# EDGAR Filing Document

**Accession Number:** 0002055855
**File Stem:** 0001829126-26-001977
**Filing Date:** 2026-3
**Character Count:** 912951
**Document Hash:** c84b804473939be8ecacffdcedb3bfcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-001977.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001829126-26-001977

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

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Megacorn Fund
- **CENTRAL INDEX KEY:** 0002055855

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24060
- **FILM NUMBER:** 26727401

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Megacorn Fund
- **CENTRAL INDEX KEY:** 0002055855

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285489
- **FILM NUMBER:** 26727400

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

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

As filed with the Securities and Exchange Commission on March 5, 2026

1933 Act File No. 333-285489

1940 Act File No. 811-24060

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

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| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☑ |
| **Pre-Effective Amendment No. 2** | ☐ |
| **Post-Effective Amendment No. __** | ☐ |
| **and**<br>**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☑ |
| **Amendment No. 2** | ☐ |

---

**megacorn FUND**

(Exact Name of Registrant as Specified in Charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of Principal Executive Offices)

414-299-2217

(Registrant's Telephone Number)

Ann Maurer

235 West Galena Street

(Name and Address of Agent for Service)

Copy to:

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

215-988-2700

David Williams, Esq.

Faegre Drinker Biddle & Reath LLP

320 South Canal Street, Suite 3300

Chicago, IL 60606

312-212-6500

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED PUBLIC OFFERING:

AS SOON AS PRACTICABLE AFTER THE DATE ON WHICH THIS REGISTRATION STATEMENT BECOMES EFFECTIVE

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ when declared effective pursuant to Section 8(c) of the Securities Act

If appropriate, check the following box:

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

☐ 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 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 the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 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 THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY DETERMINE.**

Subject to Completion, dated March 5, 2026

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

**MEGACORN FUND**

PROSPECTUS

**Institutional Class Shares**

**Advisor Class Shares**

[ ], 2026

Megacorn Fund (the "Fund") is a newly organized Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund continuously offers its shares of beneficial interest ("Shares") and operates as an interval fund.

The Fund operates under an Agreement and Declaration of Trust dated February 27, 2025 (the "Declaration of Trust"). Forge Global Advisors LLC serves as the investment adviser (the "Investment Adviser") of the Fund. The Investment Adviser is registered as an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund intends to qualify and elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

The Fund is offering through this prospectus (the "Prospectus") two separate classes of Shares designated as Institutional Class Shares and Advisor Class Shares.

Simultaneous with the commencement of the Fund's operations ("Commencement of Operations"), Megacorn Fund LP (the "Predecessor Fund"), reorganized with and transferred substantially all of its assets into the Fund. The Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Predecessor Fund. The Fund and the Predecessor Fund share the same investment adviser and portfolio managers.

The Fund is offering through this Prospectus two separate classes of shares in the Fund, designated as Institutional Class Shares and Advisor Class Shares. The Fund intends to apply to the SEC for an exemptive order that would permit the Fund to offer more than one class of Shares. Advisor Class Shares will not be offered to investors until the Fund has received an exemptive order permitting the multi-class structure. There is no assurance that the Fund will be granted the exemptive order.

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

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| | | |
|:---|:---|:---|
|  | **Institutional<br> Class Shares** | **Advisor<br> Class Shares** |
| **Public Offering Price** | Current Net Asset Value | Current Net Asset Value |
| **Sales Charge (Load) as a percentage of purchase amount** |  | 5.75% |
| **Proceeds to Fund<sup>(2)</sup>** | Current Net Asset Value | Current Net Asset Value |

---

(1) Distribution Services, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), acts as the principal underwriter of the Fund's Shares. An indefinite amount of Shares are being offered on a best efforts basis through the Distributor and may also be offered through other brokers or dealers that have entered into selling agreements with the Distributor. The Investment Adviser pays the Distributor out of its own resources a fee for certain distribution-related services. The Investment Adviser, the Distributor and/or their affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into selling agreements with the Distributor) from time to time in connection with the distribution of Shares and/or the servicing of shareholders and/or the Fund. These payments will be made out of the Investment Adviser's and/or affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. See "DISTRIBUTOR." The minimum initial investment in Institutional Class Shares by any Institutional Class investor is $100,000, and the minimum initial investment in Advisor Class Shares by any Advisor Class investor is $500. However, the Fund, in its sole discretion, may accept investments below these minimums. See "FUND SUMMARY - The Offering."

(2) The Fund's initial offering expenses are described under "FUND FEES AND EXPENSES" below.

The Fund's primary investment objective is capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objective by gaining exposure, on both a direct and indirect basis, to private company shares as represented by the Forge Accuidity Private Market Index. The Fund primarily invests in the equity securities (e.g., common and/ or preferred stock, or equity-linked securities convertible into such equity securities) of private, late-stage growth companies ("Portfolio Companies") and in special purpose vehicles ("SPVs") that in turn invest in, or otherwise provide exposure to, the equity securities of private, late-stage growth companies primarily comprising of the Forge Accuidity Private Market Index. The Fund anticipates that approximately 50-80% of the Fund's portfolio will be comprised of equity securities of Portfolio Companies held on an indirect basis through investments in SPVs and similar investment structures ("Indirect Investments") that in turn invest in the equity securities of Portfolio Companies, that approximately 10-30% of the Fund's portfolio will be comprised of equity securities acquired directly from a Portfolio Company, and that approximately 5-10% of the Fund's portfolio will be comprised of other assets, which may include, without limitation, derivative instruments, money market instruments, and Treasury bills and other short-term obligations of the U.S. Government. The Fund anticipates that the majority of its portfolio will be acquired through secondary transactions, with the remainder acquired through primary issuances and other investment structures. See "INVESTMENT OBJECTIVE AND STRATEGIES – INVESTMENT STRATEGIES AND OVERVIEW OF INVESTMENT PROCESS."

**The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment (see "PRINCIPAL RISK FACTORS" BEGINNING ON PAGE [15]).**

No holder of Shares (each, a "Shareholder") will have the right to require the Fund to redeem its Shares. The Fund is a closed-end investment company operating as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("NAV"), of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline subject to approval of the Board of Trustees (the "Board" and each of the trustees on the Board, a "Trustee"). Notices of each repurchase offer are sent to shareholders no more than 42 days and no less than 21 days before the "Repurchase Request Deadline" (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer). The Fund determines the NAV applicable to repurchases no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute payment no later than seven (7) calendar days after such date. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund (see "OFFERS TO REPURCHASE" beginning on page [42] and "REPURCHASE PROCEDURES" beginning on page [43]).

This Prospectus is not an offer to sell Shares and is not soliciting an offer to buy Shares in any state or jurisdiction where such offer or sale is not permitted. **There is no assurance that you will be able to tender your Shares when or in the amount that you desire.** The Fund's Shares are not listed and the Fund does not currently intend to list its Shares for trading on any national securities exchange. There is not expected to be any secondary trading market in the Shares. The Shares are, therefore, not marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to try to provide liquidity to shareholders, you should consider the Shares to be illiquid.

The Shares will be offered in a continuous offering. The Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable sales charges and other fees, as described herein. The Shares will be issued at net asset value per Share.

This Prospectus concisely provides information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information (the "SAI"), dated [ ], 2026, has been filed with the SEC. You may request a free copy of this Prospectus, the SAI, annual and semi-annual reports, when available, and other information about the Fund, and make inquiries without charge by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, by calling the Fund toll-free at 800-450-2133 or by accessing the Investment Adviser's website at <u>forgeglobal.com/megacorn-fund</u>. The information on the Investment Adviser's website is not incorporated by reference into this Prospectus and investors should not consider it a part of this Prospectus. The SAI is incorporated by reference into this Prospectus in its entirety. The SEC maintains an internet site that contains reports, proxy and information statements, and other information filed electronically by issuers at the SEC's website at sec.gov. You may also obtain copies of the SAI, and the annual and semi-annual reports of the Fund, when available, as well as other information about the Fund at sec.gov. You may also email requests for these documents to publicinfo@sec.gov. The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

*Shares are an illiquid investment.*

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

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

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

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

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

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

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

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

● **A significant portion of the Fund's underlying investments are expected to be illiquid, and this may limit the number of Shares available for repurchase.** 

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

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

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

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

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

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

The date of this Prospectus is [ ], 2026.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [FUND SUMMARY](#pro_001) | 1 |
| [FUND FEES AND EXPENSES](#pro_002) | 9 |
| [FINANCIAL HIGHLIGHTS](#pro_003) | 11 |
| [USE OF PROCEEDS](#pro_004) | 11 |
| [INVESTMENT OBJECTIVE AND STRATEGIES](#pro_005) | 12 |
| [PRINCIPAL RISK FACTORS](#pro_006) | 15 |
| [MANAGEMENT OF THE FUND](#pro_007) | 35 |
| [INVESTMENT ADVISORY](#pro_008) | 36 |
| [DISTRIBUTOR](#pro_009) | 37 |
| [DISTRIBUTION AND SERVICE PLAN](#pro_010) | 38 |
| [ADMINISTRATION](#pro_011) | 38 |
| [CUSTODIAN](#pro_012) | 39 |
| [FUND EXPENSES](#pro_013) | 39 |
| [VOTING](#pro_014) | 40 |
| [CONFLICTS OF INTEREST](#pro_015) | 41 |
| [OUTSTANDING SECURITIES](#pro_016) | 42 |
| [OFFERS TO REPURCHASE](#pro_017) | 42 |
| [REPURCHASE PROCEDURES](#pro_018) | 43 |
| [TRANSFERS OF SHARES](#pro_019) | 44 |
| [ANTI-MONEY LAUNDERING](#pro_020) | 44 |
| [CALCULATION OF NET ASSET VALUE](#pro_022) | 44 |
| [DISTRIBUTIONS](#pro_023) | 47 |
| [DIVIDEND REINVESTMENT PLAN](#pro_024) | 47 |
| [TAXES](#pro_025) | 48 |
| [ERISA AND CODE CONSIDERATIONS](#pro_026) | 52 |
| [DESCRIPTION OF SHARES](#pro_027) | 53 |
| [PURCHASING SHARES](#pro_028) | 53 |
| [TERM, DISSOLUTION AND LIQUIDATION](#pro_029) | 54 |
| [REPORTS TO SHAREHOLDERS](#pro_030) | 54 |
| [FISCAL YEAR](#pro_031) | 54 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#pro_032) | 54 |
| [INQUIRIES](#pro_033) | 54 |

