aggregated and the total is subject to such maximum compensation.

For further information about the compensation provided by the FSCS, refer to the FSCS website at **www.FSCS.org.uk**. Further information is also available online at **http://www.jpmorgan.com/pages/deposit-guarantee-scheme-directive**.

**Settlement of Transactions**

We will act in accordance with instructions with respect to settlement of transactions. Settlement of transactions will be conducted in accordance with prevailing standards of the market in which the transaction occurs. Without limiting the generality of the foregoing, you authorize us to deliver Securities or cash payment in accordance with applicable market practice in advance of receipt or settlement of consideration expected in connection with such delivery or payment, and you acknowledge and agree that such action alone will not of itself constitute negligence, fraud, or willful misconduct from us, and the risk of loss arising from any such action will be borne by you. If your counterparty (or other appropriate party) fails to deliver the expected consideration as agreed, we will notify you of such failure. If your counterparty continues to fail to deliver the expected consideration, we will provide information reasonably requested by you that we have in our possession to allow you to enforce your rights against your counterparty, but neither we nor our Subcustodians will be obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

We will make purchases, sales, and deliveries only in accordance with instructions given by you or an Authorized Person, but we are not obligated to make payments for purchases unless the total balance of your Cash Deposit or Money Market Sweep Fund can cover the payment. If, however, we do make a payment on your behalf which exceeds the total balance, you will reimburse us immediately for the amount of the excess. We are not obligated to exchange or transfer Securities unless sufficient Securities actually are in the Account and available for delivery.

We will post such transaction on the date on which the cash or Securities received as consideration for the transaction is actually received and settled by us. In some securities markets and cash clearing systems, deliveries of Securities and cash may be reversed under certain circumstances. Accordingly, credits of Securities and/or cash to the Account are provisional and subject to reversal if, in accordance with relevant local law and practice, the delivery of the Securities or cash is reversed. We reserve the right to reverse any transactions that are credited to the Accounts due to mispostings, errors and other similar actions.

We may, but shall not be obliged to, make available to you from time to time special settlement services (including continuous linked settlement) for transactions involving Securities, cash, foreign exchange, and other instruments or contracts.

You shall comply, and shall cause your Authorized Persons to comply, with the requirements of any external settlement agency through which such settlements may be processed, including, without limitation, its rules and by-laws, where applicable.

**Foreign Exchange Transactions**

We may, in our discretion, hold non-U.S. dollar currencies in your Account to effect transactions denominated in non-U.S. dollar currencies. We may convert one currency into another at any time and without prior notice at the current market rate for spot foreign exchange transactions or for forward foreign exchange transactions as reasonably determined by us or any Morgan Affiliate in our or its sole discretion. Deposits may be held, and transactions effected through, an account with a Morgan Affiliate or another bank in the country where such currency is the lawful currency or in other countries where such currency may be lawfully held on deposit.

To facilitate your trading and investment activity, we may, but will not be obliged to, enter into spot or forward foreign exchange contracts as principal with you or an Authorized Person, and may also provide foreign exchange contracts and facilities through Morgan Affiliates or Subcustodians. Instructions, including standing instructions, may be issued with respect to such contracts and facilities, but we may establish rules or limitations concerning any foreign exchange contract or facility made available. In all cases where J.P. Morgan or Morgan Affiliates or Subcustodians enter into foreign exchange contracts or facilities with you, J.P. Morgan will not be executing or otherwise placing any foreign exchange transaction as your agent, and such transactions will be governed by the terms and conditions of such foreign exchange contracts or facilities (as the case may be). Such foreign exchange contracts and facilities shall not be deemed as part of the custodial, settlement or associated services under this Agreement. With respect to your foreign exchange contracts or facilities with J.P. Morgan, J.P. Morgan will be acting on a principal basis as your counterparty on such foreign exchange contracts or facilities (as the case may be).

**Standing Broker Transactions**

We are authorized to accept and act on all instructions received from JPMS, its employees and agents to either receive or deliver Property against payment into or from your Custody Account and to take funds from your Cash Deposit or Money Market Sweep Fund to pay for any transaction, service, or other fee on behalf of JPMS. You agree to assume all risks that may result from any action we take in reliance in good faith on instructions from JPMS. You will not send us separate settlement instructions for your Securities transactions.

We are authorized to receive from or deliver to any broker Securities as specified by the broker through the Depository Trust Company ("DTC") Interactive Institutional Delivery System or similar system. We will accept instructions through DTC from any broker and will automatically affirm and settle for your Custody Account each Securities transaction for which your broker provides us information through DTC's Interactive Institutional Delivery System or any other electronic execution, affirmation, confirmation, or delivery system for Securities in common use in the relevant market or markets for any particular instrument that we determine to be appropriate under the circumstances in our sole discretion. In carrying out these transactions, your broker will furnish you with confirmations directly, and your broker will be responsible for the accuracy of the trade and any other transaction details.

**Investing in Non-U.S. Markets**

When you invest in a non-U.S. market, you may receive J.P. Morgan's "Investor Kit" and other market information products for the relevant market (collectively, "Investor Information"). By investing in the market, you confirm that you have read and understand the Investor Information for the relevant market, including information regarding trading and settlement practices, and other nuances or special considerations for the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Direct Purchase of J.P. Morgan Funds** 

Subject to applicable law, you may purchase shares directly in one or more J.P. Morgan Funds. In certain states, however, J.P. Morgan Funds are available only through JPMS.

Your positions in J.P. Morgan Funds will appear on your Asset Account statement, and you will not receive a separate statement from any Fund. All cash proceeds of redemptions of J.P. Morgan Funds will be credited to your Asset Account. Dividends and capital gains distributions from J.P. Morgan Funds will be reinvested unless you otherwise notify us at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Banking Services** 

If you have selected banking services for your Custody Account, Cash Deposit held in the Account can be accessed through use of banking services, including checks, a banking card, electronic banking and funds transfer services. The use of banking services is governed by the Deposit Account Agreement; Appendix: Other Banking Services Relating to Accounts; and Appendix: Asset Account and Deposit Account— Funds Availability Policy Statement. You understand that you must also refer to the Banking Card Agreement you will receive when the Card is delivered to you.

Use of the Banking Card by an Authorized Person, presentment of a check signed by an Authorized Person, and requests for funds transfers will be an instruction to us to redeem shares of your Money Market Sweep Fund. We are also authorized to redeem the shares in your Money Market Sweep Fund to discharge any Obligation you owe to us or any Morgan Affiliate, or as required by the prospectus of the applicable Money Market Sweep Fund. This authorization extends to your Money Market Sweep Fund only, not to other Securities held in the Custody Account.

You may elect to transfer funds into or out of your Money Market Sweep Fund or Cash Deposit in the Custody Account by funds transfers, "Payment Orders" (fund transfers NOT governed by the Electronic Fund Transfer Act) or through electronic funds transfer ("EFT") networks such as the Automated Clearing House ("ACH") System, the Real-Time Payment System ("RTPS") or other similar networks. If you request us to arrange for domestic and/or international fund transfers and related services, you authorize us to accept such funds transfer instructions from you by telephone, tested telex, facsimile transmission, or in writing or other methods upon which we agree, and to receive funds sent to your Account.

**Specific Terms for Notice Deposit**

Upon your request, a specified amount of your U.S. dollar-denominated Cash Deposit may be designated as a notice deposit payable only upon receipt of notice from you ("Notice Deposit"). If selected, the Notice Deposit terms set forth in this section, in any Notice Deposit confirmation, and in the interest rate and annual percentage yield ("APY") disclosure applicable to the Notice Deposit, shall apply during the entire term of the Notice Deposit. In the event of a conflict between the Notice Deposit terms set forth herein and the terms disclosed in any Notice Deposit confirmation, the terms in the Notice Deposit confirmation shall prevail.

The standard minimum deposit amount to establish a U.S. dollar-denominated Notice Deposit is $1,000. There is no minimum balance requirement after the initial deposit in the Notice Deposit. Once established, any new cash deposits or uninvested cash balances (including credited interest) in your Custody Account will not be added to the Notice Deposit unless otherwise instructed by you. You agree that the Notice Deposit shall remain on deposit in your Custody Account until the Maturity Date (defined below). If, on the Withdrawal Date, the Withdrawal Amount requested is more than the total amount of funds available for withdrawal in the Notice Deposit, the Withdrawal Amount will be readjusted to the maximum amount available for withdrawal from the Notice Deposit at that time. Depending on market conditions, we may choose not to offer Notice Deposits.

**Payment and Calculation of Interest.** The interest rate and APY applicable to the Notice Deposit will be set forth on a separate rate sheet or other interest rate disclosure in effect on the date the Notice Deposit is established. The interest rate disclosure is considered a part of these terms. The interest rate and APY applicable to the Notice Deposit (excluding the Withdrawal Amount) may change at any time, at our discretion, without prior notice to you. The interest rate and APY applicable to the Withdrawal Amount from the date of the Withdrawal Notice to up to, but not including, the Withdrawal Date will be fixed at the interest rate and APY in effect on the date of the Withdrawal Notice, as set forth on the interest rate disclosure provided with your periodic account statement. Interest on the Notice Deposit (including the Withdrawal Amount) will be credited monthly to the Custody Account. As of the date of the Withdrawal Notice, interest on the Withdrawal Amount will be credited to the Custody Account on the Withdrawal Date. Interest will be computed on a 365-day basis, using the daily balance method. This method applies a periodic rate each day to the balance in the Notice Deposit. Interest begins to accrue on the business day the funds are credited to the Notice Deposit up to, but not including, the Withdrawal Date.

**Term; Maturity Date.** The maturity date of the Notice Deposit ("Maturity Date") shall be the date that is 35 or 95 days, as applicable, from (but not including) the date the Notice Deposit is established. The Maturity Date shall be automatically extended each day for one additional day until the Notice Deposit is terminated. You may terminate the automatic extension of the Maturity Date in respect of all or part of the Notice Deposit by providing J.P. Morgan with notice ("Withdrawal Notice") of your intention to withdraw all or part of the Notice Deposit ("Withdrawal Amount"). Upon J.P. Morgan's receipt of the Withdrawal Notice, the Maturity Date of the Notice Deposit in respect of the Withdrawal Amount ("Withdrawal Date") shall be fixed at a date 35 or 95 days, as applicable, from (but not including) J.P. Morgan's receipt of the Withdrawal Notice, or the next business day thereafter if the specified date does not fall on a business day.

**Withdrawal Penalty.** Following 35 or 95 days, as applicable, after the establishment of the Notice Deposit, if requested by you and agreed to by J.P. Morgan, any funds withdrawn from the Notice Deposit less than 7 days after the date such funds were designated or added to the Notice Deposit, or less than 7 days after a previous withdrawal from the Notice Deposit, will be subject to an early withdrawal penalty. The early withdrawal penalty will be calculated as 7 days of interest on the amount withdrawn. The amount of your penalty will be deducted from the Notice Deposit.

**Termination.** You may terminate the Notice Deposit designation at any time upon 35 or 95 days' advance notice to J.P. Morgan, as applicable. Once J.P. Morgan receives your notice of termination, no additional funds (including interest) can be added to the Notice Deposit. As of the termination date: (i) the Notice Deposit terms, including the Notice Deposit interest rate and APY, will no longer apply to the respective Cash Deposit, and (ii) if designated as interest bearing, such Cash Deposit will earn interest in accordance with the non-notice Cash Deposit interest rate and APY disclosure provided to you when the Custody Account was opened, as may have been amended from time to time.

**Specific Terms for Time Deposits**

Upon your request, a specified amount of your U.S. dollar-denominated Cash Deposit may be designated as a time deposit. The standard minimum deposit amount to establish a U.S. dollar-denominated time deposit ("TD") is $1,000. The maturity date is the last day of your TD's term. The maximum term available is 365 days. By establishing your TD, you have agreed to keep the designated amount (principal) on deposit for the agreed upon stated term. The TD terms set forth herein, in any TD confirmation and interest rate disclosure, including the Annual Percentage Yield ("APY"), shall apply during the entire term of the TD. In the event of a conflict between the TD terms set forth herein and the terms disclosed in any TD confirmation or renewal notice, the terms in the TD confirmation or renewal notice shall prevail. If your TD is automatically renewable, and has a maturity of longer than one month, the Bank may change any provision of these terms for successive renewal periods (the interest rate and the APY may be modified pursuant to the Maturity Conditions section below) with at least 30 days written notice prior to the maturity date of the existing TD or at least 20 days before the end of the 10-day grace period. The Bank may change these terms at any time for a TD with a maturity of one month or less.

**Grace Period.** The grace period is the 10 days after the maturity date for TDs with a term of 14 days or longer. During the grace period, you can change the term of the TD or close the TD and withdraw the full principal amount without paying an early withdrawal penalty.

**Payment and Calculation of Interest.** Interest on J.P. Morgan TDs will be compounded daily and computed on a 365-day basis using the daily balance method. This method applies a periodic rate each day to the balance in the TD. The APY assumes interest will remain on deposit until maturity. Interest begins to accrue on the business day the principal amount is credited to the TD up to, but not including, the maturity date. If the TD is maturing, and not being automatically renewed, interest on the TD will be credited to the Custody Account on the maturity date, or the next business day thereafter if the maturity date does not fall on a business day. The interest rate and APY applicable to your TD will be set forth on a separate rate sheet, confirmation or other interest rate disclosure provided to you when your Asset Account is opened or when your TD is established. That interest rate disclosure, as may be amended, is considered part of these terms.

**Maturity Conditions.** For automatically renewable TDs, your TD will automatically be re-established for the same time period as the initial term, and thereafter for successive like periods of time, unless (i) you have a different renewal term as part of a TD ladder; (ii) you close your Asset Account; or (iii) we notify you otherwise. Once your TD renews, any reference to the maturity date means the last day of the new term, or the next business day thereafter if the maturity date does not fall on a business day. For the renewal term, your TD will earn interest at the rate then in effect on the renewal date for like TDs. Closures made during the grace period are not subject to early withdrawal penalties described below. For single maturity TDs, your TD will not automatically renew on the maturity date. No interest is earned or paid on the TD on or after the maturity date. As of the maturity date: (i) the TD terms, including the TD interest rate and APY, will no longer apply to the respective Cash Deposit, and (ii) if designated as interest bearing, such Cash Deposit will earn interest in accordance with the non-TD interest rate and APY disclosure provided to you when the Asset Account was opened, as may have been amended from time to time.

**TD Ladders.** We may offer a TD ladder, which is a group of TDs established by you on the same calendar day but with different maturity dates. When each TD matures, its term will automatically renew for the longest term of the original group. For example, in a 12-month TD ladder, you may open four TDs with original terms of 3, 6, 9 and 12 months, respectively. When each TD matures, its new term will be 12 months. The result will be four 12-month TDs with a TD maturing every three months.

**Reinvestment of Interest.** When you establish a TD and elect for automatic renewal, you may additionally elect for interest earned from the TD to be reinvested at the time of maturity. If you elect to reinvest interest, you authorize and instruct the Bank to override any other standing instructions you may have regarding interest and dividend payments in your Asset Account. The reinvested interest will be considered principal of the re-established TD.

**Early Withdrawal Penalties.** There is a penalty for withdrawing principal prior to the maturity date. If the term of the TD is less than 6 months, the early withdrawal penalty is calculated as 90 days of interest on the principal amount withdrawn. If the term of the TD is 6 months or more, the early withdrawal penalty is calculated as 180 days of interest on the principal amount withdrawn. For all early withdrawal penalty calculations, the early withdrawal penalty charged during the term will not exceed the total interest earned less any prior early withdrawal penalty charged. The amount of your penalty will be deducted from principal. If the withdrawal occurs less than 7 days after the TD was established, the amount of the early withdrawal penalty will be calculated as described above, but it cannot be less than 7 days' interest. Partial withdrawals will not be permitted.

We will waive early withdrawal penalties under the circumstances described below, unless the withdrawal occurs less than 7 days after the TD was established or a previous withdrawal was made:

Death of a TD owner or a grantor of a revocable family/living trust;

Disability of a TD owner;

Court determination that a TD owner is incompetent;

Re-titling of the Asset Account that holds the TD to transfer ownership of funds into a living trust without moving funds from the Bank and where no change in term or rate occurs; and

For No-Penalty TDs, which we may make available for designed term(s) and deposit amount(s) set forth on the rate sheet provided when the Asset Account is opened.

**Record Retention.** We shall abide by federal and applicable state record retention laws and may dispose of any records that have been retained or preserved for the period set forth in these laws. Any action by or against us based on, or the determination of which would depend on, the contents of records for which a period of retention or preservation is set forth in these laws shall be brought within the time for which the record must be retained or preserved, unless applicable law provides a shorter limitation period. Any action against us on an automatically renewable TD must be brought within the retention period applicable to that TD based on the stated maturity date in the most recent record evidencing the existence and term of the TD.

**Specific Terms for Non-U.S. Time Deposits**

Upon your request, a specified amount of your non-U.S. dollar-denominated Cash Deposit held in the London Branch of JPMorgan Chase Bank, N.A. may be designated as a time deposit. The standard minimum deposit amount to establish a non-U.S. dollar-denominated time deposit ("non-USD TD") is $250,000 U.S. dollar equivalent. The maturity date is the last day of your non-USD TD's term. The maximum term available is 365 days. By establishing your non-USD TD (including any renewals thereof), you have agreed to keep the designated amount (principal) on deposit for the agreed upon stated term. The non-USD TD terms set forth herein or in any non-USD TD confirmation and interest rate disclosure shall apply during the entire term of the non-USD TD. In the event of a conflict between the non-USD TD terms set forth herein and the terms disclosed in any non-USD TD confirmation, the terms in the non-USD TD confirmation shall prevail.

**Payment and Calculation of Interest.** Interest on non-USD TDs will be computed on a 360- or 365-day basis, depending on the currency, using the daily balance method. This method applies a periodic rate each day to the balance in the non-USD TD. Interest begins to accrue on the business day the principal amount is credited to the non-USD TD up to, but not including, the maturity date. Interest on the non-USD TD will be credited to the Custody Account on the maturity date, or the next business day thereafter if the maturity date falls on a U.S., London or foreign holiday for the relevant currency. The interest rate applicable to your non-USD TD will be set forth on a separate confirmation or other interest rate disclosure provided when your non-USD TD is established. That interest rate disclosure, as may be amended, is considered part of these terms.

**Maturity Conditions.** Your non-U.S. TD will not renew automatically at maturity. We reserve the right to accelerate the maturity of your non-USD TD upon notice. No interest is earned or paid on the non-USD TD on or after the maturity date. As of the maturity date: (i) the non-USD TD terms, including the non-USD TD interest rate, will no longer apply to the respective Cash Deposit, and (ii) if designated as interest bearing, such Cash Deposit will earn interest in accordance with the interest rate and APY disclosure provided to you when the Asset Account was opened, as may have been amended from time to time.

**Early Withdrawal.** J.P. Morgan is not required to permit you to withdraw any part of your time deposit early, or prior to maturity. However, if J.P. Morgan agrees to do so, J.P. Morgan will have the right to deduct losses it may incur in breaking the time deposit, and/or an early withdrawal penalty fee and an administration fee may be assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Conflicts of Interest** 

You hereby authorize J.P. Morgan to act under this Agreement notwithstanding that: (a) J.P. Morgan or any of its divisions, branches or Morgan Affiliates may have a material interest in transactions entered into by you with respect to the Account or that circumstances are such that J.P. Morgan may have a potential conflict of duty or interest, including the fact that J.P. Morgan or Morgan Affiliates may act as a market maker in the Securities to which your instructions relate, provide brokerage services to other clients, act as financial adviser to the issuer of such Securities, act in the same transaction as agent for more than one client, have a material interest in the issuance of the Securities, or earn profits from any of the activities listed herein; and (b) J.P. Morgan or any of its divisions, branches or Morgan Affiliates may be in possession of information tending to show that any client instruction received may not be in the best interests of the client. J.P. Morgan is not under any duty to disclose any such information to the client.

**Assets Not Controlled by J.P. Morgan**

We will not be obliged to (i) hold Property with any person not agreed to by J.P. Morgan, or (ii) register or record Property in the name of any person other than J.P. Morgan, a Subcustodian, or their respective nominee, or (iii) register or record Property in J.P. Morgan's name or its nominee if we conclude that cannot be operationally supported, or (iv) register or record on J.P Morgan's records Property held outside of our control. If, however, you make any such request and we agree to the request, the consequences of doing so will be at your own risk. We shall not be responsible for the control of any such Property, for verifying your initial or ongoing ownership of any such Property or for income collection, proxy voting, class-action litigation or corporate action notification and processing with respect to any such Property.

From time to time, at your request, we may agree to hold in our vault on your behalf documentation relating to Property not held in our control. Notwithstanding anything in this Agreement to the contrary, we shall not be responsible for reviewing this documentation for any purpose, including authenticity, sufficiency or relevance to the Property to which it purports to relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Exit Procedure** 

You will provide us full details of the persons to whom we must deliver your Account assets within a reasonable period before the effective time of termination of this Agreement. If you fail to provide such details in a timely manner, we shall be entitled to continue to be paid fees under this Agreement until such time as we are able to deliver your Account assets to a successor custodian, but we may take such steps as we reasonably determine to be necessary to protect ourselves or effect the closure of the Account following the effective time of termination, including, without limitation, liquidating non-cash assets or ceasing to provide transaction settlement services in the event that we are unwilling to assume any related credit or other risk.

If the Cash Deposit is designated as interest bearing, interest shall cease to accrue as of the date you instruct J.P. Morgan, or J.P Morgan notifies you, to close your Asset or Custody Account or to transfer the Account assets to another custodian, up to and including the date the assets are withdrawn or transferred from the Account.

**AGREEMENTS FOR ACCOUNTS AND SERVICES OFFERED THROUGH J.P. MORGAN SECURITIES LLC AND J.P. MORGAN ENTITIES**

The parties to the agreements set forth below shall consist of the client and J.P. Morgan Securities LLC ("JPMS"), its successor firms, present and future direct or indirect subsidiaries, affiliates and assigns (together with JPMS, "J.P. Morgan entities" or "J.P. Morgan") with which the client transacts securities brokerage business.

JPMS is not a bank and is a separate legal entity from JPMorgan Chase Bank, N.A. ("JPMCB"). The obligations of JPMS are not obligations of JPMCB or any other Morgan Affiliate (unless explicitly stated otherwise), and neither JPMCB nor any other Morgan Affiliate is responsible for securities sold, offered or recommended by JPMS. JPMCB and other Morgan Affiliates may be lenders to issuers of Securities that JPMS underwrites, in which case, proceeds of offerings underwritten by JPMS may be used for the repayment of such loans. The disclosure documents relating to particular Securities will discuss any such lending relationships.

As a condition to J.P. Morgan Securities LLC ("JPMS") acceptance of your orders/ instructions, you represent that you will, and undertake to, comply with and fulfill all of your obligations under applicable laws and regulations (including, in particular, those relating to short sales) and will not breach such applicable laws or regulations. You also agree to provide us promptly with all information necessary for us to perform our obligations under applicable laws and regulations. Specific additional provisions which apply when trading on certain markets will be included on **http://www.jpmorgan.com/pages/disclosures** from time to time.

Brokerage Accounts, as defined below, will be subject to the Brokerage Account Agreement below. Margin Accounts will be subject to the Margin Account Agreement (which incorporates the terms of the Brokerage Account Agreement).

**BROKERAGE ACCOUNT AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Nature of Services** 

(a) JPMS offers both a self-directed ("Self-Directed Investing Account") and a full service ("Full Service Account") model for brokerage products and services. In both Self-Directed Investing Accounts and Full Service Accounts (together, "Brokerage Accounts") a J.P. Morgan entity accepts client orders and executes trades. Differences between the service models are described below. The same or similar products, accounts and services may vary in price or fee charged to a client depending on the service model of the Brokerage Account.

(b) In a Full Service Account, J.P. Morgan may, but is not obligated to, make recommendations about whether to buy, sell or hold securities. Such recommendations are considered part of the brokerage services provided and a separate fee is not charged for this advice. Where J.P. Morgan contacts clients about investment opportunities J.P. Morgan believes may be of interest to a client, these opportunities may include only selective investment opportunities or may be limited to investments issued, managed, advised or otherwise affiliated with J.P. Morgan. J.P. Morgan's recommendation in connection with transactions in a Full Service Account does not imply any guarantee of future performance.

(c) In Self-Directed Investing Accounts, J.P. Morgan will not provide investment advice or investment recommendations or offer any opinion regarding the suitability of any security, order, transaction or strategy. Any transactions executed through a Self-Directed Investing Account will be solely the client's own decision and based on the client's own evaluation of the client's personal financial situation, needs, risk tolerance and investment objective(s). Any suitability information collected by J.P. Morgan, including, but not limited to, information concerning a client's investment objectives, liquidity needs and tolerance for risk, will not be considered by J.P. Morgan or any representative for trading activities in the Self-Directed Investing Account.

(d) In Self-Directed Investing Accounts, the Self-Directed Investing Team accepts orders from clients and may assist clients with administrative functions. Clients with Self-Directed Investing Accounts may buy and sell a variety of products, including, but not limited to, certain market traded equities, including exchange-listed and widely held over-the-counter stocks, certain mutual funds, and certain bonds and certificates of deposit. Clients with Self-Directed Investing Accounts may also sell or redeem certain securities that are not available for purchase through a Self-Directed Investing Account. Products available for purchase and sale are subject to change at any time without notice, and all purchases and sales are subject to J.P. Morgan's procedures with respect to such investments. Self-Directed Investing Accounts are not designed for investors who trade in low-priced securities or enter special orders, including, but not limited to, block and algorithmic trades. Self-Directed Investing Accounts do not offer trade execution during extended trading hours.

(e) All investments executed through a Brokerage Account are made upon the client's sole discretion, risk and responsibility. Neither J.P. Morgan nor its personnel take discretion over Brokerage Accounts, although the client may obtain such services from JPMCB under separate agreements.

(f) Any J.P. Morgan entity that is a party to this Brokerage Account Agreement is acting as a broker-dealer and/or custodian, and, in performing services under this Brokerage Account Agreement, is not acting as an investment adviser under the Investment Advisers Act of 1940 with respect to the client's Brokerage Account(s) under this Agreement. Brokerage activities are regulated under different laws and rules than advisory activities, and generally do not give rise to the fiduciary duties that an investment adviser has to its clients. When acting in a brokerage capacity, J.P. Morgan has a duty to deal fairly with brokerage clients but may face certain conflicts of interest and, as such, J.P. Morgan's interests may differ from those of its clients. In performing services for Self-Directed Investing Accounts under this Brokerage Account Agreement, no J.P. Morgan entity acts as a "fiduciary" as defined in Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended ("Code"). However, when we provide "investment advice" (as defined under those same sections) under this Brokerage Account Agreement for Full Service Accounts which are subject to ERISA or are held under a "plan" as defined in Section 4975(e)(1) of the Code, J.P. Morgan acts as such a fiduciary.

(g) The account covered by this Brokerage Account Agreement is a brokerage account and, unless otherwise agreed in writing, you acknowledge J.P. Morgan will not act as an investment adviser to you. Brokerage services primarily involve assisting you with the purchase and sale of securities based on your instructions, whereas investment advisory services primarily involve offering you advice about securities that you may buy and sell, often in the context of a comprehensive review of your financial situation. When acting in a brokerage capacity, J.P. Morgan is subject to rules requiring the suitability of recommendations made to you, the rules of self-regulatory organizations, such as the FINRA, involving conduct and sales, and for certain clients, we will make investment recommendations that are in your best interest, based on information you have shared with us about you and your investing preferences. For more information on our brokerage services, please refer to the J.P. Morgan Private Bank Guide to Investment Services and Brokerage Products, as applicable.

(h) In providing brokerage services, to the extent permitted by applicable law J.P. Morgan may sell securities to you and buy securities from you through our own account as principal and act as agent for you and another client in the same trade without first obtaining your consent, so long as we disclose this to you on trade confirmations sent to you. J.P. Morgan is not obligated to monitor your account to ensure that your investment objectives are implemented or for any other reason. Unless otherwise agreed in writing, J.P. Morgan does not have any discretionary authority or obligation to review or to make recommendations for the investment of cash or securities in your account.

(i) In providing investment advisory services, J.P. Morgan would have a fiduciary duty to you. We would be required to put your interests ahead of our own and to treat all of our investment advisory clients fairly and equitably. Additionally, J.P. Morgan would be required to disclose all material conflicts between our interests and your interests, and follow rules requiring your consent when effecting trades between your account and another client's account or, in rare instances, engaging in trading where J.P. Morgan, through our own account, would sell a security to, or buy a security from, your account. We would also be obligated to monitor your account to ensure that transactions were effected in accordance with your investment objectives.

(j) Quotes, news, research, ratings and other information provided by J.P. Morgan are obtained from sources it believes to be reliable, but J.P. Morgan cannot guarantee the accuracy, timeliness or completeness of such information for any particular purpose. Such data and information and any research opinions should not be construed as investment advice, or a solicitation by J.P. Morgan for the purchase or sale of any securities, or a representation that any securities are suitable for any client with a Brokerage Account. J.P. Morgan assumes no responsibility for the accuracy and completeness of, or the performance, outcome or tax consequences of, any investment made by the client as a result of receiving information from J.P. Morgan, and J.P. Morgan has no obligation to update the information provided.

(k) J.P. Morgan may provide clients with financial tools and education, including calculators. The tools and calculators may allow clients to model "what-if" scenarios for various financial goals, the results of which are illustrative and are based on the information and assumptions identified. There is no guarantee that the results shown will be achieved, and changes in tax laws, financial markets or a client's financial situation may cause actual results to deviate substantially from those reflected in these tools. In addition, these tools and calculators are provided to clients at no charge and are not part of any fee-based service, even though assets subject to a fee may be included in a tool or calculator. In addition, no tools, education or calculators are intended to provide individual product recommendations or investment strategies.

(l) J.P. Morgan and its employees are not authorized to, and shall not provide, and the client shall not solicit, legal, estate planning, tax or accounting advice or services. The client has consulted or will consult with the client's own technical, legal, regulatory, tax, business, investment, financial and accounting advisors to the extent the client deems necessary in determining the investment and trading strategy appropriate for the client and the appropriateness of each transaction.

(m) J.P. Morgan shall not be obligated to take any action or render any advice with respect to the voting of proxies related to issues of securities held in the client's Brokerage Account(s). Further, there may be instances when the client may not be able to exercise voting or other rights of ownership. The J.P. Morgan entity that acts as custodian for the Brokerage Account will forward all proxies received by it, including proxy solicitation material and other related material, including interim reports, annual reports and other issuer mailings to the client, and the client is responsible for providing J.P. Morgan with any applicable instructions or directions contemplated by such communications.

(n) In addition to retaining the sole responsibility for investment decisions and shareholder actions, the client is responsible for knowing the rights and terms of all securities in the client's Brokerage Account, specifically including valuable rights that may expire unless the client takes action. This includes, but is not limited to, warrants, stock rights, convertible securities, bonds, and securities subject to a tender or exchange offer. J.P. Morgan has no obligation to notify the client of any upcoming expiration or redemption dates, or, except as required by applicable law or regulation, to take any action on the client's behalf without specific instructions from the client.

(o) Unless the client has instructed J.P. Morgan otherwise in writing, or such release is mandatory, J.P. Morgan is authorized to release to issuing companies the client's name, address, and share positions, in compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Satisfaction of Liabilities; Security Interest and Lien** 

(a) The client agrees to satisfy each and every obligation or liability owed to J.P. Morgan (such obligations or liabilities, whether fixed, matured, unmatured, liquidated, unliquidated or contingent, "Obligations") when due, including, without limitation, to pay any debit balance in any Account and any costs described in this Brokerage Account Agreement, and in the event of a sell or redemption order by the client, to deliver the applicable security in good deliverable form no later than the deadline set by J.P. Morgan if the applicable security is not credited to an Account at the time such order is placed or settled.

(b) If required payment or delivery of securities is not made by settlement date, positions may be closed out and charges (including interest) may be taken out of your account.

(c) To secure the payment and performance of Obligations to each J.P. Morgan entity providing products or services to the client pursuant to this Brokerage Account Agreement, the client hereby grants each such J.P. Morgan entity a lien on and a valid and first priority, perfected, continuing security interest in the following: (i) all property, including all investment property, held, carried or controlled by or through any J.P. Morgan entity in which J.P. Morgan presently has or in which the client acquires an interest in the future, including all property in each Account in the client's name, (ii) any and all rights, claims or causes of action the client may now or hereafter have against any J.P. Morgan entity and (iii) all proceeds of or distributions on the foregoing (collectively (i) through (iii) are referred to in this Agreement as "Collateral"). Each item of property, including Investment Property, a Security, a general intangible, contract rights, an Instrument and cash, held in or credited to any Securities Account at a Securities Intermediary shall be treated as a Financial Asset. All undefined terms in the preceding sentence shall have the meanings ascribed to them in the New York Uniform Commercial Code ("NYUCC"), as in effect from time to time.

(d) Any Collateral held by a J.P. Morgan entity is held by such J.P. Morgan entity as agent and bailee for itself and all other J.P. Morgan entities. Each J.P. Morgan entity holding Collateral shall, without the client's further consent, comply with

(i) entitlement orders or instructions from a J.P. Morgan entity with respect to the Collateral, and (ii) if such J.P. Morgan entity holding Collateral is a commodity intermediary, any instructions to such J.P. Morgan entity from another J.P. Morgan entity to apply any value distributed on account of a commodity contract. Additionally, each J.P. Morgan entity holding Collateral has the right, in its sole discretion, (i) to decline to enter into control agreements with third parties and (ii) to decline to comply with (a) any entitlement order or instruction from the client or a third party with respect to the Collateral, and (b) any instruction from the client to apply any value on account of any commodity contract, if a J.P. Morgan entity requests that such order or instruction not be complied with in order to maintain security for the payment and performance of the client's Obligations to it. Further, each J.P. Morgan entity is authorized, at any time and without notice to the client, to transfer Collateral from any Account to any account of an obligor for which J.P. Morgan has provided a guarantee within such J.P. Morgan entity and/or at any other J.P. Morgan entity to collateralize or satisfy any Obligations of such obligor. The client agrees that the actions of a J.P. Morgan entity in declining to comply with orders or instructions as allowed in this Section 2(c) satisfies any duties J.P. Morgan may have under the NYUCC.

(e) The client agrees that the client's execution of this Brokerage Account Agreement shall constitute notice to each J.P. Morgan entity of the security interest the client has granted to each other J.P. Morgan entity herein, and each J.P. Morgan entity holding Collateral is on notice of the security interest granted to each other J.P. Morgan entity.

(f) The reasonable costs and expenses of collection of any such indebtedness or debit balance, including, but not limited to, attorneys' fees and expenses, shall be payable by the client to J.P. Morgan.

(g) In order to secure the payment and performance of any of the client's outstanding Obligations to any J.P. Morgan entity, J.P. Morgan may, to the fullest extent permitted by law, without prior notice to the client use, apply or transfer Collateral as it determines. Unless otherwise agreed in writing, J.P. Morgan may register and hold Collateral in its name or the name of its designee.

(h) The client appoints J.P. Morgan with full power as the client's true and lawful attorney in fact, to the fullest extent permitted by law, for the purpose of perfecting the security interest granted in this Brokerage Account Agreement and taking any action and executing any instrument that J.P. Morgan deems necessary or advisable to accomplish the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Restrictions on Trading** 

In its sole discretion, J.P. Morgan may prohibit or restrict trading in a Brokerage Account. The client shall nevertheless remain liable for all of the client's Obligations to J.P. Morgan under this Brokerage Account Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Representations and Warranties** 

The client hereby represents and warrants to J.P. Morgan that: (i) no other party has an interest or shall have an interest in the Property or Collateral unless J.P. Morgan has consented in writing to the other party's interest; (ii) the client has the right to pledge and assign Collateral to J.P. Morgan; (iii) except as the client may have informed or may from time to time inform J.P. Morgan in writing, the client is not an affiliate (as defined in Rule 144(a)(1) under the Securities Act of 1933) of the issuer of any Security held in a Margin Account; (iv) since the date of the client's most recent audited or unaudited financial statements (if any) there has been no material adverse change in the client's business, financial condition, results of operations or prospects; (v) the client has not taken or failed to take, and shall not take any action or fail to take, any action with respect to an Account(s) that would result in a non-exempt prohibited transaction under ERISA, the Code or any applicable state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code; and (vi) all of the client's other representations made in the Account application and under the General Terms and Brokerage Account Agreement continue to be true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Confirmation Reports and Account Statements** 

The client agrees to review their confirmations reports and periodic statements in a timely manner. Confirmation reports of transactions shall be conclusive if not objected to in writing by the client within five (5) Business Days after such documents have been transmitted to the client by mail or otherwise. Statements of Accounts shall be conclusive if not objected to in writing by the client within thirty (30) Business Days after transmission. In all cases, J.P. Morgan reserves the right to challenge a client's objections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Service Fees; Taxes** 

(a) J.P. Morgan may charge Brokerage Accounts for brokerage commissions, mark-ups, inactivity fees (if applicable) and other fees for the maintenance of Account(s), the execution of transactions, fails, buy-ins, and currency conversions, and for furnishing other services to the client (collectively, "Service Fees"). Service Fees may be implemented or increased from time to time.

(b) The client will be responsible for and pay any applicable value added tax and such other taxes, duties and fees applicable to activities in the client's Account(s). Amounts owed to J.P. Morgan shall not be affected by any taxes duties or other amounts J.P. Morgan may owe to any third party. If the client is required by law to make any deduction or withholding from any payment due to J.P. Morgan, the client shall pay to J.P. Morgan simultaneously with making such payment an additional amount as may be necessary in order for the total amount received by J.P. Morgan after all deductions and withholdings to be equal to the amount which J.P. Morgan would have received had no deduction or withholding been made. Any and all taxes, including any interest and penalties with respect thereto, which may be levied or assessed under present or future laws upon or in respect to the client's Account(s), activities or upon or in respect of income thereof, shall be paid by the client. All Service Fees, charges, expenses, disbursements and taxes as described above may be deducted by J.P. Morgan from the client's Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Payments to J.P. Morgan** 

J.P. Morgan may receive payments or other remuneration from the advisors, distributors or other affiliates of certain of the mutual funds available through J.P. Morgan. Such payments or remuneration are for administrative, technological or other services provided in connection with fund Accounts and generally are calculated based on the amount of assets held in the Accounts. Such payments or other remuneration are in addition to shareholder servicing and distribution fees that J.P. Morgan may receive. Funds whose affiliates do not make payments to J.P. Morgan, including funds that may provide a higher or lower return, may be available to clients. Further, in certain instances, J.P. Morgan may be paid both by clients and certain other third parties who compensate J.P. Morgan based upon what clients purchase and J.P. Morgan's profits and compensation may vary by product and over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Control or Restricted Securities** 

The client hereby agrees, prior to placing an order with J.P. Morgan, to inform J.P. Morgan if the securities are restricted or control securities and subject to: Rule 144, 144A, 145 or 701 of the Securities Act of 1933 ("Securities Act"); an effective registration statement; and/or any contractual limitation. The client understands and agrees that J.P. Morgan may not execute any orders regarding restricted or control securities until J.P. Morgan has conducted its due diligence surrounding the transaction, and may in its sole discretion decline to execute the order until the securities have cleared legal transfer. The client further agrees to provide, without cost to J.P. Morgan, all documentation required by J.P. Morgan to complete the order, including, but not limited to, any required forms, representation letters, opinions of seller's counsel and transfer documentation, and authorizes J.P. Morgan to communicate with the issuer of the restricted or control securities, its attorneys and its transfer agent in connection with the client's transaction. Furthermore, the client acknowledges and agrees that there may be time delays in connection with the due diligence process, the execution of the order and the processing of the transaction, and further acknowledges and agrees that the proceeds of the transactions may not be paid until the securities have been transferred into street name and delivered, free of restrictive legend and stop transfer instruction. J.P. Morgan shall not be liable for any losses, direct or indirect, that may have been caused by such delays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Dividend Reinvestment Program** 

J.P. Morgan provides you with the ability to enroll in a dividend reinvestment program to reinvest any and all dividend, capital gains and return of capital distributions (collectively for purposes of this section, "Distributions") for securities eligible for participation (for purposes of this section, "DRIP"). By participating in DRIP, all Distributions paid on eligible individual securities you have selected will automatically be reinvested into the shares of the same security. The important terms of DRIP include:

● Eligibility. Most equities, open end mutual funds, closed end funds and ETFs are eligible for participation in DRIP. Exclusions will be identified at the time you are enrolled. American Depositary Receipts are not eligible for DRIP.

● Voluntary Participation. Participation in DRIP is voluntary and you may modify or discontinue your participation at any time. You may enroll by specifying eligible securities for participation in DRIP; modify your elections; or unenroll from DRIP by contacting your J.P. Morgan team.

● Trade Execution. With the exception of open end mutual funds, reinvestment will occur through either J.P. Morgan, or, for certain eligible securities, the Depository Trust Company (DTC). For non-margin brokerage accounts, reinvestment made through J.P. Morgan or DTC will occur after the pay date of the Distribution, and in the case of J.P. Morgan be done through a series of transactions. Consequently, you should expect to receive these shares at a date later than the pay date for the Distribution. For margin accounts, reinvestment made through J.P. Morgan will occur on the pay date and reinvestment made through DTC after the pay date. There may be a difference in price depending on whether the DRIP trade is made through J.P. Morgan or DTC. DRIP trades made through DTC will post to your account when the shares are made available to J.P. Morgan by DTC and will be reflected on your statement. Irrespective of whether reinvestment is made through DTC or J.P. Morgan or in a non-margin brokerage or margin account, the number of shares you receive will be based on an average weighted price of the security and you must be enrolled in DRIP prior to the record date for the relevant security for reinvestment to be made in that security. Notwithstanding your enrollment in DRIP, there may be instances where your Distribution is a partially reinvested or not reinvested at all, for example because of low trading value in that particular security or other market conditions. If your Distribution is not fully reinvested, any portion not reinvested will be deposited in your account in cash. DRIP transactions excluding those conducted by DTC or in open ended mutual funds are processed by JPMS on an agency basis.

● No Fees. No commissions or fees are charged for DRIP trades.

● Shares Credited. For reinvestments made through J.P. Morgan or DTC, you should expect to receive the number of whole shares that could be purchased by dividing your Distribution by the average weighted price of the security and the remaining Distribution will be deposited in your account in cash. For open end mutual funds, participation in DRIP may give you interests in fractional shares of securities which will be credited to your account. In that case, you will receive dividend payments proportionate to your partial share holdings.

● Confirmation of Transactions. All DRIP trades will be reflected on monthly account statements. You will not receive separate immediate confirmations for DRIP trades. You may request the details of any DRIP trade by contacting J.P. Morgan. Transactions that are not part of DRIP will continue to receive confirmations contemporaneously with the trade.

● No Recommendation. The inclusion of any security in DRIP is not a recommendation by J.P. Morgan to buy, hold or sell such security. Participation in DRIP does not assure profits on your investments and does not protect against loss in declining markets.

● DRIP Changes. DRIP participants will be notified in advance if there are any material changes to DRIP though no notice will be given if there are changes to the eligibility of a particular security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Short and Long Sales** 

Short sales must be executed in a Margin Account. In placing any sell order for a long Account, the client will designate the order as such and hereby authorizes J.P. Morgan to mark the order as being "long." The designation by the client of a sell order as being for a long Account shall constitute a representation by the client that the client owns the security with respect to which the sell order has been placed, that such security may be sold without restriction in the open market and that, if J.P. Morgan does not have the security in its possession at the time the client places the sell order, the client shall deliver the security by settlement date in good deliverable form, and if the client fails to deliver as such, J.P. Morgan is authorized (but is not required) to borrow, purchase, or otherwise acquire the security in order to make delivery. The client shall be liable to J.P. Morgan for any losses and expenses it may incur or sustain as a result of the client's failure to make delivery on a timely basis and for any loss, expense, premium and other costs incurred in connection with borrowing, purchase or acquisition of the required securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Obligations Upon Termination** 

Upon termination of this Brokerage Account Agreement or the closing of the client's Account(s), the client will be responsible for issuing instructions in writing with regard to the assets held in the Account(s). Unless and until J.P. Morgan receives such instructions, it will be under no obligation to take any action with regard to the Securities and Property in the Accounts. The client agrees to be responsible for any transaction costs associated with the client's instructions, including commissions and related costs.