---

i

**FUND SUMMARY**

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

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| | |
|:---|:---|
| The Fund and the Shares | Megacorn Fund (the "Fund") is a closed-end management investment company structured as an "interval fund" and registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust on February 27, 2025. Forge Global Advisors LLC serves as the investment adviser (the "Investment Adviser") of the Fund. The Investment Adviser provides day-to-day investment management services to the Fund. The Fund is non-diversified, which means that under the Investment Company Act, it is not limited in the percentage of its assets that it may invest in any single issuer of securities, although the Fund will seek to satisfy other diversification requirements necessary to qualify as a regulated investment company under the Code, as further described below. |
|  | The Fund offers two separate classes of shares of beneficial interest ("Shares") designated as Institutional Class Shares ("Institutional Class Shares") and Advisor Class Shares ("Advisor Class Shares"). Institutional Class Shares and Advisor Class Shares are subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Fund intends to apply for and expects to receive an exemptive order from the SEC with respect to the Fund's multi-class structure. Advisor Class Shares will not be offered to investors until the Fund has received an exemptive order permitting the multi-class structure. There is no assurance that the Fund will be granted the exemptive order.<br>The Fund is an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("NAV"), of not less than 5% nor more than 25% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer. |
|  | Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment. |

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| | |
|:---|:---|
| | The Fund intends to satisfy the diversification requirements necessary to qualify as a regulated investment company under the Code, which generally requires that, at the end of each quarter: (1) at least 50% of the Fund's total assets are invested in (i) cash and cash items (including receivables), Federal Government securities and securities of other regulated investment companies; and (ii) securities of separate issuers, each of which amounts to no more than 5% of the Fund's total assets (and no more than 10% of the issuer's outstanding voting shares), and (2) no more than 25% of the Fund's total assets are invested in (i) securities (other than Federal Government securities or the securities of other regulated investment companies) of any one issuer; (ii) the securities (other than the securities of other regulated investment companies) of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses; or (iii) the securities of one or more qualified publicly traded partnerships.<br>Simultaneous with the commencement of the Fund's operations, ("Commencement of Operations") Megacorn Fund LP (the "Predecessor Fund") reorganized with and transferred substantially all of its assets into the Fund. The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund. At the time of the reorganization, the Fund and the Predecessor Fund shared the same investment adviser and portfolio managers. For past performance information of the Predecessor Fund, see "Performance." |
| Investment Objective and Strategies | The Fund's primary investment objective is capital appreciation. The Fund seeks to achieve its investment objective by gaining exposure, on both a direct and indirect basis, to private company shares as represented by the Forge Accuidity Private Market Index (defined below). The Fund primarily invests in the equity securities (e.g., common and/or preferred stock, or equity-linked securities convertible into such equity securities) of private, late-stage growth companies ("Portfolio Companies") and in special purpose vehicles ("SPVs") that in turn invest in, or otherwise provide exposure to, the equity securities of private, late-stage companies primarily comprising of the Forge Accuidity Private Market Index. The Fund defines "growth" companies as companies that have potential for capital appreciation significantly greater than that of the market averages. The market capitalization of the growth companies in which the Fund will invest may range from small to large capitalizations. <br>The Forge Accuidity Private Market Index (the "Index"), is an index of 60 private, late-stage growth companies selected and maintained by Forge Global, Inc., an affiliate of the Investment Adviser (the "Index Provider"), according to several criteria, including privately held, late-stage venture backed U.S. companies with a post money valuation of at least $500 million. Late-stage privately held companies are companies that, in the Investment Adviser's view, typically have demonstrated sustainable business operations and generally have well-known products or services with a strong market presence. Late-stage companies have generally reached a point of revenue generation from their core business operations which the Investment Adviser considers to be meaningful and a strong financial indicator of product-market fit. Late-stage companies that are privately held may also be referred to as "pre-IPO companies" (i.e., companies that are typically in their last few financing rounds before an initial public offering ("IPO") or an exit event such as a sale or merger) and have previously been funded primarily by private institutional investors through pooled investment vehicles. |

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The Index is constructed using a proprietary scoring model and quality factor screens to select high quality companies with more than a certain level of secondary market activity. Whether a company is considered high quality is based on a number of quality factors, which include having five or more years of operating history, having leading venture capital investors on the company's capitalization table, and having proven scale and capital formation (e.g., a minimum primary capital raise of $200 million and a minimum valuation of $500 million). In determining the level of a company's secondary market activity, various factors are considered, including, without limitation, trade volume and trade count. Index constituents are weighted according to their implied valuations (i.e., estimates of the underlying value of their portfolio), with weights capped at 7.5% and excess weight distributed pro-rata across all other index names. The Index is a propriety index which the Fund will utilize in its selection of issuers that it will seek to make investments. While the Fund's Investment Adviser may use the Index as a guideline for investing in the Fund's Portfolio Companies, the Fund may invest in the securities of issuers other than those included in the Index, and the Fund will not always invest in Portfolio Companies in the same proportion as the Index. There may be reasons why a particular Index issuer is not included in the Fund's portfolio, including, without limitation, the limited availability of shares for purchase and the analysis of the Investment Adviser of the appropriateness of particular securities of Index issuers as investments for the Fund. The Investment Adviser expects that at least 75% of the market value of the Fund's equity investments will be among the companies included in the Index. <br>In addition to investing directly in the equity securities of Portfolio Companies, the Fund may obtain exposure to Portfolio Companies on an indirect basis, including to a significant extent, by investing in SPVs, investment companies, or other similar structures which in turn invest in the equity securities of Portfolio Companies. The Fund generally expects to continue to hold its position in a given Portfolio Company until a liquidity event with respect to such Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. Notwithstanding the foregoing, if the Investment Adviser believes it to be in the best interest of the Fund, the Fund may: (i) continue to hold securities of a Portfolio Company following a liquidity event until such time that the Investment Adviser determines to sell the securities or (ii) sell such securities prior to the occurrence of a liquidity event. <br>As discussed above, the Fund invests primarily in securities of Portfolio Companies, which consist of shares of either common or a series of preferred stock of such company or equity-linked securities by such company which is convertible into shares of common or a series of preferred stock of such company, as well as in SPVs or other similar structures which in turn invest in, or otherwise provide exposure to, such securities. The SPVs in which the Fund expects to invest are vehicles that provide access to equity securities issued by a single Portfolio Company. SPVs are typically organized by the sellers of such Portfolio company securities and often charge a performance fee and administrative and other management fees. The Fund will invest in SPVs that it expects will generally be organized as limited liability companies or limited partnerships. It is expected the Fund may own up to 100% of certain SPVs, which would be considered affiliates of the Fund by virtue of such ownership and would not be subject to management fees. <br>

The Fund expects that most of its investments will be in or provide exposure to U.S. domestic Portfolio Companies (i.e., companies organized in the United States), but it is not prohibited from investing in Portfolio Companies organized in foreign jurisdictions. The Investment Adviser expects that the equity securities that the Fund will target may require several years to appreciate in value, and there can be no assurance that such appreciation will occur. Due to the illiquid nature of most of the Fund's investments and transfer restrictions that equity securities are typically subject to, the Fund may not be able to sell these securities at times when the Fund deems it necessary to do so (e.g., to fund quarterly repurchases of Shares), or at all. The equity securities in which the Fund invests on either a direct or indirect basis will often be subject to drag-along rights, which permit a majority stockholder in the company to force minority stockholders to join a company sale (which may be at a price per share lower than our initial purchase price). <br>In addition, the Fund will often be subject to lock-up provisions that prohibit the Fund from selling its equity investments into the public market for specified periods of time after IPOs of the Portfolio Company, typically 180 days. As a result, the market price of securities that the Fund holds may decline substantially before the Fund is able to sell these securities following an IPO. The criteria described above, together with the availability of the securities and their applicability for inclusion in the Fund's portfolio, taking into account the Fund's overall composition of the Fund's portfolio and other salient investment factors, will inform the Investment Adviser's decision to purchase a security on behalf of the Fund.<br>The Fund generally expects to acquire equities of Portfolio Companies through secondary purchases and exchanges from selling shareholders of such companies, but under certain circumstances may, in the discretion of the Investment Adviser, purchase securities directly in an issuance by such Portfolio Companies. Secondary purchases and exchanges refer to transactions where the Fund acquires securities from existing shareholders of the Portfolio Companies through private markets, rather than directly from the issuing companies. The Fund may also invest in SPVs and similar investment structures to obtain exposure to Portfolio Companies in accordance with policies approved by the Board. With respect to the interests of such SPVs or similar vehicles themselves, the Fund generally expects to acquire such interests directly through a primary issuance by such SPV or similar vehicle. For the avoidance of doubt, investments in SPVs are treated as Indirect Investments for portfolio construction purposes. <br>In reviewing potential investments for the Fund, the Investment Adviser utilizes, without limitation, the information and research available on premium databases and regulatory filings of issuers, including, but not limited to, Form D filings or other similar filings by private companies in connection with primary issuances. The Investment Adviser may interface with the management of companies targeted for investment and reviews their past and expected financial performance. The Investment Adviser connects with sellers of shares through transactions facilitated by registered-broker dealers, including unaffiliated broker-dealers that operate alternative trading systems ("ATSs") and other private secondary markets. Such ATSs mainly help to identify counterparty interest, and the purchase of any shares through such venues remain subject to the execution of contracts, securing waivers of any applicable transfer restrictions, and settlement periods. In addition to unaffiliated ATSs, the Investment Adviser may source secondary investment opportunities through other private secondary market channels, including transactions facilitated by registered broker-dealers, issuer-organized liquidity events such as tender offers, and direct negotiated transactions with existing shareholders. The Fund's ability to implement this investment strategy is subject to the ability of the Investment Adviser to identify and acquire the securities of Portfolio Companies on acceptable terms. <br>

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|:---|:---|
| | Except as otherwise indicated, the Fund may change its investment objective and any of its investment policies, restrictions, strategies, and techniques without Shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify Shareholders of any changes to its investment objective or policies to the extent required by the 1940 Act. <br>The Fund is obtaining exemptive relief from the SEC permitting the Fund to invest alongside other vehicles and funds managed or sponsored by the Investment Adviser or its affiliates in a manner consistent with the Fund's investment objective and strategies. There can be no guarantee regarding when, or if, such relief will be granted by the SEC.  |
| The Investment Adviser | As Investment Adviser, Forge Global Advisors LLC provides day-to-day investment management services to the Fund. Its principal place of business is located at 4 Embarcadero Center, 15<sup>th</sup> Floor, San Francisco, CA 94111. The Investment Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of December 31, 2025, approximately $2.3 billion in assets were under the advisement of the Investment Adviser and its affiliates.  |
| The Administrator | The Fund has retained UMB Fund Services, Inc. (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. See "Fees and Expenses" below. |
| Fees and Expenses | The Fund will bear its own operating expenses (including, without limitation, its offering expenses not paid by the Investment Adviser). A more detailed discussion of the Fund's expenses can be found under "FUND EXPENSES." |
|  | *Investment Advisory*. Pursuant to an investment advisory agreement (the "Investment Advisory Agreement") by and between the Fund and the Investment Adviser, and in consideration of the advisory services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a base advisory fee (the "Investment Advisory Fee"). See "INVESTMENT ADVISORY FEE."<br>For its provision of advisory services to the Fund, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to 1.75% on an annualized basis, accrued daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Investment Advisory Fee paid to the Investment Adviser will be paid out of the Fund's assets. Such fee is paid to the Investment Adviser before giving effect to any repurchase of Shares effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See "INVESTMENT ADVISORY FEE." |

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*Administration Fee*. The Fund pays the Administrator tiered fees based on the average monthly net asset value of the Fund, subject to a minimum annual fee (the "Administration Fees"). The Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore, decrease the net profits or increase the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses and pays the Administrator a fee for transfer agency services. See "ADMINISTRATION."<br>The Fund intends to apply for exemptive relief from the SEC that will allow the Fund, subject to certain conditions, to adopt a Distribution and Service Plan with respect to Advisor Class Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution Plan, the Fund will be permitted to pay as compensation up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Advisor Class Shares (the "Distribution and Servicing Fee") to the Fund's distributor or other qualified recipients under the Distribution and Service Plan. The Distribution and Servicing Fee will be paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. Institutional Class Shares are not subject to the Distribution and Servicing Fee. Advisor Class Shares will not be offered for sale until the Fund has received the requested exemptive relief from the SEC. As of the date of this Prospectus, the Fund had not received exemptive relief, and Advisor Class Shares have not been offered for sale. There is no assurance that the Fund will be granted the exemptive order. See "DISTRIBUTION AND SERVICE PLAN".<br>

The Investment Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.75% of the average daily net assets of Institutional Class Shares and Advisor Class Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.75% for Institutional Class Shares and Advisor Class Shares. For a period not to exceed three years after the end of the month on which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and the current Expense Limit. The Expense Limitation and Reimbursement Agreement will remain in effect for an initial term of one year, and thereafter, the Expense Limit will increase to 2.25% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter unless terminated. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Adviser may terminate the Expense Limitation and Reimbursement Agreement at the end of the then-current term upon 30 days' written notice. See "FUND EXPENSES."<br>

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| The Offering | The minimum initial investment in the Fund by any investor for Institutional Class Shares is $100,000 and the minimum initial investment by any investor for Advisor Class Shares is $500. However, the Fund, in its sole discretion, may accept investments below these minimums. <br>Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. Once a prospective investor's purchase order is received, a confirmation is sent to the investor. Potential investors should send subscription funds by wire transfer pursuant to instructions provided to them by the Fund.<br>Whether investing directly from the Fund or investing through a financial intermediary, a prospective investor may be required to submit a completed investor application on or prior to the acceptance date set by the Fund. The Fund reserves the right to reject, in its sole discretion, any request to purchase Shares in the Fund at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time at the Board's discretion.<br>Advisor Class Shares in the Fund are offered with a maximum sales charge of 5.75% of the subscription amount, which may be reduced, modified or waived by the Fund or Investment Adviser for any Shareholder. Institutional Class Shares are not subject to a sales charge. No sales charge is expected to be charged with respect to investments by the Investment Adviser and its affiliates, and their respective directors, principals, officers and employees and others in the Investment Adviser's sole discretion. The full amount of the sales charge may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when you purchase Shares of the Fund. |
| Distribution Policy | Following the disposition by the Fund of securities of Portfolio Companies, the Fund intends to make cash distributions of net profits, if any, to its Shareholders once each fiscal year at such time as the Board of Trustees determines in its sole discretion (or twice in a fiscal year at such times determined by the Board of Trustees, if necessary for the Fund to maintain its status as a regulated investment company ("RIC") and in accordance with the Investment Company Act). |
| Dividend Reinvestment Plan | The Fund intends to adopt an "opt out" dividend reinvestment plan (the "DRIP"). Any investor that wishes to participate in the DRIP will not be required to take any action. A participating investor's distribution amount will purchase Shares at the net asset value of the Fund. Shareholders that wish to receive their distributions in cash may do so by making a written election to not participate in the DRIP on the investor's subscription agreement or by notifying the Fund's Administrator, UMB Fund Services, Inc. at 800-450-2133 or 235 West Galena Street, Milwaukee, WI 53212. Such written notice must be received by the Administrator 60 days prior to the record date of the distribution, or the Shareholder will receive such distribution in Shares through the DRIP. |

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| Repurchase Offers | The Fund operates as an interval fund pursuant to Rule 23c-3 of the Investment Company Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at NAV. At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide a limited degree of liquidity to the Shareholders by conducting quarterly offers to repurchase its Shares at their NAV on the date on which the repurchase price for Shares is determined (the "Valuation Date"). **Each repurchase offer will be for no less than 5% nor more than 25% of the Fund's Shares outstanding. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.** At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide a limited degree of liquidity to Shareholders by conducting repurchase offers quarterly of approximately 10% of the Fund's outstanding Shares on the repurchase request deadline. Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be no more than fourteen (14) days prior to the Valuation Date. See "OFFERS TO REPURCHASE" and "REPURCHASE PROCEDURES." |
| Risk Factors | The Fund is subject to substantial risks — including market risks and strategy risks. The Fund is also subject to the risks associated with the investment strategies employed by the Investment Adviser, which may include portfolio company risk, SPV risk, valuation risk, and IPO risk. While the Investment Adviser will attempt to moderate any risks, there can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested. |
|  | Accordingly, the Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment. Past results of the Investment Adviser, its respective principals, and the Fund are not indicative of future results. Prospective investors should review carefully the "PRINCIPAL RISK FACTORS*"* section of this Prospectus*.* |
| Summary of Taxation | The Fund intends to qualify as a RIC for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that it distributes its net income and gains to Shareholders each year. See "TAXES." |
| Fiscal and Tax Year | The Fund's fiscal year is the 12-month period ending on September 30. The Fund's taxable year is the 12-month period ending on September 30. |

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**SUMMARY OF FUND EXPENSES**

The following tables describe the aggregate fees and expenses that the Fund expects to incur and that the Shareholders can expect to bear, either directly or indirectly, through the Fund's investments. More information about these and other discounts is available from your financial professional and in the section titled "Purchasing Shares" on page [53] of this Prospectus.

**FUND FEES AND EXPENSES**

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| | | |
|:---|:---|:---|
| | **Institutional<br> Class Shares** | **Advisor<br> Class Shares** |
| **SHAREHOLDER TRANSACTION EXPENSES:** | | |
| Maximum Sales Charge (Load) (as a percentage of offering price)<sup>(1)</sup> |  | 5.75% |
| **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES)**<sup>(2)</sup> |  |  |
| Investment Advisory Fee<sup>(3)</sup> | 1.75% | 1.75% |
| Distribution and Servicing Fee<sup>(4)</sup> |  | 0.25% |
| Other Expenses<sup>(5)</sup> | 0.38% | 0.38% |
| Acquired Fund Fees and Expenses<sup>(6)</sup> | 0.25% | 0.25% |
| **Total Annual Expenses** | 2.38% | 2.63% |
| Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement<sup>(7)</sup> | 0.38% | 0.38% |
| **Net Annual Expenses<sup>(7)</sup>** | 2.00% | 2.25% |

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<sup>(1)</sup> Investors in Advisor Class Shares may be charged a sales charge of up to 5.75% of the subscription amount.

<sup>(2)</sup> Assumes the Fund raises proceeds resulting in estimated average net assets of $216,108,000 in the first 12 months.

<sup>(3)</sup> The Investment Advisory Fee is equal to 1.75% on an annualized basis, accrued daily and payable monthly in arrears, of the Fund's average daily net assets. The Investment Advisory Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See "INVESTMENT ADVISORY FEE" for additional information.

<sup>(4)</sup> The Fund intends to apply to the SEC for exemptive relief to offer multiple classes of shares and to adopt a distribution and service plan ("Distribution and Service Plan") for Advisor Class Shares. There can be no assurance the SEC will grant such relief to the Fund; however, once the Fund has received such relief, investors may pay a Distribution and Servicing Fee of up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Advisor Class Shares to the Fund's distributor or other qualified recipients. Payment of the Distribution and Servicing Fee will be governed by the Distribution and Service Plan for Advisor Class Shares, which, pursuant to the conditions of an exemptive order expected to be issued by the SEC, will be adopted by the Fund with respect to Advisor Class Shares in compliance with Rule 12b-1 under the Investment Company Act. Institutional Class Shares are not subject to the Distribution and Servicing Fee. See "DISTRIBUTION AND SERVICE PLAN."

<sup>(5)</sup> "Other Expenses" (as defined below) represent estimated amounts for the current fiscal year.

<sup>(6)</sup> The "Acquired Fund Fees and Expenses" disclosed above are based on historical returns of the types of funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year

<sup>(7)</sup> The Investment Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.75% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.75% for the Institutional Class Shares and Advisor Class Shares. For a period not to exceed three years after the end of the month in which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. The Expense Limitation and Reimbursement Agreement will remain in effect for an initial term of one year, and thereafter, the Expense Limit will increase to 2.25% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter unless terminated. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Adviser may terminate the Expense Limitation and Reimbursement Agreement at the end of the then-current term upon 30 days' written notice. During the first year following the date of this prospectus, only the Board may terminate the Expense Limitation and Reimbursement Agreement.