**THE FOLLOWING SECTION REGARDING ARBITRATION APPLIES ONLY TO BROKERAGE AND MARGIN ACCOUNTS WITH A J.P. MORGAN ENTITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Arbitration; Consent to Jurisdiction; Service of Process** 

**(a) THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT THE PARTIES AGREE AS FOLLOWS:**

● **ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED.** 

● **ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY'S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED.** 

● **THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS.** 

● **THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD, UNLESS, IN AN ELIGIBLE CASE, A JOINT REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE.** 

● **THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY.** 

● **THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT.** 

● **THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT.** 

● **NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PREDISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN COURT A PUTATIVE CLASS ACTION OR WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I)** **THE CLASS CERTIFICATION IS DENIED;** 

**II)** **THE CLASS IS DECERTIFIED; OR**

**III)** **THE CLIENT IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED HEREIN.**

● **BY ENTERING INTO THIS AGREEMENT THE CLIENT AND J.P. MORGAN AGREE THAT CONTROVERSIES ARISING UNDER OR RELATING TO THIS AGREEMENT OR ANY ACTIVITY BETWEEN THE CLIENT AND J.P. MORGAN, ITS PREDECESSORS, AND ANY OF THEIR RESPECTIVE SUCCESSORS, ASSIGNS, AND ANY OF THEIR, DIRECTORS, EMPLOYEES, AND ANY OTHER CONTROL PERSONS AND ANY OF THEIR AGENTS, WHETHER ARISING PRIOR TO, ON OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE DETERMINED BY ARBITRATION AND IN ACCORDANCE WITH THE RULES OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. ("FINRA") BEFORE AN ARBITRATION PANEL APPOINTED BY FINRA IN ACCORDANCE WITH ITS RULES, AND SUCH HEARING OR HEARINGS SHALL BE CONDUCTED IN A LOCALE SELECTED BY FINRA. THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD RENDERED MAY BE ENTERED IN ANY COURT, STATE OR FEDERAL, HAVING JURISDICTION.** 

**(b) Notwithstanding the provisions of subparagraph (a) above, either party may, at any time prior to the initial arbitration hearing pertaining to such dispute or controversy, seek by application to the U.S. District Court for the Southern District of New York or the Supreme Court of the State of New York for the County of New York any such temporary or provisional relief or remedy ("Provisional Remedy") provided for by the laws of the U.S. or the laws of the State of New York as would be available in an action based upon such dispute or controversy in the absence of an agreement to arbitrate. The parties acknowledge and agree that it is their intention to have any such application for a Provisional Remedy decided by the Court to which it is made and that such application shall not be referred to or settled by arbitration. No such application to either said Court for a Provisional Remedy, nor any act or conduct by either party in furtherance of or in opposition to such application, shall constitute a relinquishment or waiver of any right to have the underlying dispute or controversy with respect to which such application is made settled by arbitration in accordance with subparagraph (a) above.**

**(c) With respect to any application for a Provisional Remedy and any application for judgment on an arbitration award, each party irrevocably (i) submits to the jurisdiction of the U.S. District Court for the Southern District of New York or the Supreme Court of the State of New York for the County of New York, (ii) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any claim that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such party, and (iii) consents to service of process by certified mail, return receipt requested, to the address provided for herein.**

**(d) The client hereby agrees to receive service of process in connection with any legal matters or actions or proceedings based upon, arising out of or relating in any way to this Agreement by confirmed, return-receipt requested mail and that delivery shall be presumed if such service is mailed to the address maintained by J.P. Morgan in its records.**

**(e) The client agrees that in any arbitration proceeding with J.P. Morgan, the arbitrators shall be bound by, and obligated to follow, the substantive law of the State of New York and of the United States regardless of where the agreement was executed, except to the extent that such laws would permit the arbitrators to disregard the substantive laws of the State of New York and the United States.**

**(f) The client agrees that the terms of any settlement or any award determined by arbitration shall be confidential and shall not be disclosed by the client, the client's attorneys or the client's representatives under any circumstances unless required by applicable law, judicial proceeding, or self-regulatory organization rule or order.**

**(g) Notwithstanding any other provision of this Agreement to the contrary, with respect to the provision of broker-dealer services, in no event shall the client be obligated to indemnify and hold J.P. Morgan harmless to the extent payment or demand thereof would violate any applicable securities laws or self-regulatory organization rules.**

**(h) This arbitration provision may be waived only with the written agreement of J.P. Morgan.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability** 

If and to the extent any term or provision herein is or should become invalid or unenforceable, then (i) the remaining terms and provisions hereof shall be unimpaired and remain in full force and effect, and (ii) the invalid or unenforceable provision or term shall be replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable term or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Affiliations** 

If the client is a natural person, the client represents that unless the client has notified J.P. Morgan to the contrary, neither the client nor any member of the client's immediate family is: (i) an employee or member of any exchange, (ii) an employee or member of FINRA, (iii) an employee of any corporation or firm engaged in the business of dealing, as broker or principal, in securities, options or futures, or (iv) an employee of any bank, trust company or insurance company. Persons signing on behalf of others should indicate the titles or capacities in which they are signing. If any of the foregoing information changes, the client agrees to notify J.P. Morgan promptly. If the client is required to obtain his or her employer's consent before opening a securities account, the client has obtained such consent.

Further, the client hereby represents that the client does not have an entity affiliate of a Canadian Person as defined in the Ontario Securities Commission's Rule 91-507 who is responsible generally for all or substantially all of the client's liabilities. For the purpose of this rule, such Canadian Person affiliate does not include individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Custody** 

Unless otherwise indicated on the periodic statement for the Account, JPMCB will act as custodian of the Property in all Brokerage Accounts in accordance with the provisions relating to the Custody Account in the Asset Account Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Prohibition Against Trading Ahead of Customer Orders** 

FINRA Rule 5320 generally prohibits member firms that accept and hold orders for equity securities from trading those securities for their own account at a price that would satisfy the underlying orders, unless the member immediately thereafter executes the underlying orders at the same or better price than it traded for its own account. Described below are certain exceptions to the Rule and an explanation of how J.P. Morgan will handle those exceptions. Please note that consistent with regulatory guidance, not-held orders are outside the scope of the Rule.

Large orders (orders of 10,000 or more shares with a total value of $100,000 or more) and orders executed on behalf of institutional accounts are excepted from the requirements of Rule 5320. JPMS will generally work such orders in accordance with customer instructions. While working such orders, JPMS may trade for its own account at prices that would satisfy the customer order. Clients who wish to opt in to the Rule 5320 protections in regards to large orders or orders executed on behalf of institutional accounts should contact their J.P. Morgan team.

In addition, if a firm implements and utilizes an effective system of internal controls, Rule 5320 permits the respective separate units to trade independent of one another for purposes of the Rule. JPMS maintains Rule 5320 internal controls known as information barriers between its trading units. The information barriers are designed to prevent one trading unit from having knowledge of customer orders held by a different trading unit. With these barriers in place, one trading unit may hold a customer order while another trading unit, including the market making trading unit, executes an order for a firm account that would satisfy the customer order.

Clients with questions should contact their J.P. Morgan team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **SEC Rule 13h-1 Large Trader** 

A Large Trader is, among other definitions, a person who directly, or indirectly through the control of another person, exercises investment discretion over one or more accounts which trade equities and/or listed options in an aggregate amount that equals or exceeds 2 million shares or $20 million fair market value during any calendar day; or equals or exceeds 20 million shares or $200 million fair market value over any calendar month. If you or another person exercising investment discretion over your accounts with J.P. Morgan is a Large Trader, you are required to complete an SEC Form 13H application and submit it to the SEC. If you, or another person exercising investment discretion over your accounts with J.P. Morgan, have been assigned a Large Trader ID (LTID) by the SEC or are assigned one in the future, it is your responsibility to provide the appropriate LTID information to J.P. Morgan so that your account information can be updated accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **SEC Regulation NMS Rule 607—Payment for Order Flow** 

JPMS does not receive payment for order flow from market makers for customer orders in equity securities. JPMS receives rebates from and pays fees to some registered securities exchanges for providing or taking liquidity on those exchanges, according to those exchanges' published fee schedules approved by the SEC. Alternative trading systems also charge fees and, in some cases, pay rebates for the provision or removal of liquidity. In addition, JPMS receives marketing fees from options exchanges under marketing fee programs sponsored by some exchanges. Under some circumstances, the amount received by JPMS from a trading center over a period of time may exceed the amount that JPMS is charged by a trading center. These practices are one of many factors that may impact routing decisions and do not alter JPMS's policy to route customer orders in securities to the trading centers where it believes customers will receive the best execution, taking into account, among other factors, price, transaction cost, volatility, reliability, market depth, and speed.

Affiliates of JPMS have ownership interests in some trading centers. Accordingly, JPMS stands to share in any profits that these trading centers earn from the execution of JPMS customer orders on those trading centers. Additional information on the material aspects of JPMS's relationships with the primary trading centers to which JPMS routes, including descriptions of arrangements for payment for order flow and profit-sharing relationships, is available in JPMS's SEC Rule 606 reports at **https://www.jpmorgan.com/disclosures/sec-order-execution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Trading Outside of Normal Market Hours** 

Under CBOE Rule 6.1A(j), NASDAQ Rule 4631 and FINRA Rule 2265, and to the extent available in/for the account, JPMS may not accept an order from a client for execution during extended trading hours (as defined therein) without disclosing the potential risks involved in such extended trading hours ("ETH"), such as:

**(a) Risk of Lower Liquidity.** Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity, it is easier for investors to buy or sell securities, and, as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in ETH as compared to regular trading hours ("RTH"). As a result, orders may only be partially executed, or not at all.

**(b) Risk of Higher Volatility.** Volatility refers to the changes in price that securities undergo when trading. Generally, higher volatility results in greater price swings. There may be greater volatility in ETH than in RTH. As a result, orders may only be partially executed, or not at all, or may receive a price in ETH that would be inferior to the price during RTH.

**(c) Risk of Changing Prices.** Prices of securities traded in ETH may not reflect the prices either at the end of RTH, or upon the opening of the next morning. As a result, a price in ETH may be inferior to a price during RTH.

**(d) Risk of News Announcements.** Normally, issuers make news announcements that may affect the price of their securities after RTH. Similarly, important financial information is frequently announced outside of RTH. In extended-hours trading, these announcements may occur during trading and, if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.

**(e) Risk of Wider Spreads.** The spread is the difference in price between the purchase price and sale price of a security. Lower liquidity and higher volatility in ETH may result in wider than normal spreads for a particular security.

**(f) Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value ("IIV").** For certain Derivative Securities Products, an updated underlying index value or IIV may not be calculated or publicly disseminated in ETH. Since the underlying index value and IIV are not calculated or widely disseminated during the premarket and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals. Additionally, securities underlying the indexes or portfolios will not be regularly trading as they are during RTH, or may not be trading at all. This may cause prices during ETH to not reflect the prices of those securities when they open for trading.

**(g) Risk of Lack of Regular Trading in Securities Underlying Indexes.** Securities underlying the indexes or portfolios will not be regularly trading as they are during RTH, or may not be trading at all. This may cause prices during ETH to not reflect the prices of those securities when they open for trading.

**(h) NASDAQ/FINRA Risk of Unlinked Markets.** Depending on the ETH system or the time of day, the prices displayed on a particular extended-hours system may not reflect the prices in other concurrently operating ETH systems dealing in the same securities. Accordingly, clients may receive an inferior price in one ETH system than they would in another ETH system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **SE Rule 11(d)(3)** 

When handling an order of 500 contracts or more on behalf of a client, JPMS may solicit other parties to execute against the order and may thereafter execute the order using the International Securities Exchange's Solicited Order Mechanism. This functionality provides a single-price execution only, so that the entire order may receive a better price after being exposed to the Exchange's participants, but will not receive partial price improvement. For further details on the operation of this please refer to International Securities Exchange Rule 11, available at **www.ise.com**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Electronic Services and/or Extra Services** 

**(a) Electronic and/or Extra Services; Services Provided Generally:**

1. JPMS may from time to time directly or indirectly make available to you or your agents or provide or arrange access for you or your agents to various electronic systems and services, automated telephone services, and non-broker-dealer services (collectively, **Electronic and/or Extra Services**), including, without limitation: (i) any device, software, network or system used by you for the purpose of entering, facilitating or routing orders or trading (**Trading System**); (ii) any software, system, electronic functionality or service, including, without limitation, interactive devices, Internet capability, functionality, site or service, hardware, device or communications facility (**Electronic Tools**); (iii) any research reports or materials, market data (including any valuations of securities or other investments), news, documents and other information, reports, analytics, calculators, data or content whether provided through Electronic Tools or otherwise (**Content**); (iv) any electronic access to view your holdings, values and transactions along with statements, confirmations, reports or information relating to an Account or activity therein; and/or (v) any products or services not directly related to JPMS's business as a broker-dealer, including, but not limited to, the ability to participate in JPMS's purchasing programs. All or any part of the Electronic and/or Extra Services may be developed, licensed and/or provided by third-party licensors, vendors, subcontractors or other third-party sources (collectively, **Sources**).

2. In addition to the Agreement, Electronic and/or Extra Services will also be subject to the terms of all online agreements and such other agreements (collectively, **Online Agreements**) that govern your or your agents' use of Electronic and/or Extra Services and the rights and responsibilities of JPMS and you with respect to particular Electronic and/or Extra Services. In the event of a conflict between this Agreement and the Online Agreements and such other agreements that govern the use of Electronic and/or Extra Services, this Agreement will control.

3. JPMS and/or the Source(s) may provide you or your agents (each of the foregoing an **Authorized User**) with identifiers and/or security devices or prescribe security procedures relating to use or access to some or all of the Electronic and/or Extra Services, which may include, but may not be limited to, any digital certificate(s), unique identifiers, user name(s) and/or password(s) under separate cover that may be required to access or use the Electronic and/or Extra Services (collectively, **User Code(s)**). You agree that: (i) you will not, nor will you permit any other person to, remove, modify, exchange, disable, penetrate or otherwise defeat any such security procedures; (ii) you shall restrict access to the User Codes and to the Electronic and/or Extra Services to those persons who are duly authorized to have such access on your behalf; (iii) you shall notify JPMS or other applicable Source immediately in writing in the event that (A) the authority of any Authorized User has been or is about to be terminated (in which case you will promptly return to JPMS any security device previously issued to such Authorized User); (B) any such User Code is lost, stolen or the confidentiality of any such User Code issued to any Authorized User has been compromised in any way; or (C) you learn about a possible or actual unauthorized access to and/or use of the Electronic and/or Extra Services; (iv) you are responsible for all acts or omissions that occur under any User Code provided to an Authorized User; and (v) you are responsible for ensuring that all information contained in any request for a User Code is complete and correct.

4. You will be responsible for all orders, instructions and transactions that are identified by any of the Electronic and/or Extra Services as coming from an Authorized User and all consequences thereof, whether entered by an Authorized User or by any other person. Furthermore, you agree that any agreement, consent or assent communicated from such access to the Electronic and/or Extra Services under a User Code issued to one of the Authorized Users will be deemed to be duly signed in writing by you and sufficient to bind you thereto.

5. JPMS may from time to time provide you or your agents with access to Electronic Tools and/or Content. The accuracy, completeness, timeliness or correct sequencing of the Electronic Tools and/or Content, however, cannot be guaranteed by JPMS or any Source. You acknowledge and agree that neither JPMS nor the Sources will be liable for the accuracy, availability or usage of such Electronic Tools and/or Content and that neither JPMS nor the Sources will have any duty to verify, correct, complete or update any Electronic Tools and/or Content.

6. JPMS and its respective control persons, successors and assigns, officers, directors, employees and agents, and the Sources hereby expressly disclaim any and all warranties, guaranties, conditions, covenants and representations relating to any Electronic and/or Extra Service, including, but not limited to, any relating to merchantability, quality, accuracy, fitness for a particular purpose, title, non-infringement, timeliness, currency, absence of viruses or damaging or disabling code, and any warranties or representation (i) that any Electronic and/or Extra Service or access to any portion of it will be uninterrupted or error-free, or (ii) that any defects in such Electronic and/or Extra Services will be correctable or corrected. Notwithstanding anything herein to the contrary, neither JPMS nor the Source will be liable for any loss, cost, claim or damage (including, but not limited to, direct, indirect or consequential damages or lost profits) arising out of or otherwise relating to any Electronic and/or Extra Services or the use or access to or unavailability of any of the same.

7. Notwithstanding any tools or support JPMS provides, you have sole responsibility for, and will ensure, your compliance with any and all applicable law that may apply to: (i) your use of any of the Electronic and/or Extra Services; and (ii) any transaction executed through, or order or instruction communicated using, any of the Electronic and/or Extra Services or otherwise.

8. To the extent that you cannot enter an order through the Electronic Services for any reason, you agree that it is your responsibility to try another method to place your trade including contacting your J.P. Morgan team. JPMS will not be responsible for any damages or losses associated with your failure to try an alternate method to place your trade.

9. You hereby agree not to use any of the Electronic and/or Extra Services to effect transactions: (a) in restricted or control securities (within the meaning of Rule 144 of the Securities Act of 1933 ("Securities Act")); (b) in securities that are subject to Rules 144A, 145 or 701 of the Securities Act, a Securities Act registration statement, or any contractual or internal policy limitation to which you are subject; (c) as an "affiliated purchaser" within the meaning of Rule 10b-18 of the Securities Exchange Act of 1934 ("Exchange Act"); or (d) in circumstances subject to tender-offer or change-of-control regulations (such as, without limitation, section 14(e) of the Exchange Act and Regulation 14E thereunder).

**(b) License, Confidentiality and Use:**

1. You agree that JPMS has granted you and your Authorized Users a nonexclusive, nontransferable license for the term of this Agreement to access and use the Electronic and/or Extra Services as they may be amended from time to time. You agree to keep confidential and not publish, broadcast, retransmit, reproduce, commercially exploit or otherwise re-disseminate the data, information or services provided under this Agreement. You agree that the Electronic and/or Extra Services are JPMS's proprietary property or the proprietary property of third parties including the Sources from whom you have obtained rights to provide access to your customers and that the Content is protected by copyright. You agree not to assign, sublicense or otherwise convey or transfer your rights under this Agreement to another person or entity. You agree not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit, in any manner, any aspect of the Electronic and/or Extra Services provided hereunder, including, without limitation, the Content, without JPMS's or a Source's, as applicable, express written consent. You agree to comply with our reasonable written requests to protect contractual, statutory and common law rights in the Content. You shall be responsible for the confidentiality and use of your password(s), ID(s) and other security data, methods and devices. You understand that you shall be solely responsible for all orders electronically transmitted, or use of any data, information or services obtained, using your passwords and other security data. You agree not to use the Electronic and/or Extra Services except as authorized by this Agreement.

2. You agree that you shall use the Electronic and/or Extra Services for your personal, non-commercial use only. You will use the information that you access through the Electronic and/or Extra Services solely in connection with your Brokerage Account(s) and not on behalf of others. If you are a securities broker-dealer, investment advisor, futures commission merchant, commodities introducing broker or commodity trading advisor, member of a securities exchange or association or futures contract market, or an owner, partner, agent or associated person of any of the foregoing, you will not use the Electronic and/or Extra Services to perform functions for any professional securities or commodities futures trading or business activities for clients or customers except with respect to your Brokerage Account with JPMS. If you are employed by a bank or insurance company or an affiliate of either that performs functions for any securities or commodity futures trading activity, you will not use the Electronic and/or Extra Services to perform functions for any securities or commodities futures trading or business activities except with respect to your Brokerage Account with JPMS.

**(c) Electronic Orders and Information:**

1. You further understand and agree that any orders given by you and any information furnished to you by use of the Electronic and/or Extra Services, in addition to the other terms and conditions of this Brokerage Account Agreement, shall be subject to the following terms and conditions:

2. If an order has been placed through the Electronic and/or Extra Services and you have not received an accurate written confirmation pursuant to this Agreement, you shall immediately notify JPMS. It is your responsibility to check with your J.P. Morgan team, any automated telephone trading system made available, or the order status screen online to determine whether any order placed through the Electronic and/or Extra Services was rejected or otherwise not executed.

3. You understand that, if an order has been placed through the Electronic and/or Extra Services, you will receive the price at which such order executes in the marketplace, which may be different from the price at which the security or option is trading when you entered your order into the Electronic and/or Extra Services. If JPMS believes any particular stock is or may be volatile, we may, but are not obligated to, decline to allow you and other clients to place orders for that stock through the Electronic Services. In addition, if made available, JPMS reserves the right, but is not obligated, to prevent any IPO stock from being traded through the Electronic Services. In either of these situations, you, or your J.P. Morgan team, may be required to contact a JPMS representative to assist you with transactions in these stocks. JPMS is not liable to you for any losses, lost opportunities or increased commissions that may result from you being unable to place orders for these stocks through the Electronic Services.

4. You understand that only unsolicited orders may be entered through the Electronic and/or Extra Services. If you place an order that is based on a recommendation from us or any of our affiliates, you agree to contact your J.P. Morgan team to execute such order.

5. You understand that if you place a request to cancel an order through the Electronic and/or Extra Services, the cancellation of that order is not guaranteed. You understand your order will only be canceled if your request is received in the marketplace and matched up with your original order before the original order executes. Market orders are subject to immediate execution. During market hours, it is rarely possible to cancel market orders.

6. If you have received confirmation of an order that you did not place or any similar conflicting report, you shall immediately notify JPMS.

7. You understand that you may, from time to time, receive late reports from exchanges and market makers reporting the status of transactions. Accordingly, you understand that you will be subject to late reports related to orders that were previously unreported to you or reported to you as being expired, canceled or executed. In addition, any reporting or posting errors, including errors in execution prices will be corrected to reflect what occurred in the marketplace.

8. You shall immediately notify JPMS if there is a discrepancy in your online Account balance or security positions.

9. If you fail to notify JPMS by email or in writing as required above when any of the above conditions occur, or when any of the conditions described in paragraph a.3 of this section occur, JPMS and any of its respective employees, agents, affiliates, subsidiaries or parent, and any Source, cannot or will not have any responsibility or liability to you or to any other person whose claim may arise through you for any claims with respect to the handling, mishandling or loss of any order; this is in addition to any other limitation of liability contained in the Agreement. You understand that JPMS shall not be deemed to have received any order electronically transmitted by you or any Authorized User until you have received an acknowledgment that the order has been received for your Brokerage Account(s). You accept full responsibility for the monitoring of our Brokerage Account(s) and for any of your instructions, including any error therein.

10. You agree that, in the event that you cannot place an order through the Electronic and/or Extra Services for any reason, you will reasonably try to place the order through your J.P. Morgan team.

11. Any liability, if any, arising out of any action or omission by JPMS to provide Electronic and/or Extra Services to you hereunder shall be limited to an amount equal to the benefit that would have resulted from the transaction during the five (5) business days in which you should have acted.

12. Termination of this Brokerage Agreement shall be deemed a cancellation of all your outstanding orders, if any, submitted before the effective date of such termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Additional Indemnity for Electronic and/or Extra Services:** 

You agree to indemnify and hold JPMS and the Sources, as applicable, harmless from and against any and all claims, losses, liability, costs and expenses (including, but not limited, to attorney fees) arising from your violation of the portions of this Agreement relating to Electronic and/or Extra Services or from your violation of any third party's rights, including, but not limited to, copyright, proprietary and privacy rights. In addition, if you allow third parties to access the Electronic and/or Extra Services (including your Account(s)), you will defend and indemnify JPMS against any liability, costs or damages (including attorney fees) arising out of claims or suits by such third parties based upon or relating to such access and use. This indemnification and hold-harmless obligation will survive the termination of this Brokerage Agreement.

**(e) Termination of Electronic and/or Extra Services:**

You agree that JPMS and/or the Sources may modify or change the terms of such services and any fees charged and/ or discontinue any of the Electronic and/or Extra Services, in whole or in part, at any time and from time to time. You agree that JPMS may immediately terminate your Account(s) or your access to the Electronic and/or Extra Services (i) if you breach this Agreement; (ii) if you make, or allow any third party to make, any unauthorized use of the Electronic and/or Extra Services; or (iii) if you have jeopardized the proper and efficient operation of the Electronic and/or Extra Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Applicable Laws, Rules and Regulations** 

All transactions shall be subject to the applicable laws, rules and regulations of all federal, state and self-regulatory authorities, including, but not limited to, the rules and regulations of the Board of Governors of the Federal Reserve System; U.S. Securities and Exchange Commission no-action letters; and the constitution, rules and customs of the exchange or market (and clearing house) where such transactions are executed, including, where appropriate, securities laws in other jurisdictions where transactions for your Account may be carried out (collectively, Applicable Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Data Sources** 

J.P. Morgan's confirmation reports and communications in connection with the client's transactions contain (i) information from multiple direct, indirect, affiliated, unaffiliated, public and/or proprietary data sources (including, but not limited to, identifying information, market data, calculated data, reference data, valuations, ratings, coupon and dividend rates and other fundamental data), and (ii) information which is calculated based upon such information (including, but not limited to, market values, estimated yield and estimated annual income). Although J.P. Morgan believes these sources are reputable, it does not independently review or verify such information and neither J.P. Morgan nor any such source have a duty or obligation to verify, correct, complete or update any such information. Such information is being provided to the client for client's use entirely at client's own risk.

**MARGIN DISCLOSURE STATEMENT**

This Margin Agreement provides some basic facts about purchasing Securities on margin and will alert the client to certain risks involved with trading Securities in a Margin Account. Before trading Securities in a Margin Account, the client will fully review all terms and conditions of this Margin Agreement and the client will consult J.P. Morgan regarding any questions or concerns the client has about the Margin Account.

When the client purchases Securities, the client may pay for Securities in full unless the client borrows part of the purchase price from J.P. Morgan through a Margin Account. The Securities purchased are J.P. Morgan's Collateral for the loan extended to the client. If the Securities in the Account decline in value, so does the value of the Collateral supporting the loan and, as a result, J.P. Morgan can take action, including issuing a margin call and/or selling Securities or other assets in any of the client's Accounts, in order to maintain the required ratio of debt to equity in the Account.

The client fully understands the risks of trading Securities on margin, which are heightened over purchasing them in full with the client's own existing funds. These risks include, but are not limited to, the following:

● **The client can lose more funds than the client deposits in the Margin Account.** A decline in the value of Securities that are purchased on margin may require that the client provide additional funds to avoid the forced sale of those Securities or other Securities or assets in the client's Accounts.

● **J.P. Morgan can force the sale of Securities or other assets in the client's Accounts.** If the equity in an Account falls below the margin requirements or J.P. Morgan's higher "house" requirements, J.P. Morgan can sell the Securities or other assets in the Accounts to cover the margin deficiency. The client will also be responsible for any shortfall in the Account after such a sale.

● **J.P. Morgan is not required to contact the client for a margin call to be valid, and J.P. Morgan may liquidate Securities or other assets in Accounts to meet the margin call without contacting the client first or obtaining the client's permission.** J.P. Morgan may take all necessary steps to protect its financial interests, including immediately liquidating Securities or other assets without prior notice to the client and without the client's consent.

● **Because the Securities are collateral for the margin loan, the client is not entitled to choose which Securities or other assets in the Accounts will be liquidated or sold to meet a margin call.** J.P. Morgan has the sole right to decide which Securities and assets to sell in order to protect its interests.

● **J.P. Morgan can increase its "house" maintenance margin requirements at any time and is not required to provide to the client advance notice, in writing or otherwise.** These changes in J.P. Morgan's policy often take effect immediately and may result in the issuance of a maintenance margin call. The client's failure to satisfy the call may result in the liquidation or sale of Securities in the client's Accounts.

● **The client is not entitled to an extension of time on a margin call.** While an extension of time to meet margin requirements may be available to clients under certain circumstances and at J.P. Morgan's sole discretion, a client does not have the right to an extension.

**MARGIN ACCOUNT AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Margin and Other Collateral Requirements** 

The client agrees (i) to deposit and maintain such margin in the client's margin Account(s) as J.P. Morgan may in its sole discretion require; (ii) to pay on demand any debit balance owing with respect to any of the client's margin Account(s); (iii) that margin calls may be communicated orally, without subsequent written confirmation; (iv) to deposit promptly and maintain such other Collateral with J.P. Morgan as is required by applicable law or regulation or by J.P. Morgan under this Agreement or any other agreement; and (v) that no demands, calls, tenders or notices that J.P. Morgan may have made or given in the past shall obligate J.P. Morgan to make or give the same in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Breach, Bankruptcy or Default; Remedies** 

(a) Each J.P. Morgan entity may elect to consider the client in default of any or all agreements the client may then have with it if: (i) the client does not pay any liability or perform any Obligation to any J.P. Morgan entity by the time the client is obligated to do so; (ii) the client otherwise breaches, repudiates or defaults under this Agreement or any other agreement the client may have with any J.P. Morgan entity; (iii) the client commences a proceeding in bankruptcy or insolvency or one is commenced against the client; (iv) any guarantor, co-signer or other party (a "Responsible Party") liable for or providing security for the client's Obligations to any J.P. Morgan entity defaults in its obligation to J.P. Morgan or commences a proceeding in bankruptcy or insolvency or one is commenced against it; (v) an attachment is made against the client or a Responsible Party's Account(s) with any J.P. Morgan entity; (vi) a receiver is appointed with respect to the client, any of assets of the client or the assets of a Responsible Party; (vii) if the client is a natural person, the client dies or becomes incompetent, and if the client is an entity, the client merges, liquidates or dissolves; or (viii) an event, circumstance or condition occurs that, in J.P. Morgan's judgment, materially impairs the client's creditworthiness, ability to timely perform Obligations to J.P. Morgan or otherwise causes J.P. Morgan to view itself as insecure. The occurrence of any of the foregoing is referred to as an "Event of Default."

(b) Upon the election by J.P. Morgan to consider the client in default, each J.P. Morgan entity shall have all of the rights and remedies of a secured party upon default under the NYUCC and other applicable laws and may, without notice to the client among other things, (i) in whole or in part, accelerate, cancel, terminate, liquidate or otherwise close out this Agreement in accordance with the terms of this Agreement and (ii) foreclose, collect, sell or otherwise liquidate any Collateral a J.P. Morgan entity selects in its sole discretion, in any order and at any time, and apply, in a manner determined by J.P. Morgan in its sole discretion, the proceeds to satisfy any of the client's Obligations to any J.P. Morgan entity and (iii) buy any property that may have been sold short and (iv) retain any Collateral and (v) set-off, net, and/or recoup a J.P. Morgan entity's obligation to the client against any of the client's Obligations to any J.P. Morgan entity, and the client's Obligations to a J.P. Morgan entity shall be deemed performed and discharged to the extent any J.P. Morgan entity has effected a valid and unavoidable set-off, netting or recoupment, and the client expressly waives any requirement of mutuality to allow one J.P. Morgan entity to set-off, net or recoup any Obligation owed by the client to a J.P. Morgan entity against any obligation of a different J.P. Morgan entity to the client and (vi) calculate any obligation due to the client by first deducting any Obligation that the client owes to any J.P. Morgan entity before determining the final amount of any such obligation and (vii) in each J.P. Morgan entity's discretion, convert at the client's expense any Obligation from one currency into another currency at such rates as J.P. Morgan shall determine and (viii) take any other action permitted by law or in equity to protect, preserve or enforce J.P. Morgan's rights or to reduce any risk to J.P. Morgan of loss or delay, including entering into hedging transactions for the client's Account(s) and risk.

(c) At any sale of Collateral or other sale or purchase permitted hereunder or otherwise, J.P. Morgan may sell or purchase to or from itself or third parties, and the client hereby acknowledges and agrees that the securities subject to such sale or purchase are instruments traded in a recognized market. The client will pay each J.P. Morgan entity for any losses and costs incurred by J.P. Morgan as a result of any default by the client. The client waives marshalling of assets and any similar doctrine dealing with the application of Collateral. J.P. Morgan's rights and remedies hereunder are cumulative and are in addition to any other rights and remedies available at law or in equity. Purchases or sales may be public or private, and may be made without notice and in such manner as J.P. Morgan may in its discretion determine. You shall remain liable for any balance due and any loss incurred by J.P. Morgan in acting pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Short Sales** 

The client will designate any short sales as such and hereby authorizes J.P. Morgan to mark the order as being "short" or "short exempt." Short sales are margin transactions and must be conducted in a Margin Account. Short sale transactions are subject to certain regulatory rules and cannot be executed under certain market conditions. J.P. Morgan does not guarantee that it will be able to locate Securities to facilitate a short sale. J.P. Morgan may, in its discretion and without notice to the client, "buy in" Securities to cover any short security position in the client's Margin Account. If the client is unable to cover a short security position (either through delivery of the Security or through J.P. Morgan "buying in" the Security) in enough time for J.P. Morgan to deliver the Security to its lender (to whom J.P. Morgan is obligated), the client agrees to reimburse J.P. Morgan for the losses J.P. Morgan sustains as a result of the client's failure to cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Charges for Short Sales** 

With respect to any short sale transactions, the client's Account(s) may be charged fees that are based on a fluctuating rate applied to the market value of the securities sold short. These fees, which are in addition to interest charged on any debit balances in the client's Account(s) created in connection with the client's short positions, are based on a fluctuating rate applied daily to the market value of the securities. These fees are based on: (i) the costs and expenses incurred by J.P. Morgan to settle and maintain those transactions, and (ii) service fees in connection with the establishment and/or maintenance of short positions. The rates upon which these fees are imposed and calculated may be disclosed at the time a short position is established, but J.P. Morgan may impose fees with respect to short sale transactions at any time. Such rates are not guaranteed or otherwise fixed for any period of time and are subject to change without notice. They may vary depending upon market conditions, including the then-prevailing difficulty in the market of borrowing the particular security. For example, increased short selling of a security in the market and a resulting increase in demand to borrow that security may increase the cost and expense to J.P. Morgan in establishing and/or maintaining a short position in that security for the client's Account(s). Accordingly, the cost of borrowing any particular security may change rapidly and materially and such change is not predictable. The client agrees to pay all fees charged in connection with short sale transactions at the rates established by J.P. Morgan.

**THE FOLLOWING SECTIONS REGARDING THE LOAN, PLEDGE OR USE OF SECURITIES AND FREE CREDIT BALANCES APPLY ONLY TO MARGIN ACCOUNTS WITH A J.P. MORGAN ENTITY AND NOT TO ANY OTHER ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Consent to Loan, Pledge or Use Securities in Margin Accounts** 

(a) To the greatest extent permitted under Applicable Laws, the client hereby authorizes J.P. Morgan to lend either to itself or to others and to otherwise use, sell or pledge any securities held by J.P. Morgan in any of the client's Margin Account(s), to convey therewith all attendant rights of ownership (including voting rights) and to use all such property as Collateral for J.P. Morgan's general loans and/or other obligations or with respect to repurchase transactions. Any such property, together with all attendant rights of ownership, may be pledged, repledged, sold, hypothecated, rehypothecated, become subject to a repurchase transaction either separately or in common with other property for any amounts due to J.P. Morgan thereon, and for a greater sum than, and for periods longer than, any Obligation that the client owes to J.P. Morgan, and J.P. Morgan shall have no obligation to retain a like amount of similar property in its possession and control. The client hereby acknowledges that, as a result of such activities, (i) J.P. Morgan may receive and retain certain benefits to which the client will not be entitled and (ii) the securities in a margin Account(s) may be used as Collateral by J.P. Morgan for loans made to it in excess of the client's indebtedness to J.P. Morgan.

(b) In certain circumstances, such loans or other use may limit, in whole or in part, the client's ability to receive dividends directly from the issuing company and/or the client's right to exercise voting and other attendant rights of ownership with respect to the loaned, sold or pledged securities. Such circumstances include, but are not limited to, loans of securities that the client owns in margin Account(s) that continue over record dates for voting purposes and ex-dividend dates for dividend distributions. Record dates and ex-dividend dates are declared by the issuing company. In many instances, the record date and the ex-dividend date will be the same. If J.P. Morgan does not receive dividends directly from the company, the client may receive payments-in-lieu of dividends which may cause the client to lose the benefit of the preferential tax treatment accorded to dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Free Credit Balances** 

Free credit balances are carried in clients' Margin Accounts(s) pending, and with a view towards, investment in securities. The client hereby authorizes J.P. Morgan to use any free credit balance in any of the client's Margin Account(s) in accordance with all applicable laws. You should not expect J.P. Morgan to pay any interest on free credit balances in your Margin Account(s). J.P. Morgan may, in its sole discretion, pay interest on such free credit balances at such rate or rates and under such conditions or arrangements as J.P. Morgan establishes from time to time by J.P. Morgan for such Margin Account(s) and for the amounts of cash so used. J.P. Morgan may determine not to pay interest on free credit balances (i) representing either uncollected funds (i.e., any deposited non-cash items (e.g., checks) for which J.P. Morgan has not yet received credit) or funds that are deposited and subsequently withdrawn prior to the expiration of the minimum time period required by J.P. Morgan, or (ii) where prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Custody** 

A J.P. Morgan entity will act as custodian of all Collateral and/or Property held pursuant to this Margin Account Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **General Terms; Definitions** 

This Agreement is subject to the General Terms for Accounts and Services (the "General Terms") and to the terms and conditions, including, without limitation, those pertaining to arbitration, contained in the Brokerage Account Agreement (other than terms pertaining to custody). References to the Brokerage Account shall be deemed to be references to the Margin Account and references to the Brokerage Account Agreement shall be deemed to be references to this Agreement.

Capitalized terms not defined in this Agreement have the meanings given to them in the General Terms and the Brokerage Account Agreement. To the extent there are any conflicts between the General Terms and the terms of this Agreement or between the Brokerage Account Agreement and this Agreement, this Agreement will prevail.

**DISCLOSURE TO CLIENTS IN COMPLIANCE WITH FINRA RULE 4370 REGARDING CONTINUITY AND CONTINGENCY PLANS AND EMERGENCY CONTACT INFORMATION FOR J.P. MORGAN**

J.P. Morgan adheres to a Resiliency Risk Management ("RRM") Program which is an integral part of JPMorgan Chase & Co. normal business operations, and as such, is part of business planning and a critical responsibility of management. The RRM Program establishes and assesses the criticality of business processes, in addition to documenting strategies, gathering recovery information, identifying resources, and developing and maintaining a plan for action to recover business processes in a timely manner following a disruption, and to meet local and country regulatory requirements. The Resiliency Plans (contingency plans) are designed to respond to a worst-case scenario. This means the loss of a single location or an entire zone. Also, pursuant to the Resiliency Risk Management Policy, J.P. Morgan establishes minimum requirements for supporting and sustaining business resiliency services at levels commensurate with the associated business impact.

**The following business continuity control practices are in place:**

A recovery plan designed to restore the J.P. Morgan environment, which includes alternative work spaces and back-up computer systems. The recovery plan is subject to periodic review, examination and/or testing by internal and independent auditors. The recovery test utilizes, in part, off-site copies of data, applications, and system software and synchronous or asynchronous systems. A regular review of resource needs is performed to update processing and storage requirements.

J.P. Morgan's risk mitigation strategies are commensurate with our obligations to our clients, markets and regulators. J.P. Morgan will endeavor to sustain business on behalf of its clients on that same business day or, where applicable, on a best efforts basis, during any and all contingency events, recognizing that service may be impacted for longer periods depending upon the seriousness of the event. In addition, in that J.P. Morgan is dependent upon various infrastructures (e.g., transportation, telecommunications, exchanges, industry utilities, etc.) J.P. Morgan's ability to implement its plans may be impacted by issues with these infrastructures.

The recovery and business continuity plans of J.P. Morgan are subject to modification without notice. Updates will be posted to the Morgan Online website and customers may request this information by contacting their J.P. Morgan team.

**RISKS OF CERTAIN INVESTMENTS**

The types of investments below involve special risks that should be evaluated carefully before a decision is made to invest through a brokerage account at JPMS LLC or to include certain investments in guidelines for a managed account at JPMCB or one of its banking affiliates. Not all of the risks and other significant aspects of these investments are discussed here. Clients are advised to consult with their own legal, tax, financial and accounting advisors to the extent deemed necessary and are expected to rely upon their own evaluation of information they receive when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Over-the-Counter Derivatives** 

Most Over-the-Counter ("OTC") Derivatives are contracts that take one of four basic forms, although the forms can be overlapping and one transaction can involve elements of all four forms. These basic forms are (1) swaps, (2) options, (3) forwards and (4) hybrid instruments (which are debt obligations or other securities with embedded swaps, options or forwards). OTC Derivatives may be structured to be settled in a variety of ways, including in cash or by physical delivery of property against cash. No matter what form is involved, a common feature of OTC Derivatives is that the obligations of one or both of the parties are based on the value or market price of one or more underlying financial or commodity markets, to which the transaction is linked. A Client should not enter into an OTC Derivative unless the Client understands, at a minimum:

● The fundamentals of the market underlying such OTC Derivative;

● The legal terms and conditions of the documentation for such OTC Derivative;

● The extent of the economic risk to which the Client is exposed as a result of such OTC Derivative;

● The tax treatment of such OTC Derivative; and

● The regulatory treatment of such OTC Derivative.

The Client must determine that such investment and its risk are suitable in the light of the Client's financial circumstances and objectives.

The following points should be considered in deciding whether to enter into a particular OTC Derivative:

● Market Risk. To the extent the obligations or rights in respect of an OTC Derivative are linked to prices or values in a particular market, the Client will be exposed to a risk of loss as a result of price or value movements in that market.

● Credit Risk. JPMorgan Chase Bank, N.A. or one of its affiliates (a "Morgan Affiliate," and together with JPMorgan Chase Bank, N.A., "JPMCB") will generally be the counterparty in an OTC Derivative arranged by any Morgan Affiliate, including J.P. Morgan Securities LLC ("JPMS"). The Client therefore will be dependent upon the financial capacity of JPMCB to meet its obligations under each OTC Derivative contract prior to settlement, and may be unsecured with respect to those obligations of JPMCB (as opposed to being a creditor of a central clearing corporation as may generally be the case with exchange-traded futures and options). An OTC Derivative with JPMCB as counterparty will not represent a deposit or savings account, and the Client's claim against JPMCB will not be insured by the FDIC or any other government entity.

● Non-Transferability and Non-Marketability. OTC Derivatives will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state or other country unless otherwise specified in writing. OTC Derivatives will ordinarily be sold and offered in a transaction that is intended to be exempt from registration under the Securities Act by virtue of Section 4(2) of the Securities Act and/or Regulation D thereunder. There will be no public market for OTC Derivatives. In this regard, the Client will be required to represent that OTC Derivatives, or any securities underlying the OTC Derivatives, are being acquired for investment purposes only and not with a view to resale or distribution. OTC Derivatives generally cannot be assigned or transferred by a party without the prior written consent of the other party. JPMCB may, but is not obligated to, consent to the early termination of an OTC Derivative prior to its scheduled maturity at a negotiated price. It therefore may be impossible for the Client to liquidate a position in an OTC Derivative prior to maturity. Because OTC Derivatives are not standardized, engaging in another OTC Derivative transaction to offset an OTC Derivative the Client has entered into with JPMCB will not automatically close out those positions (as may be true in the case of exchange-traded futures and options) and will not necessarily function as an effective hedge. The Client will continue to be obligated with respect to an OTC Derivative until it matures or is otherwise terminated.

● Trade Execution & Price Transparency. JPMCB will be your only counterparty in an OTC Derivative. Terms and pricing of OTC Derivatives are individually negotiated and there is no central source for obtaining prices. As similar transactions may be priced differently, we do not represent that our prices will always be the best prices available to you.

● Option Risk. Option transactions can be very risky. The risk of selling (writing) options is considerably greater than the risk involved in buying options. If the Client buys an option, the Client cannot lose more than the premium. If the Client sells (writes) an option, the risk can be unlimited. Fluctuations in currency exchange rates may affect the value of any OTC Option on securities trading in or denominated in a foreign currency, as well as the value of any payment or delivery of securities in connection with such OTC Option. Fluctuations in currency exchange rates may affect the value of any payment or delivery of securities in connection with such OTC Option.

● Leverage Risk. Certain derivatives can be structured to allow for significant leverage. The use of leverage may have the effect of magnifying an investor's losses or gains and causing an investor to be highly exposed to risk with very little capital or cash investment. As a result, a relatively small, unexpected change in the notional amount of an investor's position could have a much larger adverse impact on the principal amount invested.

● Collateral. Collateral may be required to support the Client's obligations under OTC Derivatives. Additional collateral may be required after the Client has entered into an OTC Derivative. JPMCB and JPMS will not provide the collateral for any OTC Derivative transaction.

**Clients should not rely upon J.P. Morgan for an understanding of the risks, terms and conditions of OTC Derivatives, and the Client must review carefully the documentation for any OTC Derivative with a personal attorney or other adviser. J.P. Morgan will assume that when the Client enters into OTC Derivatives, the Client understands the characteristics and risk associated with such transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Special Statement for Uncovered Option Writers** 

There are special risks associated with uncovered option writing which expose the investor to potentially significant loss. Therefore, this type of strategy may not be suitable for all customers approved for options transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The potential loss of uncovered call writing is unlimited. The writer of an uncovered call is in an extremely risky position, and
may incur large losses if the value of the underlying instrument increases above the exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As with writing uncovered calls, the risk of writing uncovered put options is substantial. The writer of an uncovered put option bears
a risk of loss if the value of the underlying instrument declines below the exercise price. Such loss could be substantial if there is
a significant decline in the value of the underlying instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Uncovered option writing is thus suitable only for the knowledgeable investor who understands the risks, has the financial capacity
and willingness to incur potentially substantial losses, and has sufficient liquid assets to meet applicable margin requirements. In this
regard, if the value of the underlying instrument moves against an uncovered writer's options position, the investor's broker
may request significant additional margin payments. If an investor does not make such margin payments, the broker may liquidate stock
or options positions in the investor's account, with little or no prior notice in accordance with the investor's margin agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For combination writing, where the investor writes both a put and a call on the same underlying instrument, the potential risk is
unlimited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If a secondary market in options were to become unavailable, investors could not engage in closing transactions, and an option writer
would remain obligated until expiration or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The writer of an American-style option is subject to being assigned an exercise at any time after he has written the option until
the option expires. By contrast, the writer of a European-style option is subject to exercise assignment only during the exercise period.

NOTE: It is expected that you will read the booklet entitled CHARACTERISTICS AND RISKS OF STANDARDIZED OPTIONS available from your broker. In particular, your attention is directed to the chapter entitled "Risks of Buying and Writing Options." This statement is not intended to enumerate all of the risks entailed in writing uncovered options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Emerging Markets** 

Emerging markets securities and transactions involving emerging markets securities are subject to substantial risk arising from a number of factors including, but not limited to: (1) economic and political instability in the regions where emerging markets issuers conduct business, (2) significant volatility in the markets for emerging markets securities and the currencies in which they may be denominated and (3) the potential for loss of the Client's entire investment as a result of insolvency, market or government action, or other similar factors which could render the securities valueless. Generally less information is publicly available with respect to emerging markets issuers and obligors than is available with respect to United States companies. Many emerging markets companies are not subject to the uniform accounting and financial reporting requirements applicable to issuers and obligors in the United States; additionally, accounting, auditing, financial and other reporting standards in emerging markets jurisdictions are often not equivalent to the standards established in the United States and therefore disclosure of certain material information may not be made.

There may exist only small markets for certain emerging markets securities, resulting in low or non-existent volumes of trading in such assets, and therefore a lack of liquidity and price volatility of such assets. Settlement periods for transactions of emerging markets securities may also be longer than settlement times for assets of United States issuers, and settlement systems may be unreliable.

This may also affect the liquidity and price volatility of emerging markets securities.

The risks are significantly more pronounced in derivative instruments (options, swaps, futures, etc.) on emerging markets securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Non-Traditional Investment Strategies** 

Non-traditional, or alternative, investment strategies include investments in hedge funds, private equity funds, real estate funds, and funds comprised of such funds. Such funds are sometimes referred to as private investments because they are typically organized pursuant to exemptions from registration under federal securities laws and therefore are not offered to the general public. They are appropriate for certain qualified investors only. Such funds: (1) often engage in leveraging and other speculative investment practices that may increase the risk of the complete loss of the investment; (2) can be highly illiquid because of the absence of any trading market and restrictions on resale as a result of regulatory or contractual provisions; (3) are not required to provide periodic pricing or valuation information to investors; (4) may involve complex tax structures and delays in distributing important tax information; (5) are not subject to the same regulatory requirements as mutual funds; (6) often charge high fees; (7) may be exposed significantly to foreign currency and investment risk; and (8) may experience high return volatility. In addition, any number of conflicts of interest may exist in connection with the sale, distribution, management or operation of such funds.

Although interests in private investment funds sometimes may be resold in privately negotiated transactions, the prices realized on these sales could be less than the original investment. It is a condition of many fund investments offered through J.P. Morgan that the Client maintain an investment management, trust, or custody/ asset account at JPMCB or one of its affiliates for so long as the Client owns the investment. Private funds are offered only by confidential private placement memorandum or similar document (the "PPM"). The PPM provides important detailed information regarding fees, merits, risks, investment objectives, and other matters of interest, and must be read carefully before a decision is made on whether to invest. However, generally no PPM will be delivered to the Client for whom JPMCB exercises investment discretion. JPMCB will provide a copy of the PPM to a discretionary Client upon request.

Morgan Affiliates may provide advisory, management, administrative or other services to issuers of interests in these funds, and may be compensated separately for such functions. Morgan Affiliates may also be the issuer of interests in such funds. JPMS or other Morgan Affiliates act as placement agent for such interests and will earn fees from the fund sponsors or the funds for providing placement or other ongoing services to the fund, or both. The fees earned are a percentage of the fund's management fees and, in some instances, a percentage of the fund's performance fees. The fees earned by JPMS or another Morgan Affiliate are in addition to fees the Client pays in connection with purchasing an interest or in connection with the Client's investment management, brokerage or custody account.

Investments in private funds entail the execution and delivery of a subscription agreement. If JPMCB is investing on behalf of a discretionary Client, JPMCB will complete and execute the subscription agreement on the Client's behalf. The subscription agreement will require JPMCB to make certain representations and warranties relating to the Client. Such representations and warranties relate to, but are not limited to, the Client's status as an "accredited investor," a "qualified purchaser," a "qualified eligible person," or "U.S. person" within the meaning of applicable securities laws; whether the Client or the Client's account is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"); organizational data if the Client is an entity; whether the Client is a regulated institution that is subject to legal or regulatory restrictions or limitations on the nature of its investments (such as a bank or an insurance company); whether the Client is restricted by rules of the Financial Industry Regulatory Authority from participating in initial public offerings by reason of the Client's association with any broker, dealer, bank or other securities business; and whether the Client falls into a category of person whose ability to do business with a financial institution is limited by laws intended to prevent money laundering and terrorist financing. JPMCB will rely on information provided to it by the Client in making all representations and warranties contained in a subscription agreement and may be liable to a fund if any such representation or warranty is untrue. In the event of such liability, the Client will be required to indemnify JPMCB and its affiliates for all loss and damage, including attorneys' fees. Clients who invest in private funds through their brokerage account(s) at JPMS will sign subscription agreements containing the same representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Complementary/Structured Strategies** 

Structured strategies are securities in which swaps, options, futures, forwards or other combinations or types of derivatives are embedded. Their returns typically are linked to the performance of one or more underlying U.S. or international securities, indices, rates, currencies, or commodities (please see Section 11 below for a discussion of the special risks of investing in commodities and Section 12 below for a discussion of the special risks of investing in currencies), and may incorporate leverage.

Investments in structured strategies may not be suitable for all investors. These types of investments entail varying degrees of risk, and while some structured strategies offer full or partial principal protection, others can subject the Client to the loss of the full amount invested. Structured strategies offered by J.P. Morgan (referred to herein as "Structures") may be structured using unsecured and unsubordinated debt obligations of JPMorgan Chase & Co. or its affiliates ("JPM") or various non-Morgan affiliate issuers, and may also take the form of deposits (which may or may not be insured or guaranteed by the Federal Deposit Insurance Corporation or any other government authority), equity or partnership interests, certificates, warrants or interests in special purpose vehicles. The Client therefore will be dependent upon the issuer's financial capacity to meet its obligations under a Structure. Structures may or may not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state or other country and if not registered, will be sold and offered in a transaction that is intended to be exempt from registration under the Securities Act. Structures may or may not be publicly listed or traded on an exchange and therefore may be illiquid investments. Prior to maturity Structures issued by JPM may be repurchased by JPM only and only upon terms and conditions acceptable to it, and in most cases the Structures are not transferable and are non-negotiable.

In the event that JPM consents to early liquidation, the Client will likely not fully participate in any benefits of the Structure, such as principal protection, buffers, or enhanced returns.

Structures will be offered by prospectus, term sheet or offering memorandum (collectively, an "offering document"), and the offering document will provide more detailed information regarding the Structures. The applicable offering document must be read carefully before a decision is made to invest. However, generally no offering document will be delivered to a Client for whom J.P. Morgan exercises investment discretion.

The issue price of a Structure will reflect the costs associated with issuing, selling, structuring and hedging a Structure and will include compensation to an issuer or its affiliate for structuring work involved in packaging a Structure as one instrument. Costs and compensation will vary with each Structure. A Structure may also include an annual fee embedded in an index or calculation, payable to the issuer or index sponsor (which may be JPMC or a non-Morgan affiliate issuer) for structuring or calculating a proprietary index or formula. In addition, the issue price of a Structure sold to a Client's brokerage account will include a mark-up to compensate JPM for marketing and distributing the Structure. If a Structure has an early redemption feature and is redeemed prior to maturity, the compensation will not be prorated and limited to the period during which the Structure was outstanding and, in such event, the compensation will be higher.

The issuer or one of its affiliates, which may include JPM, also generally acts as calculation agent for Structures and determines the amount, if any, that will be paid to the Client at maturity. In performing its duties, the calculation agent may have interests adverse to the interest of the holders of the Structures, which may affect the Client's return on a Structure, particularly where the calculation agent is entitled to exercise discretion.

If JPMCB invests in a Structure on behalf of a Client for whom it exercises investment discretion, JPMCB may be required to make certain representations and warranties relating to the Client. Such representations and warranties relate to, but are not limited to, the Client's status as an "accredited investor" as defined by the Securities Act. JPMCB will rely on information provided to it by the Client in making all required representations and warranties and may be liable to the issuer or the issuer's placement agent if any such representation or warranty is untrue. In the event of such liability, the Client will be required to indemnify JPMCB and its affiliates for all loss and damage, including attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Mutual Funds** 

Mutual funds are sold only by prospectus, and the prospectus contains important information regarding the fund's investment objectives, merits, risks, charges, expenses and other matters of interest. Mutual funds may not be suitable for all investors and the Client agrees to request the prospectus and read it carefully before deciding to invest. However, no prospectus will be delivered to the Client prior to an investment if JPMCB is investing on behalf of a Client for whom it exercises investment discretion. JPMCB will provide a copy of the prospectus to a discretionary Client upon request. Although most mutual funds available through J.P. Morgan will follow a traditional long-only investment strategy, some mutual funds may utilize investment strategies similar to those employed by private funds. Such funds may or may not have the liquidity of traditional mutual funds, provide periodic pricing or valuation information to investors, and are subject to the same regulatory requirements as traditional mutual funds, but they engage in leveraging and other speculative investment practices commonly used by hedge funds that may increase the risk of the complete loss of the investment. Such funds generally also charge higher fees than traditional mutual funds and have higher expenses. The use of leverage increases risk to a fund, and the more a fund invests in leveraged instruments, the more it could magnify gains or losses to those investments.

JPMCB, JPMS or their affiliates may provide administrative, custodial, sales, distribution or shareholder services to funds established, sponsored, advised, or managed by their affiliates as well as by third parties, and JPMCB, JPMS or their affiliates may be compensated for such services. Where J.P. Morgan chooses to contact Clients about open-end mutual fund investment opportunities in a Full Service Account, those opportunities are generally expected to be limited to open-end mutual funds established, sponsored, advised or managed by JPMCB, JPMS or their affiliates. In Self-Directed Investing Accounts, generally the share classes available for purchase are no load share classes or load waived fund shares. Institutional, retirement and certain other fund share classes that may have lower aggregate fees are available in a Full Service Account or a managed account at JPMCB, subject to certain criteria. JPMS or its affiliates may earn higher fees from the fund, the fund management company or their affiliates when it sells no-load share classes or load waived fund shares, rather than institutional, retirement or other share classes. If select, institutional, or retirement shares of a JPM Fund were purchased in a Full Service Brokerage account prior to April 2017 and the account was transitioned to a Self-Directed Investing Account in April 2017, that same share class (or, if no longer available, its nearest equivalent) will be available in the Self-Directed Investing Account for additional purchases of that particular JPM Fund or exchanges into another JPM Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Municipal Bonds** 

Municipal bonds are offered by an official statement and may not be suitable for all investors. A Client should consult with an independent tax advisor regarding whether municipal bonds are appropriate for the Client's particular situation.

JPMS or Morgan Affiliates may hold a position or act as market maker in the financial instruments of any issue the Client may invest in, or act as underwriter, placement agent, advisor, or lender to an issuer. If municipal bonds are sold prior to maturity, prices may be higher or lower than the original purchase price and actual yields may be higher or lower than the yields indicated at the time of Client's investment. Yield quotations and market values will thus fluctuate over time and in certain instances interest from some municipal bonds will be subject to the Alternative Minimum Tax (AMT).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Real Estate** 

Real estate investments are likely to be risky, illiquid and long-term. Real estate ownership and the real estate industry in general are subject to many risks, including the burdens of ownership of real property; local, national and international economic conditions; supply and demand for properties; the financial condition of tenants, buyers and sellers; changes in interest rates and the availability of mortgage funds; changes in environmental laws and regulations, planning laws and other governmental rules and fiscal and monetary policies; claims arising out of undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in real property tax rates; changes in energy prices; force majeure events; terrorist events; and underinsured or uninsurable losses. Real estate assets are subject to long-term cycles that gives rise to significant volatility in values.

Illiquidity may result from the absence of an established market for the property. The possibility of partial or total loss of capital will exist and investors should not invest in real estate unless they can readily bear the consequences of such loss. Even if real estate investments are successful, they are unlikely to produce a realized return to the investors for a period of years.

Securities issued by real estate fund companies, including real estate investment trusts ("REITs") are subject to the risks associated with the direct ownership of real estate as well as the risks associated with the fund company or REIT itself. Such companies carry the risks of possibly limited operating history, unspecified portfolios, uncertainties in calculating net asset value due to reliance upon appraisals, and restrictions on redemption arising out of the illiquidity of the underlying portfolio. REITs also carry the risk of the possible failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, which will have adverse tax consequences for investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **ETFs and Index Mutual Funds** 

Exchange-traded funds (ETFs) and index mutual funds are marketable securities that are interests in registered funds, and are designed to track, before fees and expenses, the performance or returns of a relevant basket of assets, usually an underlying index. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs experience price changes throughout the day as they are bought and sold. ETFs typically have higher daily liquidity and lower fees than mutual fund shares. ETFs, including leveraged or inverse ETFs, may not be suitable for all investors.

Leveraged or inverse ETFs are highly complex financial instruments and, due to the effects of compounding, their performance over longer periods of time can differ significantly from their stated daily objective. Leveraged and inverse ETFs typically are designed to achieve their stated performance objectives on a daily basis. Some investors might invest in these ETFs with the expectation that the ETFs may meet their stated daily performance objectives over the long term as well. Investors should be aware that performance of these ETFs over a period longer than one day can differ significantly from their stated daily performance objectives. Leveraged and inverse ETFs may pursue a range of investment strategies through the use of swaps, futures contracts and other derivative instruments, and are inherently more volatile than their underlying benchmark or index. Additionally, leveraged ETFs positions will be subject to applicable maintenance margin requirements, which may be greater or differ from margin requirements on their non-leveraged counterparts.

ETFs are sold by prospectus. The prospectus contains important information regarding the investment objectives of the ETF, its merits, risks, charges, expenses and other matters of interest, and must be read carefully before a decision is made to invest. However, no prospectus will be delivered to the Client prior to an investment if JPMCB makes the investment on the Client's behalf pursuant to a discretionary portfolio mandate. JPMCB will provide a copy of the prospectus to a discretionary Client upon request.

ETFs and index mutual funds do not fully replicate their underlying indices and may hold securities different from those included in their underlying indices. Physical replication and synthetic replication are two of the most common structures used in the construction of ETFs and index mutual funds. Physically replicated ETFs and index mutual funds buy all or a representative portion of the underlying securities in the index that they track. In contrast, some ETFs and index mutual funds do not purchase the underlying assets, but gain exposure to them by use of swaps or other derivative instruments.

In addition to the general risks of investing in funds, there are specific risks to consider with respect to an investment in these passive investment vehicles. ETF and index mutual fund performance may differ from the performance of the applicable index for a variety of reasons. For example, ETFs and index mutual funds incur operating expenses and portfolio transaction costs not incurred by the benchmark index, may not be fully invested in the securities of their indices at all times, or may hold securities not included in their indices. In addition, corporate actions with respect to the equity securities underlying ETFs and index mutual funds (such as mergers and spin-offs) may impact the variance between the performances of the funds and applicable indices. Passive investing differs from active investing in that managers are not seeking to outperform their benchmark. As a result, managers may hold securities that are components of their underlying index, regardless of the current or projected performance of the specific security or market sector. Passive managers do not attempt to take defensive positions based upon market conditions, including declining markets. This approach could cause a passive vehicle's performance to be lower than if it employed an active strategy.

With respect to ETFs, shares are bought and sold in the secondary market at market prices. Although ETFs are required to calculate their net asset values (NAV) on a daily basis, at times the market price of an ETF's shares may be more than the NAV (trading at a premium) or less than the NAV (trading at a discount). Given the differing nature of the relevant secondary markets for ETFs, certain ETFs may trade at a larger premium or discount to NAV than shares of other ETFs depending on the markets where such ETFs are traded. The risk of deviation from NAV for ETFs generally is heightened in times of market volatility or periods of steep market declines. For example, during periods of market volatility, securities underlying ETFs may be unavailable in the secondary market, market participants may be unable to calculate accurately the NAV per share of such ETFs, and the liquidity of such ETFs may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares in ETFs. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of ETFs. As a result, under these circumstances, the market value of shares of an ETF may vary substantially from the NAV per share of such ETF, and the Client may incur significant losses from the sale of its ETF shares. In addition, for all of the foregoing reasons, the performance of any ETF may not correlate with the performance of its underlying index as well as the NAV per share of such ETF.

Trading in the shares of one or more ETFs may be halted due to market conditions or for reasons that, in the view of the exchange on which such shares are traded, make trading in such shares inadvisable. In addition, trading in the shares of ETFs may be subject to trading halts caused by extraordinary market volatility pursuant to the relevant exchange's "circuit breaker" rules. If a trading halt or unanticipated early closing of an exchange occurs, it may not be possible to purchase or sell shares of an ETF. There can be no assurance that the requirements of an exchange necessary to maintain the listing of an ETF will continue to be met or will remain unchanged. While shares of ETFs are generally listed on an exchange, there can be no assurance that active trading markets for the shares of any ETF will be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **High Yield Fixed Income Securities** 

High yield fixed income securities come in many forms. Common ones are high yield bonds, asset-backed securities, mortgage-backed securities, mezzanine securities, and collateralized bond obligations ("CBOs").

High yield bonds (sometimes known as "junk" bonds) are noninvestment grade bonds of varying maturities. They generally will be in the lower rating categories of the major rating agencies or may be unrated. High yield bonds typically pay more interest than other bonds because they involve a greater risk that the issuer will default in the timely payment of interest and principal. Issuers of high yield bonds may have a lot of debt. During an economic downturn, a period of rising interest rates or a recession, high yield issuers with a lot of debt may experience financial problems leading to a default, and high yield bonds tend to fall in price during such periods. They also may have other creditors with the right to be paid before the high yield bond holder. High yield bonds fluctuate more widely in price and yield than investment grade bonds and are not as liquid.

Asset-backed securities are bonds backed by a pool of assets, usually loans such as installment sale contracts or credit card receivables. The loans underlying asset-backed securities may be unsecured, with no collateral to seize if the underlying borrower defaults. Asset-backed securities may be prepaid at any time, which will reduce their yield and market value. When interest rates fall, prepayment rates rise as borrowers pay off existing debt and refinance at new lower rates. As a result, reinvestment of the prepayment proceeds generally will be at a lower rate of return than the return on the assets that were prepaid. Mortgage-backed securities are subject to the same risks as asset-backed securities except that the underlying loans generally will be secured by real property.

Mezzanine investments are subordinated debt securities which receive payments of interest and principal after more senior secured creditors are paid. They generally are issued in private placements in connection with an investment in an equity security. They carry the risk that the issuer will default on payment of interest and principal and that the equity securities purchased with the proceeds of mezzanine investments will lose value.

CBOs are securities backed by a diversified pool of high yield securities and are subject to the same risks as the high yield securities in the pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Commodities** 

(a) In general, commodities include hard assets, such as agricultural products, metals, or petroleum as well as securities futures based on common stock, certain exchange-traded funds and American Depositary Receipts, and securities indices.

Commodity futures contracts can be used for speculation, hedging, and risk management. Commodity futures contracts are not appropriate investments for all investors. When they are used for speculation, it is possible to realize substantial profits in a short period of time, but it is also possible to incur substantial losses in a short period of time. Such losses may be larger than the initial commitment of capital because futures trading is highly leveraged.

Because of the leverage involved and the nature of futures contract transactions, losses may be felt immediately because gains and losses are credited or debited to the investor's account, at a minimum, on a daily basis. The purchase or sale of a futures contract requires the investor to make an initial deposit of money, known as margin. Margin, in the context of futures trading, is different than the margin involved in the purchase of stocks. The purchase of stocks on margin involves a cash down payment and credit extended by the broker for the purchase. The margin required to buy or sell a futures contract is a deposit of money that can be drawn on by the broker to cover any daily losses. If movements in the markets for futures contracts or the underlying commodity decrease the value of the investor's positions in futures contracts, the investor may be required to deposit additional funds in his or her account as margin. If an account is under the minimum margin requirements set by the exchange or the investor's broker, the position may be liquidated at a loss, and the investor will be liable for any deficit in the account. Minimum margin requirements for a particular futures contract at a particular time are set by the exchange on which the contract is traded and are subject to modification based on market conditions. An increase in market volatility and the range of daily price movements is frequently a reason for raising margins.

Futures contracts cannot be sold like stocks or bonds. They generally must be liquidated by the investor entering into an equivalent but opposite position in another contract month, on another market, or in the underlying commodity. If a position in a futures contract cannot be liquidated, the investor may not be able to realize a gain in the value of the position or prevent losses from mounting. An inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the futures contract or the underlying commodity; if trading is halted due to recent news events involving the issuer of the underlying commodity; if systems failures occur on an exchange or at the investor's broker; or if the position is on an illiquid market. An exchange may set a maximum daily limit on market price increases and decreases, and will halt trading when the limit is reached. In the event prices have risen or fallen by the maximum daily limit, and there is no trading in the contract permitted (known as a "lock limit" market), it may not be possible to execute an order at any price. Markets may be lock limit for more than one day, resulting in substantial losses to futures investors who may find it impossible to liquidate losing futures positions.

Even if the investor can liquidate the position, it may be at a price that involves a large loss. For the same reasons, it may also be difficult or impossible to manage risk from open futures positions by entering into offsetting positions.

An alternative method of participating in futures trading is through a commodity pool, which is a pooled investment vehicle that invests in commodities (and, typically, securities as well). A commodity pool participant will not have an individual trading account. Instead, the funds of all pool participants are combined and traded as a single account. Each investor shares in the profits or losses of the pool in proportion to his or her investment in the pool. Although commodity pools can offer benefits such as greater diversification among commodities than an investor might obtain in an individual trading account, the absence of margin calls, and a limitation on losses to the amount invested, the risks a pool incurs in any given futures transaction are no different than the risks incurred by an individual trader. The pool still trades in futures contracts which are highly leveraged and in markets that can be highly volatile. And like an individual trader, the pool can suffer substantial losses as well as realize substantial profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities Futures

Trading in security futures contracts requires knowledge of both the securities and the futures markets. Under certain market conditions, the prices of security futures contracts may not maintain their customary or anticipated relationships to the prices of the underlying security or index. These pricing disparities could occur, for example, when the market for the security futures contract is illiquid, when the primary market for the underlying security is closed, or when the reporting of transactions in the underlying security has been delayed. For index products, it could also occur when trading is delayed or halted in some or all of the securities that make up the index. The investor may be required to settle certain security futures contracts with physical delivery of the underlying security. If a position in a physically settled security futures contract is held until the end of the last trading day prior to expiration, the investor will be obligated to make or take delivery of the underlying securities, which could involve additional costs. The actual settlement terms may vary from contract to contract and exchange to exchange.

Although security futures contracts share some characteristics with options on securities (options contracts), these products are also different in a number of ways.

The purchaser of an options contract has the right, but not the obligation, to buy or sell a security prior to the expiration date. The seller of an options contract has the obligation to buy or sell a security prior to the expiration date. By contrast, if an investor has a position in a security futures contract (either long or short), the investor has both the right and the obligation to buy or sell a security at a future date. The only way to avoid the obligation incurred by the security futures contract is to liquidate the position with an offsetting contract.

A person purchasing an options contract runs the risk of losing the purchase price (premium) for the option contract. Because it is a wasting asset, the purchaser of an options contract who neither liquidates the options contract in the secondary market nor exercises it at or prior to expiration will necessarily lose his or her entire investment in the options contract. However, a purchaser of an options contract cannot lose more than the amount of the premium. Conversely, the seller of an options contract receives the premium and assumes the risk that he or she will be required to buy or sell the underlying security on or prior to the expiration date, in which event his or her losses may exceed the amount of the premium received. Although the seller of an options contract is required to deposit margin to reflect the risk of its obligation, he or she may lose many times his or her initial margin deposit. By contrast, the purchaser and seller of a security futures contract each enter into an agreement to buy or sell a specific quantity of shares in the underlying security. Based upon the movement in prices of the underlying security, a person who holds a position in a security futures contract can gain or lose many times his or her initial margin deposit. In this respect, the benefits of a security futures contract are similar to the benefits of purchasing an option, while the risks of entering into a security futures contract are similar to the risks of selling an option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Currencies and Foreign Exchange** 

Foreign currencies or baskets of currencies may be very volatile and may experience significant drops in value over a short period of time. The value of a foreign currency will depend, among other economic indicators, on movements in exchange rates. Risks and special considerations with respect to foreign currencies include, but are not limited to, economic uncertainties, currency devaluations, political and social uncertainties, exchange control regulations, high rates of interest, a history of government and private sector defaults, significant government influence on the economy, less rigorous regulatory and accounting standards than in the United States, relatively less developed financial and other systems and limited liquidity and higher price volatility of the related securities markets. The Bank is acting as a dealer, on a principal basis, in the foreign exchange spot, forwards, and swaps markets. In a principal capacity, we act as an arm's-length party to transactions with our counterparties and our sales and trading personnel do not serve as brokers or agents to a counterparty.

**DEPOSIT ACCOUNTS AND SERVICES OFFERED BY JPMORGAN CHASE BANK, N.A.<sup>1</sup>**

**DEPOSIT ACCOUNT AGREEMENT**

This agreement governs personal and business deposit accounts identified in this Deposit Account Agreement at JPMorgan Chase Bank, N.A. (the "Agreement"). By signing a services application, deposit account signature card, or by otherwise opening or maintaining a checking, savings or certificate of deposit account with us, you accept and agree to be bound by the terms and conditions of this Agreement. However, if your account is maintained with a business unit of the Bank that provides you a different deposit agreement, or if you contract for services that require your consent to a different deposit agreement, your account will be governed by that agreement.

To the extent there are any conflicts between the General Terms and this Agreement, this Agreement shall prevail. As used in this Agreement, "we," "us," "our" and the "Bank" mean JPMorgan Chase Bank, N.A. Your "Account" means each deposit account you have with us that is governed by this Agreement. "You" or "your" means each person or entity in whose name the Account at the Bank is maintained or who exercises an ownership interest therein, as well as any assignee or successor in interest to the Account. Your "State" means the U.S. state where you opened your account, or the state where you reside if you opened your Account by mail, internet, or other remote means and you reside in a state where we have branch offices. However, if you opened your Account by remote means and you do not reside in a U.S. state where we have branch offices, your "State" shall be the State of Ohio, where we are headquartered.

This Agreement includes the following disclosures applicable to the Bank's personal and business deposit accounts that the Bank has provided to you: (1) the rate sheets for interest bearing accounts, (2) a fee schedule, and (3) any additional disclosures regarding your Account that the Bank will provide to you. Fees mentioned throughout this agreement can be found on the fee schedule referenced above.

<sup>1</sup> Deposit products and services offered by JPMorgan Chase Bank, N.A. Member FDIC.

 

**GENERAL ACCOUNT TERMS AND CONDITIONS**

**Deposits or Cashed Items**

Checks, drafts and other negotiable instruments, including substitute checks (see the section of this booklet entitled Check 21—Substitute Check and Your Rights) (collectively, "checks") deposited to your Account or cashed, automated clearinghouse ("ACH") entries and all other types of external and book-entry funds transfers (checks and funds transfers collectively referred to herein as "items"), may be charged back against the Account (or an Account for split deposits) or any other Account of yours at the Bank if we are informed that the item is being or has been returned unpaid (or, for checks drawn on other accounts with us, the check is dishonored by us for any reason), without regard to whether such return or dishonor is timely. When a deposited or cashed item is returned, you may be charged a Deposited Item Returned fee. We may charge your Account whether or not the check is returned to us, and whether or not we can return the item or a copy to you. Even if we verify a deposited or cashed check and tell you that the check has been paid, that will not release your liability as an endorser. This right shall extend to any check or other item deposited into your Account or cashed, that is finally paid and then is returned because a claim is made that the check or other item was altered, forged, unauthorized, has a missing signature or should not have been paid for any reason. In lieu of charging your Account we may withhold an amount equal to such check or other item from your Account until a final determination of the validity of such claim has been made. We have no duty to return a check that has been charged back to an Account if that Account has become overdrawn. We are not required to give you next-day notice if a deposited or cashed item is dishonored.

Any check deposited to your Account that lacks an endorsement may be, or may be deemed to be, endorsed by us on your behalf. With respect to any such check, our rights and your liabilities shall be determined as though you actually endorsed and deposited the item. Further, any check deposited to your Account that bears your stamped or facsimile endorsement shall be deemed to bear your actual endorsement whether such endorsement was affixed by you or by someone having no authority to supply your endorsement. You agree to assume responsibility for and to indemnify us for any loss we may incur as a result of your failure to comply with the endorsement standards set forth in our Endorsement Standards section of this Agreement. If you deposit a remotely created check, you guarantee that the check was authorized by the account holder for payment in the amount shown. Remotely created checks are created when an account holder authorizes a payee to draw a check on the account, but instead of the account holder's actual signature, the check identifies that the account holder authorized the check.

You agree not to issue or deposit electronically created items, as such term is defined in the Federal Reserve Regulation CC. An electronically created item is an electronic image that looks like a check, but was created electronically and not derived from a paper check. If you deposit an electronically created item to your Account, you authorize the Bank to debit your Account for any claim, return or adjustment related to the electronically created item, and you agree to indemnify and hold the Bank harmless from and against any claims, liabilities, costs and expenses (including attorneys' fees) resulting directly or indirectly from your deposit of the electronically created item.

We may rely on the account number on any deposit record received, even if the record identifies a party different from the entity identified by name in the record, and we have no duty to detect any such inconsistency in identification.

We may return or refuse to accept all or any part of a deposit or credit to your Account at any time and will not be liable to you for doing so even if such action causes outstanding items to be dishonored and returned. Returned or refused deposits (or the legal equivalent of the deposited item) will be returned to you. In addition, you will be solely responsible for any loss or liability we sustain in connection with the deposit of substitute checks.

We will not give you next day notice of receipt of an electronic deposit to your Account but will provide such notice to you on your next periodic Account statement. You may call us to confirm an ACH or wire transfer deposit.

**Credits for Deposits**

A receipt may be provided or made available upon request for all deposits to your Account (except for remote deposits, e.g., lock box, night depository services and certain funds transfers). However, the amount on your deposit receipt is based solely on your deposit ticket. Funds from your deposits to your Account may not be made immediately available. We shall not be construed to have received for deposit checks sent by mail or placed in the night depository until we have either received actual delivery from the U.S. Postal Service or have removed the checks from the depository. Checks placed in such depository will be removed not later than the next business day. We will not accept cash deposits by mail. Check deposits made by mail should be addressed to: National Bank By Mail, PO BOX 6185, Westerville, OH 43086. All deposits made by mail and addressed to any other Bank location may be forwarded to the National Bank By Mail facility in Westerville, Ohio, and will be considered received on the date the deposit is received by that facility. For checking accounts, funds will be made available according to Federal Reserve Regulation CC and our Funds Availability Policy. Credits for all deposits are subject to final verification and, after review, we may make adjustments to your Account for any errors, including any errors appearing on your deposit ticket. In addition, the availability of funds for withdrawal does not mean that the deposited check or other item is "good," has "cleared" or has been paid by the paying bank, or that the item will not be returned unpaid and your Account subsequently debited, notwithstanding the passage of any period of time or any representation or belief to the contrary. We may accept credits to your Account that have been originated by third parties (e.g., ACH credits, wire transfers). However, we may reverse any credit to your account that the originator of such deposit has informed us was in error, or was intended for another account, without investigating whether such credit was not properly payable to you.

We need not accept for deposit items drawn on a non-U.S. bank or items payable in a foreign currency and may instead accept such items on a collection basis, even after we have taken physical possession of such items. If accepted on a collection basis, we will not be obligated to credit your account for such items until we have received final payment. The actual credit for items payable in a foreign currency will be at the exchange rate in effect at the time of final collection in U.S. dollars. Specifically, we reserve the right to convert incoming electronic payments that are denominated in non-U.S. currency to U.S. denominated currency and accept the U.S. denominated currency for deposit subject to standard foreign exchange trade settlement times. Regardless of whether such items are accepted for deposit or on a collection basis, our Funds Availability Policy will not apply.

We do not accept mutilated cash. Mutilated cash is United States currency or coin that has been damaged and one-half or less of the original note remains, or that the value of the cash is questionable. If you have attempted to deposit mutilated cash, we may adjust the amount of your deposit and destroy the mutilated cash at our sole discretion. If you are in lawful possession of mutilated cash, you may submit the mutilated cash to the United States Treasury's Bureau of Engraving and Printing for examination.

**Collection of Deposits**

You agree that we act only as your collecting agent in receiving items for deposit or collection and assume no responsibility beyond reasonable care. We will use reasonable care in the selection of collecting agents but will not be liable in case of their failure or negligence or for losses in transit.

If you present contaminated cash on a collection basis, which means we will not add funds to your balance until we have been credited for the contaminated cash, we act only on your behalf with the Federal Reserve and U.S. Treasury. We will not be liable for the lack of care of any third party. We may charge a collections or processing fee, and will deduct that from your Account, or the amount credited to you. These charges or fees may be assessed even if we are not credited for the contaminated cash, or the funds have already been credited to your Account.

You agree that we, and each of our correspondents, may send checks subject to collection, directly or indirectly, to any bank, depository, maker or drawee in accordance with our usual custom and may accept checks, drafts or credits as conditional payment.

You agree to use reasonable care to assist us in locating or obtaining replacements of items lost while in our possession. We may agree with other banks and clearing houses to vary procedures regarding the collection or return of items, and deadlines to the extent permitted by applicable law.

**Withdrawal Procedures and Limitations**

In accordance with the features of your Account, you agree that we may charge your Account for any withdrawal or transfer that you make or authorize another to make. We may, as a condition of withdrawal, require you to provide us with identification or information acceptable to us and/or your signature on certain withdrawal documents signed in the presence of our personnel. If you request to withdraw large amounts in cash, we may place reasonable restrictions on the time and method of your withdrawal and may require that you sign a document releasing us from any liability in case you are robbed or assaulted. We may refuse the withdrawal if you do not agree with these conditions.

For all savings accounts, interest bearing checking accounts and holding sub-accounts, we reserve the right to require seven (7) days prior written notice of withdrawal. In addition, any personal checking account for which a one-time promotional payment to or for the account is made by us as a premium or other consideration upon account opening may cause such account to be considered an interest bearing checking account for this Agreement (and, for statutory purposes, a NOW account) and subject to the potential seven-day withdrawal notice requirement, even though such account may not accrue interest on a periodic basis.

**Payment and Deposit of Checks**

You agree not to issue incomplete, postdated or conditional checks or present them for deposit to your Account. Also, we have no duty to discover, comply with or have any liability for accepting any incomplete, postdated, conditional checks or checks more than six months old, even if you have provided us with notice describing this check. We may charge a person who cashes your check a fee, or refuse to cash your check, if that person is not a deposit or loan customer of ours. We have no duty to honor and we may disregard any information on a check other than the identification of the paying bank and payee, the amount (we may rely upon either the numeric amount or the amount in words if contradictory) and any MICR encoded information, and specifically have no duty to visually inspect signatures. We may construe as "or" any symbol, mark or word (other than the word "and") used as a connective, or may imply an "or" in the absence of any connective, on the payee line of any check containing multiple payees. In addition, for both personal and business Accounts, we may debit an Account based on a single signature, and a multiple-signature requirement is for the customer's internal use only, notwithstanding any communication to us to the contrary.

You agree that if you utilize an automatic check writing service which operates through the use of a personal computer, employ the use of a facsimile signature or do not otherwise provide your personal signature on a check, you agree that you shall have the sole responsibility for maintaining security of any such computer, stamp or device by which your signature is affixed and that you shall bear the entire risk of unauthorized use of any such device or of any facsimile signature that reasonably resembles the signature you use, whether or not you are negligent. You also agree that the treatment of each check presented against your Account through the use of such a service and our rights and obligations with regard to such check will be the same as if the check was signed or initiated personally by you. You further agree to indemnify and hold us harmless from and against any and all loss, cost, damage, liability or expense (including attorney fees) we may suffer or incur as a result of the unlawful use, unauthorized use or misuse by any person of any such device or of any facsimile signature that reasonably resembles the signature you use.

Your Account may be debited on the day a check is presented by electronic or other means, or at an earlier time based on notification received by us that such check drawn on your Account has been deposited for collection at the Bank or at another financial institution. A determination of your Account balance for purposes of making a decision to dishonor a check for insufficiency of available funds may be made at any time between the receipt of such presentment or notice and the time of return of the check, and no more than one such determination need be made. If the Bank dishonors any check, we shall treat any subsequent representment the same as the original presentment in all respects, and shall have no duty to take any steps to prevent representments of such checks.

**Check and Forms Specifications/Protection of Documents**

All checks, withdrawal forms, deposit slips and transfer instructions used in connection with your Account must be on forms obtained through or approved by us. You agree to maintain adequate safeguards to ensure the authorized use of the forms you retain, and agree to notify us immediately if you become aware that any checks or other forms are lost or stolen. We are not responsible for losses you may suffer due to improper printing on forms not obtained through or approved by us, your failure to maintain adequate safeguards against unauthorized use, or your failure to issue checks in a manner so as to prevent unauthorized completion, alteration or addition. You agree that we may refuse to accept for deposit or to process any check or other item that is presented to us in a form that cannot be processed or photographed using equipment that we regularly use in our normal operations.

**Transaction Records and Receipts**

We may rely on the account number on any deposit slip, payment instruction, or similar record we receive, even if that account number is associated with a name that is different from the name you have provided. It is not our responsibility to detect any inconsistency between the account number you provide and the name.

If you make a deposit, we may provide a receipt, but the amount on your deposit receipt is based entirely on the deposit slip you complete. We may confirm the funds you deposit and, after review, may adjust your account for any errors, including any errors on your deposit slip.

We are permitted to adjust (debit or credit) your account, and we may notify you, if we:

● Determine a discrepancy exists between the declared and the actual amount of the funds in your account, or

● Misdirected a transaction to or from your account or made a transaction that we reasonably believe to be in error.

**Posting Order: Checking and Savings Accounts**

Posting order is the order in which we apply deposits and withdrawals to your account. We provide you with visibility into how transactions are posted and in what order to help you better manage your account.

When we transition from one business day to the next business day we post transactions to and from your account during our nightly processing. The order in which we generally post items during nightly processing for each business day is:

● First, we make any previous day adjustments, and add deposits to your account.

● Second, we subtract transactions in chronological order by using the date and time of when the transaction was authorized or shown as pending. This includes ATM and Chase branch withdrawals, transfers and payments; automatic payments; J.P. Morgan online and mobile transactions; checks drawn on your account; debit card transactions; wire transfers; and real-time payments. If multiple transactions have the same date and time, then they are posted in high to low dollar order. There are some instances where we do not have the time of the transaction, therefore we post at the end of the day the transaction occurred:

— We are unable to show the transaction as pending; or

— We do not receive an authorization request from the merchant, but the transaction is presented for payment.

● Third, there are some transactions that we cannot process automatically or until we complete posting of your chronological transactions. This includes overdraft protection transfers or transfers to maintain target balances in other accounts. We subtract these remaining items in high to low dollar order.

● Finally, fees are assessed last.

If you review your account during the day, you will see that we show some transactions as "pending." For details, refer to the section "Pending Transactions." These transactions impact your available balance, but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient funds during that business day's nightly processing, even if it had been displayed as a "pending" transaction on a positive balance during the day. If a transaction that you made or authorized does not display as "pending," you are still responsible for it and it may still be posted against your account during nightly processing.

**Pending Transactions**

Throughout the day we post debits and credits to your account that may appear as "pending" when we become aware of the transaction. The following are the most common types of debit transactions that may appear as "pending" and reduce your available balance by the amount of the transaction:

● ATM and Chase Branch Withdrawals, Transfers and Payments

● Automatic Payments

● J.P. Morgan Online and Mobile Transactions

● Checks Drawn on Your Account

● Debit Card Transactions

● Wire Transfers

**ATM and Chase Branch Withdrawals, Transfers and Payments:** For payments or cash withdrawals, we will apply the transactions and update your available balance as soon as the transaction is complete.

**Automatic Payments (ACH Transactions):** We will generally apply transactions against your available balance as pending at the start of the business day of the effective date of the payment. These transactions will be applied in the order we receive them. If you initiate ACH transactions on the same day as the effective date, we will apply them in the order we receive them from the merchant.

**J.P. Morgan Online and Mobile Transactions:** For any payment or transfer, once you approve the transaction, we will apply it to your account. For recurring or future dated payments, it is applied on the effective "send on" date.

**Checks Drawn on Your Account:** When cashed or deposited at a Chase ATM, branch or online, will be pending on your account at the time the item was cashed or deposited. Checks that are deposited at other banks will show as pending throughout the day as the other banks submit the item to us for payment. If the amount of the check identified in the notice exceeds your balance at the time we receive the notice, we may notify the other bank of that fact.

**Debit Card Transactions:** For more information on debit card transactions, refer to the section "Access Cards" under "Electronic Funds Transfer Services."

**Wire Transfers:** Once we have begun processing the wire transfer and completed all of our internal reviews, we will apply the transaction to your account and update your available balance on the transfer's effective date.

While we make every effort to place transactions in a pending status on your account during the day, transactions may be unable to be displayed as pending before they are posted to your account. How these items are posted when they are completed and no longer displayed as pending is based on the posting order. Any applicable fees are applied against the account based on how items are posted. For details, refer to the section "Posting Order: Checking and Savings Accounts."

**Overdrafts**

We may pay or decline to pay any item if your available balance is less than the amount of that item plus all other items received but not yet paid. We will decline any requested ATM withdrawal unless your available balance at the time is equal to or more than the amount of the requested withdrawal. Even if we have paid overdraft items before, we are not required to do it in the future. We look at your account only once to decide if the item would cause your account to become overdrawn.

Your "available balance" is the previous day's balance plus any pending credit transactions (excluding pending debit card purchase returns), such as ACH direct deposits, minus (1) pending charges such as debit card purchases, electronic payments, checks drawn on your account that have been cashed or deposited, or transactions that we are obligated to pay or have already paid, (2) amount of deposits that are not yet available for withdrawal under our funds availability policy, and (3) any holds on your balance, such as holds on funds to comply with court orders or other legal requirements. An "overdraft," or "overdrawing" your account, means the item(s) presented on your account on a business day exceeds the available balance.

We generally will not authorize a non-recurring ("everyday") debit card transaction if your available balance is insufficient to pay the transaction in two cases: for business accounts, if you have notified us not to pay debit card overdrafts, or, for personal accounts, if you have not notified us to pay debit card overdrafts at our discretion. We rely on transaction coding sent to us by the merchant or other third party to determine whether the debit card transaction is everyday or recurring.

It is your responsibility to avoid overdrawing your account. Talk to your J.P. Morgan team to learn about overdraft protection services. We also offer personalized alerts to keep you informed about the balance and transactions in your account.

You must immediately pay the amount of any overdraft together with any applicable fees or charges. Until you pay such balance in full, you will pay interest on the amount of the overdraft at the rate indicated on the applicable fee schedule. We also may report you to credit reporting agencies, close your account, or both. These actions could affect your ability to open accounts in the future. If you believe that we have reported inaccurate or incomplete information about your account to a consumer reporting agency, you have the right to file a dispute with that consumer reporting agency. You may also submit a dispute directly to us by writing to the following address: JPMorgan Chase Bank, N.A., PO Box 182108, Internal Mail OHW-1000, Columbus, OH 43218. Provide your name, address and phone number; the account number; the specific information you are disputing; an explanation of why it is inaccurate or incomplete; and any supporting documentation.

You authorize us to use the money from any subsequent deposits to your account (including, but not limited to, a direct deposit of Social Security or any other state or federal benefit payment) to pay any overdraft and resulting fees or charges. For deposits you have authorized, you understand and agree that if you do not want your benefits applied in this way, you may change your direct deposit instructions at any time with the person or organization paying the benefits.

You agree to pay all costs and expenses, including attorney fees, we incur in collecting any overdraft. We may still pursue collection of the amount you owe (including suing you) after it is charged off.

**Specific Terms for Certificates of Deposit**

The standard minimum deposit amount to open a U.S. dollar-denominated Certificate of Deposit ("CD") is $1,000. The maturity date is the last day of your CD's term. By opening your CD, you have agreed to keep the amount deposited (principal) for the agreed upon stated term. The CD terms set forth herein, in any CD confirmation and interest rate disclosure, including the Annual Percentage Yield ("APY"), shall apply during the entire term of the CD. In the event of a conflict between the CD terms set forth herein and the terms disclosed in any CD confirmation or renewal notice, the terms in the CD confirmation or renewal notice shall prevail. If your CD is automatically renewable, and has a maturity of longer than one month, the Bank may change any provision of these terms for successive renewal periods (the interest rate and the APY may be modified pursuant to the Maturity Conditions section below) with at least 30 days written notice prior to the maturity date of the existing CD or at least 20 days before the end of the 10-day grace period. The Bank may change these terms at any time for a CD with a maturity of one month or less.

**Grace Period.** The grace period is the 10 days after the maturity date for CDs with a term of 14 days or longer. A grace period of 5 days applies to CDs with a term of 7 to 13 days. On the maturity date or during the grace period, you can change the term of your CD, make additional deposits, or withdraw your CD principal without paying an early withdrawal penalty.

**Interest Calculation Method.** Interest for CDs is compounded daily, and computed on a 360- or 365-day basis, using the daily balance method. This method applies a periodic rate each day to the balance in the CD. Interest begins to accrue on the business day of your deposit up to (but not including) the maturity date. The interest rate and APY applicable to your CD on the date the CD is opened will be set forth on a separate "rate sheet" or other interest rate disclosure provided to you when your CD is opened. That interest rate disclosure is considered part of these terms. The APY assumes interest will remain on deposit until maturity. On maturities of more than one year, interest will be paid at least annually, and the amount(s) paid will be reported to the IRS each calendar year. A withdrawal will reduce these earnings.

**Maturity Conditions.** For automatically renewable CDs, your CD will automatically renew for the same time period as the initial term, and thereafter for successive like periods of time, unless (i) you have a different renewal term as part of a CD ladder; (ii) you change or close your account; or (iii) we notify you otherwise. Once your CD renews, any reference to the maturity date means the last day of the new term. For the renewal term, your CD will earn interest at the rate then in effect on the renewal date for like CDs. Withdrawals made during the grace period are not subject to early withdrawal penalties described below. If your CD is closed during the grace period, it will not earn interest on or after the maturity date. For single maturity CDs, your CD will not automatically renew on the maturity date. No interest is earned on or after the maturity date.

**CD Ladders.** We may offer a CD ladder, which is a group of CDs opened by you on the same calendar day but with different maturity dates. When each CD matures, its term will automatically renew for the longest term of the original group, unless you specify a different renewal term. For example, in a 12-month CD ladder, you may open four CDs with original terms of 3, 6, 9 and 12 months, respectively. When each CD matures, its new term will be 12 months. The result will be four 12-month CDs with a CD maturing every three months.

**Withdrawing Interest.** You may choose to withdraw any paid or credited interest without penalty during your CD's term or at maturity. After the maturity date and grace period, interest will become principal of the renewed CD.

**Early Withdrawal Penalties. There is a penalty for withdrawing principal prior to the maturity date.** If the term of the CD is less than 6 months, the early withdrawal penalty is calculated as 90 days of interest on the principal amount withdrawn. If the term of the CD is 6 months to less than 24 months, the early withdrawal penalty is calculated as 180 days of interest on the principal amount withdrawn. For terms 24 months or more, the early withdrawal penalty is calculated as 365 days of interest on the principal amount withdrawn. For all three early withdrawal penalty calculations, the early withdrawal penalty charged will not exceed the total accrued interest earned in the current term less any prior early withdrawal penalty charged during the current term. The amount of your penalty will be deducted from principal. If the withdrawal occurs less than seven (7) days after account opening or a previous withdrawal of principal, the amount of the early withdrawal penalty will be calculated as we described above, but it cannot be less than 7 days' interest. The amount of your penalty will be deducted from principal.