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

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

**EXAMPLE**

**Institutional Class Shares**

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|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on a $1,000**<br> **Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $20 | $71 | $123 | $268 |

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**Advisor Class Shares**

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|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on**<br> **the Imposition of the 5.75% Sales Charge and a $1,000**<br> **Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $79 | $131 | $186 | $334 |

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

**FINANCIAL HIGHLIGHTS**

Because the Fund has not commenced operations as of the date of this Prospectus, there are no financial highlights for the Fund.

**USE OF PROCEEDS**

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

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

**INVESTMENT OBJECTIVE AND STRATEGIES**

**INVESTMENT OBJECTIVE**

The Fund's primary investment objective is capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Except as otherwise indicated, the Fund may change its investment objective and any of its investment policies, restrictions, strategies, and techniques without Shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify Shareholders of any changes to its investment objective or policies to the extent required by the 1940 Act.

**INVESTMENT STRATEGIES AND OVERVIEW OF INVESTMENT PROCESS**

 **Investment Strategies**. Under normal market conditions, the Fund seeks to achieve its investment objective by gaining exposure, on both a direct and indirect basis, to private company shares as represented by the Forge Accuidity Private Market Index. The Fund expects to invest at least 75% of the market value of the Fund's equity investments in Portfolio Companies and SPVs that in turn invest in, or otherwise provide exposure to, the equity securities of private, late-stage companies comprising of the Forge Accuidity Private Market Index. The Fund defines "growth" companies as companies that have potential for capital appreciation significantly greater than that of the market averages. The market capitalization of the growth companies in which the Fund will invest may range from small to large capitalizations.

The Forge Accuidity Private Market Index (the "Index") is an index of 60 private, late-stage growth companies selected and maintained by the Index Provider, Forge Global, Inc., according to several criteria, including privately held, late-stage venture backed U.S. companies with a post money valuation of at least $500 million. Late-stage privately held companies are companies that, in the Investment Adviser's view, typically have demonstrated sustainable business operations and generally have well-known products or services with a strong market presence. Late-stage companies have generally reached a point of revenue generation from their core business operations which the Adviser considers to be meaningful and a strong financial indicator of product-market fit. Late-stage companies that are privately held may also be referred to as "pre-IPO companies" (i.e., companies that are typically in their last few financing rounds before an initial public offering ("IPO") or an exit event such as a sale or merger) and have previously been funded primarily by private institutional investors through pooled investment vehicles.

The Index is constructed using a proprietary scoring model and quality factor screens to select high quality companies with more than a certain level of secondary market activity. Whether a company is considered high quality is based on a number of quality factors, which include having five or more years of operating history, having leading venture capital investors on the company's capitalization table, and having proven scale and capital formation (e.g., a minimum primary capital raise of $200 million and a minimum valuation of $500 million). In determining the level of a company's secondary market activity, various factors are considered, including, without limitation, trade volume and trade count. Index constituents are weighted according to their implied valuations (i.e., estimates of the underlying value of their portfolio), with weights capped at 7.5% and excess weight distributed pro-rata across all other index names. The Index is a propriety index which the Fund will utilize in its selection of issuers in which to invest. While the Fund's Investment Adviser may use the Index as a guideline for investing in the Fund's Portfolio Companies, the Fund may invest in the securities of issuers other than those included in the Index, and the Fund will not always invest in Portfolio Companies in the same proportion as the Index. There may be reasons why a particular Index issuer is not included in the Fund's portfolio, including, without limitation, the limited availability of shares for purchase and the analysis of the Investment Adviser of the appropriateness of particular securities of Index issuers as investments for the Fund. The Investment Adviser expects that at least 75% of the market value of the Fund's equity investments will be among the companies included in the Index.

The Fund may obtain exposure to Portfolio Companies on both a direct basis (e.g., by investing directly in the equity securities of Portfolio Companies) and an indirect basis (e.g., by investing in SPVs which hold such equity securities), in each case to a potentially significant extent, and may acquire such exposures through direct issuances of equity by the Portfolio Company or SPV, as applicable, as well as through purchases of Portfolio Company securities on secondary markets or through similar mechanisms, to the extent permitted under applicable law and the terms of such securities. The Fund generally expects to continue to hold its position in a given Portfolio Company until a liquidity event with respect to such Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. The Fund may hold onto securities after a liquidity event if the Investment Adviser believes that market conditions are favorable for further appreciation, or if there are contractual lock-up periods restricting immediate sale. Additionally, tax optimization strategies may also influence the decision to retain the securities. Conversely, the Fund may sell securities before a liquidity event if the Investment Adviser identifies potential risks or uncertainties related to the Portfolio Company's future performance or broader market conditions. Notwithstanding the foregoing, if the Investment Adviser believes it to be in the best interest of the Fund, the Fund may: (i) continue to hold securities of a Portfolio Company following a liquidity event until such time that the Investment Adviser determines to sell the securities or (ii) sell such securities prior to the occurrence of a liquidity event.

The Fund generally invests in Portfolio Companies through Indirect Investments, but under certain circumstances may, in the discretion of the Investment Adviser, purchase securities directly from such Portfolio Companies. The Fund anticipates that approximately 50-80% of the Fund's portfolio will be comprised of equity securities of Portfolio Companies held through Indirect Investments, approximately 10-30% of the Fund's portfolio will be comprised of equity securities acquired directly from a Portfolio Company, and approximately 5-10% of the Fund's portfolio will be comprised of other assets, which may include, without limitation, derivative instruments, money market instruments, and Treasury bills and other short-term obligations of the U.S. Government. Indirect Investments refer to transactions where the Fund acquires securities from existing shareholders of the Portfolio Companies through private secondary markets, rather than directly from the issuing companies. Interests in SPVs or similar vehicles also are treated as Indirect Investments for portfolio construction purposes, although the Fund generally expects to acquire such interests directly through a primary issuance by such SPV or similar vehicle.

In reviewing potential investments for the Fund, the Investment Adviser utilizes, without limitation, the information and research available on premium databases and regulatory filings of issuers, including, but not limited to, Form D filings or other similar filings by private companies in connection with primary issuances. The Investment Adviser may interface with the management of companies targeted for investment and reviews their past and expected financial performance. The Investment Adviser connects with sellers of shares through transactions facilitated by registered-broker dealers, including unaffiliated broker-dealers that operate alternative trading systems and other private secondary markets. Such ATSs mainly help to identify counterparty interest, and the purchase of any shares through such venues remain subject to the execution of contracts, securing waivers of any applicable transfer restrictions, and settlement periods. In addition to unaffiliated ATSs, the Investment Adviser may source secondary investment opportunities through other private secondary market channels, including transactions facilitated by registered broker-dealers, issuer-organized liquidity events such as tender offers, and direct negotiated transactions with existing shareholders. The Fund's ability to implement this investment strategy is subject to the ability of the Investment Adviser to identify and acquire the securities of Portfolio Companies on acceptable terms.

The Fund may use derivative instruments, including without limitation, option contracts, swap agreements, and futures contracts, for various hedging and/or speculative purposes. To the extent the Fund invests in derivative instruments, they may provide exposure to Portfolio Companies as well as other asset classes, which may include, without limitation, equity and equity-related securities, fixed income instruments, and currencies.

 **Portfolio Composition**. As discussed above, the Fund primarily seeks to obtain exposure to securities of Portfolio Companies – and primarily on an indirect basis through Indirect Investments – which securities consist of shares of either common or a series of preferred stock of such company or equity-linked securities by such company which is convertible into shares of common or a series of preferred stock of such company. The SPVs in which the Fund expects to invest are vehicles that provide access to equity securities issued by a single Portfolio Company. SPVs are typically organized by the sellers of such Portfolio Company securities and often charge a performance fee and administrative and other management fees. The Fund will invest in SPVs that it expects will generally be organized as limited liability companies or limited partnerships. It is expected the Fund may own up to 100% of certain SPVs, which would be considered affiliates of the Fund by virtue of such ownership and would not be subject to management fees. The Fund expects that most of its investments will be made in U.S. domestic Portfolio Companies (*i.e.*, companies organized in the United States), but it is not prohibited from investing in Portfolio Companies organized in foreign jurisdictions.

The Investment Adviser expects that the equity securities that the Fund will target may require several years to appreciate in value, and there can be no assurance that such appreciation will occur. Due to the illiquid nature of most of the Fund's investments and transfer restrictions that equity securities are typically subject to, the Fund may not be able to sell these securities at times when the Fund deems it necessary to do so (*e.g.*, to fund quarterly repurchases of Shares), or at all. The equity securities in which the Fund invests on either a direct or indirect basis will often be subject to drag-along rights, which permit a majority stockholder in the company to force minority stockholders to join a company sale (which may be at a price per share lower than our initial purchase price).

In addition, the Fund will often be subject to lock-up provisions that prohibit the Fund from selling its equity investments into the public market for specified periods of time after IPOs of the Portfolio Company, typically 180 days. As a result, the market price of securities that the Fund holds may decline substantially before the Fund is able to sell these securities following an IPO. The criteria described above, together with the availability of the securities and their applicability for inclusion in the Fund's portfolio, taking into account the Fund's overall composition of the Fund's portfolio and other salient investment factors, will inform the Investment Adviser's decision to purchase a security on behalf of the Fund.

 **Access to Attractive Asset Class**. The Fund seeks to obtain exposure to equity securities of private, operating, late-stage, growth companies. The Investment Adviser believes that the asset class represented by these companies should be an element in many investors' diversified portfolio for two primary reasons. First, the Investment Adviser believes that, historically, these companies have had a lower technology, product and market risk profile than early-stage private companies. As a consequence, historically failure rates have been lower and time to exit have been faster. These companies may, however, have a higher technology, product and market risk profile than publicly traded companies, but, for the reasons discussed in the next paragraph, can offer the potential for higher return. Second, there appears to be a general trend for companies to stay private longer, which has generally resulted in a greater portion of companies' value appreciation occurring in this asset class rather than the public equities markets (although this is not always the case). This, the Investment Adviser believes, has negatively impacted the returns of the public equity markets for the last decade. These private, operating, late-stage, growth companies are typically hard to access, especially for smaller and mid-size investors that do not qualify as a "Qualified Purchaser" as defined in Section 2(a)(51) of the Investment Company Act of 1940. However, the Investment Adviser seeks to use its access to private markets to build a portfolio of private, operating, late-stage, growth companies.

**Efficient, Transparent Investment**. The Fund seeks to offers investors an opportunity to invest efficiently in a portfolio of private, operating, late-stage, growth companies, including through SPVs. Unlike traditional venture and secondary funds, the Investment Adviser publishes on its website a complete list of the Fund's investments as of the last day of the previous month, which is designed to provide investors more transparency into their investment than they would receive from a typical private fund.