We will waive early withdrawal penalties under the circumstances described below, unless the withdrawal occurs less than 7 days after the account was opened or a previous withdrawal was made:

● Death of a CD owner or a grantor of a revocable family/living trust;

● Disability of a CD owner;

● Court determination that a CD owner is incompetent;

● Re-titling of a CD to transfer ownership of funds into a living trust without moving funds from the Bank and where no change in term or rate occurs.

● For No-Penalty CDs which we may make available for designated term(s) and deposit amount(s) set forth on the rate sheet provided when the CD is opened.

**Record Retention.** We shall abide by federal and applicable state record retention laws and may dispose of any records that have been retained or preserved for the period set forth in these laws. Any action by or against us based on, or the determination of which would depend on, the contents of records for which a period of retention or preservation is set forth in these laws shall be brought within the time for which the record must be retained or preserved, unless applicable law provides a shorter limitation period. Any action against us on an automatically renewable CD must be brought within the retention period applicable to that CD based on the stated maturity date in the most recent record evidencing the existence and term of the CD.

**Stop Payments**

You may stop payment on a check drawn on your Account if we have not accepted, certified, made final payment on or otherwise become accountable for the item. Any joint owner may order us to stop payment on any check drawn on your Account. A Stop Payment fee may apply. To stop payment on a check, please call us at the phone number listed on your monthly statement.

You must provide us with the precise Account and check number/amount to allow us to identify the check based upon our computer retrieval system standards. A stop payment order shall become effective not later than one full business day after we have received such information, which you agree is a reasonable time. If a cashier's check, teller's check ("official check") or certified check is lost, destroyed or stolen, you may assert a claim to the amount of the check if you give us a declaration of loss statement in a form acceptable to us and the check has not been presented for payment for 90 days from the issue date or in the case of certified checks, from the date of acceptance.

For personal Accounts, an oral or written stop payment order is effective for 180 days, and may not be extended. However, you may place an additional stop payment order at any time, in which case such order shall replace the prior instruction, and shall be effective for 180 days from the day such additional order was placed. We will not send a confirmation of your stop payment order. For business Accounts, an oral or written stop payment may be placed for two lengths of time. You may place a stop payment order to be effective for 180 calendar days, or you may place a stop payment order to be effective for one year and then renewable annually, at your choice, for six additional years. We may send you a written confirmation of your stop payment order. If any of the information on the confirmation is incorrect, you must notify us within the time period stated on the confirmation. If you do not do so, the information will be presumed to be correct. You will receive a 60- to 90-day advance notification of stop payments scheduled for renewal on your business Account statement. You may request at that time to discontinue the renewal of a stop payment via your online channel, by calling the number on your statement, or by contacting your J.P. Morgan team. For personal and business Accounts, when the effective period of the stop payment order expires, we have no duty or obligation to notify you before we pay the item.

If you stop payment on a check drawn on your Account, you may still be obligated to pay such item to any party entitled to enforce it pursuant to applicable state law.

**Inactive and Unclaimed Accounts**

Each state has laws that govern when accounts are considered inactive or unclaimed and when the Bank is required to send a client's funds to the state. We encourage you to make sure your accounts remain active so you receive regular statements, have the full use of your accounts, and avoid the potential of having your account assets transferred to the state as unclaimed property. We will send you a letter in advance if your account assets may be transferred to the state as unclaimed property.

Inactive Accounts. Accounts must have customer-initiated activity to remain in an active status. If your account doesn't meet this criteria for a minimum of 24 months, the account may become inactive.

Dormant Accounts. If your account doesn't have customer-initiated activity for a minimum of 30 months, we may consider your account dormant and you won't be able to perform many of your day-to-day banking activities, including:

● Making debit card purchases with or without your PIN.

● Making transfers, deposits or withdrawals.

● Accessing your account on the J.P. Morgan app or jpmorganonline.com . If you don't have customer-initiated activity on your account for an extended period, your account may be considered abandoned property. See the section "Abandoned or Inactive Accounts" in the General Terms for Accounts and Services for more details.

**Statements**

We will maintain appropriate records of your Account. An Account statement for checking and savings accounts will be sent to you at your current address listed on our records on a monthly basis, unless there have been no deposits or withdrawals made to your accounts within a 30-month (12 months in Texas) period, in which case annual statements will be sent, unless otherwise specifically indicated in the personal accounts or business accounts sections of this Agreement. Statements will be sent via ordinary U.S. mail, unless you and the Bank agree otherwise. We will send at least one statement per Account, even if that Account has more than one owner. Combined statements for linked accounts will be sent to the primary account holder's address, unless a new mailing address is designated for the account. You agree that sending the Account statement as described qualifies as sending the Account statement to all owners of the Account, even if all owners do not have access to the mailing address of record for the Account. We may change your postal address of record if we receive an address change notice from the U.S. Postal Service or if we receive information from another party in the business of providing correct address information that the address in our records no longer corresponds to your address.

As used in this Agreement, the monthly statement period means the time period covered by your Account statement. This time period may or may not correspond to a calendar month but in most cases will not exceed 32 days or be less than 28 days. The specific dates covered by your Account statement will be set forth in the statement.

**Check Enclosure Options**

If, at your election or your Account features so require, we retain your cancelled checks and do not return them with your Account statement, you acknowledge that the original cancelled checks may be destroyed after a reasonable period of time as determined by us. You agree that by maintaining the original check or a copy thereof on your behalf, we have otherwise made the check available to you in a reasonable manner. You may request a copy of any cancelled check and a service charge may be imposed for each copy provided. If for any reason we cannot return a copy of your check or satisfy your needs through other means, you agree that we will not be liable for more than the face amount of the check.

If available, when we retain your cancelled checks, you may request that we include images of the front of your cancelled checks with your statement ("Image Statement"). However, you may elect to neither have your cancelled checks nor images thereof included with your statement ("Check Safekeeping") and unless the terms of your Account require Check Safekeeping, you may elect to have your checks returned with your Account statement ("Check Enclosure") rather than receiving images thereof.

Some merchants, utilities and other billers may elect to convert your check into an electronic funds transfer. Since we do not receive your check, neither a cancelled check nor its image is available from us. Additionally, we may elect to receive electronic images from other banks or financial institutions in lieu of original checks. If we receive an electronic image for payment, this image will appear with other cancelled checks on your Image Statement; however, the cancelled check is not available from us.

If you have elected to have your checks returned in your statement for the first checking account listed on your statement, then all other checking accounts listed in your statement will require Check Safekeeping (for business accounts, you may elect Check Enclosure option for all checking accounts). If the first checking account election is Image Statement, then other checking accounts will default to Image Statement, unless Check Safekeeping is elected or required by the terms of that account. If the first checking account has Check Safekeeping, then all other identified checking accounts will require Check Safekeeping as well.

**Review Your Account Statements for Checks and Other Errors**

**Review Your Account Statements.** You are responsible to review your account statement to identify and notify us whether any unauthorized transactions or errors have occurred and notify us promptly and failure to do so means you will be financially responsible for those errors. For all errors, you must provide us with all information we need to investigate the alleged error or item. You must also file any police reports and provide any supporting written statements, declarations, affidavits, and testimony we reasonably request. We have no duty to you to determine whether any check is forged, counterfeit, altered, improperly endorsed or otherwise improper.

**Let Us Know About Check Errors.** To be considered for reimbursement you must notify us:

● Within 60 days after we make a statement available if a check drawn on your account that you did not authorize or that is altered is listed on your statement.

● Within 6 months after we make the statement available if a check drawn on your account has any unauthorized, forged, improper or missing endorsements on the back of the check.

We may not be liable to reimburse these checks to you. If you report to us within the timeframes above we may work with the depositing bank on your behalf to attempt to recover your funds. In addition, if you fail to notify us of any unauthorized check within 30 days after we make a statement available that first lists an unauthorized check, we are not required to reimburse you for unauthorized checks initiated by the same wrongdoer(s) that we pay after that time. If you do not comply with these requirements, we are not required to reimburse you for any claimed loss, and you cannot bring any legal claim against us in any way related to the check or errors. These timeframes do not limit our rights to attempt to collect on checks from other banks.

**Let Us Know About Other Errors.** You must notify us within 30 days after we make a statement available if:

● There is an inaccurate or unauthorized teller transaction;

● Your account statement contains any errors; or

● You did not receive your scheduled statement.

If you do not comply with these requirements, we are not required to reimburse you for any claimed loss, and you cannot bring any legal claim against us in any way related to the errors.

**Other Transaction Types.** The requirements of this section, *Review Your Account Statements for Checks and Other Errors*, apply only to checks, teller transactions, and similar transactions. They do not apply to account transactions addressed by the *Electronic Funds Transfer Service Terms*. Additional terms specific to outgoing wire transfers or consumer international wire transfers, including cancelations, errors and unauthorized transactions, are contained in your wire transfer agreements.

You also have certain rights under federal law for substitute checks; please see *Substitute Checks and Your Rights* for more information.

**Sub-Accounts**

For accounting purposes, all checking accounts consist of two sub-accounts: a transaction sub-account to which all financial transactions are posted, and a holding sub-account into which available balances above a preset level are transferred daily.

Funds will be retransferred to your transaction sub-account to meet your transactional needs; however, all balances in the holding sub-account will be transferred to the transaction sub-account with the sixth transfer in any calendar month or monthly statement period.

Both sub-accounts are treated as a single account for purposes of your deposits and withdrawals, access and information, tax reporting, fees, etc.

**Linked Accounts**

For checking and savings accounts, you may elect to have these accounts appear on a single statement. Since accounts with at least one common owner can be included on an account statement, you agree that information regarding your Account may be made available to any other owner on any of the accounts that are identified on that combined statement.

Many checking and savings accounts permit you to link other accounts you may have with us or our affiliates to help you to avoid some fees and be eligible to earn higher rates. These other accounts need not be included on your statement for those pricing benefits to apply, and accounts that appear on your combined statement are not automatically linked for purposes of pricing.

Linking accounts is always at our discretion. We may automatically link accounts. If we do not, you may ask to have your accounts linked. If you choose to link your personal accounts to other accounts for which you serve as trustee or custodian (fiduciary), your personal account may receive a financial benefit. Under fiduciary law, any financial benefit you receive is considered a violation of fiduciary duties.

We bear no responsibility for your decision to link fiduciary and personal accounts. You should carefully consider this decision, and consult with your legal advisor if necessary.

**Note: We will not automatically place accounts on one combined statement or link accounts for pricing; you must take authoritative action to do so.**

**Interest: Checking and Savings Accounts**

Your Account, if designated as interest bearing, will be a variable rate account on which we may change the interest rate and annual percentage yield from time to time at our discretion without notice to you. We do not impose a limit on the amount the interest rate and annual percentage yield on your Account may change. If you have requested your Account not to accrue interest on a periodic basis, we will not establish or maintain an interest rate for the Account until such time as you have requested the Account to begin earning interest.

Interest begins to accrue on the business day we receive credit for your non-cash deposit. For cash and electronic transfers, interest begins to accrue on the business day of your deposit. For purposes of accruing interest, we use the daily accrual method for calculating interest. This method applies a daily periodic rate to the principal balance in your Account each day, which may be based either on collected or ledger balances as set forth in the product features for your Account. The collected balance is the balance of all deposits in your Account on which we have received credit for the deposited funds (determined by the availability schedule of our Federal Reserve Bank for non-cash items). The ledger balance is the balance in your Account without regard to credit or availability. Interest is credited and compounded monthly and is computed on a 360- or a 365-day basis. We pay interest only in whole cents. Therefore, at the end of each interest payment period, any fractional amount of interest less than half of one cent will be rounded down and any fractional amount of interest equal to half of one cent or more will be rounded up to the next whole cent. We reserve the right not to pay interest on any deposited item that is returned to us unpaid. Interest will cease accruing on the date you instruct the Bank, or the Bank notifies you, to close your Account, up to and including the date the funds are withdrawn or transferred from the Account.

The interest rate and annual percentage yield applicable to your Account on the date your Account is opened will be set forth on a separate "rate sheet" or other interest rate disclosure provided to you when your Account is opened. That interest rate disclosure is considered a part of this Agreement.

**Fees and Service Charges**

You agree to pay the monthly service fee, transaction fees, fees or interest charges for insufficient funds and stop payments, and all other applicable service charges or fees identified herein as applicable to your Account, or which may be otherwise mutually agreed upon by you and the Bank. You authorize us to charge your Account for these fees and service charges at any time whether or not such fees or charges will result in an overdraft of your Account or, where there are not sufficient funds in your Account to cover your fees and service charges, to bill you separately. You acknowledge and agree that the funds in your Account used to pay such fees and service charges may include any federal or state benefit payments that you choose to deposit in any Account (including direct deposit of Social Security). You understand and agree that if you do not want your benefits applied in this way, you may change your direct deposit instructions to the benefits payor at any time.

**Form of Account Ownership**

You agree that if your Account is identified as one offered only to individuals, in their personal capacities, or unincorporated nonbusiness associations, it shall not be used for a business purpose.

**Business Accounts**

Business accounts are accounts held by or on behalf of an entity (a person other than a natural person) or held by an individual in a professional or business capacity. Where a corporation, unincorporated association or limited liability company, partnership, including a limited partnership, limited liability partnership, or joint venture, government entity or sole proprietor (collectively, the "business") is designated or appears on a signature card as the owner of such account, then the account is payable only to or on the order of the business, and not to any individual director, shareholder, member or partner thereof except as they may be a payee on a check or other item drawn on the Account. You further represent and agree that the business has taken all action necessary to open and maintain banking accounts at the Bank and that all resolutions and/or other documentation delivered to us in connection with the account are true, accurate, complete, and will be kept up-to-date and may be conclusively relied upon by us. You agree to notify us in advance of any change in your form of ownership. You also agree that we are not obligated to cash checks payable to you or to accept "less cash" deposits. Notwithstanding anything to the contrary, the relationship between you and the Bank is one of debtor/creditor, not fiduciary, even if the account is titled as a "fiduciary" account with that role being played by you.

You agree that each eligible signer is authorized to endorse for collection, deposit, or negotiation any and all checks, drafts, notes, bills of exchange, certificates of deposit, and orders for the payment or transfer of money between accounts at the Bank and other banks, either belonging to or coming into the possession of the business. Endorsements "for deposit" may be written or stamped. We may accept any instrument for deposit to any depository account of the business without endorsement or may supply the endorsement of the business. The person(s) so designated is authorized to sign any and all checks, drafts and orders drawn against any designated account(s) of the business at the Bank. We are authorized to honor and pay all checks, drafts and orders when so signed or endorsed without inquiry as to the circumstances of issue or disposition of the proceeds even if doing so causes an overdraft or increases an overdraft and regardless of to whom such instruments are payable or endorsed, including those drawn or endorsed to the individual order of any such person so listed.

In addition, each eligible signer is authorized to act for and on behalf of the business in any matter involving any Account of the business, including the authority to instruct us to close the Account, and is further authorized to sign and implement for and in the name on behalf of the business, as they, or any of them see fit, the terms of all agreements, instruments, drafts, certificates, or other documents relating to any depository accounts or other business, including, but not limited to, night depository agreements, funds transfer agreements or safe deposit agreements.

**Telephone Requests**

You agree that funds in any of your Accounts with us can be transferred, upon the telephone request of any signer on the Account, to another account with us or to any other financial institution. We shall not be responsible for any loss incurred as a result of our acting upon or executing any request, order or instruction we believe to be genuine. Furthermore, we may refuse to execute any telephone request or order.

**Adverse Claims**

Upon receipt of oral or written notice from any party of a claim regarding the Account, we may place a hold on your Account and shall be relieved of any and all liability for our failure or refusal to honor any item drawn on your Account or any other withdrawal instruction. We may file an action in interpleader with respect to any Account where we have been notified of disputed claims to that Account. If any person asserts that a dispute exists, we are not required to determine whether that dispute has merit in order to refuse to honor the item or withdrawal instruction, or to interplead any funds in the Account.

**Legal Proceedings/Other Restrictions**

We may restrict the use of your Account if the Account is involved in any legal or administrative proceeding, whether or not we're a party to the proceeding. All expenses incurred by us as a result of a proceeding affecting your Account, may be charged against your Account or billed to you separately. These fees may include, but are not limited to, court costs and attorney fees.

We may also restrict the use of your Account when we reasonably consider such action necessary to avoid a loss. This may occur if we suspect that irregular, unauthorized, or unlawful activities may be involved with your Account, whether or not we suspect that you are directly or indirectly aware of these activities. Such restrictions shall be placed pending an investigation of these activities.

**Set-Off**

You agree that we may, as allowed by applicable law, without prior notice or demand, apply or set off the funds in your Account at any time to pay off any debt, whether direct or indirect, you have with us or any of our affiliates and/or any fees or service charges owed to us, and you grant us a security interest in each Account to secure such debt, as it may arise. You expressly agree that such rights extend to any federal or state benefit payments (including, without limitation, Social Security benefits) electronically deposited into your Account. You understand and agree that if you do not want your benefits applied in this way, you may change your direct deposit instructions to the benefits payor at any time. If your Account is a joint account and one or more joint owners are indebted to us in any manner, we may use the funds in the joint account to pay the debt without prior notice to you. This right of set-off does not apply if the debt is created under a consumer credit card plan or your right to withdraw funds from the Account arises only in a representative capacity. You also acknowledge and agree that any federal benefits or other payments deposited to your Account after a date of ineligibility must be returned to the Federal Government or other payor, as applicable, and we may set-off against any of your Accounts in order to recover any ineligible benefits or payments you may have received to return funds to the payor. If we make a set-off against your Account, you agree to release and indemnify us from all liability for our actions.

If you or any joint owner draws a check or otherwise authorizes withdrawals not presented for payment until after the drawer's death, or if any joint owner is indebted to us at the time of his or her death, we are authorized to pay such checks and withdrawals and exercise our right of set-off against the Account after such joint owner's death, notwithstanding any rights that a surviving joint owner, a POD payee or a beneficiary of an ITF or "trustee for" account may have to funds in the Account.

**No Waiver**

No failure by us to exercise any right will be taken as a waiver of that right or any other right, and we may still enforce all of our rights in the future.

**Closing Your Account**

Either you or the Bank may close your Account at any time with or without cause. Interest will cease accruing on the date you instruct the Bank, or the Bank notifies you, to close your Account, up to and including the date the funds are withdrawn or transferred from the Account. If you close your Account, you may be charged an Account Closing fee. We may automatically close your Account if it reaches a zero balance. Any closed account may be automatically reopened if we receive a deposit to the Account. If we close your Account, we may send you written notice that the Account is closed on the date we close your Account. We will return the balance in your Account less any fees or service charges, claims, setoffs or other amounts you owe us. Please allow four weeks to receive such funds from us. After your Account is closed, we have no obligation to accept deposits or pay any outstanding checks. You agree that we shall be relieved of any and all liability for refusing to honor any check drawn on a closed Account. We have the right to advise consumer reporting agencies and other third-party reporting agencies of accounts closed for misuse. If you believe that we have reported inaccurate or incomplete information about your account to a consumer reporting agency, you have the right to file a dispute with that consumer reporting agency. You may also submit a dispute directly to us by writing to the following address: JPMorgan Chase Bank, N.A., PO Box 182108, Internal Mail OHW-1000, Columbus, OH 43218. Provide your name, address and phone number; the account number; the specific information you are disputing; an explanation of why it is inaccurate or incomplete; and any supporting documentation.

**Change in Account Agreement**

We may change the terms of this Agreement, including any fees or features of your Account, at any time, by notifying you. If any change would adversely affect you, we will notify you at least 30 calendar days prior to the effective date of the change; provided, however, for automatically renewable CDs with a maturity of longer than one month, no such change shall be effective prior to the renewal date, and such notice may be provided with 20 days' written notice prior to the end of the 10-day grace period. If we transfer your Account to a different business unit within the Bank, we may give notice in the same manner and provide you a different deposit agreement to govern your Account. You agree that such notice may be provided to any joint account owner. By maintaining your Account after the effective date of any change, you agree to be bound by the changes. No notice is required for changes in the interest rate and corresponding changes in the annual percentage yield for variable rate accounts, for changes in terms of a CD with a maturity of one month or less, for changes in fees for document printing, or for changes necessary to comply with any legal or regulatory requirement.

**Rules Governing Your Account**

Your Account is governed by all rules and regulations of applicable federal law and the laws of your state (to the extent they are not considered to have been preempted by federal law), including those that may modify the terms of this Agreement. All deposits, items transmitted for collection, and any other transactions concerning your Account are subject to applicable clearinghouse rules and Federal Reserve rules and regulations.

Notwithstanding any other provision herein, this Agreement or any section of this Agreement may be changed or terminated without notice to the extent necessary to comply with any law or regulation of any appropriate federal or state authority.

If a conflict exists between any provision of this Agreement and any statements made by any employee of ours or our affiliates, this Agreement and the applicable sections will control.

**Liability**

You agree that we shall be relieved of any and all liability for acting upon your instructions or failing to act on your instructions when we reasonably believe that to do so would cause us to be exposed to civil or criminal liability, or conflict with customary banking practices.

**YOU AGREE THAT WE SHALL NOT BE LIABLE FOR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES REGARDLESS OF THE FORM OF ACTION AND EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.**

**IF WE FAIL TO STOP PAYMENT ON AN ITEM, OR PAY AN ITEM BEARING AN UNAUTHORIZED SIGNATURE, FORGED DRAWER'S SIGNATURE OR FORGED ENDORSEMENT OR ALTERATION, OUR LIABILITY, IF ANY, SHALL BE LIMITED TO THE FACE AMOUNT OF THE ITEM.**

**Location of All Legal Proceedings**

If you file any lawsuit or other legal proceeding against us that is connected in any way to your Accounts or services, you must do so in an appropriate court in the state and county where you opened the account. If you relocate your Account to another branch, you must file any lawsuit or proceeding in the state and county where that branch is located. In addition, if we file any lawsuit or legal proceeding that is connected in any way to your Accounts or services, you consent to jurisdiction and venue in an appropriate court in the location described in this paragraph. If either party chooses to have disputes determined under the section entitled Arbitration, that section rather than this section governs the process and location of the arbitration proceedings.

If you reside in a U.S. state where we have branch offices, any account you open by mail, internet, or other remote means will be assigned to a branch in the state where you reside, and for purposes of this section your account will be considered to be opened at that branch.

If you do not reside in a U.S. state where we have branch offices, any account you open by mail, internet, or other remote means will be considered to be opened in Franklin County, Ohio.

**Waiver of Immunity**

To the extent that you have or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, or otherwise) with respect to yourself or your property, you hereby irrevocably waive such immunity in respect of your obligations hereunder to the extent permitted by applicable law. Without limiting the generality of the foregoing, you agree that such waivers shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purpose of such act.

**Arbitration**

PLEASE READ THIS PROVISION CAREFULLY. IT PROVIDES, WITH THE SPECIFIC EXCEPTION STATED BELOW, THAT ANY DISPUTE MUST BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO COURT. IN THE ABSENCE OF THIS ARBITRATION AGREEMENT, YOU AND THE BANK MIGHT OTHERWISE HAVE HAD A RIGHT OR OPPORTUNITY TO BRING CLAIMS IN A COURT, BEFORE A JUDGE OR JURY, AND/OR TO PARTICIPATE OR BE REPRESENTED IN A CASE FILED IN COURT BY OTHERS. EXCEPT AS OTHERWISE PROVIDED BELOW, THOSE RIGHTS ARE WAIVED. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT, SUCH AS THE RIGHT TO APPEAL AND TO CERTAIN TYPES OF DISCOVERY, MAY BE MORE LIMITED OR MAY ALSO BE WAIVED.

Either you or the Bank may, without the other's consent, elect mandatory, binding arbitration of any claim, dispute or controversy raised by either you or the Bank against the other, or against the employees, parents, subsidiaries, affiliates, beneficiaries, heirs, agents or assigns of the other, arising from or relating in any way to this Agreement, any prior account agreement between you and the Bank, or the advertising, the application for, or the approval of your Account (the "Claim" or "Claims"). All Claims originating from or relating to this Agreement are subject to arbitration, no matter what theory they are based on or what remedy they seek, whether legal or equitable. This includes Claims based on contract, tort (including intentional tort), fraud, agency, negligence, statutory or regulatory provisions, or any other sources of law, or any request for equitable relief. Claims subject to arbitration include Claims that are made as counterclaims, cross claims, third-party claims, interpleaders or otherwise, and any party to a proceeding in court may elect arbitration with respect to any Claims advanced in the lawsuit by any party or parties. As an exception to this arbitration provision, you retain the right to pursue in a small claims court, any Claim that is within that court's jurisdiction and proceed on an individual basis.

If you or the Bank elects to arbitrate a Claim, the arbitration will be conducted as an individual action. Neither you nor the Bank consents or agrees to any arbitration on a class, representative or consolidated proceeding basis, and the arbitrator shall have no authority to proceed with any arbitration on a class, representative or consolidated proceeding basis. This arbitration provision applies to and includes any Claims made and remedies sought as part of any class action, private attorney general, consolidated proceeding or other representative action, which Claims hereby are made subject to arbitration on an individual (non-class, non-representative) basis. This means that even if a class action lawsuit or other representative action, such as that in the form of a private attorney general action, is filed, any Claim between you and the Bank related to this Agreement raised in such lawsuits will be subject to an individual arbitration Claim if either you or the Bank so elects. The party filing a Claim in arbitration must select one of two national arbitration administrators: JAMS or the American Arbitration Association ("AAA"). The arbitration organization that is selected will apply its rules and procedures in effect at the time the arbitration is commenced, unless any portion of the applicable rules and procedures is inconsistent with any specific terms of this arbitration agreement and/or this Agreement, in which case this arbitration agreement and this Agreement shall prevail. The arbitration will be conducted before a single arbitrator. The arbitrator will apply applicable substantive law, including, but not limited to, the applicable Uniform Commercial Code, consistent with the Federal Arbitration Act, 9 U.S.C. §§ 1-16 ("FAA") and the applicable statute of limitations or condition precedent to suit, and will honor claims of privilege recognized at law. The arbitrator will have the power to award to a party any damages or relief as permitted by the law and the agreement between you and us (including the limitations set forth above). The arbitration may not be consolidated with any other arbitration proceeding. You and the Bank do not agree to any arbitration on any basis to which any party other than you and the Bank, the related parties enumerated above such as heirs, successors and assigns, or any other person obligated on the Account, is involved.

The arbitration ruling will be considered final and binding, and enforceable by any court having jurisdiction. No party may seek an appeal of the arbitration ruling, except as provided under the FAA.

Unless the arbitration administrator waives your initial filing fee to commence arbitration, you are obligated to pay that fee but, if a settlement is reached between you and us prior to the hearing, we will reimburse you for up to $500 for filing fees as part of the negotiated terms of the settlement. If a settlement is not reached prior to the hearing, we also will pay any fees of the arbitrator and arbitration administrator for the first two days of any hearing. If you are the prevailing party in the arbitration, we will reimburse you for any fees you paid to the arbitration organization and/or arbitrator. Except as provided above, all other fees will be allocated between you and us according to the arbitration administrator's rules and applicable law. Rules and forms may be obtained from, and Claims may be filed with, either of the two organizations, as follows: JAMS (www.jamsadr.com); or the AAA (www.adr.org). Any arbitration hearing at which you wish to appear will take place at a location within the federal judicial district that includes your address at the time the Claim is filed.

This arbitration provision is part of and constitutes a transaction involving interstate commerce, and shall be governed by the FAA.

This arbitration provision applies to all Claims relating to your Account that arose in the past, which may presently be in existence, or which may arise in the future. This arbitration provision shall survive termination of your Account as well as voluntary payment of any outstanding indebtedness in full by you, or any bankruptcy by you. If we assign your Account to any unaffiliated third party, this arbitration provision will apply to any Claim between you and that third party if you or that third party chooses arbitration, or to any Claim between you and the Bank which occurred prior to such assignment or arises from such assignment.

We agree that neither we nor anyone else will rely on this Agreement to stop you from being part of a class action case in court. You may file a class action in court or you may be a member of a class action filed by someone else.

**Successors and Assigns**

This Agreement shall be binding on your personal representative, executors, administrators and successors. The benefits and responsibilities of this Agreement shall also transfer to and be binding upon our successors and assigns.

You may not transfer, assign or grant a security interest in (collectively, "assign") your Account without our written consent, and no assignment will be valid, nor will we be deemed to have knowledge of or be bound by such assignment, until we have noted that fact in our records. However, by noting the assignment, we do not attest to or have any responsibility for the validity of the assignment. You understand that any assignment of your Account is subject to our right of set-off.

**CHECK 21—SUBSTITUTE CHECKS AND YOUR RIGHTS**

**What is a substitute check?**

To make check processing faster, federal law permits banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check.

Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.

**What are your rights as a consumer regarding substitute checks?**

In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).

The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.

If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim.

We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.

**How do you make a claim for a refund?**

If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact your J.P. Morgan team at the telephone number or address listed on your statement or you may call:

By Phone:

● English 1-800-935-9935

● Spanish 1-877-312-4273

● Hearing Impaired 1-800-242-7383

You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.

**YOUR CLAIM MUST INCLUDE:**

● A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);

● An estimate of the amount of your loss;

● An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and

● The following information to help us identify the substitute check: the check number, the name of the person to whom you wrote the check, and the amount of the check.

**IMPORTANT ENDORSEMENT STANDARDS FOR PERSONAL AND BUSINESS ACCOUNTS**

Your compliance with the Bank's endorsement standards is necessary to help assure that the checks you deposit will be cleared on a timely basis.

You assume all responsibility and liability for any loss that we may suffer as a result of (i) your endorsement being placed on the back of the check in a place or manner which obscures other endorsements which then causes a delay in the forward processing and/or return processing of the check, or (ii) issuance of a check on your Account in such a manner that information, marks, or bands on the back of the check obscure endorsements. You must place an endorsement on the back of a check only in the area within 1.5 inches from the "trailing edge" of the check. The trailing edge of the check is the left side of the check looking at it from the front. The remaining area of the check cannot contain any pre-printed, stamped or handwritten client information. We retain the right to refuse to accept a check for deposit when the back of the check is unreasonably obscured.

**ELECTRONIC FUNDS TRANSFER SERVICES**

We provide a variety of electronic funds transfer (EFT) deposit account services. These include all transfers resulting from debit cards, ATM cards, electronic payments, credits and transfers, telephone transfers and online banking transactions. In conjunction with the use of these EFT services, we may issue to you an access device, which may be a card, code or other means of accessing your Account to initiate EFTs.

For Personal Accounts, this "Electronic Funds Transfer Services" section describes EFT services and transactions that are governed by the Electronic Fund Transfer Act and Federal Reserve Regulation E. EFT deposit account services exclude wire transfer and funds transfer services and all other transactions which are not covered by Federal Reserve Regulation E. These will be governed by a separate agreement.

For Business Accounts, wire transfer and all other funds transfer or other treasury services not identified in this section will be governed by a separate agreement.

Business Days—Every day is a business day, except Saturdays, Sundays, and state and federal holidays.

**Types of EFT Services**

**A. Access Cards.** If you select a debit card or specialty debit card at the time of account opening, you may use this debit card to access your new checking account. When you open your new checking account, if you do not select a Personal Identification Number (PIN) for your new debit card, a randomly selected four-digit PIN will be sent to you. Activating your new debit card is not a condition of maintaining your checking account. We may reissue a new card automatically before your current card expires; we may deactivate your old card when you activate your replacement card. Your Personal Identification Number (PIN) will remain the same.

By using your ATM card or debit card (each a "Card"), you agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Your Card remains our property and will be surrendered immediately to us upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We may cancel your Card at any time without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You shall abide by our rules and regulations relating to the use of your Card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You shall notify us promptly by telephone or in writing of the loss of your Card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You shall not reveal your Card or access code associated with your Card (personal identification number or "PIN") to any
person not authorized by you to use your Card and to not write your PIN number on your Card or on any item kept with your Card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. For merchant purchases, we have the right to place a temporary hold on your Account, which may affect available balances for purposes
of authorizing other transactions or honoring other items posting to your Account, in an amount equal to the authorization amount received
through the payment authorization system. Occasionally, merchants do not provide sufficient information with the transaction to allow
us to match the final amount to the authorized amount. In these cases the temporary hold will remain on your Account for three business
days. If the underlying transaction posts after a temporary hold drops off, we will still have the right to post the transaction against
your Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. We have the right to refuse a transaction on your Account when your Card has been reported lost or stolen or when we reasonably believe
there is unusual activity on your Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If you use your Card to access an Account that is no longer available to complete a transaction, we may, at our sole discretion, charge
or credit the transaction to another Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If you use your Card to access an Account that would exceed the daily authorization limit attached to your Card, we may, at our sole
discretion, authorize the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The exchange rate applied to card transactions that occur in a different currency will be selected by the network that processes the
transaction. The network will select from the range of rates available in wholesale currency markets or a rate mandated by the government
that issues or controls the currency in that country on the date it processes the transaction. This rate may be different from the rate
the network receives, may include a spread, commissions, and other costs that we, our affiliates or vendors charge in providing that exchange
to you, and will be less favorable than the exchange rate for institutions that is usually quoted in the newspaper or online services.
The processing date on which the exchange rate is applied may differ from the date you used your card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Gambling and Illegal Activities: You will not use your account to conduct transactions relating to unlawful internet gambling or any
other illegal activity. Because we are required to prevent transactions involving unlawful internet gambling, we may refuse any gambling
transaction that is not conducted in person, whether that gambling is lawful or not. We may also refuse any transaction that we reasonably
believe may involve illegal activity.

**Uses of Your Card**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **You can use your Card (except for deposit-only Business ATM Cards) to perform services at ATMs.** An ATM (Automated Teller Machine)
is an electronic device that provides many of the same services as a teller, including withdrawals and deposits. An ATM may be described
in several different ways in this Agreement. Chase In-Branch ATMs are ATMs located inside the main area of a Chase branch that you use
during the branch's posted business hours. Other Chase ATMs include ATMs located inside the main area of a Chase branch that you
use outside of the branch's posted business hours, ATMs that are separated from the main area of a branch by another set of doors,
drive-up ATMs and Chase ATMs not located in or near a branch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **At Other Chase ATMs you can:** 

● Access all of your personal checking, savings and credit card accounts, regardless of whether the accounts are linked to your card.

● Withdraw cash from your designated checking and savings accounts.

● Transfer funds between your designated checking and savings accounts.

● Find out your designated checking and savings account balances.

● Make deposits to your designated checking and savings accounts.

● Make payments to qualifying credit card, auto, home, business and personal loan products.

● Obtain a statement at participating ATMs where available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **At Non-Chase ATMs you can:** 

● Use your Card at participating networks. Use of your Card may vary depending on the location and type of ATM you are using and the EFT network through which the transaction is being performed. A specific ATM or EFT network may not perform or permit all the above transactions. Transactions at Non-Chase ATMs may be subject to a surcharge assessed by the terminal owner. In addition, a specific ATM or EFT network may not provide you with access to all of your Accounts based on the policies of the ATM-owning institution. Withdrawals from ATMs outside the United States generally do not allow savings or money market access. If you have questions regarding whether a certain ATM or EFT network will process a transaction, call or write us.

When linking multiple accounts to your Card, one checking account and one savings account will be designated as primary. We may also offer cards with limited functions for your deposit accounts, such as deposit-only business cards that can be linked to a checking or savings account. Subject to the limited functions provided for each card, limited-function cards are also considered "cards" under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Business ATM Card (deposit only): You may use your Business ATM Card (deposit only) to make deposits to your designated checking and savings accounts at full service Chase branded ATMs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **In addition to the services listed above, you may:** 

● Use your debit card at any financial institution that honors your debit card to obtain non-ATM cash, which may not exceed your daily authorization limit and will be charged to your primary checking account. Transactions exceeding this limit may require the financial institution to phone the Bank for approval.

● Use your debit card to purchase goods and services from merchants who accept your debit card as a means of payment. Purchases may not exceed your daily authorization limit and are charged against your primary checking account. If you have arranged with your merchant to pay for your purchases via periodic payments, this is an agreement between you and the merchant and you agree that you must notify the merchant if your account number or expiration date has been changed or your Account has been closed.

● If you request emergency services, you agree to the release of personal data to Visa U.S.A. Inc., MasterCard and its member financial institution and/or their respective contractors for the purposes of providing the emergency services.

● If you provide authorization to a merchant to bill charges on a recurring basis to your debit card, and if a replacement debit card has been issued to you, you must provide that merchant with your new debit card number and/or expiration date in order to bill the recurring charges to your debit card. We will make an effort to make available to the merchant through Visa/MasterCard your account number, and/or expiration date in order to permit the merchant to continue to bill the recurring charges to your debit card until you notify the merchant and us that you have withdrawn your authorization.

● Use your debit card to send or receive payments from another person or receive payments from a business using third-party payment services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Point-of-Sale Terminal Transactions: You may use your debit card to access your primary checking account to:** 

● Purchase goods and services from merchants and ATMs who have agreed to accept your debit card as a means of payment.

● Withdraw cash in conjunction with a purchase of goods or services if permitted by the merchant.

● Perform balance inquiries on your primary checking account if permitted by the merchant.

**Limitations on Transfers, Amounts, and Frequency of Transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Your ATM withdrawal limits may be different depending on which type of ATM you use and when. When you use a Non-Chase ATM, you can
withdraw up to the daily card withdrawal limit of the card you are using. Withdrawals using other cards will not count toward that card's
daily withdrawal limit. The default daily card withdrawal limit is $2,009.

● When you use an Other Chase ATM, the following limitations apply:

— For personal accounts: All withdrawals made with any of your ATM, debit or prepaid cards count toward every card's daily withdrawal limit.

— For business accounts: All withdrawals made with any cardholder's ATM or debit cards for the same business count toward every card's daily withdrawal limit.

The daily limit is $3,000 unless otherwise agreed between you and the Bank.

● When you use a Chase In-Branch ATM, the following limitations apply and are separate from all other limits:

For personal accounts: You can withdraw up to $3,000 each day. This separate limit does not apply to a Privileges card.

For business accounts: Each cardholder can withdraw up to $3,000 each day from all linked accounts of each business. This separate limit does not apply to an Associate card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You may make Point-of-Sale transactions in amounts not to exceed your daily authorization limit. The default daily Point-of-Sale transaction
limit is $15,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A Privileges Debit Card or Business Associate Debit Card may be issued at your request to allow authorized non-signers to access your
designated checking or savings accounts. The maximum daily dollar limit for ATM cash withdrawals using your Card and for Point-of-Sale
transactions using your debit card will be selected by you at the time you request the debit card. For Privileges Debit Cards, these dollar
limits will be monthly instead of daily (not to exceed $10,000 for ATM withdrawals and $50,000 for purchases). Withdrawals at any ATM
count toward the monthly limit, and Privileges Card withdrawals do not count toward your limit on other cards. The limits are reset on
the first day of the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If you receive a temporary ATM card at a branch, the default daily card withdrawal limit will be $309 in most states, $1,009 in CT,
NJ, or NY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) We may, in some circumstances:

● Allow transactions that exceed your card limits:

● Temporarily reduce your card limits without notice, for security purposes; or

● Change your card limits (we will notify you if we do).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Your Card will be restricted if we consider your account to be inactive or dormant. Further, if your Account is not in an active status,
purchases made with your debit card and ATM transactions will be suspended.

**Authorization and Holds for Debit Card Transactions:**

Most merchants ask us to authorize your purchase. When we give authorization to a merchant, we will reserve or place a hold on your available balance, generally for three business days, for the amount of the authorization. There may be delays of several days between the authorization and the date the transaction is presented for payment, and your transaction may post to your account after the authorization hold has lifted.

We may authorize or refuse to authorize a transaction based on a different amount than the authorization request, because some merchants request authorization for an amount that is unrelated to the actual amount of the purchase (such as self-service fuel).

For some types of purchases we may place a hold for a longer period. There are times—for example, at restaurants, hotels or car rental agencies—that merchants will not know the exact amount of your purchase when they request the authorization. If the authorization is more or less than your actual purchase amount, the hold may remain for a day or two even after your purchase amount has been subtracted from your available balance. We will pay the purchase amount from your balance whenever the merchant sends it to us, even if the hold has expired.

**Your Right to Receive Documentation or Notice of Transactions:**

You will receive a receipt or have the option to receive a receipt at our ATMs and the other ATMs that accept your Card each time you make a transaction. The receipt will indicate the location of the ATM (by code in some cases), the transaction date and type, the amount, and the last four digits of your Card account number.

You will receive an account statement each month for your accounts that are accessible by electronic funds transfers if such transfers occur during the month, but at least quarterly if no such transfers occur.

If you have arranged to have direct deposits made to your account at least once every 60 days from the same person, company or governmental agency, you can call us to find out whether or not the deposit has been made. When calling us, please provide us with your account number and the amount and date of the last deposit.

**B. Payments, Credits and Transfers.** We are able to electronically transfer funds between your Accounts, or from your Account to other parties and to receive funds electronically from other parties for deposit to your Account. We may do this by "ACH" (as a member of a local or national Automated Clearing House Association), by "RTPS" (as a member of The Real-Time Payment System operated by The Clearing House Payments Company L.L.C.) and through other EFT networks. You agree to be bound by the rules of the relevant EFT network. You must not send or receive ACH or RTPS payments on behalf of another person or entity if that person or entity is not a resident of, or otherwise domiciled in, the United States. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.

**C. Online Bill Payment and Transfer Services.** You may use the internet to electronically direct us to make payments from your checking account to third parties ("payees") whom you have selected in advance to receive payment by means of the online bill payment service. You must have a checking account with us to use this service. If you have multiple accounts with us, you may also direct us to make transfers between your accounts by means of the online transfer service. To gain access to these online services, go to our websites and enroll with your eligible Bank accounts. Additional disclosures and specific terms and conditions for using the online services will be provided when you enroll.

**D. Telephone Banking.** You may use our automated customer service system or speak directly to a Telephone Banker to request us to make periodic transfers from your Account to another checking or savings account held by us. You may also make periodic transfers from your Account to pay certain loans, lines of credit, or credit cards you have with us or with our affiliates. To use the automated system you must have a checking, savings, money market, CD, loan account or a debit card and a valid password or PIN. Business account holders may also use a valid TIN. You agree not to reveal your account number, debit card number, password, PIN or TIN to any person not authorized by you to use the automated system. To use the service, enter your account number or debit card number and password, PIN or TIN as directed. Then follow the options.

**E. Overdraft Protection Transfers.** To obtain overdraft protection, you must have a checking account with us. You must also have an eligible funding account from which to transfer funds to such checking account. We are able to transfer funds from certain eligible accounts to your checking account to help prevent overdrafts from occurring. Specific terms for overdraft protection are detailed below in the section titled "Overdraft Protection Services."

**IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC FUNDS TRANSFERS**

**For Personal Accounts Only:**

The following consists of a summary of certain of our respective rights and obligations under the Electronic Fund Transfer Act and Regulation E for the EFT services. For electronic fund transfers that you believe are unauthorized, additional rights, obligations, and limitations are described in the "Notice of Your Rights and Liabilities" section. Telephone or write us at the telephone number or address that was provided to you in your account opening documentation and is set forth on your monthly statement if you think your statement or receipt is wrong, or if you need more information about a transaction listed on the statement or receipt. We must hear from you NO LATER than 60 days after we sent you the FIRST statement on which the problem or error appeared. In your communication to us, be prepared to provide us with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Your name and account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A description of the error or the transfer you are unsure about, why you believe it is an error or why you need more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The dollar amount of the suspected error.

If you initially provide this information to us via the telephone, we may require that you send your complaint or question in writing within 10 business days. We will advise you of the results of our investigation within 10 business days (or 20 business days if your Account was opened less than 30 days prior to the date of the suspected error) after we hear from you and, if we have made an error, we will correct it promptly. If it takes us longer than 10 business days (or 20 business days if your Account was opened less than 30 days prior to the date of the suspected error) to research your complaint or problem, we must provisionally recredit your Account within such time for the amount you think is in error so that you will have the use of the money during the time it takes us to conclude our investigation. If we ask you to put your question or complaint in writing, and do not receive it within 10 business days, we may not recredit your Account. If the transaction complained of involves an Account which is subject to margin requirements or is otherwise covered by Regulation T of the Federal Reserve Board, we will not provisionally recredit the Account involved. At the conclusion of our investigation, we will inform you of our results within three (3) business days. If we determine that there was no error, we will send you a written explanation and reverse any provisional credits made to your Account. You may ask for copies of the documents that we used in our investigation. In all cases, our investigation will be completed within 45 days (or 90 days if your Account was opened less than 30 days prior to the date of the suspected error or occurred at a point-of-sale location or outside the United States).

The types of electronic fund transfer errors covered by this section include:

● An unauthorized electronic fund transfer;

● The amount of the transfer is wrong or the transfer is otherwise incorrect;

● You think a transfer or information about a transfer is missing from your statement or we have otherwise made a computational or bookkeeping error;

● You did not receive a statement or required information regarding preauthorized transfers;

● You received an incorrect amount of money from an ATM or other electronic terminal;

● You did not receive a receipt for a transfer made at an ATM or other electronic terminal or information is missing from the receipt; or

● You need more information about a transfer, including information to determine whether there is an error.

Not all issues and questions are errors covered by this section. You should contact us in accordance with this section if you have an issue or question about an electronic fund transfer, even one that may not be covered.

**For Business Accounts, the Following Procedures Apply:**

Our practice is to follow the procedures described above, but we are not legally required to do so. For example, we are not required to give provisional credit, or to finalize the claim during the periods stated above. You are required to notify us no later than 30 days after we sent you the first statement on which the error appeared. We may require you to provide us with a written statement that the disputed transaction was unauthorized. You are required to notify us to return any ACH debit entry as unauthorized by the business day following the business day the ACH debit entry is posted. If you don't notify us in this timeframe, we will not reimburse your claim. We may make an effort to recover the funds on your behalf from the originating financial institution. As a reminder, when your Account is a type listed under "Business Accounts" in our product information, you agree not to use it for personal purposes.

**IN CASE OF QUESTIONS ABOUT YOUR PREAUTHORIZED TRANSFERS**

Telephone us at the number provided on your periodic statement if you have questions about your preauthorized transfers.