**Repurchase Offers.** The Fund is a closed-end investment company structured as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide a limited degree of liquidity to Shareholders by conducting repurchase offers quarterly of approximately 10% of the Fund's outstanding Shares on the repurchase request deadline.

**Other Information Regarding Investment Strategy**

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

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") will vary from year to year. It is anticipated that the Fund's annual overall portfolio turnover rate will ordinarily be between 5% and 10%. The portfolio turnover rate will vary from year to year and will not be a limiting factor when the Investment Adviser deems portfolio changes appropriate. The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Investment Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. If securities are not held for the applicable holding periods, dividends paid on them will not qualify for the advantageous federal tax rates.

The Fund is obtaining exemptive relief from the SEC permitting the Fund to invest alongside other vehicles and funds managed or sponsored by the Investment Adviser or its affiliates in a manner consistent with the Fund's investment objective and strategies. Pursuant to such exemptive relief, the Fund generally is permitted to invest alongside such affiliates if a "required majority" (as defined in Section 57(o) of the Investment Company Act) of the Fund's Board members who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Trustees") concludes that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching in respect of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund's shareholders and is consistent with the Fund's investment objective and strategies, and (3) the investment by any of the Investment Adviser's affiliates would not disadvantage the Fund, and the Fund's participation would not be on a basis different from or less advantageous than that on which any of the Investment Adviser's affiliates are investing. There can be no guarantee regarding when, or if, such relief will be granted by the SEC.

**PRINCIPAL RISK FACTORS**

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

**GENERAL PRINCIPAL RISKS**

*NO OPERATING HISTORY.* The Fund was organized on February 27, 2025. It had not yet commenced operations as of the date of this Prospectus and has no operating history. The Fund may not succeed in meeting its objective, and its NAV may decrease. As a new Fund, there is no assurance that the Fund will grow or maintain an economically viable size, which may result in increased Fund expenses or a determination to liquidate the Fund.

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

*REPURCHASE OFFERS; LIMITED LIQUIDITY*. The Fund is a closed-end investment company structured as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide a limited degree of liquidity to Shareholders by conducting repurchase offers quarterly of approximately 10% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer.

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

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

Notices of each repurchase offer are sent to shareholders no more than 42 days and no less than 21 days before the "Repurchase Request Deadline" (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer). The Fund determines the NAV applicable to repurchases no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute payment no later than seven (7) calendar days after such date. If a Shareholder tenders all of its Shares (or a portion of its Shares) in connection with a repurchase offer made by the Fund, that tender may not be rescinded by the Shareholder after the Repurchase Request Deadline. Because the NAV applicable to a repurchase is calculated after (but no later than 14 days after) the Repurchase Request Deadline, a Shareholder will not know its repurchase price until after it has irrevocably tendered its Shares. See "OFFERS TO REPURCHASE" and "REPURCHASE PROCEDURES." Shareholders may be subject to market risk in relation to the tender of their Shares for repurchase because like other market investments, the value of the Fund's Shares may move up or down, sometimes rapidly and unpredictably, between the date a repurchase offer terminates and the repurchase date. Likewise, because the Fund's investments may include securities denominated in foreign currencies, changes in currency values between the date a repurchase offer terminates and the repurchase date may also adversely affect the value of the Fund's shares.

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

*REGULATED INVESTMENT COMPANY RISK.* The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of Subtitle A, Chapter 1 of 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 gains that is distributed as dividends for U.S. federal income tax purposes to Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements and is required to distribute dividends for U.S. federal income tax purposes of 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. If the Fund does not meet these requirements, some or all of its net income could be taxable at corporate income tax rates. Additionally, if the Fund does not distribute specified amounts of its ordinary income and capital gains each calendar year, it will be subject to a 4% excise tax. See "TAXES."

*LEGAL, TAX AND REGULATORY*. Legal, tax and regulatory changes at the federal, state and local levels could occur that may materially adversely affect the Fund. For example, the regulatory environment for leveraged investors is evolving, and changes in the direct or indirect regulation of leveraged investors may materially adversely affect the ability of the Fund to pursue its investment objective or strategies. Increased regulatory oversight and other legislation or regulation could result. Such legislation or regulation could pose additional risks and result in material adverse consequences to the Fund and/or limit potential investment strategies that would have otherwise been used by the Fund in order to seek to obtain higher returns. Each prospective investor should also be aware that developments in the tax laws of the United States or other jurisdictions where the Fund invests could have a material effect on the tax consequences to the Shareholders. In the event of any such change in law, each Shareholder is urged to consult its own tax advisers.

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

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

*MANAGEMENT RISK*. The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Investment Adviser's judgment about the attractiveness, value and potential appreciation of a particular sector and securities or the financial performance of Portfolio Companies in which the Fund invests may prove to be incorrect and may not produce the desired results. The Fund may not allocate effectively among its targeted Portfolio Companies, and its allocations may be unsuccessful in achieving its investment objective. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Investment Adviser to allocate effectively among the Fund's target investments. There can be no assurance that the actual allocations will be effective in achieving the Fund's investment objective or delivering positive returns.

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

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

*CYBERSECURITY RISK*. Cybersecurity refers to the combination of technologies, processes and procedures established to protect information technology systems and data from unauthorized access, attack or damage. The Fund and its affiliates and third-party service providers are subject to cybersecurity risks. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. The Fund's and its affiliates' and third-party service providers' computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact. In addition, the Fund and the Investment Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in the Fund's operations or the operations of its affiliates and third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect the Fund's business, financial condition or results of operations. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, the Fund may be required to expend significant additional resources to modify the Fund's protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks.

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

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

**GENERAL INVESTMENT-RELATED PRINCIPAL RISKS**

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

*Recent Market Circumstances.* The Fund and may be adversely affected by uncertainties and events around the world, such as epidemics and pandemics, including the spread of infectious illness or other public health issues, natural disasters, terrorism and other conflicts, social unrest, political developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which they are invested. Assets of issuers, including those held in the Fund's portfolio, could be direct targets, or indirect casualties, of an act of terrorism.

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. The outbreak of COVID-19 and its variants resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. This outbreak negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. On May 5, 2023, the World Health Organization declared the end of the global emergency status for COVID-19. The United States subsequently ended the federal COVID-19 public health emergency declaration effective May 11, 2023. Although vaccines for COVID-19 are widely available, it is unknown how long certain circumstances related to the pandemic will persist, whether they will reoccur in the future, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund performance.

International war or conflicts (including Russia's invasion of Ukraine and the Israel-Hamas war) and geopolitical events in foreign countries, along with instability in regions such as Asia, Eastern Europe and the Middle East, possible terrorist attacks in the United States or around the world, and other similar events could adversely affect the U.S. and foreign financial markets. As a result, whether or not the Fund invests in securities located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted.

Interest rates in the United States and many other countries have declined but remain relatively high and it is unknown how interest rates will trend in the future. If interest rates remain high, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities which may create liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. It is unknown how bank runs will fully impact the overall performance of the Fund or one or more of its portfolio investments and how similar events may affect the ability of the Fund to execute its investment strategy.

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

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

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

In addition to the risks generally described in this Prospectus and the SAI, the following are some of the specific risks associated with the styles of investing which may be utilized by the Investment Adviser:

*Portfolio Companies Risk.* Investment in Portfolio Companies involves a number of significant risks, including:

● these Portfolio Companies may have limited financial resources and may be unable to meet their obligations with their existing working capital, which may lead to equity financings, possibly at discounted valuations, in which our holdings could be substantially diluted if we do not or cannot participate, bankruptcy or liquidation and the reduction or loss of our investment;

● these Portfolio Companies may have less established and comprehensive product lines, which tend to render them more vulnerable to competitors' actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns;

● because Portfolio Companies are privately owned, there is usually little publicly available information about these businesses; therefore, although the Investment Adviser and its agents perform due diligence on these Portfolio Companies, their operations and their prospects, including review of independent research reports and market valuations of securities of such companies on alternative trading systems and other private secondary markets, the Investment Adviser may not be able to obtain all of the material information that would be generally available for public company investments, including financial or other information regarding the Portfolio Companies in which we invest. Furthermore, there can be no assurance that the information that we do obtain with respect to any investment is reliable. The Fund will invest in Portfolio Companies for which current, up-to-date financial information is not available if the Investment Adviser determines, based on the results of its due diligence review, that such investment is in the best interests of the Fund and its Shareholders;

● Portfolio Companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a Portfolio Company and, in turn, on us; and

● Portfolio Companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position.

*Investments in SPV*s*.* The Fund may invest in SPVs and similar investment structures that invest in Portfolio Companies, including SPVs that are not wholly owned by the Fund. As an investor in an SPV or similar investment structure, the Fund would receive distributions on its interest in accordance with the governing documents of the SPV or similar investment structure, as applicable. This structure is intended to enhance the ability of the Fund to gain exposure to Portfolio Companies. The Fund, as a holder of securities issued by an SPV or similar investment structure, will bear its pro rata portion of such SPV or investment structure's expenses. These acquired fund fee expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing costs and/or potentially reducing returns to investors. In addition, the Fund will have no direct claim against any Portfolio Company held by an SPV or similar investment structure. In the case of SPVs in which the Fund is one of multiple investors, because such SPVs are typically organized by managers unaffiliated with the Fund, in purchasing such an SPV interest, the Fund entrusts all aspects of the management of the SPV to its manager. Some SPVs in which the Fund may invest may impose restrictions on when investors may withdraw their investment or limit the amounts investors may withdraw. To the extent the Fund seeks to reduce or sell out its investment at a time or in an amount that is prohibited, the Fund may not have the liquidity necessary to participate in other investment opportunities or may need to sell other investments that we may not have otherwise sold. Additionally, SPVs are not publicly traded and therefore may not be as liquid as other types of investments. These characteristics present additional risks for Shareholders.