**THE BANK'S LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS**

If we do not complete a transaction from your account on time or in a correct amount, according to our Agreement with you, we will be liable for your losses or damages.

However, there are some exceptions. For instance, we will not be liable if:

&nbsp;&nbsp;&nbsp;&nbsp;1. Through no fault of ours, you do not have enough available funds in your account to make the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;2. The ATM where you are making the transfer does not have enough cash.

&nbsp;&nbsp;&nbsp;&nbsp;3. The ATM was not working properly and you knew about the breakdown when you started the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;4. Circumstances beyond our control (such as fire or flood) prevent the transaction, despite reasonable precautions that we have taken.

&nbsp;&nbsp;&nbsp;&nbsp;5. In the case of preauthorized credits, the data from the third party is not received, is incomplete or erroneous, or if the recipient
is deceased.

&nbsp;&nbsp;&nbsp;&nbsp;6. Your Account is not in an active status.

The list of examples set out above is meant to illustrate circumstances under which we would not be liable for failing to complete a transaction and is not intended to list all of the circumstances.

**STOP PAYMENT FOR PREAUTHORIZED TRANSFERS**

If you have arranged, in advance, to make regular periodic payments out of your Account, you can stop any of those payments by following these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;1. Call or write your J.P. Morgan team at the telephone number or address on your monthly statement in time for us to receive your request
three or more business days before the payment is scheduled to be made. (Note: By using your personal computer to cancel the transaction,
you may stop a bill payment that is "Pending" at any time prior to four business days before the Payment Due Date. To stop
bill payments that are "In Process" please call your J.P. Morgan team. See your Online Bill Payment Agreement for information
concerning "Pending" and "In Process" transactions.)

&nbsp;&nbsp;&nbsp;&nbsp;2. If you call, we may require you to put your request in writing so that it reaches us within 14 days after your call.

&nbsp;&nbsp;&nbsp;&nbsp;3. You may be charged the current stop payment fee for each stop payment order you give us.

If these regular payments vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.

If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

**DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES**

We may disclose information to third parties about your account or the transfers you made:

&nbsp;&nbsp;&nbsp;&nbsp;1. As necessary to complete transactions.

&nbsp;&nbsp;&nbsp;&nbsp;2. In connection with the investigation of any claim you initiate.

&nbsp;&nbsp;&nbsp;&nbsp;3. To comply with government agency or court orders.

&nbsp;&nbsp;&nbsp;&nbsp;4. In accordance with your written permission.

&nbsp;&nbsp;&nbsp;&nbsp;5. As otherwise permitted by the terms of the Bank's Privacy Policy.

Our Privacy Policy is also available on **JPMorganOnline.com**.

**NOTICE OF YOUR RIGHTS AND LIABILITIES:**

**For Personal Accounts Only:**

Tell us AT ONCE if you believe your Card, PIN or code has been lost or stolen. Telephoning us is the best and fastest way of keeping your possible losses to a minimum.

If you tell us within two business days, you can lose no more than $50 if someone used your Card, PIN or code without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of your Card, PIN or code and we can prove we could have stopped the unauthorized transactions if you had told us, you could lose as much as $500.

If your statement shows electronic funds transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may be liable for transactions posting after the 60 days if we can prove that we could have prevented the transactions if you had told us in time.

If a good reason (such as a long trip or a hospital stay) kept you from telling us, let us know. We will extend the time periods.

**For Business Accounts Only:**

&nbsp;&nbsp;&nbsp;&nbsp;A. You agree to assist us in the investigation and prosecution of claims for unauthorized transactions by completing the appropriate
statements and reports reasonably requested by us.

&nbsp;&nbsp;&nbsp;&nbsp;B. You agree to notify us promptly in writing of any user of a Card who is no longer employed by you or authorized to conduct business
on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp;C. You agree that by allowing anyone to use your Card, you will be responsible for all authorized and unauthorized transactions made
through the use of your Card.

&nbsp;&nbsp;&nbsp;&nbsp;D. Liability for unauthorized transactions, including electronic funds transfers, shall be governed by the "Deposit Account Agreement."

Special Provisions for Card Transactions (zero liability protection):

If in the event your Card or Card number is lost, stolen, or used without authorization, you are not liable for any unauthorized transactions including transactions made at merchants, over the telephone, at ATMs, or online when you notify the Bank promptly.

However, these special provisions do not apply and are not covered by our zero liability policy (in which case the Bank may impose greater liability on the cardholder) when they include transactions where you were grossly negligent or fraudulent in the handling of the account or Card, where you have given someone else your Card, Card number or PIN, or where you delay in reporting unauthorized transactions for more than 60 days.

**IMPORTANT INFORMATION ABOUT ATM SAFETY AND SAFEGUARDING YOUR ACCOUNT INFORMATION**

● Be safe at ATMs. Some ATM locations are recorded by a surveillance camera or cameras. We advise you to be aware of your surroundings before, during and after any ATM use. Here are some additional tips:

— Choose an ATM that is well lit.

— Don't use an ATM that looks unusual or altered.

— During the hours of darkness, consider having someone accompany you to the ATM.

— If you suspect the ATM isn't working properly or if you notice anything suspicious, cancel the transaction and find another machine.

— When using a Chase ATM with a separate entry door, you should close the door completely upon entering and should not permit entrance to any unknown person after regular banking hours.

— If you need emergency assistance as a result of criminal activity or medical emergency, contact 911.

Stand between the ATM and anyone waiting to use the machine or cover your hand so others can't see your PIN or the transaction amount.

— As soon as your transaction is complete, remove your card from the ATM, and then put away your money, receipt, and card.

— Contact the police or a security officer if you see any suspicious activity at the ATM. If you think you're being followed, go to a heavy populated, well-lit area, and immediately contact the police.

— Complaints concerning security at New York Chase ATMs should be reported to the Chase Security Department at 1-800-900-0001 or the New York State Department of Financial Services at 1-888-697-2861.

● Keep your PIN confidential. Never give your PIN to anyone, and don't write it down. In addition, to keep your card information safe:

— Use a PIN that others can't easily figure out.

— To change your PIN (or if you forget your PIN), request a new PIN at chase.com, call us or visit any Chase branch.

● Protect your debit card or ATM card as you would a credit card or cash. — Notify us immediately if your card is lost or stolen, or if you discover any other error. The sooner you report a problem, the sooner we can take precautions to ensure your card isn't misused.

The activity within Chase facilities in New York and New Jersey is recorded by surveillance cameras.

Complaints concerning security in Chase ATM facilities should be directed to the JPMorgan Chase Security Department at 800-900-0001 or, in New York, to the New York State Banking Department at 888-697-2861, or, in New York City, to the NYC Department of Consumer Affairs at 212-487-4444 or, in New Jersey, to the New Jersey Department of Banking at 609-292-7272.

**Alerts and J.P. Morgan Mobile® Services**

If you receive or otherwise use the Alerts service or J.P. Morgan Mobile service, you agree to the following terms. If you are enrolled in J.P. Morgan Online<sup>SM</sup>, the terms of the Online Service Agreement control the terms of these services instead.

● You will provide a valid telephone number, email address or other delivery location for these services so we can send you certain information about your account.

● We may send Alerts or J.P. Morgan Mobile messages through your communication service provider, who will act as your agent and deliver them to you. Messages may be delayed or affected by your communication service provider(s) or others.

● We will not charge a fee for the Alerts or J.P. Morgan Mobile text services, but you are responsible for any and all charges, including, but not limited to, fees associated with text messaging imposed by your communication service provider. Standard messaging charges apply. Such charges include those from your communication service provider. Message frequency depends on user preferences. To cancel the J.P. Morgan Mobile text messaging services, send STOP to 576746 at any time. For help or information on the J.P. Morgan Mobile text messaging services, send HELP to 576746.

For additional assistance with these services, contact customer service at 1-866-265-1727.

● Alerts and J.P. Morgan Mobile are provided for your convenience and do not replace your monthly account statement(s), which are the official records of your accounts.

● You understand we may not encrypt information when it is sent to you through these services. This information may include personal or confidential information about you, such as account activity or the status of your account, and for phone Alerts, may be delivered to voicemail or answering machines if someone doesn't answer the number you provide.

You understand we are not liable for losses or damages from any disclosure of account information to third parties, non-delivery, delayed delivery, misdirected delivery or mishandling of, or inaccurate content in, the Alerts or the account information sent through J.P. Morgan Mobile. The J.P. Morgan Mobile text messaging service may only be activated by customers with eligible accounts. While you have to have an eligible account to use the J.P. Morgan Mobile text messaging service, once you activate the service, if you have other types of accounts with us, you may have access to those other accounts as well.

You agree to indemnify us for all claims, losses, liability, costs and expenses (including reasonable attorneys' fees) that arise if you provide an incorrect telephone number, email address or other delivery location or if you violate applicable federal, state or local laws, regulations or ordinances. You understand this section will survive even if this Agreement is terminated.

**Overdraft Protection Services**

You must separately sign up for Overdraft Protection, including Cash Sweep Services as it does not automatically apply to new accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions:** As used in this Overdraft Protection Services section, the following terms shall have the following meanings:
"You" or "your" means the person(s) or entity who has requested Overdraft Protection ("Request").
"Overdraft Protection" means the automated funds transfer service established pursuant to the Request and this section. "Funding
Account" means the account from which Overdraft Protection transfers are made. "Checking Account(s)" means one or more
checking accounts for which Overdraft Protection is requested, as designated on the Request for Overdraft Protection. For Cash Sweep Services,
"Checking Account Minimum Balance" means the balance that will trigger the transfer from the Funding Account. "Target
Balance" is the balance that will be maintained in the Checking Account after the transfer from the Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Overdraft Protection and Cash Sweep Service Request:** The Request must specify the Checking Account(s) and a single Funding
Account.

● Overdraft Protections Service Request: For personal accounts, the Funding Account may be a savings account or a money market account at the Bank. For business accounts, the Funding Account may be a savings account, a money market account, a business line of credit, or a business overdraft line of credit at the Bank. Overdraft Protection will become effective after the Bank has received your Request and had a reasonable time to act upon it.

● Cash Sweep Service Request: The Request must specify the Checking Account and the Funding Account. The Funding Account must be a savings account or money market account at the Bank. The Cash Sweep will be effective after the Bank has received your Request and had a reasonable time to act upon it.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Activation:** 

● Overdraft Protection Services: Whenever checks or other customer-initiated transactions are drawn on a Checking Account which, if paid, would cause the Checking Account to become overdrawn, such event will constitute a transfer request, and we will initiate a transfer ("Transfer") from the Funding Account to the Checking Account in an amount sufficient to pay those checks or other customer-initiated transactions drawn on the Checking Account. If the Funding Account is a business line of credit account or business overdraft line of credit account, Transfers will be charged to the business line of credit account or business overdraft line of credit account, under the terms disclosed in the applicable business line of credit or business overdraft line of credit loan documents. Transfers will appear on the periodic statements for the applicable Checking Account and the Funding Account. We have no obligation to inform the Checking Account owner if the status of the Funding Account or actions of the Funding Account owner results in the Overdraft Protection being unavailable.

● Cash Sweep Services: Whenever the Checking Account is below the established minimum balance, such event will constitute a transfer request under this Agreement, and J.P. Morgan will initiate a transfer (a "Cash Sweep Transfer") from the Funding Account sufficient to increase the Checking Account balance to the prescribed Target Balance. We have no obligation to inform the Checking Account owner if the status of the Funding Account or actions of the Funding Account owner results in the Cash Sweep Service being unavailable.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Maximum Overdraft Protection or Cash Sweep Transfer Amount:** 

● Overdraft Protection Services: The amount of a Transfer will not exceed the amount available in the Funding Account. If the amount available is insufficient to pay all checks and other customer-initiated transactions, then we will initiate a Transfer in the amount necessary to pay one or more transactions. Any checks or other customer-initiated transactions that are not paid by the Transfer will either be paid or returned, and overdraft interest may apply to amounts not paid by the Transfer in the same way as if you did not have Overdraft Protection.

● Cash Sweep Services: The maximum amount of the Cash Sweep Transfer will be the available balance in the Funding Account. If the amount of the Cash Sweep Transfer calculated in the Activation paragraph above exceeds the available balance in the Funding Account, then notwithstanding the provisions of the Activation paragraph, the Transfer will be the total available balance in the Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Savings or Money Market Account Transfers:** If the Funding Account is a savings account or money market account, Transfers or
Cash Sweep Transfers from the savings account or money market account are considered "preauthorized transfers." See the Withdrawal
Procedures and Limitations section for more details.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Overdraft Protection or Cash Sweep Service by the Bank:** We may terminate Overdraft Protection or Cash Sweep
Service for a Checking Account at any time upon sending written notice to the last address for the Checking Account shown on our records.
If the Funding Account is closed or blocked for usage, Overdraft Protection or Cash Sweep Service will not be available.

If a Checking Account is closed or blocked for usage, Overdraft Protection or Cash Sweep Service for that Checking Account will not be available.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Termination of Card Privileges for Overdraft Protection Only:** We may terminate or block the use of a Card with access to a
Checking Account when, at our discretion, we reasonably believe that there is unusual Overdraft Protection activity for that Checking
Account.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Termination of Overdraft Protection or Cash Sweep Service by Customers:** You may cancel Overdraft Protection or Cash Sweep Service
by requesting the cancellation in person at a branch or by delivering to us written notice of cancellation. Any cancellation under this
paragraph eight will be effective after we have received notice of such cancellation and had a reasonable time to act upon it.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Multiple Transfer Requests for a Checking Account:** If requested, the Overdraft Protection service described in this section
is in addition to any other preauthorized funds transfer service you may have in effect for the Checking Account(s). If you have established
more than one funds transfer agreement to automatically pay overdrafts occurring in the Checking Account(s), we shall have sole discretion
in determining the order in which such payment authorizations are processed.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Transfer Requests for Multiple Checking Accounts for Overdraft Protection Only:** If transfer requests occur with respect to
more than one of the Checking Account(s) on the same day, we shall have sole discretion in determining the order in which such transfer
requests are processed.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **General Provisions:** This agreement is binding on the owner of the Checking Account and the Funding Account.

**APPENDIX: ASSET ACCOUNT AND DEPOSIT ACCOUNT—FUNDS AVAILABILITY POLICY STATEMENT**

**General Policy:** Wire transfers, electronic direct deposits, and cash deposits will be available on the day we receive your deposit. Except as described later in this policy, when you make other deposits, the funds are available on the first business day after the day we receive your deposit.

In most cases when you deposit checks drawn on a J.P. Morgan account:

● Deposits made with a banker at a branch will be available on the same day we receive your deposit;

● Some or all deposits made at an ATM will be available on the same day we receive your deposit.

Once funds are available, you may withdraw them or use them to pay checks and other items. For online banking deposits, different terms may apply.

**When Your Deposit Is Received:** If you make a deposit with a banker at a branch on a business day, we will consider that day to be the day of your deposit. If you make a deposit on a business day before our cutoff time at a Chase ATM, we will consider that day to be the day of your deposit. However, if you make a deposit on a day that is not a business day, or make an ATM deposit after the ATM cutoff time, we will consider the deposit to have been made on the next business day.

● For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays.

● For deposits and transfers at most ATMs, the cutoff time is 11 p.m. Eastern time (8 p.m. Pacific Time). For ATMs with an earlier cutoff, the ATM screen will notify you of the cutoff time.

● Deposits placed in a night depository are considered received when we remove them from the night depository; we will remove deposits not later than the next business day.

● Branches in some locations may be closed on business days in observance of a state holiday or because of an emergency, and deposits made at night depository when those branches are closed will be considered received on the next business day when the branch is open.

● We will not accept cash deposits by mail. Check deposits made by mail should be addressed to: National Bank By Mail, PO BOX 6185, Westerville, OH 43086. All deposits made by mail and addressed to any other Bank location may be forwarded to the National Bank By Mail facility in Westerville, Ohio, and will be considered received on the date the deposit is received by that facility.

**Longer Delays May Apply:** In some cases, we may not make all of the funds that you deposited by check available by the first business day after the day of your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $275 of these deposits will be available on the first business day after the day of your deposit, unless we delay availability for one of the circumstances listed below. If you will need the funds from a deposit right away, you should ask us when the funds will be available, but further review of the deposit after we receive it may still result in delayed availability.

We may delay availability for the full amount of the check, including the first $275, up to the seventh business day after the day of your deposit under the following circumstances:

● We believe a check you deposited will not be paid;

● You deposited checks totaling more than $6,725 in any one day;

● You re-deposited a check that has been returned unpaid;

● You have overdrawn your account repeatedly in the last six months; or

● There is an emergency, such as failure of communications or our systems.

If your check deposit is made with one of our employees or at an ATM and we decide at that time to delay your ability to withdraw funds, we will tell you then. If we decide to delay availability of your funds after you complete your deposit, we will mail you a deposit hold notice by the business day after we decide to take that action.

**Special Rules for CDs:** Generally, funds you deposit will be available within one business day except when you deposit checks that total more than $6,725 in a business day. The amount exceeding $6,725 will be available no later than the seventh business day after the day of your deposit. However, we are not required to let you withdraw principal from a CD before it matures.

**Special Rules for New Accounts:** If you are a new customer, the following special rules may apply during the first 30 days your account is open:

● Funds from deposits of the first $6,725 of a business day's total deposits of cashier's, certified, teller's, traveler's, and federal, state, and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $6,725 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury checks) is not made with a banker at our branch, the first $6,725 will not be available until the second business day after the day of your deposit; and

● Funds from all other check deposits will be available no later than the seventh business day after the day of your deposit.

**Holds on Other Funds:** If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your Account. Those funds will be available on the day they would have been available if you had deposited the check.

**APPENDIX: OTHER BANKING SERVICES RELATING TO ACCOUNTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **FUNDS/WIRE TRANSFERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

A "funds transfer" means a series of transactions, beginning when an originator issues a payment order for the purpose of paying the beneficiary of such order (the "beneficiary"), but does not include payments made by check or credit card, a debit transfer made through the Automated Clearing House System ("ACH") or transfers governed by the federal Electronic Fund Transfer Act. The term "payment order" means an instruction to a receiving bank transmitted orally, electronically, or in writing to pay a fixed or determinable amount to a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payment Orders** 

You may issue payment orders orally, electronically or in writing, as arranged, against your Accounts, subject to our acceptance. We will receive and process payment orders only on our Business Days, and within our established cutoff hours. We may debit any of your Accounts for the amount of each payment order we accept and all associated fees. No restrictions upon our acceptance of payment orders or upon the Accounts which we may debit shall be binding unless agreed to by us in writing. Unless otherwise agreed, communications requesting cancellation or amendment of payment orders must be received no later than 5 p.m. Eastern time on the Business Day preceding the day we are to execute your payment order. We will not automatically cancel your wire transfer due to the transfer being delayed by more than five business days; if we do cancel your wire transfer we will notify you.

Notwithstanding any instructions by you to the contrary, we reserve the right to utilize any funds transfer system and any intermediary bank we choose in the execution of any payment order we accept and may otherwise use any means of executing the payment order which we deem reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Security Procedure** 

All payment orders, and communications requesting cancellation or amendment of payment orders, issued in your name are subject to verification by us pursuant to a mutually agreed upon security procedure. Unless otherwise agreed, we may furnish confidential security procedure material to any person authorized on your Account or to any other person we reasonably believe to be authorized to receive such information. You must safeguard any such security procedure materials and make them available only to persons who are authorized to give instructions using such procedures.

Unless we and you have agreed in writing to an alternate security procedure, the authenticity of oral or written (including writings transmitted by facsimile) wire transfers or other payment orders may, at our discretion, be verified by telephonic call-back confirmation with an individual purporting to be a person reflected on our records as having authority to initiate wire transfers or, if you have enrolled in a service to verify such payments through our online and mobile services and applications, we may verify wire transfers or other payment orders via approval through those channels by you or an individual reflected on our records as having authority to initiate wire transfers or other payment orders. You agree that this security procedure is a commercially reasonable security procedure for those wire transfer payment orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Foreign Currency Transfers** 

Any transaction we conduct for you in a foreign currency, such as sending or receiving a wire transfer to or from another country, depositing a foreign check, or exchanging foreign currency in our branches, will use an exchange rate. Currency exchange is only available at a limited number of branches and in certain currencies. The foreign exchange rates we use are determined by us in our sole discretion. We may make money providing foreign currency exchange services to you. You should expect that these foreign exchange rates will be less favorable than rates quoted online or in publications. The exchange rate we use will include a spread and may include commissions, or other costs that we, our affiliates, or our vendors may charge in providing foreign currency exchange to you. The exchange rate will vary depending on the type of transaction being conducted, the dollar amount, the type of currency, the date and time of the exchange, and whether the transaction is a debit or credit to your account. If we complete a foreign currency exchange on your behalf, such as exchanging a foreign currency incoming wire transfer into U.S. dollars, we may apply a rate we have established without prior notice to you. Additional terms specific to outgoing wire transfers or consumer international wire transfers are contained in your wire transfer agreement. If you issue, and we accept, a payment order for payment outside the United States in a currency other than the U.S. dollar, we will debit your Account for the U.S. dollar equivalent of the amount of the foreign currency transferred. In processing your funds transfers, other banks may deduct their fees from the payment orders issued to them. If the beneficiary's bank is instructed to pay in a currency other than its local currency, payment may be made by the beneficiary's bank at its rate of exchange on the date of its payment. In connection with each funds transfer, you shall be responsible for complying with all local currency restrictions and any other local law governing the transaction.

We are not required to accept for deposit items that are drawn on a non-U.S. bank or payable in a foreign currency. We may accept those items on a collection basis without your specific instruction to do so. We can reverse any amount we've added to your balance and send the item on a collection basis even after we've taken physical possession of the items. Our Funds Availability Policy does not apply to any foreign item, whether we accept it for deposit or on a collection basis. The actual amount you receive for items payable in a foreign currency will be determined at the exchange rate for such items that is in effect when we are paid for the item. If an item is returned later for any reason, we will subtract the amount of the item and any charges from other banks from your balance. We will use the applicable exchange rate in effect at the time of the return, which may be different from the exchange rate originally used for the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Identification Numbers** 

In accepting a payment order issued in your name, we may rely upon the identifying number (such as a Fedwire routing number or account number) of the beneficiary, the beneficiary's bank or any intermediary bank and use only such numbers in executing the order. Also, the beneficiary's bank in the payment order may make payment on the basis of the identifying number even though it identifies a person different from the named beneficiary. Accordingly, you shall be responsible for the consequences of any inconsistency between the name and identifying number, as instructed, of any party in a payment order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Funds Transfer Notices** 

In any funds transfer where you are the recipient or beneficiary of the transfer, we shall not be obligated to notify you of any such payment to your Account, other than to record such payment in your next regular statement of account. In the event that we send you an additional notice of the receipt of such a funds transfer for your account, you may not withdraw such funds until we have received payment from the sender of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Other Procedures** 

We may from time to time provide you with operational procedures or instructions regarding our funds transfer service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Limitations on Liability** 

Our liability for payment orders that are not authorized and not effective as your order or that are not enforceable against you shall be limited to a refund of the amount paid pursuant to such payment order, and if applicable law requires, interest on the refundable amount. Under no circumstances will we or any Morgan Affiliate be liable for any indirect, incidental, special or consequential damages, regardless of the form of action and even if we or such Morgan Affiliate has been advised of the possibility of such damages, nor shall we or any Morgan Affiliate be liable for any attorneys' fees you incur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **RECEIPT OF AUTOMATED CLEARING HOUSE ENTRIES** 

All Automated Clearing House ("ACH") credits and debits received for your account will be received by us subject to the rules of the National Automated Clearing House Association and any other applicable ACH rules. You agree to be bound by the ACH rules. Any credit given by us to you for an ACH credit shall be provisional until we receive final payment. If we do not get paid, we may revoke the provisional credit and charge the amount to your Account or obtain a refund from you, in which case the originator of the credit entry shall not be deemed to have paid you the amount of such entry. Unless we otherwise agree in writing, we shall not notify you of our receipt of ACH transactions other than as recorded in your next regular Account statement.

**Direct Deposit**

You may designate us as the bank to receive deposits made directly by any payor to any of your Accounts. These direct deposits may include, for example, your salary, Social Security benefits, and pension or annuity payments.

If we receive a demand for reimbursement from any payor claiming that you were not entitled to certain payment(s), we are authorized to charge your Accounts for the amount of the claim. Any action by us for reimbursement from you may also be made against your estate, heirs and legal representatives, who shall be liable for any claims made against and/or expenses incurred by us. We may terminate any direct deposit service at any time without notice and/or make this service subject to other conditions, at our discretion.

43© 2025 JPMorgan Chase & Co. All rights reserved. (5/2025) 5.25.1 <br>JPMUS55387a_CH-PRB-US-IND-8.5x11-PROD-0525-PB-4025112-PB Terms and Conditions-V03 0121-006-BA-TC-US

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**RATE SHEET \| Business Deposit Rates**

**Effective date: October 23, 2025**

■ **JPMORGAN COMMERCIAL CHECKING**

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| | |
|:---|:---|
| **All balances** | **Noninterest-bearing** |
| Earnings Credit Rate | 0.30% |

---

■ **JPMORGAN FLEXIBLE BUSINESS CHECKING<sup>1,2</sup>**

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| | | |
|:---|:---|:---|
| | **RATE** | **APY** |
| All balances | 0.01% | 0.01% |
| Earnings Credit Rate | 0.30% |  |

---

■ **JPMORGAN BUSINESS CHECKING**

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| | |
|:---|:---|
| **All balances** | **Noninterest-bearing** |
| Earnings Credit Rate | 0.30% |

---

■ **JPMORGAN BUSINESS SAVINGS<sup>2</sup>**

---

| | | |
|:---|:---|:---|
| | **RATE** | **APY** |
| $0 to $249,999 | 0.25% | 0.25% |
| $250,000 to $499,999 | 0.25% | 0.25% |
| $500,000 to $999,999 | 0.30% | 0.30% |
| $1,000,000 to $9,999,999 | 1.09% | 1.10% |
| $10,000,000 to $14,999,999 | 1.09% | 1.10% |
| $15,000,000 to $19,999,999 | 1.09% | 1.10% |
| $20,000,000 to $24,999,999 | 1.09% | 1.10% |
| $25,000,000 to $49,999,999 | 1.98% | 2.00% |
| $50,000,000 to $99,999,999 | 1.98% | 2.00% |
| $100,000,000 and greater | 1.98% | 2.00% |

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■ **JPMORGAN BUSINESS INDEX DEPOSIT ACCOUNT<sup>3</sup>**

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| | | |
|:---|:---|:---|
| | **RATE** | **APY** |
| $0 to $24,999,999 | 0.02% | 0.02% |
| $25,000,000 and greater | 0.05% | 0.05% |

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CD rates, CD Ladder rates, footnotes, and disclosures continued on the following pages.

■ **CERTIFICATES OF DEPOSIT (CDs)<sup>4</sup>**

**BALANCE**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *$0 to $499,999* | *$0 to $499,999* | *$500,000 to $4,999,999* | *$500,000 to $4,999,999* | *$5,000,000 to $24,999,999* | *$5,000,000 to $24,999,999* | *$25,000,000 and greater* | *$25,000,000 and greater* |
| **TERM** | **RATE** | **APY** | **RATE** | **APY** | **RATE** | **APY** | **RATE** | **APY** |
| 7 days | 0.10% | 0.10% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| 1 month | 1.98% | 2.00% | 3.44% | 3.50% | 3.49% | 3.55% | 3.68% | 3.75% |
| 2 months | 3.15% | 3.20% | 3.30% | 3.35% | 3.44% | 3.50% | 3.63% | 3.70% |
| 3 months | 3.15% | 3.20% | 3.25% | 3.30% | 3.39% | 3.45% | 3.59% | 3.65% |
| 6 months | 2.71% | 2.75% | 2.86% | 2.90% | 3.15% | 3.20% | 3.34% | 3.40% |
| 9 months | 2.57% | 2.60% | 2.76% | 2.80% | 3.05% | 3.10% | 3.25% | 3.30% |
| 12 months | 2.52% | 2.55% | 2.71% | 2.75% | 2.91% | 2.95% | 3.05% | 3.10% |
| 15 months | 2.47% | 2.50% | 2.66% | 2.70% | 2.86% | 2.90% | 2.96% | 3.00% |
| 18 months | 2.47% | 2.50% | 2.62% | 2.65% | 2.76% | 2.80% | 2.86% | 2.90% |
| 2 years | 2.37% | 2.40% | 2.52% | 2.55% | 2.66% | 2.70% | 2.76% | 2.80% |
| 3 years | 2.32% | 2.35% | 2.47% | 2.50% | 2.62% | 2.65% | 2.71% | 2.75% |
| 5 years | 2.37% | 2.40% | 2.52% | 2.55% | 2.66% | 2.70% | 2.76% | 2.80% |
| 7 years | 2.57% | 2.60% | 2.71% | 2.75% | 2.86% | 2.90% | 2.96% | 3.00% |
| 10 years | 2.57% | 2.60% | 2.71% | 2.75% | 2.86% | 2.90% | 2.96% | 3.00% |

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For rates on CD terms not displayed, please speak with your J.P. Morgan representative.

■ **CD LADDERS<sup>4,5</sup>**

**BALANCE PER CD**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Rate & APY per CD* | *$0 to $499,999* | *$0 to $499,999* | *$500,000 to $4,999,999* | *$500,000 to $4,999,999* | *$5,000,000 to $24,999,999* | *$5,000,000 to $24,999,999* | *$25,000,000 and greater* | *$25,000,000 and greater* |
| ***4-MONTH LADDER*** | **RATE** | **APY** | **RATE** | **APY** | **RATE** | **APY** | **RATE** | **APY** |
| 1 month | 3.44% | 3.50% | 3.49% | 3.55% | 3.68% | 3.75% | 3.68% | 3.75% |
| 2 months | 3.30% | 3.35% | 3.44% | 3.50% | 3.63% | 3.70% | 3.63% | 3.70% |
| 3 months | 3.25% | 3.30% | 3.39% | 3.45% | 3.59% | 3.65% | 3.59% | 3.65% |
| 4 months | 3.15% | 3.20% | 3.30% | 3.35% | 3.49% | 3.55% | 3.49% | 3.55% |
| ***12-MONTH LADDER*** | **RATE** | **APY** | **RATE** | **APY** | **RATE** | **APY** | **RATE** | **APY** |
| 3 months | 3.25% | 3.30% | 3.39% | 3.45% | 3.59% | 3.65% | 3.59% | 3.65% |
| 6 months | 2.86% | 2.90% | 3.15% | 3.20% | 3.34% | 3.40% | 3.34% | 3.40% |
| 9 months | 2.76% | 2.80% | 3.05% | 3.10% | 3.25% | 3.30% | 3.25% | 3.30% |
| 12 months | 2.71% | 2.75% | 2.91% | 2.95% | 3.05% | 3.10% | 3.05% | 3.10% |

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For rates on CD terms not displayed, please speak with your J.P. Morgan representative.

**Footnotes and Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;1. JPMorgan Flexible Business Checking combines an Earnings Credit Rate ("ECR") and an Interest Rate. You will choose an
ECR Peg Balance ("Peg Balance") for your account. The monthly average balances up to your Peg Balance will be applied against
the ECR to calculate your monthly fee allowance. Daily collected balances in excess of the Peg Balance each day will earn these interest
rates. You may change your Peg Balance at any time by contacting your J.P. Morgan Team.

&nbsp;&nbsp;&nbsp;&nbsp;2. Interest is compounded monthly, and computed on a 365-day basis using the daily balance method.

&nbsp;&nbsp;&nbsp;&nbsp;3. Interest is compounded daily, and computed on a 360-day basis using the daily balance method. Changes to the interest rates and annual
percentage yields are not directly tied to a specific market rate or index. The interest rates and annual percentage yields for these
accounts are managed rates established on the basis of various market factors and are subject to change at any time at our discretion
without notice to you.

&nbsp;&nbsp;&nbsp;&nbsp;4. Minimum initial deposit of $1,000 is required. Interest on J.P. Morgan CDs is compounded daily, and computed on a 365-day basis using
the daily balance method. The APY assumes interest will remain on deposit until maturity. On maturities of more than one year, interest
will be paid at least annually, and the amount(s) paid will be reported to the IRS each calendar year. A withdrawal will reduce these
earnings.

&nbsp;&nbsp;&nbsp;&nbsp;5. A CD ladder is a group of CDs opened on the same calendar day with different maturity dates. When each CD matures, its term will automatically
renew for the longest term of the original group, unless you specify a different renewal term. The minimum balances shown refer to the
balance in each account individually.

Rate refers to Interest Rate, and APY refers to Annual Percentage Yield. Rates and tiers are applicable as of the effective date of this rate sheet, and may change at JPMorgan Chase Bank, N.A.'s discretion without notice to you, including after an account is open.

Interest begins to accrue on the business day we receive credit for your noncash deposit. For cash and electronic transfers, interest begins to accrue on the business day of your deposit.

There is a penalty for early withdrawal on CDs. Checking and savings account fees could reduce earnings. A copy of JPMorgan Chase Bank, N. A.'s Combined Terms and Conditions is available upon request.

J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.

JPMorgan Chase Bank, N.A. Member FDIC

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Respecting and protecting client privacy have always been vital to our relationships with clients.

The attached Privacy Notice, in a format recommended by federal regulators, describes how J.P. Morgan Private Bank keeps client information private and secure and uses it to serve you better. As shown, the J.P. Morgan companies that provide private banking services do not use client information for purposes not related to the Private Bank. Additionally, we keep your information under physical, electronic and procedural controls, and authorize our agents and contractors to get information about you only when they need it to do their work for us.

The Private Bank uses information we have about you in order to make private banking products and services available to you through the Private Bank, including loans, deposits and investments, to meet your private banking needs. Using your information in this way, through the authorization you provided as part of your private banking application, may qualify you for account upgrades, improved client services and new service offerings based on our more complete knowledge of your relationship with the Private Bank.

The Private Bank is a part of J.P. Morgan Asset & Wealth Management (the brand name for the asset and wealth management businesses of JPMorgan Chase & Co.) and provides private banking services for Private Bank clients. The Private Bank includes those units of JPMorgan Chase Bank, N.A., J.P. Morgan Trust Company of Delaware and J.P. Morgan Securities LLC dedicated to the Private Bank, as well as alternative investment funds offered through the Private Bank. Annuities are made available to Private Bank clients through Chase Insurance Agency, Inc. Client information also is collected and used by our businesses within the JPMorgan Chase & Co. family of companies to comply with regulatory and other legal requirements.

Our Privacy Notice applies to the relationships of clients or former clients with the Private Bank in the United States, as well as to the relationships of clients or former clients with our offices outside the United States that are registered with the Securities and Exchange Commission. (If you reside outside the United States, you may also have privacy protections under the local laws applicable in that jurisdiction.) For these purposes, clients are those who have received or are receiving products and services for personal, family or household purposes.

Please speak with your J.P. Morgan team should you have any questions or concerns. Thank you for the trust and confidence you place in us.

Rev. December 2024

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Rev. December 2024

<u>FACTS</u> <u>WHAT DOES J.P. MORGAN'S PRIVATE BANK DO WITH YOUR PERSONAL INFORMATION?</u>

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| | |
|:---|:---|
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |

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| | |
|:---|:---|
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> ■ Social Security number and income<br> ■ account balances and transaction history<br> ■ credit history and payment history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| | |
|:---|:---|
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Private Bank chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| Reasons we can share your<br> personal information | Does the Private Bank share? | Can you limit<br> this sharing? |
| For our everyday business purposes –<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For marketing purposes –<br> to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don't share |
| For our affiliates' use in meeting your private banking needs | Yes | No |
| For our affiliates' everyday business purposes other than your private banking needs –<br> information about your transactions and experiences | No | We don't share |
| For our affiliates' everyday business purposes other than your private banking needs –<br> information about your creditworthiness | No | We don't share |
| For nonaffiliates to market to you | No | We don't share |

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<u>Questions?</u> <u>Go to: https://am.jpmorgan.com/private-bank/public/gl/en/privacy-notice</u>

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Who we are <br> <u>Who is providing this notice?</u> <u>Those units of JPMorgan Chase Bank, N.A., J.P. Morgan Trust Company of Delaware and J.P. Morgan Securities LLC dedicated to the Private Bank.</u>

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| | |
|:---|:---|
| What we do | What we do |
| How does the Private Bank protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to get your information only when they need it to do their work, and we require companies that work for us to protect your information. |
| How does the Private Bank collect my personal information? | We collect your personal information, for example, when you:<br> ■ open an account or deposit money<br> ■ pay your bills or apply for a loan<br> ■ use your credit or debit card<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can't I limit all sharing? | Federal law gives you the right to limit only:<br> ■ sharing for affiliates' everyday business purposes—information about your creditworthiness<br> ■ affiliates from using your information to market to you<br> ■ sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |

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| | |
|:---|:---|
| Definitions | Definitions |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> ■ *Our affiliates include companies with the Chase or J.P. Morgan name and financial companies such as J.P. Morgan Private Investments Inc. and Chase Insurance Agency, Inc.* |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> ■ *The Private Bank does not share with nonaffiliates so they can market to you.* |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ■ *The Private Bank does not jointly market.* |

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| |
|:---|
| Other important information |
| State laws:<br> NV: We are providing you this notice pursuant to Nevada law. If you prefer not to receive marketing calls from us, you may be placed on our Internal Do Not Call List by calling 1-800-945-9470, or by writing to us at P.O. Box 734007, Dallas, TX 75373-4007. For more information, contact us at the address above, or email Privacy.Info@JPMChase.com, with "Nevada Annual Notice" in the subject line. You may also contact the Nevada Attorney General's office: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas, NV 89101; telephone number: 702-486-3132; email aginfo@ag.nv.gov. |

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**[FEE SCHEDULE REDACTED]**

## Exhibit 99.25

**DATED NOVEMBER 13, 2025**

**EACH FUND LISTED ON SCHEDULE 3 HERETO**

**and**

**CITCO RETAIL ALTERNATIVE FUND SERVICES (USA) INC.**

**SERVICES AGREEMENT**

**AGREEMENT** dated as of November 13, 2025 and made

**BETWEEN**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **EACH OF THE ENTITIES SIGNATORY HERETO AS LISTED ON SCHEDULE 3** **AS AMENDED FROM TIME TO TIME** (each a "**Fund**" and collectively the "**Funds** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **CITCO RETAIL ALTERNATIVE FUND SERVICES (USA) INC.**, a company incorporated under the laws of Delaware
and having its principal office at 7300 College Boulevard, Suite 300, Overland Park, Kansas (the "**Citco** ").

**RECITALS**:

Each Fund wishes to engage Citco to perform the Services and Citco has agreed to perform the Services, on the terms and conditions set out in this Agreement.

**NOW IT IS HEREBY AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>DEFINITIONS AND INTERPRETATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

In this Agreement including the recitals, unless the context otherwise requires, the following words shall have the following meanings:

---

| | |
|:---|:---|
| **Agreement** | means this agreement; |
| **Confidential Information** | means non-public proprietary information including but not limited to information pertaining to the investments, ownership, business affairs and financial condition of the other party in its possession, information in respect of a party's processes, trade secrets, historical and projected financial information, operating data and organizational cost structures, strategic or management plans, operating policies and manuals, information about any technology-aided financial or accounting systems, software, strategies, programs and plans used, sold, contemplated or developed by a party, information with respect to Investors (in the case of the Funds) and the terms of this Agreement; |

---

---

| | |
|:---|:---|
| **Distributor** | means a financial institution engaged by a Fund or Investors to procure investments in the Fund by its client(s); |
| **Fund Documents** | in relation to each Fund, means (a) such documents under or pursuant to which such Fund is constituted, established and operating, in each case as same may be amended, supplemented or superseded from time to time; and (b) its Offering Documents; |
| **Fund Parties** | in relation to each Fund means their respective Governing Body, officers, employees, affiliates and agents; |
| **Fund Records** | means all official books and records pertaining to each Fund and the Investors maintained by Citco or any delegate or sub-delegate of Citco solely in relation to the provision of the Services; |
| **Governing Body** | means a Fund's board of directors, general partner, managing member or trustee, as applicable; |
| **Internal AML Controls** | internal control procedures that require Citco to develop, maintain, monitor, assess and test anti-money laundering compliance systems and controls and report suspicious activity, procedures to screen/perform background checks as part of Citco's employee hiring practices, training of Citco's employees and an internal audit function to assess and test the Procedures (as defined in Section 4.2; |
| **Investor** | means a holder of Securities of a Fund; |
| **Investor Related Parties** | means, in relation to an Investor, the beneficial owners, controlling persons, authorized persons and intermediaries acting on behalf of the Investor; |

---

---

| | |
|:---|:---|
| **Investments** | means any portfolio securities, instruments and/or other assets held directly or indirectly by or on behalf of a Fund; |
| **Investment Manager** | means the entity appointed by the Funds to manage or make investment or other decisions regarding the Funds' assets; |
| **Material Agreement** | in relation to each Fund, means any agreement (other than this Agreement) entered into between a 3rd party and that Fund which might reasonably be expected to affect Citco or the performance by it of the Services under this Agreement, including without limitation any agreement entered into between the Investment Manager and one or more Funds (i.e. distributorship agreements and agreements with third party intermediaries); |
| **Offering Document** | in relation to each Fund, means any prospectus, offering memorandum, private placement memorandum, information memorandum, circular, listing particulars, notice or other similar document issued by that Fund from time to time relating to that Fund and/or the offering of its Securities, including without limitation the Subscription Documents attached thereto or provided therewith to prospective Investors, in each case as the same may be amended, restated, supplemented or superseded from time to time; |
| **Securities** | means shares or other ownership interests in a Fund, as the context requires; |
| **Services** | means the services specified in Schedule 1 to be performed by Citco under and in accordance with this Agreement; |
| **Sub-Service Provider(s)** | means any affiliate of Citco appointed by Citco in accordance with the provisions of Section 2.3 of this Agreement; and |

---

---

| | |
|:---|:---|
| **Subscription Documents** | in relation to each Fund, means at any time the subscription agreement or other subscription application from a prospective Investor to subscribe for Securities in that Fund, in each case in the form required under its Fund Documents applicable at that time, including but not limited to redemption/withdrawal forms, questionnaires and additional subscription agreements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Interpretation** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa and the male gender includes the feminine and neuter genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to "Dollars" or "$" shall refer to United States Dollars unless otherwise
stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section headings are for convenience only and shall not affect the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to Schedules are to Schedules of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to persons shall include individuals, bodies corporate, unincorporated associations and partnerships
and their respective successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to this Agreement shall include any variation or replacement hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to any statute, ordinance, code or other law include regulations and other instruments under
it and consolidations, amendments, re-enactments or replacement of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>APPOINTMENT/DOCUMENTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Appointment** 

Each Fund appoints Citco to provide the Services and Citco accepts such appointment on the terms and conditions set out in this Agreement. Any additional entities that wish to adhere to the terms and conditions hereof and appoint Citco to provide the Services may do so by executing an Adherence Agreement in the form of Appendix A, and upon counter-signature by Citco, such additional entities will become party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Documents/Information to Provide Services** 

Each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has delivered to Citco or will deliver to Citco prior to it starting to perform any Services, true, complete
and accurate copies of each of its Fund Documents and executed copies of each Material Agreement to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees to deliver to Citco promptly any future amendment or supplement to any of its Fund Documents or
Material Agreements and acknowledges and agrees that Citco shall not be obliged to vary or modify, in any material respects, the manner
in which it performs the Services if any Fund shall make any changes to any Fund Document or enters into or amends any Material Agreement
in a manner which might reasonably be expected to materially affect Citco or the performance by it of the Services under this Agreement
without giving Citco reasonable prior written notification of any such proposed amendment or supplement and a reasonable opportunity to
review any such amendment or supplement prior to it becoming effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees to provide, and cause any agent appointed by it and any other service provider to that Fund to
provide, to Citco such other documents and information as Citco may from time to time reasonably require to enable it to perform the Services
and comply with its duties and obligations under this Agreement including, without limitation, all information relating to the Investments
and liabilities of the Funds held by prime brokers, custodians or other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Delegation** 

Citco may delegate or sub-contract any duties or functions it deems necessary in order to perform the Services to any other person on such terms and conditions as Citco reasonably thinks fit provided that Citco shall not delegate or sub-contract any such duties or functions to any person who is not a corporate affiliate of Citco that has not entered into a confidentiality and non-disclosure agreement with Citco consistent with the terms of this Agreement without the prior written consent of either the relevant Fund or Investment Manager on behalf of that Fund. Unless otherwise agreed between the relevant Fund, Citco and any such delegate or sub-contractor, any fees and expenses payable to any delegate or sub-contractor shall be borne by Citco, and Citco shall remain liable to the Funds for the performance of any duties or functions so delegated or sub-contracted. Each Fund acknowledges and agrees that certain Services to be performed for it have been or will be delegated or sub-contracted by Citco to affiliates of Citco including one or more Sub-Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Use of Administrator's Name** 

Citco hereby consents to the use of its name in the Offering Documents, copies of which have been previously provided to Citco or will be provided to Citco for its approval prior to their use by the relevant Fund. The Funds may use any disclosure regarding Citco and/or the Services which has been previously provided to and approved by Citco for inclusion in the Offering Document by Citco in any marketing materials or due diligence questionnaires completed by the Funds or the Investment Manager provided that the Funds shall not amend the disclosure concerning Citco and/or the Services in any subsequent Offering Document or other form of marketing materials of the Funds without having previously obtained the written consent of Citco, which consent may not be unreasonably withheld and which may be delivered by email. The Funds agree not to make any representation regarding the duties of Citco with respect to the Funds that is inconsistent with the terms of this Agreement in any document or communication (written or oral).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>PERFORMANCE OF THE SERVICES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Reliance on Investor Representations** 

In processing capital activity in relation to Securities, Citco shall, and shall be entitled to, rely on the accuracy of any and all representations, warranties or information given or provided by or on behalf of an Investor (including, by any Investor-designated bank, broker or distributor acting for or on behalf of Investor(s)) or a prospective Investor (including, without limitation any representation, warranty or information contained in the Subscription Documents completed by or on behalf of that Investor or prospective Investor), and will be entitled to rely (without enquiry), exclusively on the information given or supplied by or on behalf of any Investor or prospective Investor in any Subscription Document or other document and the determinations and instructions of each Fund and the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Investor KYC/AML Documents** 

In the absence of full identification documentation relating to the Investors in a form satisfactory to Citco being received from the Investment Manager, previous administrator or such other party that provided the Fund's registrar and transfer agency services prior to the date of appointment of Citco, neither Citco or Sub-Service Provider shall, or shall be required to, process any payments in connection with capital activity (including, without limitation, the balance of any redemption or withdrawal monies payable pursuant to a redemption or withdrawal effected prior to the date of appointment of Citco) until full satisfactory identification documentation is received and Citco shall not be liable to any Fund for failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Powers of Citco** 

In performing the Services under this Agreement, Citco and the Sub-Service Provider may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act as administrator and/or registrar and transfer agent for, and otherwise provide services to, any other
person (including without limitation any funds or other investment entities which may compete with the Funds) on such terms as may be
agreed with that person and shall not be deemed to be affected with notice of or to be under any duty to disclose to any Fund or the Investment
Manager any fact or thing which may come to the knowledge of Citco or of any delegate or agent of Citco in the course of so doing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act upon instructions and/or information received from the Funds, the Investment Manager, Investors or
their designated representatives, any custodian or broker of the Funds, any auditing firm appointed by the Funds, or any authorized agent
or delegates of the aforementioned, that Citco or Sub-Service Provider reasonably believes to be duly authorized to provide instructions/information,
including where such instructions or information are provided electronically or authorized using electronic signature technologies, unless
otherwise advised in writing by the Funds or the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Financial Statement Reporting Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Financial Statement Reporting Services set forth on Schedule 1, Part 3 (the "**FS Reporting Services**") are a summary description of Citco's responsibilities in connection with the provision of the FS Reporting
Services. The FS Reporting Services do not include additional, other special services or significant amendments to financial records post
year end (but do include customary GAAP adjustments). Citco is dependent upon the Funds' management providing a reasonable level
of assistance, including but not limited to providing supporting documentation for various disclosures (e.g. related party transactions;
valuation policies; ASC 820; ASC 815, etc.) included in the footnotes to the financial statements. Should the extent of collaboration,
availability of supporting records, or other matters beyond Citco's reasonable control be below our reasonable expectations, Citco
will communicate those matters to the Investment Manager and Citco may, with the prior written consent of the Investment Manager, which
consent shall not be unreasonably withheld, adjust its fees and planned completion dates accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that Citco or the Funds wish to terminate the provision or receipt of the FS Reporting Services,
such terminating party shall give the other 90 days written notice. Unless otherwise stated in such notice, the termination of the FS
Reporting Services shall not prejudice the continued provision and receipt of the remainder of the Services under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The financial statements including the overall fair presentation of the content of the financial statements
is the responsibility of the Funds' management. Management of the Funds is also responsible for the compliance with laws and regulations
that apply to the Funds in any domicile that might prescribe disclosure in the financial statements as well as any filing requirements.
The FS Reporting Services cannot be relied upon to disclose fraud or illegal acts that may exist. Management of the Funds is responsible
for apprising Citco of all allegations involving financial improprieties received by management and will make available, on a timely basis,
information regarding the allegations and any internal investigations of them as may be necessary for Citco to appropriately prepare the
financial statements. Allegations of financial improprieties include allegations of manipulation of financial results by management or
employees, misappropriation of assets by management or employees, inappropriate influence on related party transactions by related parties
resulting in unfair pricing thereof, intentionally misleading Citco, or other allegations of illegal acts or fraud that could result in
a misstatement of the financial statements or otherwise affect the financial reporting of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Provision of Treasury Services** 

If the Investment Manager requests that Citco provide the Treasury Services as set forth on Schedule 1, Part 4 and subject to an additional fee as set forth on Schedule 2, Part 4, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provision of the Treasury Services shall not obligate Citco to undertake any review or reconciliation
of transactions undertaken by or on behalf of the Funds using Citco's treasury platform (the "**Aexeo Treasury** "),
nor to ensure that any payments or expenditures effected using the system are made in accordance with the provisions of the Fund Documents.
Furthermore, the Treasury Services do not include a duty on the part of Citco to detect or monitor whether there has been fraudulent activity
perpetrated against the Funds by any agent of the Funds using the Aexeo Treasury, provided that Citco shall take commercially reasonable
steps to prevent access to the Aexeo Treasury by unauthorized parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds represent, warrant and agree that in instructing payments using the Aexeo Treasury, the Funds
and their agents will abide by all applicable sanctions laws, rules, regulations, executive orders and guidance including those administered
and enforced by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and the U.S. State Department and will specifically
not cause the Aexeo Treasury to be used to engage, directly or indirectly, in any dealing or transactions with certain countries, territories,
governments, entities or persons targeted by U.S. or international sanctions programs, including persons or entities identified as specifically
designated nationals or other blocked persons named by OFAC. Citco shall be under no duty to supervise or monitor the use by the Funds
or their agents of the Aexeo Treasury and as a result, the Funds shall indemnify and hold harmless Citco to the fullest extent permissible
under the law in connection with any breach of this Section. Furthermore, a breach of this Section by any Fund (or its agent on its behalf)
shall constitute a material breach of this Agreement which is not capable of remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>ANTI-MONEY LAUNDERING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Duties of Citco** 

Except as detailed in Section 4.5, Citco represents that in performing the Services, it shall maintain AML Policies and Internal AML Controls with respect to the identification and verification of Investors. Citco and the Funds agree that Citco shall not be responsible for collecting Know Your Customer (KYC) documentation or otherwise for verifying or recording the identity of Investors that are introduced to the Funds by a Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **AML Procedures** 

In accordance with the Internal AML Controls, Citco shall, either by itself or through a Sub-Service Provider, also maintain, on behalf of the Funds, the following anti-money laundering procedures (the "**Procedures**") in relation to:

&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;(a) the identification and verification (Customer Identification Program ()"**CIP** ")) of the
Investors, and where applicable and required, the Investor Related Parties;

&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;(b) the adoption of a risk-based approach to identify, assess and determine the level of money laundering,
terrorist and proliferation financing risks in relation to the Investors and Investor Related Parties and the business relationship, including
procedures for forming the business relationship prior to verification;

&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;(c) record keeping in relation to the identification and verification of the Investors and Investor Related
Parties of the Funds and transactions effected, including business records and account files; 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Internal AML Controls and communication for the ongoing monitoring of business relationships with Investors
and Investor Related Parties of the Funds, including sanctions and non-compliant jurisdiction checks periodically and prior to transactions
in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Provision of AML Information** 

In maintaining the Procedures and Internal AML Controls, upon which the Parties acknowledge that the Funds shall rely, Citco shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide to the Funds, their agents or officers or a regulatory authority with jurisdiction over such parties,
upon request, written evidence of its suitability to perform the Procedures on behalf of the Funds, or information which the Funds may
reasonably require to satisfy itself of the reliability of the Procedures and Internal AML Controls, including to review and test the
Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide Investor or Related Party information, to the Funds, their agents or officers or the applicable
regulatory authority, upon request, and other law enforcement authorities, upon lawful request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide information to the Funds, their agents or officers or the Investment Manager, in relation to irregular
activity involving the Funds, the Investors or Investor Related Parties, or any material issues with the Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Delegation of AML Procedures** 

In addition to the requirements for delegation set out in Section 2.3 of this Agreement, where Citco delegates the maintenance of the Procedures described under Sections 4.2 and 4.3 to a Sub-Service Provider, Citco:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall inform the Funds, their agents or officers, of the delegation, and provide any information regarding
the Sub-Service Provider or their AML procedures as the Funds, their agents or officers, may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) represents that it shall remain responsible for maintenance of the Procedures and shall procure and ensure
that the Sub-Service Provider:

&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) adopts and maintains anti-money laundering policies and procedures, including Internal AML Controls equivalent
to those described in Section 4.1 on behalf of the Funds; 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall acknowledge and agree to adhere to the terms equivalent to Sections 4.1, 4.2, 4.3, in the maintenance
of the Procedures on behalf of the Funds.

The Funds and Citco understand and agree that, notwithstanding the ability of the Funds to rely on Citco or Sub-Service Provider for the maintenance of the Procedures and the Internal AML Controls, the Funds shall be ultimately responsible for ensuring that the Funds is compliant with its own anti-money laundering obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Eligible Introducers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Citco and the Funds agree that Citco shall not
be responsible for: collecting Know Your Customer (KYC) documentation or otherwise for verifying or recording the identity of Investors
that are introduced to the Funds by a financial institution approved by the Investment Manager (an "**Introducer**") pursuant
to the requirements of the Anti-Money Laundering Regime, including (if applicable) the requirement for the provision of a compliant introducer
letter in the proscribed form (such Investors hereinafter, "**Introduced Investors** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds will at all times ensure that any Introducer is based in a low risk jurisdiction for anti-money laundering
purposes and has anti-money laundering policies and procedures in place that are designed to forestall, prevent and detect money laundering
and terrorist and proliferation financing, which policies and procedures have been applied to identify and verify the identity of the
Introduced Investors. For the avoidance of doubt the Funds shall be responsible for confirming that the content of any written assurance
letter provided by the Introducer in respect of the Introduced Investors complies with the requirements of the Anti-Money Laundering Regime
(as applicable). Citco shall assume no liability or responsibility to ensure that the content of any written assurance letter provided
by the Introducer in respect of Introduced Investors complies with the Anti-Money Laundering Regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that Citco receives a regulatory request for information or documentation on an Introduced
Investor which would reasonably be expected to be within the possession of Introducer, the Fund Entity will use commercially reasonable
efforts to procure that such information is promptly provided to Citco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any confirmations, reports or certifications issued by Citco related to its KYC/AML procedures applied
on behalf of the Fund shall indicate that that they exclude Introduced Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>FEES AND EXPENSES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Fees

In order for the Services to be provided by Citco to the Funds under this Agreement, the Funds shall pay to Citco fees in the amounts, at the times and otherwise in the manner specified in Schedule 2. If any amendments to the fees payable hereunder are agreed between Citco and the Funds, such amended fees shall be recorded in a revised Schedule 2, which shall be executed by the parties and affixed to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Expenses

Citco shall not be required to incur on its own account and shall be reimbursed by each Fund for any costs or expenses incurred directly on behalf of that Fund as specified in Schedule 2, Part 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Withholding** 

All amounts invoiced and payable by each Fund to Citco hereunder shall be paid together with all applicable sales and other goods and services taxes but otherwise free and clear of and without deduction or set-off of any amount in respect of taxes or any other amount whatsoever which a Fund may be required by applicable law to withhold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>REPRESENTATIONS, WARRANTIES AND COVENANTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Representations and Warranties by each Fund** 

Each Fund represents and warrants to Citco that as of the date hereof and upon each day that Citco provides Services hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has full power and authority to enter into this Agreement, and it has taken all necessary corporate
or other requisite action and has obtained all necessary authorizations and consents, to authorize the execution of this Agreement and
appoint Citco to provide the Services in accordance with the terms of this Agreement, and that this Agreement will constitute legal, valid
and binding obligations of each Fund enforceable against it in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it understands and acknowledges that Citco is entering into this Agreement solely on its own behalf and
not as an agent for any other entity, including its corporate parents (direct or indirect), subsidiaries or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Representations and Warranties by Citco** 

Citco represents and warrants to each Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has full power and authority, and it has taken all necessary corporate action and has obtained all
necessary authorizations and consents to authorize the execution of this Agreement and to perform its obligations and duties and provide
the Services under this Agreement and that this Agreement will constitute legal, valid and binding obligations of Citco enforceable against
it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has and maintains the necessary facilities, equipment and personnel to perform its duties and obligations
as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has implemented and maintains commercially reasonable business continuity policies and procedures with
respect to the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it is registered, and at all times during the term of this Agreement shall be registered, as a transfer
agent as required under the Securities Exchange Act of 1934, as amended (the " <u>1934 Act</u> "), including Section 17(A)(c)
of the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** it agrees to maintain at all times a program reasonably designed to prevent violations of the federal
securities laws (as defined in Rule 38a-1 under the Investment Company Act of 1940, as amended (the "1940 Act")) with respect
to the relevant Services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Duties of each Fund** 

Each Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint an auditor for the purpose of preparing the annual audit of each Fund and provide such auditor
with any required representation letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure compliance with all applicable law to which each Fund and the Investment Manager is bound including,
without limitation, all applicable securities laws relating to the offer and sale of Securities and all laws and regulations regarding
proper disclosure to Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that any alteration of the rights or obligations of the Investors are properly approved and enforceable
in accordance with the provisions of the Fund Documents and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify Citco in writing of the following, as soon as reasonably practicable upon the occurrence or upon
having any knowledge or notice thereof (whichever is earlier):

&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) any change in the authorized share capital (in the case of a Fund established as a corporation);

&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) any change to the Governing Body;

&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) any change to a Fund's financial year end;

&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;(iv) any change to a Fund's auditors;

&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;(v) any bankruptcy, insolvency or dissolution of any Fund, the Governing Body (or any member thereof) or the
Investment Manager or any death, disability, incapacity, incompetence or bankruptcy of any director or principal of the Fund, the Governing
Body (or any member thereof) or the Investment Manager;

&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;(vi) any notice, order, judgment, sanction or other financial penalty being received or imposed against a Fund,
the Governing Body or the Investment Manager in connection with any material non-compliance by that Fund, the Governing Body or the Investment
Manager with any applicable law; 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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other matter which could reasonably be expected to have a material adverse effect on Citco or its
reputation or the performance by Citco of its Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) approve or procure its authorized representative, including without limitation the Investment Manager,
to approve its final net asset value and estimate net asset value (as applicable) prior to release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Mutual Cooperation** 

Each party acknowledges and agrees that provision of the Services by Citco relies upon mutual cooperation among Citco, each Fund and the Investment Manager and adherence by each party with their respective obligations under this Agreement. Each Fund covenants with Citco on its own behalf, and shall procure that the Investment Manager and any other service providers shall cooperate with and provide such information and instructions as are necessary to allow Citco to perform the Services under this Agreement. Citco shall not be required by the Fund to execute any documentation in favour of any service provider or counter-party to the Fund in order to obtain access to information that Citco requires to provide the Services. Each Fund acknowledges that any failure by, or impairment in the ability of, a Fund, the Investment Manager or other service provider to the Funds to cooperate with Citco, or failure to furnish information or instructions to Citco in a complete, accurate and timely manner may have an adverse impact on the ability of Citco to perform the Services or comply with its duties and obligations under this Agreement and in such circumstances Citco shall not be liable to any Fund for any loss or damage that arises in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>LIMITATION OF LIABILITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of gross negligence, actual fraud or wilful misconduct by Citco in the provision of the
Services under this Agreement, Citco shall not be liable to any Fund for any claims, losses, damages, liabilities, penalties, demands,
suits, judgments, obligations, costs or expenses, including reasonable legal fees and expenses, of any kind or nature whatsoever (a "**Claim** ")
on account of anything done, omitted or suffered by Citco in good faith in the provision of the Services pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Further, and notwithstanding anything herein
to the contrary, with respect to "as of" adjustments, Citco will not assume one hundred percent (100%) responsibility for
losses resulting from "as of" adjustments due to clerical errors or misinterpretations of Investor instructions, but Administrator
may discuss with the Fund potential liability for an "as of" on a case-by-case basis where such loss is "material",
as hereinafter defined, and, under the particular facts at issue, and subject to the applicable standard of care and liability limits
in the Agreement, Administrator reasonably believes Administrator was culpable and the sole cause of the loss. A
loss is "material" for purposes of this Section when
it results in a pricing error on a given day which is (i) greater
than a negligible amount per Investor, (ii) equals or exceeds one
($.01) full cent per share times the number of shares outstanding or (iii) equals
or exceeds the product of one-half of one percent (0.5%) times Fund's net asset value per share times the number of shares outstanding
(or, in case of (ii) or (iii), such other amounts as may be adopted
by applicable accounting or regulatory authorities from time to time). When
Citco concludes that it should contribute to the settlement of a loss, Administrator's responsibility will commence with that portion
of the loss over $0.01 per share calculated on the basis of the total value of all shares owned by the affected Fund (i.e., on the basis
of the value of the shares of the total portfolio, including all classes of that portfolio, not just those of the affected class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Citco shall not be liable to any Fund for any Claim that arises directly or indirectly out of any actions
that occurred or failed to occur, or any records created or retained, prior to the effective date of this Agreement. Citco shall be entitled
to rely without enquiry on information provided to it by the Funds' former administrator (if applicable) or the Investment Manager,
and will not have a duty to verify such information from records it may receive that were created prior to the effective date of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither Citco nor any Sub-Service Provider is a fiduciary or advisor to the Funds, the Investment Manager
or the Investors by virtue of the provision of the Services under this Agreement and this Agreement does not create any contractual rights
against, or reliance on Citco by any person not a party hereto including, without limitation, the Investment Manager, any Investor or
any counterparty of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Citco shall not, under any circumstances whatsoever, be liable for any special, punitive, incidental,
indirect or other economic or consequential damages including loss of profits, whether or not such damage was reasonably foreseeable and
whether arising in contract, tort or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Fund shall have the duty to mitigate damages for which Citco may become responsible and Citco shall
have the duty to mitigate damages for which the Funds may become responsible pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Citco shall be entitled to place reliance and take action based upon any instruction, order, mandate or
direction delivered on behalf of the Fund by the Investment Manager, the Funds and Fund Parties and any instruction delivered by or on
behalf of any Investor (including by a Distributor) in accordance with the rights conferred by the Fund Documents. Furthermore, where
this Agreement provides that Citco must deliver a report, notice or other information to a Fund, such information may be delivered to
the Investment Manager or its designated employees and the same will be deemed to be appropriate delivery in accordance with the provisions
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provisions contained in this Agreement, Citco and the Sub-Service Provider may
in their absolute discretion (but with no duty to do so) decline to act on any instruction where such instructions are not in writing,
are incomplete, unclear, ambiguous and/or in conflict with other instructions received by Citco or the Sub-Service Provider(s) or are
believed by Citco or the Sub-Service Provider(s) on reasonable grounds to have been inaccurately transmitted provided that in any case
where Citco or the Sub-Service Provider declines to act on instructions, Citco or the Sub-Service Provider (as applicable) will notify
the Investment Manager of such decision as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Funds hereby acknowledge that they are responsible for the accuracy and completeness of the information
provided by or on behalf of the Governing Body or the Investment Manager. The Funds have appointed an independent auditor that will be
responsible for conducting an audit of the Funds' financial statements and the Funds will work with its independent auditor to ensure
the accuracy and consistency of reporting, as well as to ensure the existence of any Investments of the Funds. The Funds acknowledge complete
responsibility for the accurate presentation of the financial statements and any income tax returns, if applicable. The Funds also acknowledge
that the Services as described in this Agreement are not designed to and cannot be relied upon to disclose errors, fraud, or illegal acts
that may exist, although their discovery may result from Citco's Services or engagement. Each Fund is responsible for designating a qualified
management-level individual of the Investment Manager to be responsible and accountable for overseeing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Pricing** 

The Fund Parties are responsible for the pricing of each Fund's Investments. For the purpose of calculating the net asset value of the Fund, Citco shall, and shall be entitled to, accept, use and rely on the valuations provided by the Fund Parties and/or other authorized agents of the Fund and shall not be liable to the Fund in doing so. Citco assumes no liability or responsibility for ensuring that the values of each Fund's Investments, as provided to it by the Fund Parties have been determined in accordance with the valuation policies and procedures adopted by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Third Party Services** 

Citco shall not be liable for the performance, errors or omissions of unaffiliated, nationally or regionally recognized third parties such as, by way of example and not limitation, courier companies, national postal services and other delivery, telecommunications and other companies not under Citco's reasonable control, and third parties not under Citco's reasonable control providing services to the financial industry generally, such as, by way of example and not limitation, companies and other entities providing processing and settlement services, prime brokerage services, custody services, market making services and/or third party pricing services, the Depository Trust Clearing Corporation (processing and settlement services), and national database providers such as Choice Point, Acxiom, TransUnion or Lexis/Nexis and any replacements thereof or similar entities. Such third party vendors shall not be deemed, and are not, subcontractors for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **No Monitoring Responsibilities** 

Each Fund acknowledges that the duties of Citco pursuant to this Agreement shall not include a duty to monitor or enforce the compliance of the Funds or the Investment Manager or any other person with any restriction or guideline imposed on any of the Funds or the Investment Manager by any of the Fund Documents, or by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>INDEMNITIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Indemnities by each Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund agrees to indemnify and keep indemnified Citco and any Sub-Service Provider from and against
any Claim which may be imposed on, incurred by or asserted against any of them howsoever arising (other than by reason of gross negligence,
actual fraud or wilful misconduct on the part of Citco) in connection with the provision of the Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the indemnity under this Section 8.1 shall cover all Claims which may be made
against Citco or Sub-Service Provider arising out of or in connection with any deficiencies caused by the transfer to Citco of any Services
previously carried out by the Investment Manager or any failings of previous administrators of the Funds, including without limitation,
a failure to carry out proper checks or keep full and accurate records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon notification of any Claim or potential Claim by Citco or a Sub-Service Provider to a Fund pursuant
to Section 8.2 and following a request from Citco or Sub-Service Provider, the relevant Fund shall forthwith upon demand pay Citco or
Sub-Service Provider the reasonable legal costs as and when incurred by Citco or Sub-Service Provider in defence of, or to counterclaim
against, any such Claim or potential Claim giving rise to the notification or in pursuance of any rights to recover any sum from any third
party, subject in each case to receipt by a Fund of an undertaking from Citco or Sub-Service Provider to repay such amounts if it shall
be determined that such party is not entitled to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon any judgement or other financial penalty being awarded or imposed against Citco or Sub-Service Provider
where the resulting loss, damage, cost or expense is indemnified in whole or in part hereunder, the relevant Fund will forthwith upon
demand reimburse Citco or Sub-Service Provider for any such amount (to the extent any such amount has not already been paid by the Funds)
and the Funds shall not require Citco or Sub-Service Provider to exhaust all alternative rights to recover or appeal unless reasonably
requested by the Funds on the condition that the Funds shall continue to pay to Citco or Sub-Service Provider on demand the legal costs,
as provided under this sub-Section, as and when incurred by Citco or Sub-Service Provider in pursuing such alternative rights to recover
or appeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Notification of Claims** 

In order that the indemnification provisions contained in this Section 8 shall apply, upon the assertion of a Claim for indemnification, Citco must notify the relevant Fund(s) of such assertion, and shall keep the Fund(s) advised with respect to all material developments concerning such Claim. The relevant Fund(s) shall have the option to participate in the defense of such Claim or to defend against the Claim in its own name or in the name of the indemnitee. The indemnitee shall in no case admit any Claim or make any compromise in any case in which the relevant Fund(s) may be required to indemnify it except with such Fund(s)' prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>NON-SOLICITATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Non-Solicitation of Employees** 

During the term of this Agreement, and for a period of one year thereafter, none of the Funds shall, and the Funds shall procure that the Investment Manager and/or the Governing Body shall not, directly or indirectly, either for itself or on behalf of any other person, without the prior written consent of Citco, solicit to employ, employ or retain as a consultant or independent contractor, any person who at the relevant time is, or during the preceding six months was, in the employ of Citco and/or any corporate affiliate of Citco and was known by the relevant Fund, Governing Body or the Investment Manager to be so employed. The foregoing shall not restrict any of the Funds or the Investment Manager from employing (or offering to employ) any current or former employee of Citco and/or any corporate affiliate of Citco who has responded to general recruitment advertising not specifically directed at employees or former employees of Citco and/or any corporate affiliate of Citco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Payment of Search Fees** 

Each of the Funds agree that in the event of a breach of Section 9.1, the breaching party shall become immediately obliged to pay to Citco on demand an amount up to $30,000, representing a reimbursement of search fees and advertising costs incurred by Citco and/or any corporate affiliate of Citco, as applicable, for the purpose of seeking a replacement for the employee solicited, employed or retained in breach of Section 9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>CONFIDENTIALITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party agrees to treat and maintain all Confidential Information as confidential and shall not, except
as permitted by this Agreement, disclose any such Confidential Information to any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party may disclose the other party's Confidential Information:

&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) In the case of the Funds, to the Investment Manager and its affiliates and employees and to the Governing
Body and legal counsel to the Funds or the Investment Manager, and in the case of Citco, its affiliates and employees, directors, officers,
shareholders and legal counsel and to the Funds' Investment Manager, General Partner, legal counsel, auditors or other third-party
service providers to the Funds;

&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) As may be required by law or pursuant to legal process or upon the request of a regulator; provided that
the disclosing party (I) where reasonably practicable and to the extent legally permissible, provides the other party with prompt written
notice of the required disclosure so that the other party may seek a protective order or take other analogous action, (II) discloses no
more of the other party's Confidential Information than reasonably necessary and (III) reasonably cooperates with actions of the
other party in seeking to protect its Confidential Information at that party's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The terms and conditions set out in Schedule 4 shall supplement the confidentiality provisions herein
and are intended to assist the Funds to comply with Applicable Data Privacy Laws.

Upon request by a Fund or Investment Manager, Administrator shall promptly provide such Fund or Investment Manager with access to all Confidential Information of that Fund maintained by Citco in format agreed to between by the Investment Manager and Citco, and shall further, at such Fund or Investment Manager's request, securely delete any such Confidential Information of that Fund (except to the extent Administrator is required to maintain archival copies for regulatory compliance purposes). Administrator's obligations with respect to Confidential Information shall survive the termination of this Agreement for so long as Citco maintains such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. TERM AND TERMINATION

**11.1 Termination**

This Agreement shall continue in full force and effect unless and until terminated by Citco or a Fund (on behalf of itself and the other Funds) giving to the other parties not less than 180 days' written notice (or such shorter notice as the parties may agree to accept) provided that this Agreement may be terminated forthwith by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by any party if a party commits:

&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) any material breach of its obligations under this Agreement and fails to remedy such breach (if capable
of remedy) within thirty days of receipt of notice from the non-defaulting party requiring it to do so;

&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) any material breach of its obligations under this Agreement that is not capable of remedy; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any persistent material breach, whether or not it is remedied in a timely manner or capable of remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by any party if a party is unable to pay its debts as they fall due, goes into bankruptcy, liquidation
(except a voluntary liquidation for the purpose of reconstruction or amalgamation upon terms previously approved in writing by the other
party), is dissolved, suspends payments or if a receiver is appointed over any assets of the other party or any security interest over
any of the assets of any Fund becomes capable of enforcement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Citco if a Fund ceases or suspends or threatens to cease or suspend carrying on its business or any
part of it that, in the reasonable opinion of Citco, is material in the context of this Agreement, provided that if a Fund ceases or suspends
carrying on business, thereafter Citco shall no longer be responsible for the provision of Services upon such cessation or suspension
regardless of whether it has delivered notice to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by either party if it is or becomes unlawful for the other party to carry on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by Citco if the Investment Manager is no longer serving as the manager of the Funds' assets and
the successor manager is not acceptable to Citco in its sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by Citco if a Fund or the Investment
Manager or any principal or affiliate of that Fund or the Investment Manager is or becomes subject to any investigation or proceeding
of any regulatory body in any applicable jurisdiction having jurisdiction over any such entity or person (as the case may be), (other
than any audit, examination or inquiry of a routine nature by any taxation, regulatory or self-regulatory agency), or any other event
occurs in relation to a Fund or the Investment Manager or any such principal of that
Fund or the Investment Manager in circumstances where Citco in its reasonable opinion determines that its continued provision of all or
any Services hereunder could reasonably be expected to have a material adverse effect on the business or reputation of Citco or any of
its affiliates.

The provisions of Sections 7, 8, 9, 10, 11 and 14 and the parties' respective obligations thereunder and hereunder shall survive any termination of this Agreement. Termination of this Agreement does not affect the rights of the parties accrued prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Rights and Obligations on Termination** 

On termination of this Agreement in accordance with Section 11:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Citco shall be entitled to receive all fees and other monies accrued due up to the date of such termination.
Citco shall perform the Services up to the effective date of the termination, including calculating the net asset value, issuing investor
statements and processing any capital activity occurring on or prior to the effective date of termination and processing redemption or
withdrawal payments associated with same. Thereafter, all Services will cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Citco shall agree with the Governing Body or the Investment Manager in writing the services (if any) to
be provided to the Funds after the date of termination (which may include the collation and shipment of Fund Records) and any additional
fees to be paid by the Funds to Citco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Funds shall have the opportunity to electronically access and download the Fund Records or otherwise
obtain such Fund Records, provided that one (1) year following the termination of the Agreement in respect of any Fund or all of the Funds,
Citco shall be entitled to delete the Fund Records in its discretion unless otherwise agreed upon in writing.

Notwithstanding the provisions of Section 10, either party shall be permitted to disclose the fact that this Agreement has terminated. The Funds shall disclose to Investors in writing promptly after termination of this Agreement that Citco has ceased to provide the Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>PROHIBITED ACTIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties shall not undertake or cause to be undertaken any
activity which is illegal under any international laws or acts (including, but not limited to, the US Foreign Corrupt Practices Act and
the UK Bribery Act) which prohibit bribery or corrupt practices and the parties shall not directly or indirectly offer, pay, promise
to offer or pay, anything of value, to an employee of any government or any department, contractor, instrumentality or wholly-owned corporation
thereof, or any persons acting in an official capacity for or on behalf of any such government or department, contractor, instrumentality
or wholly-owned corporation thereof, or any candidate for political office in any jurisdiction or to any person, while knowing or having
reason to know that all or a portion of such thing of value will be offered, given or promised, directly or indirectly, to a government
official for the purpose of:

&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) influencing any act or decision of such government official, including a decision to fail to perform his
official functions; 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) inducing such official to do or omit to do any act in violation of the lawful duty of such official; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) inducing such government official to use his influence with the government or instrumentality in order
to assist a Party in obtaining or retaining business for or with, or directing business to, any person; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for any other purpose whatsoever which is prohibited by applicable international laws or acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties to this Agreement must: (a) comply with all applicable anti-bribery and anti-corruption
laws and regulations including the UK Bribery Act 2010 and US Foreign Corrupt Practices Act (collectively, "**Anti-bribery Laws** "),
(b) not offer any bribe or facilitation payment to any public official or other person, (c) ensure that it has appropriate internal procedures
within its organisation to prevent bribery by its workforce and other people under its control and (d) not do anything that may cause
any other party or any of their affiliates to breach an Anti-bribery Law. Each party hereto must (on becoming aware) promptly notify the
other Parties in writing of any actual or potential breach of this clause. If any party breaches or the other party reasonably believes
this clause to have been breached, the non-breaching party may terminate this Agreement forthwith without any liability whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party shall notify the other parties immediately of any extortive solicitation, demand or other request
for anything of value, by or on behalf of any government official relating to the subject matter of the Agreements and the provision of
the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**  **<u>FORCE MAJEURE</u>** 

Notwithstanding any other provision contained in this Agreement, no party shall be liable for any action taken, delay or any failure to take any action required to be taken hereunder or otherwise to fulfil its obligations hereunder (including without limitation the failure to receive or deliver securities or the failure to receive or make any payment) in the event and to the extent that the taking of such action, delay or such failure arises out of or is caused by or directly or indirectly due to war, act of terrorism, insurrection, riot, labour disputes, civil commotion, act of God, accident, fire, water damage, loss of power, explosion, pandemic, any law, decree, regulation or order of any government or governmental body (including any court or tribunal), or any other cause (whether similar or dissimilar to any of the foregoing) whatsoever beyond its reasonable control or the reasonable control of any delegate or securities system. The non-performing party shall use all reasonable efforts to minimize the effect of any force majeure. In any such event, the non-performing party shall be excused from any further performance and observance of the obligations so affected only for so long as such circumstances prevail and such party continues to use commercially reasonable efforts to recommence performance or observance as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**  **<u>GENERAL</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Amendments and Waivers** 

No provisions of this Agreement may be waived, amended or modified in any manner except by a written agreement properly authorized and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Choice of Law** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, USA (without regard to conflicts of laws principles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Dispute Resolution** 

The courts of the State of New York shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including any question regarding its existence, validity, breach or termination) (a "**Dispute**"). The parties agree that courts of the State of New York are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary. The parties unconditionally waive their respective rights to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** **Entire Agreement** 

This Agreement (i) constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written and (ii) is not intended to confer any rights or remedies hereunder upon any person not a party to this Agreement. No person will be deemed to be a third-party beneficiary of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** **Counterparts** 

This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same instrument and any party may enter into this Agreement by executing a counterpart. Any signed counterpart delivered by facsimile or by email shall be deemed for all purposes to constitute such party's good and valid execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6** **Severability** 

If any provision, section or clause of this Agreement shall be found by any court or administrative body of competent jurisdiction to be illegal, void, invalid or unenforceable, the invalidity or unenforceability of such clause, section or provision shall not affect the other provisions of this Agreement and all provisions not affected by such invalidity or unenforceability shall remain in full force and effect to the maximum extent permitted by law and will be deemed severable from any other provision of this Agreement. The parties hereby agree to attempt to substitute for any invalid or unenforceable provision, a valid or enforceable provision which achieves to the greatest extent possible the economic, legal and commercial objectives of the invalid or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7** **Testimony** 

Except in connection with a proceeding arising out of Citco's actual fraud, if Citco is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement, the operations of the Fund or relating to the Investors, the relevant Fund(s) shall reimburse Citco for all costs and expenses, including the time of its professional staff and the cost of legal representation that Citco reasonably incurs in connection therewith. Citco shall provide prompt written notice to the Investment Manager of any such requirements, unless prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices and other communications under or in connection with this Agreement shall be given in writing,
by facsimile or by e-mail. Any such notice will be deemed to be given 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;(i) if in writing, when delivered by overnight courier service;

&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) if by facsimile, on production of a transmission report by the machine from which the facsimile was sent
which indicates that the facsimile was sent in its entirety to the number of the recipient; when received; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if by e-mail, on production of an e-mail receipt from the recipient to the sender that indicates that
the e-mail was sent to the e-mail address of the recipient and has been opened by the recipient.

However, a notice given in accordance with the above but received on a day which is not a Business Day or after business hours in the place of receipt will only be deemed to be given on the next Business Day in that place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The address, facsimile number and e-mail address of each party for the service of notice is as follows:

<u>If to Citco</u>:

Suite 300

7300 College Boulevard

Overland Park, Kansas 66210

Attention: Managing Director <br> E-mail address: <u>chshaw@citco.com</u>

<u>If to a Fund</u>:

c/o Banner Ridge Partners

641 Lexington Ave., 31<sup>st</sup> Floor

New York, NY 10022

Attention: Anthony Cusano and Scott Halper <br> E-mail address: tcusano@bannerridge.com <br> shalper@bannerridge.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8** **Assignment** 

This Agreement shall be binding on and inure for the benefit of the parties and their respective successors and permitted assigns. No party may assign its rights under this Agreement without the prior written consent of the others.

**[*signature page(s) follow*]**

**IN WITNESS WHEREOF** the parties hereto have caused this Agreement to be executed the day and year first above written.

**BANNER RIDGE DSCO PRIVATE MARKETS FUND**

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| By: |
| Name: |
| Title: |

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**CITCO RETAIL ALTERNATIVE FUND SERVICES INC.**

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| By: |
| Name: |
| Title: |

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**<u>SCHEDULE 1</u>**

**The Services**

**Part 1**

**<u>Administration Services</u>**

Citco shall provide the following Services to the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recording investment, capital and income and expense activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) calculation and allocation of income, expenses, gains and losses to Investor capital accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) maintaining the general ledger as well as records with respect to the cost basis of the Investments for
tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reconciling cash and where practicable, positions, to the appropriate counterparty (collectively, "Counterparties"),
and as soon as reasonably practicable after becoming aware of same, notifying the Investment Manager of any cash breaks,;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) calculation of management fees with supporting schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) calculation of realized/unrealized capital gains and losses on the Funds' Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) preparation of a cash flow analysis report on a frequency to be agreed with the Investment Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) calculation of total return, IRR and multiples of capital on a periodic basis as agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [monthly/quarterly] preparation of unaudited financial statements including statement of assets and liabilities,
statement of operations and statement of changes in net assets (does not include the preparation of footnotes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) calculation of the net asset value of the Funds on a weekly basis in accordance with the Fund Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) providing data and reports to support the preparation of financial statements and filings and liaising
with each Fund's auditors in their review and/or preparation of the annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) obtain and apply Investment valuations as directed and determined by the Investment Manager or Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) prepare and file Form N-Port;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) provision of reports from Fund Records as agreed between Citco and the Investment Manager;

**Tax Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) calculate dividend and capital gain distribution rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) assist with quarterly Subchapter M compliance monitoring and reporting as requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) provide tax re-allocation data for Investor 1099 reporting;

**Legal and Compliance Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) coordinate review and filing of Form N-CSR and preparation and filing of Form N-PX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) coordinate proxy filings and mailing process, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) coordinate EDGARization and filing of SEC documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) assist in the preparation, and distribution of quarterly board materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Perform testing for compliance with: (i) the investment objective and certain policies and restrictions
as disclosed in each Fund's offering documents; and (ii) applicable law (collectively, "**Portfolio Compliance** ")
(post-trade, monthly) to test the Fund's Portfolio Compliance (the "**Portfolio Compliance Testing** "). The frequency
and nature of the Portfolio Compliance Testing and the methodology and process in accordance with which the Portfolio Compliance Testing
are conducted, are mutually agreed to between Citco and the Fund.

● In connection with Portfolio Compliance Testing, providing warning/Alert notification with supporting documentation.

● Reporting violations, if any, to a Fund and the Fund's CCO as promptly as practicable following discovery.

● Provide quarterly compliance testing certification to Fund, CCO and Board of Directors.

*<u>Loan Administration Services</u>* <u>(where applicable)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Processing loan details from the Investment Manager's order management system or a 3rd party platform
onto Citco's platform; or for the Fund-originated loans, from the relevant loan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintenance of position, accrual and cash activity transactions including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. principal, interest and fee payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. borrowings, rollovers and prepayments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. interest rates and index rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reconciliation of loan Investments against available sources of data such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. documents and notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Investment Manager files and records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. cash receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Admin Agent and/or Servicer reports

**Part 2**

**<u>Investor Relations Services</u>**

Citco shall, in accordance with the applicable provisions of the Fund Documents:

(a) issue, transfer and redeem book entry units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) processing of Investor capital activity including: contributions, distributions, redemptions/withdrawals,
income dividend, capital gains distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) establishment and maintenance of a register of Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when and if a Fund participates in the Depositary Trust Clearing Corporation ("DTCC"), and
to the extent Citco supports the functionality of the applicable DTCC program (i.e. Networking, Fund Serv, AIP, each the "Program"),
Citco will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) register and maintain accounts through the Program or other direct transmissions and the purchase, redemption,
exchange and transfer of units in accordance with instructions transmitted to and received by Citco from DTCC on behalf of broker-dealers
and banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue instructions to the Fund's banks for the settlement of transactions between the Fund and DTCC
(acting on behalf of its broker-dealer and bank participants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provide account and transaction information for each Fund in accordance with the applicable Program's
rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide transaction journals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) prepare Investor meeting lists and certify a copy of such list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) withhold, as required by federal law, taxes on securityholder accounts, perform and pay backup withholding
as required for all securityholders, and prepare, file and provide, in electronic format, the applicable U.S. Treasury Department information
returns or 1099 data file, as applicable, to each Fund's vendor of choice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) dispatch daily and monthly reports to Investors and anyone else entitled to receive the same in accordance
with the Fund Documents and any applicable law as provided by Citco's system and as requested by the Fund or Investment Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) calculate the appropriate sales charge, if applicable and supported by Citco's system, with respect
to each purchase of Fund units as instructed by the Investment Manager, determine the portion of each sales charge payable to the dealer
participating in a sale in accordance with schedules and instructions delivered to Citco by the Fund's distributor or any other person
authorized to receive from time to time, disburse dealer commissions collected to such dealers, determine the portion of each sales charge
payable to such managing dealer and disbursing such commissions to the managing dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) process and respond to (if necessary) correspondence to former, existing and new Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) mail confirmations of wire order transfers to dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) provide daily Blue Sky reports with respect to purchases of units of the Fund on Citco's system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) provide to the Fund escheatment reports with respect to the status of accounts and outstanding checks
on Citco's system;

**Part 3**

**<u>Financial Statement Preparation</u>**

Citco shall prepare the first draft of the Funds' annual audited financial statements consistent with the accounting principles adopted by the Funds (e.g. US GAAP, IFRS, etc.)

The financial statements shall include the following:

● Statement of Assets and Liabilities

● Condensed Schedule of Investments

● Statement of Operations

● Statement of Changes in Net Assets

● Statement of Cash Flows (if applicable)

● Notes to the Financial Statements (including Financial Highlights, if applicable)

**<u>Part 4</u>**

**<u>Additional Fee-Based Services</u>**

The following Services may be provided to certain Funds at the request of the Investment Manager and with the consent of Citco. As noted, these Services will generally be subject to an additional fee as agreed between the Investment Manager and Citco.

**US Tax Services** 

When agreed between Citco and the Investment Manager, Citco shall provide or procure the provision of certain US tax services at a rate per annum and subject to such terms as may be agreed separately with Citco pursuant to an executed engagement letter.

**Data Services**

If requested by or on behalf of the Funds, Citco shall provide the following Data Services subject to the fees as set forth on Schedule 2:

● Provision of access to Citco's Data Services platform, a web-based application providing a means to review and extract the investment fund related data stored in Citco's data environment;

● Assisting with the setup of the Investment Manager's users on the Citco Data Services platform, including allocation of entitlements/access rights;

● Provision of assistance to the Investment Manager in establishing connectivity solutions in connection with Citco Data Services;

● Provision of initial training and ongoing support to the Investment Manager's employees using the application; and

● Provision of ongoing IT maintenance of the Citco Data Service application infrastructure.

**MIDDLE OFFICE SOLUTIONS SERVICES**

**Affirmation/Confirmation Services**

When agreed between Citco and the Investment Manager, Citco shall review the details of trading activities with respect to the Investments on a daily basis and as requested by the Investment Manager, use commercially reasonable efforts to perform the following Services:

**Affirmation ("Short-Form Confirmation")**

● Reconciling the trade details uploaded by the Investment Manager to Citco's systems or received by Citco through an automated vendor-supported system to the details received from trading counterparties either through an automated vendor-supported system or to confirmations which are manually received from such counterparties1;

● Notifying the Investment Manager of any discrepancies and, to the extent reasonably practicable, assisting in the resolution of any such discrepancies by providing such information as may be reasonably necessary to the Investment Manager Fund's trading counterparties;

Confirmation ("Long-Form Confirmation")

● Upon finalization of the trade details, Citco will process Long-Form Confirmations which it receives from the Fund's counterparties and will review such confirmations to determine that the basic economic terms and financing details as shown on the Long-Form confirmation conform to the records as maintained by Citco.

Upon making the foregoing determination, Citco will transmit the Long-Form Confirmations to the Investment Manager and upon written approval by the appropriately designated Investment Manager personnel, Citco will, on behalf of the Fund apply an electronic signature and such executed confirmation to the appropriate counterparty.

**Collateral Management**

When agreed between Citco and the Investment Manager, Citco will calculate collateral and margin exposures between the Funds and counterparties, will process payments/ receipts to/ from counterparties, and provide documentation necessary for the Investment Manager's approval, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculate collateral/ margin requirements on a daily basis utilizing the Investment Manager's electronic
feed of VAR (where applicable), initial margin, haircuts and calculation of exposure, using prices received versus the Funds or Investment
Manager's pricing policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Confirm with counterparties daily collateral movements according to the terms of the relevant ISDA agreements
executed by the Funds or Investment Managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Process payments and receipts of collateral and submit to the Investment Manager (along with appropriate
backup) for approval, with the Investment Manager providing accurate and timely instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liaise with counterparties concerning settlement of collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Calculation and settlement of monthly interest on posted collateral.

The types of Investments for which Citco shall deliver the collateral management services set out above shall be agreed in writing between Citco and Investment Manager from time to time (such Investments "**In-Scope Investments**" any other Investments being "**Out of Scope Investments**"). In the event that the Investment Manager does not provide, or procure that Citco is provided with (where required or necessary to provide the services), the relevant trade documents, electronic feed of haircuts, VAR for each security, transaction type and / or instrument held by the Master Fund, such securities, transaction types and / or instruments shall be out of scope for the purposes of this Agreement and Citco will be unable to perform the Collateral Management Services in respect of such Out of Scope Investments. In the event Citco receives a margin call demand for an Out-of-Scope Investment, Citco shall inform the Investment Manager and request further instruction

The services which may be provided by Citco in respect of collateral management set out herein are at all times subject to the review of the Funds and Investment Manager and all instructions and calculations shall be verified and approved by the Funds and Investment Manager.

**Treasury Services**

Citco will provide the Funds with access to the Aexeo Treasury to facilitate the delivery of instructions to the Funds' bank accounts to make wire payments to the Investment Manager and its affiliates and to Fund counter-parties, including those due pursuant to ISDA Master Agreements and agent notices, third party invoices, promissory notes and other credit instruments. These instructions will be directed, authorized and approved by the Investment Manager on behalf of the Funds. The Treasury Services shall include:

● Assisting in the set-up and maintenance of static data relating to payees such as: identifying details of the payee, bank account details, payment types, user entitlements;

● Using the Aexeo Treasury to establish and maintain SWIFT connectivity to relevant paying agents;

● To the extent required, setting up payment instructions for approval by the Investment Manager; and

● Providing ongoing support and training in connection with the Aexeo Treasury.

**AEOI Services** 

When agreed between Citco and the Investment Manager on behalf of the Funds, Citco shall perform the following AEOI Services (as defined below). The following words shall have the following meanings and any capitalized terms not defined herein shall have the meanings ascribed to them in this Agreement. For the purposes of these AEOI Services, the term "**Funds**" shall be read to include only those Funds receiving the applicable AEOI Services.