*Private Markets Trading Risks .* The Fund intends to utilize private markets to acquire interests in Portfolio Companies. The Fund may invest in Portfolio Companies by purchasing securities directly from such Portfolio Companies, and may also acquire indirect exposure to such interests in Portfolio Companies by investing in Indirect Investments that in turn invest in such Portfolio Companies. The Fund may also invest in Portfolio Companies through transactions with existing shareholders of the Portfolio Companies, generally by purchasing equity interests held by such shareholders, although the Fund may potentially also acquire such interests through the use of derivative instruments, in a manner consistent with Rule 18f-4 under the 1940 Act. The Fund will generally have little or no direct access to financial or other information from the Portfolio Companies in which it invests through such private markets. As a result, the Fund is dependent upon the relationships and contacts of the Investment Adviser's senior investment professionals to obtain the information for the Investment Adviser to perform research and due diligence, and to monitor the Fund's investments after they are made, under the oversight of the Board. The Fund makes investments in the securities of Portfolio Companies the Investment Adviser reasonably believes can be fair valued in accordance with the Fund's Valuation Procedures. However, there can be no assurance that the Investment Adviser will be able to acquire adequate information on which to make its investment decision with respect to any private market purchases, or that the information it is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the Portfolio Companies in which the Fund invests could cause it to lose part or all of its investment in such companies, which would have a material and adverse effect on the Fund's NAV and results of operations*.*

In addition, there can be no assurance that Portfolio Companies in which the Fund invests through private markets will have or maintain active trading markets, and the prices of those securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Wide swings in market prices, which are typical of irregularly traded securities, could cause significant and unexpected declines in the value of the Fund's portfolio investments. Further, prices on private markets, where limited information is available, may not accurately reflect the true value of a Portfolio Company, and may in certain cases overstate a Portfolio Company's actual value, which may cause the Fund to realize future capital losses on its investment in that Portfolio Company. If any of the foregoing were to occur, it would likely have a material and adverse effect on the Fund's NAV and results of operations.

Private company securities are typically subject to contractual transfer limitations, which may, among other things, give the issuer, its assignees and/or its stockholders a particular period of time, often 30 days or more, in which to exercise a veto right, or a right of first refusal over, the sale of such securities. Accordingly, the purchase agreements that we enter into for secondary transactions typically will require the lapse or satisfaction of these rights as a condition to closing. The timing needed to obtain any requisite consent or allow any applicable rights to lapse will depend on the Portfolio Company and its governing documents, and may range anywhere from several days to several months.

Investments in private companies, including through private markets, also entail additional legal and regulatory risks which expose participants to the risk of liability due to the imbalance of information among participants and participant qualification and other transactional requirements applicable to private securities transactions. Failure to comply with such requirements could result in rescission rights and monetary and other sanctions. The application of these laws within the context of private markets and related market practices are still evolving, and, despite the Fund's efforts to comply with applicable laws, it could be exposed to liability. The regulation of private markets is also evolving. Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets. Conversely, deregulation of these markets could make it easier for investors to invest directly in private companies and affect the attractiveness of the Fund as an access vehicle for investment in private shares. Private companies may also increasingly seek to limit trading in their stock, through such methods as contractual transfer restrictions and employment policies. To the extent that these or other developments result in reduced trading activity and/or availability of private company shares, the Fund's ability to find investment opportunities and to liquidate its investments could be adversely affected.

*Private Investments*. The Fund will make late-stage private investments. Investments in companies in a late-stage of development involve substantial risks. These companies typically have obtained capital in the form of debt and/or equity to expand rapidly, reorganize operations, acquire a business or develop new products and markets. These activities by definition involve a significant amount of change, which can give rise to significant problems in sales, manufacturing and general management of business activities. Furthermore, the marketplace for such "venture capital investing" has become increasingly competitive. Involvement by financial intermediaries has increased, substantial amounts of funds have been dedicated to making investments in the private sector and the competition for investment opportunities is at high levels. There can be no assurance that the Investment Adviser will locate attractive investment opportunities in private investments.

 *INDEX-RELATED RISK.* The performance information for the Index is hypothetical and backtested and is not that of any investment product or strategy. The Index is a proprietary index based on a hypothetical portfolio of the largest venture capital backed companies versus a hypothetical portfolio of a quality screened portfolio of venture capital backed companies. Backtested index results, such as those of the Index, are inherently limited. Potential risks include but are not limited to: data risks (including cleanliness of data), validity of assumptions, hindsight bias, incorrect model, inappropriate usage of the model, and hardware and software bugs. In addition, an index of privately offered securities, such as the Index, requires assumptions that the offerings were available at the time of investment and sufficient capacity existed to make an equally weighted investment in each position, and have other limitations, such as not taking into account the fees and costs associated with making private investments. Unlike indices that track the performance of publicly traded securities, the Index is designed to estimate the performance of certain privately issued equity securities. Such private securities do not trade in a marketplace and are not exchange-listed, and there is limited public data available about their valuation.

There is no guarantee that the Fund's investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified by the index provider or the Investment Adviser, for a period of time or at all, which may have an adverse impact on the Fund. Unusual market conditions may cause the index provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. Investment Adviser. In the event that the index data is no longer available to the Investment Adviser for other reasons, the Fund would no longer be able to seek to invest in the components of such index as they change, and would need to adopt a different index or otherwise adjust its investment objective, which could have a negative impact on the Fund's performance.

The Fund's performance may diverge from that of the Index. This may occur because of differences between the securities and other instruments held in the Fund's portfolio and those included in the Index, pricing differences, transaction costs incurred by the Fund, the Fund's holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest received by the Fund, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. The Fund's performance may also diverge from that of the Index because the Fund incurs fees and expenses, while the Index does not.

*Technology Sector Risk .* The technology companies in which the Fund invests are subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences and periodic downturns. The market prices of technology stocks historically have exhibited a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. These stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, short product cycles, falling prices and profits, government regulation, lack of standardization or compatibility with existing technologies, intense competition, aggressive pricing, dependence on copyright and/or patent protection and/or obsolete products or services. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. In addition, because of rapid technological change, the average selling prices of products and some services provided by technology-related sectors have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by companies that operate in technology-related sectors may decrease over time, which could adversely affect their operating results. Technology companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, a rising interest rate environment tends to negatively affect technology companies. In such an environment, those companies with high market valuations may appear less attractive to investors, which may cause sharp decreases in the companies' market prices. Further, technology companies seeking to finance their expansion would have increased borrowing costs, which may negatively impact their earnings. Technology companies are often smaller companies with less experienced management teams and they may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets. The foregoing factors may negatively impact the value of any equity securities that the Fund may hold, which could in turn materially adversely affect the Fund's business, financial condition and results of operations.

*Equity Securities Risk .* The Fund invests in equity securities and equity-related securities, including options, warrants, preferred stock and convertible securities, of private and public companies in the U.S. and other countries. The value of these financial instruments generally will vary with the performance of the issuer and movements in the equity markets. As a result, the Fund may suffer losses if it invests in equity instruments of issuers whose performance diverges from the Investment Adviser's expectations or if equity markets generally move in a single direction and the Fund has not hedged against such a general move. The Fund also may be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of convertible securities or private placements, delivering marketable common stock upon conversions of convertible securities and registering or otherwise qualifying restricted securities for public resale.

*ILLIQUID PORTFOLIO INVESTMENTS*. Many of the Fund's investments will be illiquid. The Fund's investments are generally in non-publicly traded securities (unless one of the Fund's Portfolio Companies goes public and then only to the extent the Fund has not yet liquidated its securities holdings therein). Although the Fund expects that most of its equity investments will trade on private secondary marketplaces, certain of the securities the Fund holds may be subject to legal and other restrictions on resale or may otherwise be less liquid than publicly traded securities. In addition, while some Portfolio Companies may trade on private secondary marketplaces, the Fund can provide no assurance that such a trading market will continue or remain active, or that the Fund will be able to sell its position in any Portfolio Company at the time it desires to do so and at the price the Investment Adviser anticipates. Illiquid investments may also be difficult to value and their pricing may be more volatile than more liquid investments, which could adversely affect the price at which the Fund is able to sell such instruments. The illiquidity of the Fund's investments, including those that are traded on private secondary marketplaces, may make it difficult for the Fund to sell such investments if the need arises (e.g., to fund repurchases of Shares). Also, if the Fund is required to liquidate all or a portion of its portfolio quickly, it may realize significantly less than the carrying value of its investments. The Fund has no limitation on the portion of its portfolio that may be invested in illiquid securities, and a substantial portion or all of the Fund's portfolio may be invested in such illiquid securities from time to time.

In addition, because the Fund deploys its capital to invest primarily in equity securities of private companies, it expects that its holdings of securities may require several years to appreciate in value, and the Fund can offer no assurance that such appreciation will occur. Even if such appreciation does occur, it is likely that purchasers of Shares could wait for an extended period of time before any appreciation or sale of the Fund's investments, and any attendant distributions of gains, may be realized.

*Risks Inherent in PURCHASES THROUGH Secondary MARKETS*. The market for secondary investments has been evolving and is likely to continue to evolve. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of investment opportunities available to the Fund and adversely affecting the terms upon which investments can be made by the Fund. Accordingly, there can be no assurance that the Fund will be able to identify sufficient investment opportunities or that it will be able to acquire sufficient investments on attractive terms through secondary markets.

*Equity Securities of Growth Companies.* A portion of the Fund's assets may be invested in equity securities of companies that have potential for capital appreciation significantly greater than that of the market averages, so-called "growth" companies. The market capitalization of the growth companies in which the Fund will invest may range from small to large capitalizations. Growth stocks are generally more sensitive to market movements than other types of stocks, primarily because their stock prices are based heavily on future expectations. Securities of growth companies may be traded in the over-the-counter ("OTC") markets. While OTC markets have grown rapidly in recent years, many OTC securities trade less frequently and in smaller volume than exchange-listed securities. The values of these securities may fluctuate more sharply than exchange-listed securities, and the Fund may experience some difficulty in acquiring or disposing of positions in these securities at prevailing market prices.

 *INITIAL PUBLIC OFFERINGS*. The Fund may hold securities of companies that have recently completed an initial public offering. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.

*Convertible Securities and Investments in Equity-Related Convertible Securities*. The Fund may invest a portion of its capital in convertible securities and equity-related convertible securities. Convertible securities are equities, bonds, debentures, preferred stocks or other securities that may be converted into or exchanged for a specified fixed or variable amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is influenced principally by its investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required, depending on the terms of the security, to permit the issuer to redeem the security, convert it into the underlying common stock, or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to meet its investment objective.