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| | |
|:---|:---|
| **AEOI** | means the Automatic Exchange of Information; |
| **AEOI Classification** | means the classification of an Investor as determined pursuant to the applicable AEOI Regime (as defined below); |
| **AEOI Regime** | means: |
| (i) | Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), and any current or future U.S. regulations, rules and other guidance implementing such Code sections and any official interpretations thereof; |

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| | | |
|:---|:---|:---|
|  | (ii) | (a) US FATCA (as defined below) and the related intergovernmental agreement entered into between the government of a Fund's domicile (the "**Domicile Government**") and the government of the United States ("**US IGA**"), (b) any automatic exchange of information regime arising from or in connection with CRS (as defined below), and (c) any similar tax reporting, withholding and/or automatic exchange of information regime; |
|  | (iii) | any treaties, related statutes, regulations, rules and other guidance thereunder entered into or enacted by the United States, the Domicile Government or another relevant governmental body, or any intergovernmental agreements between the Domicile Government and the US or any other jurisdiction, entered into in order to comply with, facilitate, supplement, implement or give effect to paragraphs (i) or (ii) above; and |
|  | (iv) | any legislation, regulations or guidance in the Domicile Government that give effect to the matters set out in paragraphs (i), (ii) and (iii). |
|  | in regard to each Investor, as applicable. | in regard to each Investor, as applicable. |
| **AEOI Services** | means the AEOI related services as described in Sections 1 – 3 below; | means the AEOI related services as described in Sections 1 – 3 below; |
| **Changes in** |  |  |
| **Circumstance** | mean a change in an Investor's AEOI Classification based upon additional information received from or about an Investor by Citco; | mean a change in an Investor's AEOI Classification based upon additional information received from or about an Investor by Citco; |
| **CRS** | means the OECD Common Reporting Standard for Automatic Exchange of Financial Account Information, including the EU Directive 2011/16/EU on Administrative Cooperation in the field of Taxation (as amended); | means the OECD Common Reporting Standard for Automatic Exchange of Financial Account Information, including the EU Directive 2011/16/EU on Administrative Cooperation in the field of Taxation (as amended); |
| **FFI** | means a foreign FI; | means a foreign FI; |
| **FI** | means Financial Institution as defined under CRS or U.S. FATCA (as applicable); | means Financial Institution as defined under CRS or U.S. FATCA (as applicable); |
| **Forms** | tax residency self-certification statements in the format prescribed by Citco and IRS Forms W-8 or W-9 when applicable and such other information required for the purpose of the AEOI regime; | tax residency self-certification statements in the format prescribed by Citco and IRS Forms W-8 or W-9 when applicable and such other information required for the purpose of the AEOI regime; |

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| | |
|:---|:---|
| **GIIN** | means the global intermediary identification number assigned by the IRS to a participating FFI, registered deemed-compliant FFI or Reporting Model 1 FFI for purposes of identifying such entity to withholding agents; |
| **IGA** | means an intergovernmental agreement between the Domicile Government and any other jurisdiction relating to an AEOI Regime; |
| **IRS** | means the Internal Revenue Service of the United States; |
| **IRS FFI List** | means the list published periodically by the IRS containing the names and GIINs for all participating FFIs, registered deemed-compliant FFIs, and Reporting Model 1 FFIs; |
| **New Investor** | means an Investor that becomes a registered holder of Securities on or after the date of Citco's appointment; |
| **NFFE** | means a Non-Financial Foreign Entity or a Non Financial Entity as the context requires in each case as defined in CRS or U.S. FATCA (as applicable); |
| **U.S. FATCA** | means the United States Foreign Account Tax Compliance Act. |

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The AEOI Services are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **NEW INVESTOR AEOI SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Citco shall use all reasonable endeavors to obtain from each New Investor such information as is required
in order to determine the AEOI Classification of each New Investor, which may include:

&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) collecting Forms;

&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) reviewing the Forms for completeness and validity;

&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) where applicable, verifying a New Investor's GIIN against the IRS FFI List; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reviewing executed Subscription Documents and other documentation provided by the New Investor or by a
Fund to Citco for indicia of domicile or other information as required by the AEOI Regime and, where applicable, requesting curative or
other explanatory information or documentation from the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Citco shall record the AEOI Classification for each New Investor on its systems and maintain the Forms
and other ancillary documentation within Citco's document management systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Citco shall notify the Investment Manager if, after a commercially reasonable effort and the expiry of
30 days, it has not been able to collect sufficient information needed to determine a New Investor's AEOI Classification or, in
the case of a New Investor classified by Citco as a Passive NFE, information as to the identity of the "controlling persons"
(as defined under the applicable AEOI Regime) and whether such person is a tax resident in a participating jurisdiction. Citco will liaise
with the Investment Manager in connection with appropriate remediation or other action which the Investment Manager on behalf of a Fund
would need to take in respect of any such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **ONGOING AEOI MONITORING SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Citco shall perform the following ongoing due diligence on behalf of the Funds in respect of all Investors:

where applicable, validating Investors' GIINs against the IRS FFI list as necessary;

requesting new Forms from Investors within a reasonable time before their expiration date (if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) monitoring any additional information received by Citco from an Investor or a Fund, reviewing such information
for consistency with information previously collected from an Investor and updating each Investor's AEOI Classification, as required,
conducting ongoing maintenance by updating an Investor's records to account for any Change in Circumstances and, where appropriate,
requesting curative or further information from an Investor necessary to evaluate an Investor's AEOI Classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Citco will disclose to the Investment Manager as soon as commercially reasonable any material non-compliance
by any Investor of which it becomes aware through the ongoing Investor monitoring. Citco will liaise with the Investment Manager with
respect to the appropriate remediation or other action that the Investment Manager on behalf of a Fund would need to take in respect of
such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **AEOI REPORTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Citco 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare the reports which the Funds are required to file with the applicable governmental tax authorities
pursuant to the applicable AEOI Regime for review by the Investment Manager and/or its designate (the "**Reports** "); 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon receipt of written approval of the content of the Reports from the Investment Manager and/or its
designate, Citco will file the Reports with the relevant governmental tax authorities on behalf of the Funds, and in accordance with the
applicable AEOI Regime, provided that the Funds (or the Investment Manager on its behalf) will provide such written mandates, instructions
and/or other assistance as Citco deems necessary to enable Citco to file such Reports on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In circumstances where the Investment Manager has instructed Citco to cease performing the AEOI Reporting
Services set forth in part (a) above, Citco shall provide the Investor data which Citco has collated in connection with the performance
of the AEOI Services to the Investment Manager and/or it's designate in Citco's standard xls. format, on an annual basis,
to assist the Investment Manager and/or its designate to prepare the form of reports which the Funds are required to file with any governmental
authority under the applicable AEOI Regime.

**AEOI POLICIES AND PROCEDURES**

In respect of the AEOI Services provided to each Fund Citco shall maintain written policies and procedures which comply with the requirements of the AEOI Regime and will make these available to the Fund, the Investment Manager or applicable government tax authorities upon request.

**<u>SCHEDULE 2</u>**

**Part 1**

**<u>Services Fees</u>**

[REDACTED]

**Part 2**

**<u>Fees for *Ad Hoc* Services or Requests</u>**

[REDACTED]

**Part 3**

**<u>Expenses</u>**

Neither Citco nor the Sub-Service Provider shall be required to incur on its own account and shall be reimbursed by each Fund for any costs or expenses incurred directly on behalf of that Fund including, but not limited to, taxes and governmental fees, pricing services (including specific vendor pricing expenses where bulk vendor pricing is unavailable)\*, expenses of printing and distributing documents to Investors, reasonable costs associated with responding to the Investment Manager's requests for Fund Records, all charges for courier services, and postage incurred by Citco in the proper performance of the Services, travel costs of attending directors' or Investors' meetings, expenses of convening and holding Investors' meetings, Lexus Nexus fees, fees from use of DTCC FundServ, Networking or AIP, Blue Sky fees, bank account expenses/fees, and any other expenses which may be properly payable by each Fund. Each Fund shall pay all such expenses to Citco on a monthly basis within 10 business days' following receipt by the relevant Fund of an invoice from Citco in respect of such expenses.

\* If in order to perform the Services, Citco is required to obtain pricing or other security related data that is not part of its customary bulk data sources ("Premium Data"), the Funds will reimburse Citco for any charges it may incur with respect to same.

**<u>SCHEDULE 3</u>**

**FUNDS**

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| | | |
|:---|:---|:---|
| **Fund Name** | **Fund Designation** | **Domicile** |
| Banner Ridge DSCO Private Markets Fund | Fund | Delaware |

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**SCHEDULE 4**

**DATA PROTECTION**

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| | |
|:---|:---|
| **1** | <u>Data Controller</u>: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 The Funds are each classified as a Data Controller in respect of the Personal Data Processing as set out
in Annex 1 to Schedule 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 The Funds warrant and represent that they are compliant with Applicable Data Privacy Laws in Processing
of Personal Data. The Funds undertake to perform their respective obligations under this Agreement and to continue to comply with Applicable
Data Privacy Laws including, if the Funds pass the Personal Data to Citco, or if parties are otherwise directed to send their Personal
Data to Citco in connection with investment into the Funds, the Funds shall ensure each has provided adequate notice to such parties as
required by Applicable Data Privacy Laws relating to the Processing by Citco of such Personal Data and to the transfer of such Personal
Data as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Data Processor</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 Citco acts as a Data Processor in respect of the Personal Data it Processes on behalf of the Funds as
set out in Annex 1 to Schedule 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 In connection with the provision of Services, Citco shall comply with its obligations as a Data Processor
under Applicable Data Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Instructions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 Citco shall, and shall take steps to ensure that its Personnel, only Process the Personal Data on the
Funds' reasonable documented instructions unless otherwise required to do so by applicable law in which case Citco will, unless prohibited
by applicable law, inform the Funds of that legal requirement before Processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 Citco is instructed by the Funds to Process Personal Data for the purposes of performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 Citco shall take steps to ensure that its Personnel are subject to a duty of confidence in respect of
Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Security</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 Citco shall, taking account of the state of the art, the costs of implementation and the nature, scope,
context and purposes of Processing as well as the risk of varying likelihood and severity for the rights and freedoms of natural persons,
implement the Security Measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 Citco may update its Security Measures from time to time during the term of this Agreement, and shall
notify the Funds of any material changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Sub-Processing</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 The Funds agree that subcontractors engaged by Citco to Process Personal Data in connection with this
Agreement at the Effective Date may continue to Process such Personal Data and shall be Approved Sub-Service Providers as detailed in
Annex 1 to Schedule 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 Citco shall give the Funds reasonable written notice of any intended additions to the list of Approved
Sub-Processors from time to time and provide details as to the Processing of Personal Data to be undertaken. The Funds shall not unreasonably
object to such intended changes and each new processor shall become an Approved Sub-Processor if the Funds has not objected to such appointment
within 20 business days of receiving notice of the intended change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.3 If Citco engages any third party to Process any of the Funds' Personal Data, Citco shall impose on such
third party, by means of a written contract, terms which offer the same data protection obligations as set out in this Agreement and shall
ensure that if any third party engaged by Citco in turn engages another person to Process any Personal Data, the Approved Sub-Processor
is required to comply with all of the obligations in respect of Processing of Personal Data that are imposed under this Agreement and
which meet the requirements of Applicable Data Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.4 Where an Approved Sub-Processor fails to fulfil its obligations under Applicable Data Privacy Laws and
this Agreement, Citco shall remain fully liable to the Funds for Processing by any Approved Sub-Processor under Applicable Data Privacy
Laws as if the Processing was being conducted by Citco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Data Subject Rights</u>: Citco agrees to, having regard to the nature of the processing, provide reasonable
assistance to the Funds by taking appropriate technical and organisational measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1 to respond to requests by Data Subjects exercising their applicable rights under Applicable Data Privacy
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.2 to notify the Funds if it or any Approved Sub-Processor receives a Data Subject Access Request in respect
of any Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Assistance</u>: Citco agrees to, taking into account the nature of the processing and the information
available to Citco, provide reasonable assistance to the Funds with compliance with the Funds' obligations pursuant to Applicable Data
Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Breach Notification</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.1 Citco will notify the Funds without undue delay if Citco becomes aware of a Data Security Breach, and
shall include in such notification the applicable information required by Applicable Data Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.2 Citco shall, following such notification, cooperate with the Funds and take such reasonable commercial
steps as are directed by the Funds to assist in the investigation, mitigation and remediation of such Data Security Breach, including
providing the Funds with such information as it reasonably requires to allow it to meet any obligations to report or to inform Data Subjects
of the Data Security Breach under Applicable Data Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Termination/Expiry</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1 On termination or expiry of this Agreement (or at any other time on written request by the Funds), Citco
shall return to Fund or permanently erase, at the election of Fund and at the Funds' expense, all copies of Personal Data received and/or
Processed by it under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.2 Citco is hereby instructed by the Funds to permanently delete all copies of Personal Data received and/or
Processed by it under this Agreement, if this Agreement is terminated due to:

&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) an arrangement or composition being reached by the Funds with its creditors;

&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) a petition being presented at court or a resolution being passed or an order being made for the winding-up,
bankruptcy or dissolution of the Funds;

&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) a receiver, examiner, liquidator, trustee or other similar officer or other encumbrancer taking possess
of or being appointed over the Funds;

&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;(iv) the Funds cease or threaten to carry on the whole or a substantial part of its business or if the Funds
are dissolved; 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the Funds shall suffer any event analogous to those set out in this clause 1.9.2 or elsewhere in this
Agreement in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.3 Notwithstanding Clause 1.9.2 above, the Parties agree that Citco and any Approved Sub-Processor shall
retain Personal Data to the extent required by and for such period as required by applicable law including a court or administrative order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>International Data Transfers</u>: Citco will not transfer Personal Data to a recipient located outside
of countries within the European Economic Area, without the prior written consent of the Funds, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1 the Funds have previously approved the transfer of Personal Data to the relevant country and has not revoked
that general approval as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2 the transfer is subject to the terms of a contract incorporating standard contractual clauses in the form
adopted by the European Commission under Decision 2010/87/EU, Decision 2004/915/EC or an equivalent or replacement decision (the "**Model Clauses** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.3 the recipient is in a jurisdiction in relation to which there is a European Union finding of adequacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.4 the transfer is subject to a contractual mechanism prescribed by EU Data Protection Law which Citco will
enter into acting as agent for the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.5 the transfer is otherwise permitted pursuant to safeguards envisaged by Applicable Data Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Demonstrating Compliance</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1 Citco shall, on written request setting out the nature of the information required, make available to
the Funds all information and Personnel reasonably necessary to demonstrate compliance with its obligations as a Data Processor under
Applicable Data Privacy Laws and allow for and contribute to audits, including inspections, conducted by the Funds or another auditor
mandated by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2 The Funds 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) give Citco 20 business days' notice of any audit or inspection to be conducted under this Clause;

&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) conduct, or ensure such audits are conducted, during business hours;

&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) avoid (and request that each of its mandated auditors avoids) causing any damage, injury or disruption
to Citco or any Approved Sub-Processor's business in the course of any audit or inspection in relation to Applicable Data Privacy
Laws; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ensure that appropriate confidentiality provisions are agreed with any third party involved in audit or
inspection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3 Citco will immediately inform the Funds if, in its opinion, an instruction given or request made pursuant
to this Clause 1.11 infringes Applicable Data Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Costs</u>: Citco may require the Funds to reimburse Citco's costs and expenses in complying with its
obligations pursuant to Clauses 1.6 (Data Subject Rights), 1.7 (Assistance), 1.8 (Breach Notification) (to the extent that the underlying
breach was not caused by Citco), 1.11 (Demonstrating Compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Reporting</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 The Parties agree that where Citco Processes Personal Data for the following purposes, Citco acts as a
Data Controller in respect of such Personal Data received from or on behalf of the Funds:

&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 reporting of suspicious transactions as required pursuant
to 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the use of Personal Data obtained by Citco for money laundering checks and related purposes for screening
the relevant Investor in connection with investments made by that Investor in this or other collective investment schemes and investment
funds administered by Citco (including any associated services required by the Investor and provided by one or more affiliates of Citco).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 In connection with the activities referred to in Clause 1.13.1, the Funds agrees to provide adequate notice
to its Investors of Citco's status as a Data Controller and the processing activities undertaken by it in this capacity.

**DEFINITIONS**

**Applicable Data Privacy Laws** means any data privacy laws applicable to the provision of the Services which may, depending on the context, include the EU Data Protection Law or the DPL or the California Consumer Privacy Act;

**Approved Sub-Processor** means the entities listed in Annex 1 (as amended from time to time) to this Schedule 4, being a party whom Citco may engage to Process Personal Data in connection with this Agreement;

**California Consumer Privacy Act** means the California Consumer Privacy Act and any subsequent reenactment, replacement or amendment of such law;

**Data Controller** means the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data;

**Data Processor** means a natural or legal person, public authority, agency or other body which processes personal data on behalf of the Data Controller;

**Data Security Breach** means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed;

**Data Subject** an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person;

**Data Subject Access Request** means a request made by a Data Subject to exercise any rights of Data Subjects under Applicable Data Privacy Laws;

**Effective Date** means the date of the Agreement;

**EU Data Protection Law** means (i) to the extent applicable, the national data protection and information privacy laws of a Member State in the European Union, and (ii) any subsequent reenactment, replacement or amendment of such laws, and including, for the avoidance of doubt, the General Data Protection Regulation (EU) 2016/679 (**GDPR**), and any guidance issued by a relevant supervisory authority;

**Personal Data** means any information relating to a Data Subject;

**Personnel** of a person, means the officers, employees, agents and any Approved Sub-Processors of that person;

**Processing** means any operation or set of operations which is performed on personal data or on sets of personal data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction;

**Security Measures** means appropriate and technical and organisational measures implemented, documented and maintained by Citco to assure a level of security appropriate to the risk to the security of Personal Data as these may be revised and updated by Citco from time to time. Citco shall provide a summary of the Security Measures upon request by the Funds;

**Supervisory Authority** means any local, national or multinational agency, department, official, parliament, public or statutory person or any government or professional body, regulatory or supervisory authority, board or other body responsible for administering Applicable Data Privacy Laws.

**Annex 1 to Schedule 4**

**Description of the Personal Data Processing**

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| | | |
|:---|:---|:---|
| **Subject Matter** | The performance of the Services. | The performance of the Services. |
| **Duration** | The processing shall continue until the later of:<br> (i) the Agreement being terminated in accordance with its terms; and<br> (ii) Fund no longer being subject to an applicable legal or regulatory requirement to continue to store the Personal Data. | The processing shall continue until the later of:<br> (i) the Agreement being terminated in accordance with its terms; and<br> (ii) Fund no longer being subject to an applicable legal or regulatory requirement to continue to store the Personal Data. |
| **Nature & Purpose of the Processing** | Use of investor contact details for the purposes of providing the Services including without prejudice:<br> (i) processing, subscription, transfer, redemption and conversion documentation;<br> (ii) processing payments in respect of subscriptions and redemptions of Securities and any dividends or distributions declared by or on behalf of the Funds;<br> (iii) preparing and facilitating distribution of statements to Investors;<br> (iv) establishing registers of holders of Securities;<br> (v) screening transactions for AML and fraud prevention purposes;<br> (vi) dealing with and replying to correspondence addressed to the Funds;<br> (vii) dispatching notices and statements to investors. | Use of investor contact details for the purposes of providing the Services including without prejudice:<br> (i) processing, subscription, transfer, redemption and conversion documentation;<br> (ii) processing payments in respect of subscriptions and redemptions of Securities and any dividends or distributions declared by or on behalf of the Funds;<br> (iii) preparing and facilitating distribution of statements to Investors;<br> (iv) establishing registers of holders of Securities;<br> (v) screening transactions for AML and fraud prevention purposes;<br> (vi) dealing with and replying to correspondence addressed to the Funds;<br> (vii) dispatching notices and statements to investors. |
| **Categories of Data Subjects** | Investors, directors, members, partners, agents, prospective investors, individuals that are connected to the above-mentioned. | Investors, directors, members, partners, agents, prospective investors, individuals that are connected to the above-mentioned. |
| **Types of Personal Data i.e. any information relating to an identified or identifiable**\* **person.** | **Demographic Data** | Name, gender, date of birth, age, nationality |
| **Types of Personal Data i.e. any information relating to an identified or identifiable**\* **person.** | **Contact Details** | Home/work landline phone number, personal/work mobile, home/work postal address, personal/work email address |
| **Types of Personal Data i.e. any information relating to an identified or identifiable**\* **person.** | **Financial Data** | Bank account number |
| **Types of Personal Data i.e. any information relating to an identified or identifiable**\* **person.** | **Government Identifiers** | Passport number, personal public service number, driver's licence, income tax number |
| **Approved Sub-Processor** | Citco Fund Services (Ireland) Limited, Citco Fund Services (USA) Inc., Citco Fund Services (Cayman Islands) Limited, Citco Fund Services (San Francisco), Inc., Citco Fund Services (Malvern) Inc., Citco Fund Services (Curaçao) B.V., Citco International Support Services Limited-Philippine ROHQ, Citco Fund Services (Singapore) Pte Ltd, Citco Technology Management (Switzerland) SA, Citco (Canada) Inc., Citco Global Securities (Canada) Limited, Citco Fund Services (Luxembourg) S.A., Citco REIF Services (Luxembourg S.A., Citco Fund Services Lithuania, UAB, Citco Group Services (India) LLP, Citco Shared Services (India) Private Limited, ID-Pal Limited | Citco Fund Services (Ireland) Limited, Citco Fund Services (USA) Inc., Citco Fund Services (Cayman Islands) Limited, Citco Fund Services (San Francisco), Inc., Citco Fund Services (Malvern) Inc., Citco Fund Services (Curaçao) B.V., Citco International Support Services Limited-Philippine ROHQ, Citco Fund Services (Singapore) Pte Ltd, Citco Technology Management (Switzerland) SA, Citco (Canada) Inc., Citco Global Securities (Canada) Limited, Citco Fund Services (Luxembourg) S.A., Citco REIF Services (Luxembourg S.A., Citco Fund Services Lithuania, UAB, Citco Group Services (India) LLP, Citco Shared Services (India) Private Limited, ID-Pal Limited |

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| | |
|:---|:---|
| **Data Transfers** | Canada, Ireland, Luxembourg, Singapore, Switzerland, the Kingdom of the Netherlands, Lithuania, the Philippines, USA, India, United Kingdom.<br>|
| **Other** | Information Security Management System Certificate - ISO/IEC 27001:2022 |
| **Fund Rights and Obligations** | The Funds' rights and obligations are described in the Agreement. |

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 **<u>APPENDIX A</u>**

**ADHERENCE AGREEMENT**

[DATE]

TO: Citco Retail Alternative Fund Services (USA) Inc.

ATTN: Legal Department

Dear Sirs/Madams:

In accordance with Section 2.1 of the Administration Agreement dated [ ] (the "**Agreement**") and entered into between Citco Retail Alternative Fund Services (USA) Inc. (the "**Administrator**") and certain investment entities managed or advised by the Investment Manager, certain additional funds ("**Additional Funds**") wish to hereby appoint Citco to provide the Services on the terms and conditions as set forth in the Agreement effective, [ ].

Set forth on Exhibit A hereto are the Additional Funds to which the Agreement will now pertain, their status under the Agreement [and any additional administration fees to be paid in respect of such Additional Funds].

Set forth on Exhibit B is a revising Schedule 3 setting forth a comprehensive list of the Funds which are now party to the Agreement and their status under the Agreement.

By the signature of the Additional Funds and Citco hereto, the parties agree that the Additional Funds shall become party to the Agreement.

Please counter-sign this letter to acknowledge your acceptance of this appointment.

Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

Sincerely,

**[ADDITIONAL FUND NAME]**

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| |
|:---|
| By: |
| Name: |
| Title: |

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We hereby accept our appointment to provide Services:

**CITCO RETAIL ALTERNATIVE FUND SERVICES (USA) INC.**

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| |
|:---|
| By: |
| Name: |
| Title: |

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**<u>EXHIBIT A TO ADHERENCE AGREEMENT</u>**

**ADDITIONAL FUNDS**

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Fund Designation** | **Additional Fee (if applicable)** | **Domicile** |

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**<u>EXHIBIT B TO ADHERENCE AGREEMENT</u>**

**REVISED SCHEDULE 3**

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| | | |
|:---|:---|:---|
| **Fund Name** | **Fund Designation** | **Domicile** |
| [*Fund*] | [Fund | |

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## Exhibit 99.25

**EXPENSE PAYMENT AND REIMBURSEMENT AGREEMENT**

**EXPENSE PAYMENT AND REIMBURSEMENT AGREEMENT** (the "<u>Agreement</u>") made as of this 17th day of November, 2025, by and between Banner Ridge DSCO Private Markets Fund (the "<u>Fund</u>") and Banner Ridge Partners, LP (the "<u>Manager</u>").

**W I T N E S S E T H**

**WHEREAS,** the Fund has incurred and will continue to incur certain expenses in connection with its organization ("<u>Organizational Expenses</u>") and the offering of its shares of beneficial interest ("<u>Offering Expenses</u>"); and

**WHEREAS**, the Manager desires to advance payment for all or a portion of such Organizational Expenses and Offering Expenses in exchange for the Fund's obligation to reimburse the Manager for any such advancements.

**NOW, THEREFORE,** in consideration of the mutual covenants and benefits set forth herein, the Fund and the Manager do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Manager agrees to advance payment for all or a portion of the Fund's Organizational Expenses
and Offering Expenses, with such amounts to be determined by the Manager in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to reimburse the Manager for any and all Organizational Expenses and Offering Expenses
paid in advance by the Manager pursuant to Section 1 hereof upon request by the Manager after the Fund's registration statement
with the Securities and Exchange Commission is declared effective and the Fund commences operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager may waive its right to receive any reimbursement of Organizational Expenses and Offering Expenses
payable to the Manager by the Fund pursuant to Section 2 hereof in the Manager's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement shall be governed by and construed in accordance with the substantive laws of the State
of Delaware.

[*Signature Page Follows*]

**IN WITNESS WHEREOF,** the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **BANNER RIDGE DSCO PRIVATE MARKETS FUND** | **BANNER RIDGE DSCO PRIVATE MARKETS FUND** |
| By: | /s/ Scott Halper |
| Name: | Scott Halper |
| Title: | President |
| **BANNER RIDGE PARTNERS, LP** | **BANNER RIDGE PARTNERS, LP** |
| By: | /s/ Anthony Cusano |
| Name: | Anthony Cusano |
| Title: | Authorized Person |

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*- Signature Page –*

*Expense Payment and Reimbursement Agreement*

## Exhibit 99.25

![](ml_logo.jpg)

February 17, 2026

Banner Ridge DSCO Private Markets Fund

641 Lexington Avenue, 31st Floor

New York, New York 10022

Re: <u>Opinion of Counsel regarding Pre-Effective Amendment No. 1 to the Registration Statement filed on Form N-2 under the Securities Act of 1933 (File No. 333-288517)</u>

Ladies and Gentlemen:

We have acted as counsel to Banner Ridge DSCO Private Markets Fund (the "Trust"), a Delaware statutory trust, in connection with the above-referenced registration statement (as amended, the "Registration Statement"), which relates to the units of beneficial interest, with no par value per share (collectively, the "Shares"), of the Trust. This opinion is being delivered to you in connection with the Trust's filing of Pre-Effective Amendment No. 1 to the Registration Statement (the "Amendment") with the U.S. Securities and Exchange Commission. With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the State of Delaware certifying that the Trust is validly existing under the laws of
the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust's Agreement and Declaration of Trust and By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Scott Halper, the Secretary of the Trust, certifying as to, and attaching copies
of, the Trust's Agreement and Declaration of Trust and By-Laws and certain resolutions adopted by the Board of Trustees of the Trust
authorizing the issuance of the Shares of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

In our capacity as counsel to the Trust, we have examined the originals, or certified, conformed or reproduced copies, of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies, and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the U.S. Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

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| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp**<br>2222 Market Street<br> Philadelphia, PA 19103-3007<br> United States | ![](ml_t.jpg) +1.215.963.5000<br> ![](ml_f.jpg) +1.215.963.5001 |

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Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the State of Delaware.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

Very truly yours,

/s/ Morgan, Lewis & Bockius LLP

## Exhibit 99.25

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the use in this Registration Statement on Form N-2 of Banner Ridge DSCO Private Markets Fund of our report dated February 17, 2026, relating to the financial statements of Banner Ridge DSCO Private Markets Fund, which appears in such Registration Statement. We also consent to the references to us under the headings "Financial Statements" and "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 17, 2026

## Exhibit 99.25

**INITIAL CAPITAL AGREEMENT**

Banner Ridge DSCO Private Markets Fund (the "Trust") and Banner Ridge Carry Holdco, LP (the "Purchaser") hereby agree as of November 17, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. In order to provide the Trust with the initial capital required pursuant to Section 14 of the Investment
Company Act of 1940, as amended, the Purchaser is hereby purchasing from the Trust 10,000 shares of beneficial interest of the Trust (the
"Shares"), at a purchase price of $10 per share, for a total purchase price of $100,000. The Purchaser hereby acknowledges
the receipt of the Shares, and the Trust hereby acknowledges receipt from the Purchaser of funds in the amount of $100,000 for such series
of the Trust in full payment for the Shares. It is further agreed that no certificate for the Shares will be issued by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Purchaser is aware that the Shares have not been registered under the Securities Act of 1933, as amended
(the "1933 Act"), on the basis that the sale of such Shares will be exempt under Section 4(a)(2) of the 1933 Act as not involving
any public offering. Reliance on such exemption is predicated, in part, on the Purchaser's representation and warranty to the Trust
that the Shares are being acquired for the Purchaser's own account for investment purposes and not with a view to the distribution
or redemption thereof, and that the Purchaser has no present intention to dispose of the Shares. The Purchaser further represents that
it will not take any action that will subject the sale of the Shares to the registration provisions of the 1933 Act.

[*signature page follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Initial Capital Agreement to be duly executed on the date first written above.

**Banner Ridge DSCO Private Markets Fund**

---

| | |
|:---|:---|
| By: | /s/ Scott Halper |
| Name: | Scott Halper |
| Title: | President |

---

**Banner Ridge Carry Holdco, LP**

---

| | |
|:---|:---|
| By: | /s/ Anthony Cusano |
| Name: | Anthony Cusano |
| Title: | Authorized Person |

---

*Signature Page - Initial Capital Agreement*

## Exhibit 99.25

**<u>BANNER RIDGE DSCO PRIVATE MARKETS FUND</u>**

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;**I.**  ***Purpose of the Code of Ethics*** 

This code of ethics (the "Code") is based on the principle that, you as an access person of Banner Ridge DSCO Private Markets Fund (the "Fund"), will conduct your personal investment activities in accordance with:

● the duty at all times to place the interests of the Fund's shareholders first;

● the requirement that all personal securities transactions be conducted consistent with this Code 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

● the fundamental standard that Fund personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the Fund has adopted this Code to specify a code of conduct for certain types of personal securities transactions which may involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**II.**  ***Legal Requirement*** 

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940, as amended (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.

&nbsp;&nbsp;&nbsp;&nbsp;**III.**  ***Definitions*** *-* All definitions shall have
the same meaning as set forth in Rule 17j-1 or Section 2(a) of the 1940 Act, if applicable, and are summarized below.

An **"Access Person"** means any trustee, officer, general partner, or Advisory Person of the Fund ("Advisory Person") or of the Investment Adviser (or of any entity in a control relationship to the Fund or the 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.

For purposes of this Code, an Access Person who is subject to the securities pre-clearance requirements and securities transaction reporting requirements of the code adopted by the Investment Adviser of the Fund (the "Investment Adviser") or Principal Underwriter of the Fund (the "Principal Underwriter") in compliance with Rule 17j-1 under the Investment Company Act of 1940 Act (the "Act), Rule 204A-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), or Section 15(f) of the Securities and Exchange Act of 1934 (the "Exchange Act") as applicable, shall not be subject to the requirement to obtain pre-approval from the Fund's Chief Compliance Officer ("Fund's CCO") 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. Such persons shall also be exempt from the reporting and certification requirements set forth in Sections V and VII of this Code.

**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 Program includes a dividend reinvestment plan.

**Advisory Person** of the Fund or of the Investment Adviser shall have the same meaning as that set forth in Rule 17j-1 of the 1940 Act.

**Beneficial ownership** shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Exchange Act. "Beneficial ownership" can have broad meaning that covers many types of transactions or relationships. "Beneficial ownership" is based on an individual's ability to profit from a particular purchase or sale of securities held by the individual or by his or her family members; through derivative transactions, registered investment companies, partnerships, corporations; or through other arrangements.

**Control** shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security** shall be any security except that it does not include:

(i) Direct obligations of the Government of the United States;

(ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term
debt instruments, including repurchase agreements; and

(iii) Shares issued by open-end registered investment companies (excluding open-end exchange traded funds).

**Exchange Traded Fund** means an open-end registered investment company that is not a unit investment trust, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act permitting it to issue securities that trade on the secondary market. Examples of Exchange Traded Funds include, but are not limited to: Select Sector SPDR, iShares, etc.

**An Initial Public Offering** means an offering of securities registered under the Securities Act of 1933, as amended (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 Exchange Act.

**Limited Offering** means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504 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 means:

(i) Any Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Is being or has been considered by the Fund or its Investment Advisor for purchase by the Fund; and

(ii) Any option to purchase or sell, and any security convertible into
or exchangeable for, a Covered Security.

**IV. *Policies of the Fund Regarding Personal Securities Transactions***

**<u>General</u>**

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.

<u>Specific Policies</u>

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.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u>

Access Persons must obtain approval from the Fund's CCO 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.

**V. *Reporting Procedures***

The Fund shall notify each person (annually in January of each year), considered to be an Access Person of the Fund that he/she is subject to the reporting requirements detailed in Sections (a), (b) and (c) below and shall deliver a copy of this Code to each such Access Person.

In order to provide the Fund with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed, every Access Person must report the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Initial Holdings Reports</u>. Every Access Person must report on **Exhibit A**, attached hereto, no later than 10 days after becoming an Access Person, the following information:

● The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

● The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

● The date that the report is submitted by the Access Person.

This information must be current as of a date no more than 45 days prior to the date the person becomes an access person. Also, an Initial Holdings Report must be submitted even if there are no securities holdings to report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Quarterly Transaction Reports</u>. Every Access Person must report on **Exhibit B**, attached hereto, no later than 30 days after the end of a calendar quarter, the following information with respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

● The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

● 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 that the report is submitted by the Access Person.

An Access Person need <u>not</u> make a quarterly transaction report under Section V.b of this Code with respect to transactions effected pursuant to an Automatic Investment Plan.

With respect to any account established by an Access Person in which **any securities** were held during the quarter for the direct or indirect benefit of the Access Person, each Access Person must report on **Exhibit B**, attached hereto, no later than 30 days after the end of a calendar quarter the following information:

● The name of the broker, dealer or bank with whom the Access Person established the account;

● The date the account was established; and

● The date that the report is submitted by the Access Person.

An employee need not submit a Quarterly Transaction Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Fund. Also, A Quarterly Transaction Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Annual Holdings Reports</u>. Every Access Person must report on **Exhibit C**, attached hereto, by January 31 of each year, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

● The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

● The name and account number of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

● The date that the report is submitted by the Access Person.

An Annual Holdings Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Exceptions from Reporting Requirements</u>. Each Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report as required under Section V.b of this Code to the Administrator, but only for a transaction in a Covered Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as an Independent Trustee, should have known that during the 15-day period immediately preceding or after the date of the transaction, such Covered Security is or was purchased or sold, or considered for purchase or sale, by the Fund.

These exceptions do not exclude the Independent Trustee from reporting any holdings or transactions in shares of the Fund in the reports under Sections V.a, V.b, or V.c of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  ***Review of Reports and Administration of Code*** 

The Fund CCO, or delegate, 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, comparing the reports with this Code, and reporting to the Fund's Board of Trustees (the "Board"):

● 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 made to them hereunder and shall determine whether the policies established in Sections IV and V of 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 will report all exceptions to the Fund CCO at the end of each calendar quarter.

The CCO of the Fund and the Board shall review the operation of this Code at least annually. No less frequently than annually, the CCO of the Fund shall provide a written report to the Board that:

● describes any issues arising under the Code or corresponding procedures since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

● certifies that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**VII. *Adoption and Amendment to the Code***

 ****

The Board, including a majority of trustees who are not interested persons (as defined in the 1940 Act), must approve the Code and any material changes to the Code. The Board must base its approval of the Code and any material changes to the Code on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (b) of Rule 17j-1. Before approving the Code or any amendment to the Code, the Board must receive a certification from the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Board must also approve the code of ethics of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or principal underwriter. The Board must approve a material change to a code of ethics no later than six months after adoption of the material change.

**VIII. *Recordkeeping***

 ****

The Fund shall cause the records enumerated in this Section VIII.a through e. below to be maintained in an easily accessible place and shall cause such records to be made available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) a copy of the Code adopted by the Fund that is in effect, or at any time within the previous five (5)
years was in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a record of any violation of the Code of Ethics, and of any action taken as a result of such violation,
in an easily accessible place, for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a copy of each report made by an Access Person as required by this Code for at least five (5) years after
the end of the fiscal year in which the report is made or the information is provided, the first two (2) years in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) a record of all persons, currently or within the past five years, who are or were required to make reports
under Section IV of this Code, or who are or were responsible for reviewing these reports, in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a copy of each report required by Section IV of this Code, for at least five (5) years after the end of
the fiscal year in which the report is made, the first two (2) years in an easily accessible place.

**IX. *Acknowledgement***

The Fund must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code and complete all relevant forms supplied by the Fund's CCO (including a written acknowledgement of their receipt of the Code).

***Adopted: March, 2026***

## Exhibit 99.25

SECTION 7: CODE OF ETHICS

I. Introduction

This Code of Ethics (the "Code") has been adopted Banner Ridge Partners, LP (the "Firm", the "Company" or "Banner Ridge"), in accordance with Rule 204A-1 of the Advisers Act.

The purpose of the Code is to establish expected standards of conduct for Employees, to identify and prevent breaches of fiduciary duties, and to deal with any situation that may be deemed a conflict of interest. To ensure that the Company develops and maintains a reputation for integrity and high ethical standards, it is essential not only that Banner Ridge and its Access Persons (as defined below) comply with relevant federal and state securities laws, but also that Banner Ridge maintains high standards of personal and professional conduct. The Firm's Code is designed to achieve these goals by requiring all Access Persons to comply with applicable laws and to become familiar and to comply with the duties described herein.

"Access Person" means (i) all management personnel (officers, directors and partners) of the Company, and (ii) any other Employee of the Company who has access to information regarding the purchase or sale of securities by the Company or the portfolio holdings of any of its Clients, or who is involved in making recommendations with respect to purchases or sales of securities. The Company treats all Employees as Access Persons for the purpose of this Code.

Compliance with the Code is a condition of employment with the Firm. Violations of the Code will be taken seriously and could result in sanctions against the violator, including termination of employment.

All Employees must read the Code carefully and should retain a copy for ongoing reference. Additionally, as set forth below, Employees must certify at least annually (or upon the request of the CCO) that he or she has read, understands, is subject to and has complied with the Code. *Any questions about any aspect of the Code, or any questions regarding the application of the Code in a particular situation, should be directed to the CCO.*

As with all policies and procedures, the Code was designed to cover a myriad of circumstances and conduct; however, no policy can anticipate every potential conflict of interest that can arise. **CONSEQUENTLY, EMPLOYEES ARE EXPECTED TO ABIDE NOT ONLY BY THE LETTER OF THE CODE, BUT ALSO BY THE SPIRIT OF THE CODE.**

II. Administration of Code

The CCO shall be responsible for all aspects of administering and all interpretive issues arising under this Code. The CCO is responsible for considering any requests for exceptions to, or exemptions from, the Code. Any exceptions to, or exemptions from, the Code shall be subject to such additional procedures, reviews, and reporting as may be deemed appropriate by the CCO.

III. Recordkeeping Requirements

The Company shall maintain the following records at its principal place of business:

● a copy of each Code in effect during the past five years;

● a record of any violation of the Code and any action taken as a result of the violation for at least five years after the end of the fiscal year in which the violation occurs;

● a copy of each personal trading report required by this Code;

● a record of all persons required to make reports currently and during the past five years;

● a record of all persons who are or were responsible for reviewing these reports during the past five years; and

● a record of any decision (and the reasons supporting such decision) to approve any person's purchase of securities in an initial public offering or private placement, for at least five years after approval.

Please see Section 9 and Attachment A for more information on the Company's recordkeeping requirements.

IV. Acknowledgement

Employees must certify at commencement of their employment and at least annually (or upon request of the Firm) that he or she has read, understands, is subject to and has complied with the Code. Any Employee who has any questions about the applicability of the Code to a particular situation should promptly consult with the CCO.

V. Reporting and sanctions

While compliance with the provisions of the Code is anticipated, Access Persons should be aware that in response to any violations, the Firm shall take whatever action is deemed necessary under the circumstances including, but without limitation, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to Clients, disgorgement of profits deemed improper, or, in more serious cases, Employee suspension or termination. Moreover, Employees are required to report any violation(s) of the Code to the CCO. The Firm prohibits retaliation against any such personnel who, in good faith, seeks help or reports known or suspected violations, including Employees who assist in making a report or who cooperate in an investigation. Any Employee who engages in retaliatory conduct will be subject to disciplinary action, which may include termination of employment.

VI. Standards of Conduct

***Employee Conduct***

The following general principles should guide the individual conduct of each Employee:

● Employees will not take any action that will violate any applicable laws or regulations, including all state and federal securities laws;

● Employees will adhere to the highest standards of ethical conduct;

● Employees will maintain the confidentiality of all information obtained in the course of employment with the Company;

● Employees will bring any issues reasonably believed to place the Company at risk to the attention of the CCO;

● Employees will not abuse or misappropriate the Company's or any Client assets or use them for personal gain;

● Employees will disclose any activities that may create an actual or potential conflict of interest between the Employee, the Company, and/or any Client;

● Employees will deal fairly with Clients and other Employees and will not abuse their position of trust and responsibility with Clients or otherwise take inappropriate advantage of his or her position with the Company;

● Employees will comply with the Code of Ethics.

***Falsification or Alteration of Records***

Falsifying or altering records or reports of the Company, preparing records or reports that do not accurately or adequately reflect the underlying transactions or activities of the Company or its Clients, or knowingly approving such conduct is prohibited. Examples of prohibited financial or accounting practices include:

● Making false or inaccurate entries or statements in any Company or Client books, records, or reports that intentionally hide or misrepresent the true nature of a transaction or activity;

● Manipulating books, records, or reports for personal gain;

● Failing to maintain required books and records that completely, accurately, and timely reflect all business transactions;

● Maintaining any undisclosed or unrecorded Company or Client funds or assets;

● Using funds for a purpose other than the described purpose;

● Making a payment or approving a receipt with the understanding that the funds will be, or have been, used for a purpose other than what is described in the record of the transaction.

***Competition and Fair Dealing***

The Company seeks to outperform its competition fairly and honestly. The Company seeks competitive advantages through superior performance, not through unethical or illegal business practices. Stealing proprietary information, possessing trade secret information obtained without the owner's consent, or inducing such disclosures by past or present Employees of other companies is prohibited. Each Employee should endeavor to respect the rights of and deal fairly with the Company's Clients, vendors, service providers, suppliers, and competitors. No Employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional unfair dealing practice. Employees should not falsely disparage or make unfair negative comments about its competitors or their products and services. Negative public statements concerning the conduct or performance of any former Employee of the Company should also be avoided.

VII. Avoiding conflicts of interest

The Company and its Employees owe a fiduciary duty to our Investors that require us to place the interests of our Investors ahead of our own interest. A critical component of our fiduciary duty is to avoid potential conflicts of interest. Accordingly, the Company and its Employees must avoid activities, interests, and relationships that interfere or might interfere with the best interests of Investors.

***General***

Under Section 206 of the Advisers Act, the duty of the Company to refrain from fraudulent conduct includes an obligation to disclose material facts whenever the failure to do so would defraud any client and prospective client. The Company's duty to disclose material facts is particularly pertinent whenever the Company is in a situation involving a conflict or potential conflict of interest with a client or prospective client. The type of disclosure required by the Company in such a situation will depend upon all the facts and circumstances, but as a general matter, the Company must disclose all material facts regarding the potential conflict of interest so that clients and prospective clients can make informed decisions whether to enter into or continue an advisory relationship with the Company or whether to take some action to protect himself against the specific conflict of interest involved.

***Investment Conflicts***

Employees who are planning to invest in or make a recommendation to invest in a security for any Client, and who have a material interest in the security or a related security, must first disclose such interest to the CCO. The CCO shall conduct an independent review of the recommendation to purchase the security for Clients and written evidence of such review shall be maintained by the CCO. Employees shall not fail to timely recommend a suitable security to, or purchase or sell a suitable security for, a Client in order to avoid an actual or apparent conflict with a personal transaction in a security.

***Prohibited Conduct with Clients***

It is a violation of an Employee's duty of loyalty to the Company and its Clients for any

Employee, without the prior written consent of the CCO, to:

● rebate, directly or indirectly, to any person, firm, corporation or association, other than the Company, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Company or a Client account;

● accept, directly or indirectly, from any person, firm, corporation or association, other than the Company, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Company or a Client account;

● own any stock or have, directly or indirectly, any financial interest in any other organization engaged in any securities, financial or related business, except for a minority stock ownership or other financial interest in any business which is publicly-owned; or

● borrow money from any of the Company's suppliers or Clients; *provided, however*, that (i) the receipt of credit on customary terms in connection with the purchase of goods or services is not considered to be a borrowing within the foregoing prohibition and (ii) the acceptance of loans from banks or other financial institutions on customary terms to finance proper and usual activities, such as home mortgage loans or investment-related lines of credit, is permitted except where prohibited by law.

VIII. Outside Activities of Employees

GENERAL GUIDELINES

Employees are expected to devote their full professional time and efforts to the business of the Company and to avoid any activities that could present actual or perceived conflicts of interest.

Employees must disclose to the Firm any interest they may have in an entity that is not affiliated with Banner Ridge and that has a known business relationship with the Firm. Disclosure in this area must be timely so that Banner Ridge may consider the matter and take appropriate action.

PROCEDURES AND GENERAL PROHIBITIONS

&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;1. From time to time, an Employee may be invited to join the board
of directors or accept board observation rights of outside entities or accept opportunities to serve with non-profit or other civic organizations.
Any Employee who is invited to serve as an officer, director or board observer of any public or private entity, whether or not affiliated
with the Firm, must promptly notify and secure the consent of the CCO prior to accepting any such officer position, directorship or observation
rights.

&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;2. Except with prior written approval of the CCO in consultation with the Principals, no Access Person may
act as an officer, general partner, consultant, agent, representative, trustee, or employee of any business other than Banner Ridge or
an affiliate of Banner Ridge.

&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;3. Except with prior written approval of the CCO in consultation with the Principals, no Access Person may
participate in teaching assignments, lectures, public speaking, publication of articles, or radio or television appearances.

&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;4. Except with the prior written approval of the CCO in consultation with the Principals, Access Persons
may not have a monetary interest, as principal, co-principal, agent shareholder, or beneficiary, directly or indirectly, or through any
substantial interest in any other corporation, partnership or business unit, in any transaction that conflicts with the interest of Banner
Ridge or its Clients.

&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;5. Every Access Person must avoid any activity that might give rise to a question as to whether the Firm's
objectivity as a fiduciary has been compromised.

COMPLIANCE PROCEDURES

All outside activities conducted by an Employee must be approved prior to participation by the CCO by completing and submitting an Outside Business Activities questionnaire attached hereto as <u>Exhibit C</u>.

The CCO may require full details concerning the outside activity including the number of hours involved and any compensation to be received. In addition, in connection with any approval of an outside activity, such approval may, at the discretion of the CCO, be subject to certain conditions deemed necessary or appropriate to protect the interests of the Company or any Client.

IX. Gifts, Entertainment and Political Contributions Policy

GIFTS AND ENTERTAINMENT POLICY

The Firm is committed to avoiding conflicts of interest. Employees and members of Employees' families should not accept from, or give to, an individual or organization with whom the Company has a current or potential business relationship directly related to its advisory business, gifts, gratuities or other items of value (collectively, "Gifts") that might in any way create a conflict of interest or the appearance of a conflict of interest, violate applicable law or that would be likely to influence decisions made by the Employee in business transactions involving the Company. For clarity, a Gift includes any meal, entertainment or other event that occurs in connection with the business of the Company, a Fund, or a portfolio company that is not attended by the person paying for it. The Company also requires Gifts made to charitable causes connected to, or at the specific request of, investors in Funds to be pre-approved by the CCO or compliance designee.

● Gifts and Entertainment Policy

Employees may never use personal funds or resources to do something that cannot be done with Firm resources. In addition, an Employee may not provide or offer to provide any Gifts to vendors or third parties with whom or with which the Firm or its Affiliates conducts, or is considering conducting, business without the consent of the CCO. Furthermore, all Gifts must be sent to and received at the Firm and not the Access Person's home, and all Entertainment must be offered and accepted on the Firm's email.

Entertainment may include events such as meals, shows, concerts, theatre events, sporting events or similar types of entertainment. "Entertainment" also includes in-town and out-of-town trips and seminars where the service provider or counterparty offers to pay for items such as lodging, airfare, meals and/or event expenses. For the purposes hereof, a gift will be deemed to be of significant value if it exceeds $350.00 per gift to or from any person or entity doing business or seeking to do business with the Company and an entertainment event will be deemed to be of significant value if it exceeds $1,000.00 per event to or from any such person or entity. An entertainment event will only be deemed to be entertainment if a representative of the service provider or counterparty is also attending the event (otherwise, it will be deemed to be a gift). No gift or entertainment may be given or accepted, however, regardless of value, that has the likelihood of influencing, any business decision or relationship of the Company. Employees must pre-clear entertainment that is expected to exceed $1,000 per event. Additionally, Employees are required to notify the CCO, after conclusion of an event, if the entertainment, given or received, inadvertently exceeded $1,000.

● Compliance Procedures

The Company has adopted the following principles and procedures governing gifts and entertainment:

● Any Gifts of significant value (as defined above) offered to or from an existing or prospective firm service provider or counterparty must be approved by the CCO via the form included in <u>Exhibit K;</u> 

● Employees may not give or accept more than two gifts per year, regardless of value, offered to, given or sponsored by the same person or entity without approval from the CCO;

● Employees may not request or solicit gifts or particular entertainment events;

● No gift of cash or cash equivalents may be accepted or given;

● Employees may not provide any person who is a fiduciary of an ERISA plan gifts, entertainment or other consideration with an aggregate annual value of $250 or more. Gifts of more than $50 in value are not allowed; and

● Items such as pens, coffee mugs, umbrellas, bags or clothing items with a counterparty's logo are excluded.

POLITICAL CONTRIBUTIONS

● Foreign Corrupt Practices Act

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. The Company and its Access Persons must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA by submitting a pre-clearance form in the form of <u>Exhibit L</u>.

● Pay-to-Play

SEC Rule 206(4)-5 prohibits "pay-to-play" practices by investment advisers that seek to provide investment advisory services to government entities (i.e., any state or political subdivision of a state, including: any agency, authority or instrumentality of the state, a pool of assets sponsored or established by the state, a plan or program of a government entity; and officers, agents, or employees of the state acting in their official capacity). The rule applies to government assets managed by the Company. Rule 206(4)-5 prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An adviser's
receipt of compensation from a government entity for two years following any contribution by the adviser or certain of its personnel
("covered associates"), to certain officials of a government entity ("covered official");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments
by an adviser or any covered associate to third-party solicitors or placement agents for their solicitation of government entities unless
the third party solicitor is a registered representative of a broker-dealer or registered investment adviser subject to pay-to-play regulations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An adviser
and its covered associates from soliciting or coordinating contributions for an official of a government entity to which the adviser
is seeking to provide advisory services, or payments to a political party of a state or locality where any adviser is providing or seeking
to provide advisory services to a government entity.

The Firm encourages its Employees to participate in the democratic process and to support candidates and parties of their choice. However, campaign contributions can, under some circumstances, raise concerns similar to those raised by gifts or benefits to government officials. The SEC, along with certain states, municipalities, and public pension plans, have adopted regulations limiting or completely disqualifying a firm from providing services to, or accepting placements from, a government entity if certain political contributions<sup>26</sup> are made or solicited<sup>27</sup> by the Firm, certain of its Employees, or, in some instances, an Employee's spouse, civil union partner, or immediate family members residing in the same home.<sup>28</sup> Under these pay-to-play regulations, a single prohibited political contribution to a candidate or officeholder, political party, political action committee, or other political organization at practically every level of government (including local, state, and federal) may preclude the Firm from providing services to, or accepting placements from, the applicable government entity and may compel the Firm to reimburse compensation received by the Firm in connection with such services or placements.

To prevent actual or perceived conflicts of interest, and to ensure that Banner Ridge is not inadvertently barred from pursuing investment business in any jurisdiction, the Firm has adopted procedures restricting Employees (including any relative of an employee residing in the same household) from making political contributions to any candidate for elected office, political party or political committee (including a PAC), other than a candidate for national office, provided such candidate does not currently hold state, municipal, or local office, or a committee for a candidate for national office.<sup>29</sup> This includes political contributions both within and outside the United States.

Any questions regarding this policy should be directed to the CCO.

<sup>26</sup> Contributions include cash, checks, gifts, subscriptions, loans, advances, deposits of money, "in kind" contributions (e.g., the provision of free professional services), or anything else of value provided for the purpose of influencing an election for a federal, state, or local office, including any payments for debts incurred in such an election.

<sup>27</sup> Solicitation of contributions encompasses any fundraising activity on behalf of a candidate, campaign, or political organization, including direct solicitation, hosting of events, and/or aggregating, coordinating, or "bundling" the contributions of others.

<sup>28</sup> All such spouses, domestic/civil union partners, and resident immediate family members are hereinafter referred to as "family members."

<sup>29</sup> A candidate for national office is a candidate for the US Presidency or Vice Presidency. NOTE, however, that a contribution to a candidate for national office, if made to influence the awarding of investment management business or to confer some other benefit on the Firm, would, if made without the prior approval, violate the Firm's policy on gifts and benefits to government officials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***Compliance Procedures*** 

The following procedures will apply to political contributions by the Company and its

Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ all
contributions to a political candidate in state, local, or PACs by <u>any</u> Employee will not be permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ coordination
of, or solicitation by, the Company of political contributions to a government official, or payment to a political party of a state or
locality, will not be permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ newly
hired or promoted Employees will be required to disclose any political contributions made in the past two years to determine if the look
back provisions will apply by completing and submitting a New Employee Political Contribution Declaration Form attached hereto as <u>Exhibit J</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any
new relationships with third-party solicitors will require pre-approval from the CCO.

In addition, the CCO may require periodic certifications from Employees that they have not made any political contributions in violation of the Company's policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***Recordkeeping*** 

Rule 206(4)-5 also requires the Firm to keep records of contributions made by the Firm and its Covered Associates to US government officials and candidates, payments to US state or political parties and PACs, and a list of its Covered Associates and Government Entities that invest or have invested in the past five years with the Firm or a pooled investment vehicle managed by the Firm. The Firm must also maintain records of the names and addresses of each regulated third-party adviser or broker-dealer to whom the Firm provides payment for the solicitation of a US government entity.

X. Personal investment policy

The Company has adopted the following general principles governing personal investment activities by Company personnel:

● the interests of Client accounts will be placed in front of any Employee personal transaction. Appropriate investment opportunities must be made for the Company's Clients before the Company or any Employee may act on them; and

● all personal securities transactions will be conducted in such a manner as to avoid any actual, potential or perceived conflicts of interest or abuse of an individual's position of trust and responsibility.

GENERAL POLICY REQUIREMENTS

The Code makes it unlawful for Employees, when buying or selling securities for accounts in which they hold an interest, to engage in activities that are dishonest, manipulative or involve false or misleading statements. No Employee shall use any information concerning the investments or investment intentions of any Client for personal gain or in a manner that is harmful to the interests of any Client.

PRE-CLEARANCE

Public Securities<sup>30</sup> may not be purchased for any account in which an Access Person has a beneficial ownership interest, except with the prior written approval of the CCO, or Anthony Cusano with respect to Public Securities transactions contemplated by the CCO. All approvals received are valid for 5 trading days (including the day approval was granted). Any trading that was not completed during this window will require a new pre-clearance to be sought by the Employee. Banner Ridge expects such written approval to come within 24 hours.

Actions that occur without the direction of the Employee will be exempt from these requirements (option expiration/exercise, called bond, converted security, etc.). Further, any account that includes discretion to an authorized third-party, is exempt from these requirements (i.e. a discretionary trading account maintained with a third-party money manager).

The securities below are <u>exempt</u> from the above pre-clearance requirement:

● Money-market funds;

● Open-end mutual funds;

● Exchange-Traded Funds;

● Options on Exchange-Traded Funds;

● Bankers acceptances, bank CDs, commercial paper and high-quality short-term debt instruments;

● Unit investment trusts;

● Brokerage certificates of deposit;

● Direct obligations of the U.S. government (U.S. Treasury securities);

● Transactions through an established Automatic Investment Plan;

● Awards provided by an employer subject to restriction and accompanying vesting removing any trading restrictions;

RESTRICTED LIST

No Employee personal securities transactions will be permitted in any security that is currently on the Company's Restricted List. All Employee personal securities transactions are subject to monitoring in order to ascertain any pattern of conduct which may evidence use of material non-public information obtained in the course of their employment.

<sup>30</sup> Public Securities include, but are not limited to, listed equities, options, OTC securities, closed-end funds, bonds, futures. Any security that is not exempt *<u>must</u>* be precleared, each pursuant to this Section B.

PARTICIPATION IN IPOS, SECONDARY OFFERINGS AND PRIVATE PLACEMENTS

No Employee may acquire any security in an initial public offering (IPO) or secondary public offering without the prior approval of the CCO.

PRIVATE PLACEMENTS

Private placements of any kind (including, but not limited to, limited partnership investments, limited liability companies, hedge funds, private equity funds, PIPEs, real estate, oil and gas partnerships and venture capital investments) may only be acquired with pre-approval of the CCO, and, if approved, will be subject to monitoring for possible future conflicts. A request for approval of a private placement must be submitted in advance of the proposed date of investment by completing an Outside Activities disclosure Form attached hereto in Exhibit C. Employees investing in private placements controlled by the Company are exempt from the pre-clearance requirement (so long as such investment must be accepted by the Company or an Affiliate).

Failure to obtain prior approval of any private placement transaction will result in the application of monetary fines (the proceeds of which will be donated to charity), in an amount determined by the CCO, which shall reflect the severity of the violation, frequency and any other factors deemed necessary. The Company's core business is investing in, managing and operating private placements, therefore any conflicts of interest, actual or perceived, could irreparably harm its business.

DISCLOSURE OF BROKERAGE ACCOUNTS

Each Employee must disclose all brokerage accounts in which an Employee holds a beneficial interest within ten days after becoming an Employee and thereafter upon establishing any new brokerage account. This disclosure is made through <u>Exhibit D</u>.

Additionally, Employees holding beneficial interests in Reportable Brokerage Accounts must abide by the requirements in Section 7.X.F.1., Investment Disclosure for Reportable Brokerage Accounts. For purposes of this Code, Reportable Brokerage Accounts include any personal brokerage account over which the Employee has (a) control or discretionary trading authority and (b) the capability to hold or trade Reportable Securities as defined in SEC Rule 204A-1. (Reportable Securities include, but are not limited to, individual securities such as stocks, granted stock options, bonds and options.)

INVESTMENT DISCLOSURE FOR REPORTABLE BROKERAGE ACCOUNTS

● Holdings Reports

All Employees must certify their personal securities holdings via the Initial Holdings Report in the form of <u>Exhibit E</u> within ten days after first becoming an Employee. The information contained in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Employee.

Additionally, Employees must submit an Annual Holdings Report in the form of Exhibit E by January 31 of each year, provided, however, that an Employee need not submit an Annual Holdings Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company. The information contained in the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the Annual Holdings Report is submitted.

A report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

● Transactions Reports

Employees must file a written or electronic Quarterly Transaction Report in the form of <u>Exhibit F</u> within 30 days after the end of each calendar quarter that identifies all transactions made during the quarter, provided, however, that an Employee need not submit a Quarterly Transaction Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company.

A Quarterly Transaction Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

● Review

The CCO shall be responsible for (i) notifying Employees of their reporting obligations under this Code and (ii) reviewing the reports submitted by each Employee under this Code. The CCO may assign the review of Employee reports to a designee, however, no person shall be allowed to review or approve his or her own reports, and reports shall be reviewed by the CCO or other officer who is senior to the person submitting the report. The CCO shall maintain records of all reports filed pursuant to these procedures. On a quarterly basis, the CCO will remind all employees of their obligations, restrictions, and procedures relating to personal investments.

All Employee personal securities transactions are subject to monitoring in order to ascertain any patterns of conduct which may evidence conflicts with the principles of this Code, including patterns of front-running or other inappropriate behavior.

[REMAINDER OF THIS PAGE HAS BEEN INTENTIALLY LEFT BLANK]

## Exhibit 99.25

![](image_003.jpg)

**RULE 17j-1 CODE OF ETHICS**

Rule 17j-1 Code of Ethics

Contents

INTRODUCTION 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. STANDARDS OF PROFESSIONAL CONDUCT 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fiduciary Duties 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance with Laws 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Culture 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Professional Misconduct 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Disclosure of Conflicts 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Undue Influence 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Confidentiality and Protection of Material Nonpublic Information 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Personal Securities Transactions 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Gifts 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Service on Boards 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Prohibition Against Market Timing 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. WHO IS COVERED BY THIS CODE 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. PROHIBITED TRANSACTIONS 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Period 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Requirement for Pre-clearance 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Fund Officer Prohibition 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. REPORTING REQUIREMENTS OF ACCESS PERSONS 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reporting 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions from Reporting Requirement of Section 4 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Holdings Reports 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly Transaction Reports 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. New Account Opening; Quarterly New Account Report 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Annual Holdings Reports 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Alternative Reporting 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Report Qualification 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Providing Access to Account Information 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Confidentiality of Reports 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. REPORTING VIOLATIONS 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TRAINING 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. REVIEW OFFICER 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Duties of Review Officer 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Potential Trade Conflict 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Required Records 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Post-Trade Review Process 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Submission to Fund Board 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Report to the General Counsel 12

APPENDIX A-Foreside Companies 13

APPENDIX B-Definitions 14

ATTACHMENT A-Access Person Acknowledgment 16

ATTACHMENT B-Pre-Clearance Form 17

i

**INTRODUCTION**

This Rule 17j-1 Code of Ethics (the "Code") has been adopted by Foreside Financial Group, LLC (d/b/a ACA Group) ("Foreside") and certain of its direct or indirect wholly owned subsidiaries as listed in <u>Appendix A</u> (each, a "Company" and collectively, the "Companies"), collectively doing business as ACA Group or ACA Foreside. This Code pertains to the Companies' distribution services to registered management investment companies or series thereof, as well as those funds for which certain employees of the Companies (or an affiliate thereof) serve as an officer or director of a registered investment company ("Fund Officer") or have been designated an Access Person by the Review Officer<sup>1</sup> (each a "Fund" and as set forth in the List of Access Persons & Reportable Funds). This Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. establishes standards of professional conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. establishes standards and procedures for the detection and prevention of activities
by which persons having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary duties to the Fund;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. addresses other types of conflict-of-interest situations.

Definitions of <u>underlined</u> terms are included in <u>Appendix B.</u>

Each Company, through its President, may impose internal sanctions should <u>Access Persons</u> of any Company (as identified on the List of Access Persons & Reportable Funds maintained by the Review Officer or their designee) violate these policies or procedures. A registered broker-dealer and its personnel may be subject to various regulatory sanctions, including censure, suspension, fines, expulsion or revocation of registration for violations of securities rules, industry regulations and the Company's internal policies and procedures. In addition, negative publicity associated with regulatory investigations and private lawsuits can negatively impact and severely damage business reputation.

Furthermore, failure to comply with this Code is a very serious matter and may result in internal disciplinary action being taken. Such action may include, among other things, warnings, reprimands, restrictions on activities and/or suspension or termination of employment. Violations also may result in referral to regulatory, civil or criminal authorities where appropriate.

Should Access Persons require additional information about this Code or have ethics-related questions, please contact the Review Officer, as defined under Section 8 below, directly.

<sup>1</sup> Each Company is adopting this Code pursuant to Rule 17j-1 with respect to certain funds that it distributes or for which an employee of the Company serves as a Fund Officer or has been designated as an Access Person. Pursuant to the exception noted under Rule 17j-1(c)(3), adopting and approving a Rule 17j-1 code of ethics with respect to a Fund, as well as the Code's administration, by a principal underwriter is not required unless:

⮚ the principal underwriter is an affiliated person of the Fund or of the Fund's adviser, or

⮚ an officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

A <u>Fund Officer</u> is permitted to report as an <u>Access Person</u> under this Code with respect to the Funds listed on the List of Access Persons & Reportable Funds maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. STANDARDS OF PROFESSIONAL CONDUCT

Each Company forbids any Access Person from engaging in any conduct that is contrary to this Code. Furthermore, certain persons subject to the Code are also subject to other restrictions or requirements that affect their ability to open securities accounts, effect securities transactions, report securities transactions, maintain information and documents in a confidential manner and other matters relating to the proper discharge of their obligations to the Company or to a Fund.

Each Company has always held itself and its employees to the highest ethical standards. Although this Code is only one manifestation of those standards, compliance with its provisions is essential. Each Company adheres to the following standards of professional conduct, as well as those specific policies and procedures discussed throughout this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fiduciary Duties.

Each Company and its Access Persons are fiduciaries and at all times shall:

¾ act solely for the benefit of the Funds; and

¾ place each Fund's interests above their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance with Laws.

Access Persons shall maintain knowledge of and comply with all applicable federal and state securities laws, rules and regulations, and shall not knowingly participate or assist in any violation of such laws, rules or regulations.

It is unlawful for Access Persons to use any information concerning a <u>security held or to be acquired</u> by a Fund, or their ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Fund.

Access Persons shall not, directly or indirectly, in connection with the trading of a Fund's shares or the purchase or sale of a security held or to be acquired by a Fund for which they are an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Fund or engage in any manipulative
practice with respect to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make to a Fund any untrue statement of a material fact or omit to state to a Fund
a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business that operates or would operate
as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to securities, including price
manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Culture.

Access Persons, through their words and actions, shall act with integrity, encourage honest and ethical conduct and adhere to a high standard of business ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Professional Misconduct.

Access Persons shall not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation, or commit any act that reflects adversely on their honesty, trustworthiness or professional competence. Access Persons shall not knowingly misrepresent, or cause others to misrepresent, facts about a Company to a Fund, a Fund's shareholders, regulators or any member of the public. Disclosure in reports and documents should be fair and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Disclosure of Conflicts.

As a fiduciary, each Company and Access Person has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of a Fund. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Fund. Access Persons must try to avoid situations that have even the appearance of conflict or impropriety.

This Code prohibits inappropriate favoritism of one Fund over another that would constitute a breach of fiduciary duty. Access Persons shall support an environment that fosters the ethical resolution of, and appropriate disclosure of, conflicts of interest, and shall comply with any prohibition on activities imposed by a Company if a conflict of interest exists. If any Access Person is (or becomes) aware of a personal interest that is, or might be, in conflict with the interest of a Fund, that Access Person must promptly disclose the situation or transaction and the nature of the conflict to the Review Officer for appropriate consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Undue Influence.

Access Persons shall not cause or attempt to cause any Fund to purchase, sell or hold any security in a manner calculated to create any personal benefit to them or others whose accounts they hold a beneficial ownership interest (i.e., their spouse or domestic partner, minor children or relatives who reside in the Access Person's household) or over which they have direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Confidentiality and Protection of Material Nonpublic Information.

The term "Material Nonpublic Information" refers to information that is both material information and nonpublic information, and also may be referred to as "Inside Information." Information is considered to be "Nonpublic Information" unless it has been publicly disclosed, for example, through public filing with a securities regulator, issuance of a press release or the issuance of a prospectus. The term "Material Information" has no specific definition, but, for the purposes of this Code, it shall refer to any information that might have an effect on the market for a security generally or any information that a reasonable person would consider important in a decision to buy, hold or sell a security. Examples of material nonpublic information may include, but are not limited to: sales results; earnings (or loss) estimates (including significant changes to previously released information); dividend actions; strategic plans; new products, discoveries or services; significant personnel changes; acquisition, merger and divestiture plans; liquidity issues; proposed securities offerings; major pending or threatened litigation or potential claims; restructurings and recapitalizations; and the negotiation or termination of major contracts or relationships.

Information concerning the identity of portfolio holdings and financial circumstances of a Fund is confidential. Access Persons are responsible for safeguarding such material nonpublic information about a Fund, including portfolio recommendations and fund holdings. Except as required in the normal course of carrying out their business responsibilities **<u>and</u>** as permitted by a Fund's policies and procedures, Access Persons shall not reveal information relating to the investment intentions or activities of any Fund, or securities that are being considered for purchase or sale on behalf of any Fund.

Access Persons in possession of material nonpublic information must maintain the confidentiality of such information, and each Company shall be bound by a Fund's policies and procedures with regard to disclosure of an investment company's identity, affairs and portfolio holdings. The obligation to safeguard such Fund information would not preclude Access Persons from providing necessary information to, for example, persons providing services to a Company or a Fund's account such as brokers, accountants, custodians and fund transfer agents, or in other circumstances when the Fund consents, as long as such disclosure conforms to the Fund's portfolio holdings disclosure policies and procedures.

In any case, Access Persons shall not:

¾ trade based upon inside information, especially where Fund trades are likely to be pending or imminent; or

¾ use or share knowledge of any material nonpublic information of a Fund for personal gain or benefit or for the personal gain or benefit of others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Personal Securities Transactions.

All personal securities transactions shall be conducted in such a manner as to be consistent with this Code and to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Gifts.

Access Persons shall not accept or provide anything in excess of $100.00 (per individual per year) or any other preferential treatment, in each case as a gift, to or from any broker-dealer or other entity with which a Company or a Fund does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Service on Boards.

Access Persons shall not serve on the boards of trustees (or directors) of publicly traded companies, absent **<u>prior</u>** authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Company, a Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Prohibition Against Market Timing.

Access Persons shall not engage in market timing of shares of <u>Reportable Funds</u> (a list of which are provided in the List of Access Persons & Reportable Funds maintained by the Review Officer). For purposes of this section, an Access Person's trades shall be considered 'market timing' if made in violation of any stated policy in the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. WHO IS COVERED BY THIS CODE

All Access Persons, in each case only with respect to the Reportable Funds as listed on the List of Access Persons & Reportable Funds maintained by the Review Officer, shall abide by this Code. Access Persons are required to immediately notify the Review Officer of their appointment as an officer of a Reportable Fund. Access Persons are required to comply with specific reporting requirements as set forth in Sections 3 and 4 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. PROHIBITED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Period.

Access Persons shall not purchase or sell a <u>Reportable Security</u> in an account in their name, or in the name of others in which they hold a beneficial ownership interest or over which they have direct or indirect influence or control, if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Requirement for Pre-clearance.

Access Persons must obtain **<u>prior</u>** written approval from the Review Officer before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly or indirectly acquiring beneficial ownership in securities in an initial
public offering for which no public market in the same or similar securities of the issue has previously existed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) directly or indirectly acquiring beneficial ownership in securities in a private
placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directly or indirectly purchasing, selling or acquiring shares of a Reportable
Fund for which they are an Access Person.

All requests for pre-clearance of securities transactions must be submitted to the Review Officer for review using the Pre-Clearance Request Form, in the form of <u>Attachment B</u>.

In determining whether to pre-clear the transaction, the Review Officer shall consider, among other factors, whether such opportunity is being offered to the Access Person by virtue of his or her position with the Fund or would result in a conflict of interest. Other factors to be considered may include: discussion with the Access Person concerning the reason for the requested transaction and how he or she became aware of the investment; the Access Person's work role; the size and holding period of the proposed investment; the market capitalization of the issuer; the liquidity of the security; and other relevant factors. The Review Officer granting or denying the request must document the basis for the decision and notify the requesting person whether the trading request is approved or denied.

A pre-clearance request should not be submitted for a transaction that the requesting person does not intend to execute. Pre-clearance trading authorization *is valid* only from the time when approval is granted through the next business day. If the transaction is not executed within this period, an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days. With respect to any effected transaction, the Access Person must provide the Review Officer with a transaction report evidencing the transaction consistent with the reporting requirements of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Fund Officer Prohibition.

No Fund Officer shall directly or indirectly seek to obtain information (other than that necessary to accomplish the functions of the office) from any Fund portfolio manager regarding (i) the status of any pending securities transaction for a Fund or (ii) the merits of any securities transaction contemplated by the Fund Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. REPORTING REQUIREMENTS OF ACCESS PERSONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reporting.

Access Persons must report the information described in this Section with respect to transactions in any <u>Reportable Security</u> in which they have, or by reason of such transaction acquire, any direct or indirect <u>beneficial ownership</u>. Access Persons must submit such information via the ComplianceAlpha system, unless they are otherwise required by a Fund, pursuant to a Code of Ethics adopted by the Fund, to report to the Fund or another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions from Reporting Requirement of Section 4.

Access Persons need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any report with respect to securities held in accounts over which the Access Person
had no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a quarterly transaction report with respect to transactions effected pursuant to
an automatic investment plan. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment
plan must be included in a quarterly transaction report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a quarterly transaction report with respect to transactions effected which were
non-volitional on the part of the Access Person, including acquisitions of Reportable Securities by gift or inheritance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a quarterly transaction report if the report would duplicate information contained
in broker trade confirmations or account statements that the Company holds in its records so long as the Company receives the confirmations
or statements no later than thirty (30) days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Holdings Reports.

No later than ten (10) days after a person becomes an Access Person, the person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, type of security, and as applicable the exchange ticker symbol or CUSIP
number, number of shares and principal amount of each Reportable Security (whether or not publicly traded) in which the person has any
direct or indirect beneficial ownership as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the person maintains an account
in which any securities were held for the Access Person's direct or indirect benefit as of the date the person became an Access
Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

The information contained in the initial holdings report must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly Transaction Reports.

No later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a quarterly transaction report which includes, at a minimum, the following information with respect to any transaction during the quarter in a Reportable Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the transaction, the title, and as applicable the exchange ticker symbol
or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Reportable
Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of the transaction (i.e., purchase, sale or any other type of acquisition
or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the name of the broker, dealer or bank with or through which the transaction was
effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. New Account Opening; Quarterly New Account Report.

Each Access Person shall provide written notice to the Review Officer **<u>prior</u>** to opening any new account with any entity through which a Reportable Securities (whether or not publicly traded) transaction may be effected for which the Access Person has direct or indirect beneficial ownership.

In addition, no later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a Quarterly New Account Report with respect to any account established by such a person in which any Reportable Securities (whether or not publicly traded) were held during the quarter for the direct or indirect benefit of the Access Person. The Quarterly New Account Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

&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;(1) the name of the broker, dealer or bank with whom the Access Person has established the 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;&nbsp;&nbsp;&nbsp;&nbsp;(2) the date the account was established; 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;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Annual Holdings Reports.

Annually, each Access Person must report the following information (which information must be current as of a date no more than forty-five (45) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, type of security, and as applicable the exchange ticker symbol or CUSIP
number, number of shares and principal amount of each Reportable Security (whether or not publicly
traded) in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained an
account in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Alternative Reporting.

The submission to the Review Officer of duplicate broker trade confirmations and account statements on all securities transactions required to be reported under this Section shall satisfy the reporting requirements of Section 4. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the information delivered by, or on behalf of, the Access Person to the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Report Qualification.

Any report may contain a statement that the report shall not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Providing Access to Account Information.

Access Persons will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide full access to a Fund, its agents and attorneys to any and all records
and documents which a Fund considers relevant to any securities transactions or other matters subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cooperate with a Fund, or its agents and attorneys, in investigating any securities
transactions or other matter subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide a Fund, its agents and attorneys with an explanation (in writing if requested)
of the facts and circumstances surrounding any securities transaction or other matter subject to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly notify the Review Officer or such other individual as a Fund may direct,
in writing, from time to time, of any incident of noncompliance with the Code by anyone subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Confidentiality of Reports.

Transaction and holdings reports will be maintained in confidence, except to the extent necessary to implement and enforce the provisions of this Code or to comply with requests for information from regulatory or government agencies or law enforcement where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE

Each Access Person is required to acknowledge in writing, initially and annually (in the form of <u>Attachment A</u>), that the person has received, read and understands the Code (and in the case of any amendments thereto, shall similarly acknowledge such amendment) and recognizes that he or she is subject to the Code. Further, each such person is required to certify annually that he or she has:

¾ read, understood and complied with all the requirements of the Code;

¾ disclosed or reported all personal securities transactions pursuant to the requirements of the Code; and

¾ not engaged in any prohibited conduct.

If an Access Person is unable to make the above representations, he or she shall report any violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. REPORTING VIOLATIONS

Access Persons shall report any violations of this Code promptly to the Review Officer, unless the violations implicate the Review Officer, in which case the individual shall report the violations to the General Counsel of ACA. Such reports will be confidential, to the extent permitted by law, and investigated promptly and appropriately. Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

Reported violations of the Code will be investigated and appropriate actions will be taken. Types of reporting that are required include, but are not limited to:

¾ Noncompliance with applicable laws, rules and regulations;

¾ Fraud or illegal acts involving any aspect of the Company's business;

¾ Material misstatements in regulatory filings, internal books and records, Fund records or reports;

¾ Activity that is harmful to a Fund, including Fund shareholders; and

¾ Deviations from required controls and procedures that safeguard a Fund or a Company.

Access Persons should seek advice from the Review Officer with respect to any action or transaction that may violate this Code, and refrain from any action or transaction that might lead to the appearance of a violation. Access Persons should promptly report any apparent or suspected violations in addition to actual or known violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TRAINING

Training with respect to the Code will occur initially upon an employee becoming or being designated an Access Person and at least annually thereafter. In addition, all Access Persons are required to attend any training sessions or read any applicable materials. Training may include, among other things, (1) periodic orientation or training sessions with new and existing personnel to remind them of their obligations under the Code and/or (2) certifications that Access Persons have read and understood the Code, and require re-certification that they have re-read, understand and have complied with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. REVIEW OFFICER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Duties of Review Officer.

The Review Officer identified in Appendix A has been appointed by each Company as the Review Officer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review all securities transaction and holdings reports and maintain the names
of persons responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify all persons of each Company who are Access Persons subject to this Code,
promptly inform each Access Person of the requirements of this Code and provide them with a copy of the Code and any amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compare, on a quarterly basis, all Reportable Securities transactions with each
Fund's completed portfolio transactions to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain signed acknowledgments and certifications by each Access Person who is
then subject to this Code, in the form of <u>Attachment A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) inform all Access Persons of their requirements to obtain prior written approval
from the Review Officer prior to directly or indirectly acquiring beneficial ownership of a security in any private placement, initial
public offering or Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that Access Persons receive adequate training on the principles and procedures
of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) review, at least annually, the adequacy of this Code and the effectiveness of its
implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) submit a written report to a Fund's Board as described in Section 8(e) and
(f), respectively.

The General Counsel of ACA, or their designee, shall review any reportable securities transactions of the Review Officer and shall assume the responsibilities of the Review Officer in his or her absence. The Review Officer may delegate responsibilities described herein to an appropriate Foreside representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Potential Trade Conflict.

When there appears to be a Reportable Securities transaction that conflicts with the Code, the Review Officer shall request a written explanation from the Access Person with regard to the transaction. If, after post-trade review, it is determined that there has been a material violation of the Code, a report will be made by the Review Officer with a recommendation of appropriate action to be taken to the General Counsel of ACA and the President of each Company, where applicable, the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, and a Fund's Board of Trustees (or Directors), where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Required Records.

The Review Officer shall maintain and cause to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any code of ethics adopted by each Company that is in effect, or at any
time within the past five (5) years was in effect, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a record of any violation of any code of ethics, and of any action taken as a result
of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal
year in which the last entry was made on any such report, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each holdings and transaction report (including duplicate confirmations
and statements) made by anyone subject to this Code as required by Section 4 for at least five (5) years after the end of the fiscal year
in which the report is made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a record of all written acknowledgements and certifications by each Access Person
who is currently, or within the past five (5) years was, an Access Person (records must be kept for 5 years after individual ceases to
be an Access Person under the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a list of all persons who are currently, or within the past five years were, required
to make reports or who were responsible for reviewing these reports pursuant to any code of ethics adopted by each Company, in an easily
accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a copy of each written report and certification required pursuant to Section 8(e)
of this Code for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a record of any decision, and the reasons supporting the decision, approving the
acquisition of securities by Access Persons under Section 3(b) of this Code, for at least five (5) years after the end of the fiscal year
in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a record of any decision, and the reasons supporting the decision, granting an
Access Person a waiver from, or exception to, the Code for at least five (5) years after the end of the fiscal year
in which the waiver is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Post-Trade Review Process.

Following receipt of trade confirms and statements, transactions will be screened by the Review Officer (or his or her designee) for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *same day trades*: transactions by Access Persons occurring on the same day
as the purchase or sale of the same security by a Fund for which they are an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *blackout period trades*: transactions by Access Persons occurring within
24 hours before or after the time as the purchase or sale of the same security by a Fund for which they are an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *fraudulent conduct*: transaction by Access Persons which, within the most
recent fifteen (15) days, is or has been held by a Fund or is being or has been considered by a Fund for purchase by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *market timing of Reportable Funds*: transactions by Access Persons that appear
to be market timing of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *other activities*: transactions which may give the appearance that an Access
Person has executed transactions not in accordance with this Code or otherwise reflect patterns of abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Submission to Fund Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon request by the Fund Board, the Review Officer shall annually prepare a written
report to the Board of Trustees (or Directors) of a Fund listed in the List of Access Persons & Reportable Funds maintained by the
Review Officer 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;&nbsp;&nbsp;&nbsp;&nbsp;A. describes any issues under this Code or its procedures since the last report to
the Trustees (or Directors), including, but not limited to, information about material violations of the code or procedures and sanctions
imposed in response to the material violations; 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;&nbsp;&nbsp;&nbsp;&nbsp;B. certifies that each Company has adopted procedures reasonably necessary to prevent
Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Review Officer shall ensure that this Code and any material amendments are
submitted to the Board of Trustees (or Directors) for approval for those funds listed in the List of Access Persons & Reportable Funds
maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Report to the General Counsel.

The Review Officer shall prepare a written report to the General Counsel of ACA and the President of each Company, where applicable, and the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, regarding any material issues that arose during the year under the Code, including, but not limited to, material violations of and sanctions under the Code.

As amended: May 31, 2025

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX A FORESIDE COMPANIES**

The following affiliated entities and direct or indirect wholly owned subsidiaries of Foreside Financial Group, LLC are subject to the Rule 17j-1 Code of Ethics for Distribution Services, Fund Officers Services, and Designated Access Persons:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Affiliated Entity** | **Appointed Review Officer** |
| &nbsp;&nbsp;Distribution Services, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Foreside Distribution Services, L.P.\* | Teresa Cowan |
| &nbsp;&nbsp;Foreside Financial Services, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Foreside Fund Officer Services, LLC | Josh Broaded |
| &nbsp;&nbsp;Foreside Fund Services, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Foreside Funds Distributors LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Foreside Global Services, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Funds Distributor, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;IMST Distributors, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;MGI Funds Distributors, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Northern Funds Distributors, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Orbis Investments (U.S.), LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Parnassus Funds Distributor, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Perpetual Americas Funds Distributors, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Quasar Distributors, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Sterling Capital Distributors, LLC\* | Teresa Cowan |
| &nbsp;&nbsp;Smead Funds Distributors, LLC\* | Teresa Cowan |

---

*\** *FINRA-registered broker-dealer*

 

*The companies listed on this <u>Appendix A</u> may be amended from time to time, as required.*

 

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX B DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Access Person</u>:

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| | |
|:---|:---|
| (i)(1) | of a Company means each director or officer of the Companies who in the ordinary course of business makes, participates in or obtains information regarding the purchase or sale of Reportable Securities for a Fund or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation to a Fund regarding the purchase or sale of Reportable Securities. |

---

(ii)(2) of a Fund, whereby an employee or agent of a Company serves as an officer of a Fund ("<u>Fund Officer</u>"). Such Fund Officer is an Access Person of a Fund and is permitted to report under this Code unless otherwise required by a Fund's Code of Ethics.

(iii)(3) of a Company includes anyone else specifically designated by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Beneficial Owner</u> shall have the meaning as that set forth in Rule 16a-1(a)(2)
under the Securities Exchange Act of 1934, as amended, except that the determination of direct or indirect beneficial ownership shall
apply to all Reportable Securities that an Access Person owns or acquires. A beneficial owner of a security is any person who, directly
or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a <u>direct or indirect pecuniary interest</u> (the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities)
in a security. An Access Person is presumed to be a beneficial owner of securities that are held by his or her immediate family members
sharing the Access Person's household.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indirect pecuniary interest</u> in a security includes securities held by a
person's immediate family sharing the same household. <u>Immediate family</u> means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive
relationships).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Control</u> means the power to exercise a controlling influence over the management
or policies of an entity, unless this power is solely the result of an official position with the company. Ownership of 25% or more of
a company's outstanding voting securities is presumed to give the holder thereof control over the company. This presumption may
be rebutted by the Review Officer based upon the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Purchase or sale</u> includes, among other things, the writing of an option
to purchase or sell a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Reportable Fund</u> (see List of Access Persons & Reportable Funds maintained
by the Review Officer) means any fund that triggers the Company's compliance with a Rule 17j-1 Code of Ethics or any fund for which
an employee or agent of the Company serves as a Fund Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reportable Security</u> means any security such as a stock, bond, future, investment
contract or any other instrument that is considered a 'security' under Section 2(a)(36) of the Investment Company Act of 1940,
as amended, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and bank certificates of deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper and debt instruments with a maturity at issuance of less than
366 days and that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) repurchase agreements covering any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares issued by money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of SEC registered open-end investment companies ( ***other than exchange-traded funds or <u>Reportable Funds</u>***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of unit investment trusts that are invested exclusively in one or more open-end
funds, none of which are exchange-traded funds or Reportable Funds.

*Included* in the definition of Reportable Security are:

⮚ Shares of a Reportable Fund;

⮚ Options on securities, on indexes, and on currencies;

⮚ All kinds of limited partnerships;

⮚ Foreign unit trusts, UCITs, SICAVs and foreign mutual funds; and

⮚ Private investment funds, hedge funds and investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Security held or to be acquired by</u> the Fund means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Reportable Security which, within the most recent fifteen (15) days (x) is
or has been held by the applicable Fund or (y) is being or has been considered by the applicable Fund or its investment adviser for purchase
by the applicable Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any option to purchase or sell, and any security convertible
into or exchangeable for, a Reportable Security.

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT A**

**ACCESS PERSON ACKNOWLEDGMENT**

I understand that I am an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for ACA Foreside Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and one or more of the Foreside company as listed in <u>Appendix A</u>. I hereby certify that I have read and understand the current Code, and will comply with it in all respects. In addition, I certify that I have complied with the requirements of the Code, and that I have disclosed or reported all personal securities accounts and transactions required to be disclosed or reported pursuant to the requirements of the Code.

Signature Date <br>Printed Name

**This form must be completed and submitted in Compliance Alpha**

Received By: <u>____________________________</u>

Date: <u>__________________________________</u>

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT B**

**PRE-CLEARANCE REQUEST FORM**

As an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for ACA Foreside Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and one or more of the Foreside companies as listed in <u>Appendix A</u>, I hereby request approval to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person. Pursuant to my request, I provide the following information concerning the security where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of security/investment: __________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Type of security/interest: _____________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Name of brokerage firm/other entity: ____________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Account number: ___________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Type of transaction (buy/sell/other-specify): ________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Number of shares/interest: ____________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Price of each security/interest: _________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Name of firm offering the investment opportunity: ___________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Please describe how you became aware of this investment opportunity: ____________________________________________________

I understand that it is a violation of the Code to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person <u>without</u> receiving ***prior*** written approval from Foreside's Review Officer. I further understand that (i) any pre-clearance trading authorization is valid only from the time when approval is granted through the next business day and (ii) an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days if the transaction is not executed within the period. I also agree to provide the Review Officer with a transaction report evidencing the pre-cleared transaction consistent with the reporting requirements of Section 4. of the Code.

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| | |
|:---|:---|
| Signature | Date |
| Print Name | Job Title |

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**~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~**

**To be completed by the Review Officer and returned to the Access Person.**

Approval request granted: Yes: <u>______</u> No: <u>_______</u>

The following criteria were considered in assessing the Access Person's pre-clearance request (*use back of page if necessary*):

    <br> Authorized Signature Date

## Exhibit 99.25

Banner Ridge DSCO Private Markets Fund

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustee and/or officer of the above referenced fund (the "Trust"), a statutory trust (commonly known as a "business trust") organized under the laws of the State of Delaware, hereby constitutes and appoints Scott Halper, his true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for him and in his name, place and stead, and in the capacity indicated below, any and all Registration Statements and amendments thereto under the provisions of the Investment Company Act of 1940, as amended and/or the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal as of the date set forth below.

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| | |
|:---|:---|
| /s/ Robert O'Connor | Date: November 14, 2025 |
| Robert O'Connor |  |
| Trustee |  |

---

Banner Ridge DSCO Private Markets Fund

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustee and/or officer of the above referenced fund (the "Trust"), a statutory trust (commonly known as a "business trust") organized under the laws of the State of Delaware, hereby constitutes and appoints Scott Halper, his true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for him and in his name, place and stead, and in the capacity indicated below, any and all Registration Statements and amendments thereto under the provisions of the Investment Company Act of 1940, as amended and/or the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal as of the date set forth below.

---

| | |
|:---|:---|
| /s/ Justin Hoertling | Date: November 14, 2025 |
| Justin Hoertling |  |
| Trustee |  |

---

Banner Ridge DSCO Private Markets Fund

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustee and/or officer of the above referenced fund (the "Trust"), a statutory trust (commonly known as a "business trust") organized under the laws of the State of Delaware, hereby constitutes and appoints Scott Halper, his true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for him and in his name, place and stead, and in the capacity indicated below, any and all Registration Statements and amendments thereto under the provisions of the Investment Company Act of 1940, as amended and/or the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal as of the date set forth below.

---

| | |
|:---|:---|
| /s/ Michael McGinn | Date: November 14, 2025 |
| Michael McGinn |  |
| Trustee |  |

---

Banner Ridge DSCO Private Markets Fund

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustee and/or officer of the above referenced fund (the "Trust"), a statutory trust (commonly known as a "business trust") organized under the laws of the State of Delaware, hereby constitutes and appoints Scott Halper, her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for her and in her name, place and stead, and in the capacity indicated below, any and all Registration Statements and amendments thereto under the provisions of the Investment Company Act of 1940, as amended and/or the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set her hand and seal as of the date set forth below.

---

| | |
|:---|:---|
| /s/ Crystal Duong | Date: November 14, 2025 |
| Crystal Duong |  |
| Treasurer |  |

---

## Exhibit 99.25

<u>Authorization for Attorney-in-Fact to Sign Registration Statement on Behalf of Treasurer (Chief Financial Officer)</u>

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| | |
|:---|:---|
| **RESOLVED:** | That the Treasurer (Chief Financial Officer) of the Trust is granted the authority to execute a power of attorney in favor of other appropriate persons, as determined by such officers, for the purpose of signing the Trust's Registration Statements on Form N-2 and N-14, as applicable, and any amendments thereto. |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**N-2**

**Banner Ridge DSCO Private Markets Fund**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common Shares of Beneficial Interest | (1) | 457(o) |  | $| $749000000.00 | 0.0001381 | $103436.90 |
| Fees Previously Paid | Equity | Common Shares of Beneficial Interest |  | 457(o) |  | $| $1000000.00 | 0.0001531 | $153.10 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $750000000.00 |  | 103590.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 153.10 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $103436.90 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for purposes of calculating the registration fee, pursuant to Rule 457(o) under the Securities Act of 1933.