*Investments in Preferred Stock*. The Fund may invest in the preferred shares of certain companies. Preferred shares may pay dividends at a specific rate and generally have preference over common stock in the payment of dividends in a liquidation of assets but rank after debt securities. Unlike interest payments on debt securities, dividends on preferred shares are generally payable at the discretion of the board of directors of the issuer. The market prices of preferred shares are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities.

*Reliance on Corporate Management and Financial Reporting.* The Investment Adviser may select investments for the Fund in part on the basis of information and data filed by issuers of securities with various government regulators or made directly available to the Investment Adviser by the issuers of securities or through sources other than the issuers such as collateral pool servicers. Although the Investment Adviser will evaluate all such information and data and seek independent corroboration when it considers it appropriate and reasonably available, the Investment Adviser will not be in a position to confirm the completeness, genuineness or accuracy of such information and data, and in some cases, complete and accurate information will not be readily available. The Investment Adviser is dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance reporting processes in general. Recent events have demonstrated the material losses which investors, such as the Fund, can incur as a result of corporate mismanagement, fraud and accounting irregularities.

*Reduced Liquidity due to Inside Information*. From time to time the Investment Adviser or its affiliates, or members of a group of investors or managers with which the Investment Adviser is acting, may work with the management team of a company in which the Fund has invested or proposes to invest in order to design an alternate strategic plan and assist them in its execution, and may secure the appointment of persons selected by the Investment Adviser or other members of the group to the company's management team or board of directors. In the course of such activities, the Investment Adviser may come into possession of material, non-public information concerning such company, and the possession of such information may limit the ability of the Investment Adviser to cause the Fund to buy or sell the securities issued by such company. Therefore, the Fund may be required to refrain from buying or selling such securities at times when the Investment Adviser might otherwise wish to cause the Fund to buy or sell such securities.

*Growth Industry Related Risks*. Certain of the growth companies in which the Fund may invest may allocate, or may have allocated, greater than usual amounts to research and product development. The securities of such companies may experience above-average price movements associated with the perceived prospects of success of the research and development programs. In addition, companies in which the Fund invests could be adversely affected by lack of commercial acceptance of a new product or products or by technological change and obsolescence. Some of these companies may have limited operating histories. As a result, these companies may face undeveloped or limited markets, have limited products, have no proven profit-making history, may operate at a loss or with substantial variations in operating results from period to period, have limited access to capital and/or be in the developmental stages of their businesses.

Further, many growth companies with proprietary technology rely on a combination of patent, copyright, trademark and trade secret protection and non-disclosure agreements to establish and protect their proprietary rights, which may be essential to the growth and profitability of the company. There can be no assurance that a particular company will be able to protect these rights or will have the financial resources to do so, or that competitors will not develop or patent technologies that are substantially equivalent or superior to the technology of a company in which the Fund invests. Conversely, other companies may make infringement claims against a company in which the Fund invests, which could have a material adverse effect on such company.

The markets in which many growth companies operate are extremely competitive. New technologies and improved products and services are continually being developed, rendering older technologies, products and services obsolete. Moreover, competition can result in significant downward pressure on pricing. There can be no assurance that companies in which the Fund invests will successfully penetrate their markets or establish or maintain competitive advantages.

*Risk of Drag-Along Rights*. The private company securities the Fund acquires (or into which they are convertible) may be subject to drag-along rights, a standard term in a stock purchase agreement that permits a majority stockholder in the company to force minority stockholders to join in the sale of a company on the same price, terms, and conditions as any other seller in the sale. Such drag-along rights could permit other stockholders, under certain circumstances, to force the Fund to liquidate its position in a Portfolio Company at a specified price, which could be, in the Investment Adviser's opinion, inadequate or undesirable or even below the appropriate cost basis. In this event, the Fund could realize a loss or fail to realize gain in an amount that the Investment Adviser deems appropriate on the investment. Accordingly, the Fund may not be able to realize gains from its investments, and any gains that the Fund does realize on the disposition of any investments may not be sufficient to offset any other losses it experiences.

*Restrictions on the Sale or Distribution of Securities*. The Fund may be prohibited by lock-up agreements or insider trading restrictions from distributing or selling securities for a period of time, during which the price of such securities could decline. In addition, the Investment Adviser may, in its sole and absolute discretion, elect not to sell securities beyond the lock-up period.

*SPECIAL RISKS OF INVESTING IN PRIVATE FUNDS*

● *Private Funds.* The Fund may invest in other investment companies ("Underlying Funds"), including private funds (*i.e.*, that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) that are managed by third-party investment managers, which for the avoidance of doubt may include certain SPVs. Underlying Funds that are structured as private funds will not be registered as investment companies under the Investment Company Act and are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act. Accordingly, the provisions of the Investment Company Act, which, among other things, require investment companies to have securities held in custody at all times in segregated accounts and regulate the relationship between the investment company and its asset management, are not applicable to an investment in such private funds. In addition, private funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Investment Adviser to monitor whether holdings of the private funds cause the Fund to be above specified levels of ownership in certain investment strategies. Although the Fund expects to receive information from the applicable underlying manager regarding its investment performance of a given private fund, to the extent it invests in any, on a regular basis, in most cases there is little or no means of independently verifying this information. An underlying manager may use proprietary investment strategies that are not fully disclosed to its investors and may involve risks under some market conditions that are not anticipated by the Fund. In addition, while many underlying managers will register with the SEC and state agencies as a result of developments in certain laws, rules and regulations, some underlying managers may still be exempt from registration. In such cases, these underlying managers will not be subject to various disclosure requirements and rules that would apply to registered investment advisers. Similarly, while many underlying managers will register as commodity pool operators under the Commodity Exchange Act, other underlying managers will be exempt from registration and will not be subject to various disclosure requirements and rules that would apply to registered commodity pool operators.

● *Multiple Levels of Fees and Expenses.* Although in many cases investor access to private funds may be limited or unavailable, an investor who meets the conditions imposed by a private fund may be able to invest directly with the private fund. By investing in private funds indirectly through the Fund (to the extent the Fund invests in such private funds), the investor bears asset-based fees and performance-based fees and allocations. Moreover, investors in the Fund bear a proportionate share of the fees and expenses of the Fund (including operating costs, sales charges, brokerage transaction expenses, and administrative fees) and, indirectly, similar expenses of the private funds. Thus, to the extent the Fund were to invest in Underlying Funds that are private funds, an investor in the Fund may be subject to higher operating expenses than if he or she invested in a private fund directly or in a closed-end fund that did not invest in private funds. This may detract from the Fund's performance, and in turn detract from returns realized by investors. Most of the private funds are subject to a performance-based fee or allocation, irrespective of the performance of other private funds and the Fund generally. Accordingly, an underlying manager to a private fund in which the Fund invests with positive performance may receive performance-based compensation from the private fund, and thus indirectly from the Fund and its Shareholders, even if the Fund's overall performance is negative. The performance-based compensation received by an underlying manager also may create an incentive for that underlying manager to make investments that are riskier or more speculative than those that it might have made in the absence of the performance-based allocation. Such compensation may be based on calculations of realized and unrealized gains made by the underlying manager without independent oversight. 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.

● *Valuation of Private Funds.* There are various conflicts of interest associated with the valuation of any interests in private funds that the Fund may acquire, in particular, higher valuations of its assets may result in increased fees. In addition, inflated valuations may result in better performance which may assist in marketing for the Investment Adviser. Conflicts of interest may be heightened in the case of assets that do not have readily ascertainable market values. To address these conflicts, each of the Investment Adviser has adopted and implemented policies and procedures for the valuation of client investments and the review of fair-valued investments. The Fund's investments may also be difficult to value because it may be relatively difficult for the Fund to obtain reliable valuations of private funds and the underlying portfolio companies in which it invests. In most cases, the Fund will rely on the underlying managers' valuations. Prospective investors should be aware that situations involving uncertainties as to valuation of assets held by the Fund could have an adverse effect on the returns of the Fund.

● *Illiquid Investments.* Since the Fund may make additional investments in or effect withdrawals from Underlying Funds that are private funds only at certain times pursuant to limitations set forth in the governing documents of the applicable private fund, the Fund from time to time may have to invest a greater portion of its assets temporarily in money market securities than it otherwise might wish to invest and may have to borrow money to repurchase Shares. The redemption or withdrawal provisions regarding private funds vary from fund to fund. Therefore, the Fund may not be able to withdraw its investment in a given private fund promptly after it has made a decision to do so. Some private funds may impose early redemption fees while others may not. This may adversely affect the Fund's investment return to the extent it invests in such private funds, or increase the Fund's expenses and limit the Fund's ability to make offers to repurchase Shares from Shareholders.

● *Termination of the Fund's Interest in a Private Fund.* Subject to the terms of its limited partnership agreement and related formation documents, a private fund could, among other things, terminate the Fund's interest in that private fund if the Fund fails to timely satisfy any capital call by that private fund or if the continued participation of the Fund in the private fund would have a material adverse effect on the private fund or its assets.

● *Private Fund Leverage Risk.* Private funds typically have the power to borrow funds and utilize leverage through various methods and may do so when deemed appropriate by the underlying manager, in order to make investments, to pay expenses and to satisfy withdrawals that would otherwise result in the premature liquidation of private equity investments. Such leverage may be substantial. Private funds may borrow funds from brokers, banks and other lenders with no limit on the amount of leverage that may be utilized. The use of leverage can dramatically magnify both gains and losses, increasing the possibility of a total loss of investment. The level of interest rates generally, and the rates at which the Fund and private funds can borrow in particular, can affect the operating results of their portfolios. Any restriction on the availability of credit from lenders could adversely affect the private funds', and thus the Fund's, to the extent it invests in such private funds, performance.

● *Trading in Non-U.S. Companies and Markets.* Although the Fund expects the private funds in which it may invests will typically invest in the securities of U.S. companies, it is possible that some private funds in which the Fund may invest may invest in non-U.S. companies. Trading in the securities of non-U.S. companies involves certain considerations not usually associated with trading in securities of U.S. companies, including political and economic considerations, such as greater risks of expropriation and nationalization, confiscatory taxation, the potential difficulty of repatriating funds, general social, political and economic instability and adverse diplomatic developments; the possibility of imposition of withholding or other taxes on dividends, interest, capital gains or other income; the small size of the some markets in foreign countries and the low volume of trading, resulting in potential lack of liquidity and in price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; and certain government policies that may restrict investment opportunities. In addition, accounting and financial reporting standards that prevail in foreign countries generally are not equivalent to United States standards and, consequently, less information may be available to investors in companies located in foreign countries than is available to investors in companies located in the United States.

● *Reliance on Management of Private Funds.* To the extent the Fund invests in Underlying Funds that are private funds, it is expected the Fund will invest in private funds that are generally managed by independent managers. In such situations, the Fund will not have any role in the day-to-day management of the private funds or the underlying managers. Moreover, in those situations, the Fund would typically not have the opportunity to evaluate the specific investments made by any private fund even if the Fund is represented on the advisory committee or similar investor body of such private fund. Accordingly, to the extent the Fund invests in such private funds, the returns of the Fund will primarily depend on the efforts and performance results obtained by the independent managers and other investment personnel of these private funds and could be substantially adversely affected by the unfavorable performance of, or an inability to retain, such independent managers. Moreover, the historical performance of the independent managers is not a guarantee or prediction of the future performance of a private fund investment.

● *Underlying Manager's Misconduct or Bad Judgment.* The Fund ordinarily will not have custody or control over the assets it allocates to any Underlying Funds that are private funds. As a result, it will be difficult, and likely impossible, for the Investment Adviser to protect the Fund from the risk of underlying manager fraud, misrepresentation or simple bad judgment in those circumstances. Among other things, an underlying manager could divert or abscond with the assets allocated to it, fail to follow its stated investment strategy and restrictions, issue false reports or engage in other misconduct. This could result in serious losses to the Fund.

● *Indemnification.* The managers of private funds often have broad indemnification rights and limitations on liability. The Fund may also agree to indemnify certain of the underlying private funds and, subject to certain limitations imposed by the Investment Company Act and the Securities Act, their underlying managers from any liability, damage, cost, or expense arising out of, among other things, certain acts or omissions relating to the offer or sale of the shares of underlying private funds.

● *Changes in Investment Approach.* To the extent the Fund invests in an Underlying Fund that is a private fund, the underlying manager could materially alter a private fund's trading strategy from time to time without notice to the Fund.

● *Wide Investment Discretion.* The governing documents of the private funds in which the Fund may invest are not typically expected to impose significant restrictions on the manner in which the underlying manager of such private fund could invest and trade for such fund, and often will permit the underlying managers to invest and trade in a broad range of securities and other financial instruments. As a result, the underlying managers of any Underlying Funds that are private funds in which the Fund invests may from time to time modify their investment strategies in response to changing market conditions, in some cases without notice to the Fund. Any such modification could involve changes in the types of securities and other instruments an underlying manager uses to implement its strategy, as well as changes in the markets in which such securities and other instruments trade. There can be no assurance that any such modification would be successful or not result in losses to the Fund.

● *Lack of Information Concerning Underlying Managers.* The Investment Adviser may not learn of significant structural events affecting an underlying manager, such as personnel changes, major asset withdrawals/redemptions or substantial capital growth, until after the fact. To the extent the Fund seeks to invest in an Underlying Fund that is a private fund, the Investment Adviser will conduct a level of due diligence that it believes is adequate to select the appropriate private funds. However, due diligence is not infallible and may not uncover problems associated with a particular private fund, underlying manager, or those who provide accounting, audit, brokerage, custody or other services to the private fund. The Investment Adviser may rely upon representations made by underlying managers and, if any representation is misleading, incomplete, or false, it may result in that selection of underlying managers that might otherwise have been eliminated from consideration had complete information been made available.

● *Sole Principal or Portfolio Manager.* Some of the underlying managers to which the Fund may potentially allocate capital may consist of only one or a limited number of principals, portfolio managers and other key employees. If the services of any of such principals or employees became unavailable (for example, by reason of death, disability, severance or retirement), the private fund, and thus the Fund, could sustain losses.

● *Competition.* To the extent the Fund invests in Underlying Funds that are private funds, such private funds may engage in investment and trading activities which are highly competitive with other investment and trading programs including those of mutual funds and other financial institutions, investment banks, broker/dealers, commercial banks, insurance companies and pension funds, as well as private investors, all of whom may have investment objectives similar to those of the private funds. These competitors may have substantially greater resources and substantially greater experience than the private funds. Such competition may negatively impact the performance of the Fund, to the extent it invests in such private funds.

● *New Underlying Managers and Private Funds.* Some private funds or underlying managers may be new or relatively new ventures and have little or no operating history upon which their performance can be evaluated.

● *Other Clients of Underlying Managers.* The underlying managers of the private funds in which the Fund may invest will have responsibility for investing the assets of such private funds. The underlying managers also manage other accounts (including other accounts in which the underlying managers may have an interest) and may have financial and other incentives to favor such accounts over the private fund (and thus, the Fund, to the extent it is an investor in the private fund). In investing on behalf of other clients, as well as the Fund, underlying managers must allocate their resources, as well as limited market opportunities. Doing so not only could increase the level of competition for the same trades that otherwise might be made for the private fund, including the priorities of order entry, but also could make it difficult or impossible to take or liquidate a particular position at a price indicated by a private fund's strategy.

● *Inability to Vote.* To the extent that the Fund owns less than 5% of the voting securities of a given Underlying Fund that is a private fund, it may be able to avoid being deemed an "affiliated person" of the Fund for purposes of the Investment Company Act (which designation could, among other things, potentially impose limits on transactions with the private funds, both by the Fund and other clients of the Investment Adviser). To limit its voting interest in a given private fund in which it invests, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in such private fund. These voting waiver arrangements may increase the ability of the Fund and other clients of the Investment Adviser to invest in certain private funds. However, to the extent the Fund contractually forgoes the right to vote the securities of a private fund, the Fund will not be able to vote on matters that require the approval of such private 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 Investment Company Act with respect to affiliated transactions could apply in certain situations where the Fund owns less than 5% of the voting securities of a private fund. If the Fund is considered to be affiliated with a private fund, transactions between the Fund and such private fund may, among other things, potentially be subject to the prohibitions of Section 17 of the Investment Company Act notwithstanding that the Fund has entered into a voting waiver arrangement. Generally, if the Fund is considered to be affiliated with a private fund, the Fund cannot redeem its shares from the private fund unless the Fund obtains an exemptive order or no-action relief from the requirements of Section 17 of the Investment Company Act, and there is no assurance that any such exemptive or no-action relief will be granted.

*DERIVATIVES RISK.* The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

Rule 18f-4 under the Investment Company Act provides the regulation of a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements) and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the Investment Company Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. The Fund intends to qualify as a limited derivatives user under Rule 18f-4 of the Investment Company Act. As a limited derivatives user, the Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. This restriction is not fundamental and may be changed by the Fund without a Shareholder vote as a limited derivatives user. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments.

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

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

● *Options*. The Fund may invest, from time to time, in options. In addition, the Fund may write and sell covered and uncovered call and put option contracts. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying investments at a stated exercise price at any time prior to the expiration of the option. Similarly, a put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying investments at a stated exercise price at any time prior to the expiration of the option. Options written by the Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. Options on specific investments may be used by the Fund to seek enhanced profits with respect to a particular investment. Alternatively, they may be used for various defensive or hedging purposes. For example, they may be used to protect against a future adverse change in the market price of particular portfolio investments held by the Fund without requiring a sale of the investments. Investing in options can provide greater potential for profit or loss than an equivalent investment in the underlying asset. The value of an option may decline because of a change in the value of the underlying asset relative to the strike price, the passage of time, changes in the market's perception as to the future price behavior of the underlying asset, or any combination thereof. In the case of the purchase of an option, the risk of loss of an investor's entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value. Over-the-counter ("OTC") options that the Fund may use in its investment strategies generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The OTC market for options is relatively illiquid, particularly for relatively small transactions. Use of put and call options may result in losses to the Fund, force the sale or purchase of portfolio investments at inopportune times or for prices higher than (in the case of put options) or lower than (in the case of call options) current market values, limit the amount of appreciation the Fund can realize on their investments or cause the Fund to hold an investment it might otherwise sell. For example, a decline in the market price of a particular investment could result in a complete loss of the amount expended by the Fund to purchase a call option (equal to the premium paid for the option and any associated transaction charges). An adverse price movement may result in unanticipated losses with respect to covered options sold by the Fund. The use of uncovered option writing techniques may entail greater risks of potential loss to the Fund than other forms of options transactions. For example, a rise in the market price of the underlying investment will result in the Fund realizing a loss on the calls written, which would not be offset by the increase in the value of the underlying investments to the extent the call option position was uncovered.

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

*Investments in Restricted Investments*. The Fund may invest its assets in restricted securities or securities that are subject to certain liquidity restrictions, including, without limitation, lock-up periods. These securities may be subject to legal or contractual restrictions on resale and transfer and, therefore, may be illiquid and subject to wide fluctuations in value. Such securities may be held by the Fund until the occurrence of certain events or for an extended period, as determined by the Investment Adviser. The resale of restricted and illiquid securities may be difficult to value and oftentimes may have higher brokerage charges.

*Purchasing Securities of Initial Public Offering*. From time to time the Fund may purchase securities that are part of initial public offerings. The prices of these securities may be very volatile. The issuers of these securities may be undercapitalized, have a limited operating history, and lack revenues or operating income without any prospects of achieving them in the near future. Some of these issuers may only make available a limited number of shares for trading and therefore it may be difficult for the Fund to trade these securities without unfavorably impacting their prices. In addition, investors may lack extensive knowledge of the issuers of these securities.

*Time Required for Maturity of Investments*. Private businesses can take several years or longer from the date of initial investment to reach a state of maturity when selling outstanding securities can be considered. It is unlikely that distributions of profits, if any, generated from the operations of these nonpublic companies or disposition or liquidation of the Fund's investments in them will be made until well after the investments are made, if at all.

*Competition*. The securities industry and the varied strategies engaged in by the Investment Adviser are extremely competitive and each involves a degree of risk. The Fund competes with firms, including many of the larger securities and investment banking firms, which have substantially greater financial resources and research staffs.

*No Assurance of the Fund's Success in Locating or Investing in Portfolio Companies*. There can be no assurance the Investment Adviser will be able to locate suitable investments for the Fund. Although the Investment Adviser will attempt to make investments on behalf of the Fund that meet the criteria set forth in the Fund Agreement, there is no assurance that such investments can be located. Market and other conditions may require the Fund to make investments that offer a lower rate of return or involve a higher degree of risk.

*Minority Investments*. A significant portion of the Fund's investments may represent minority stakes in privately held companies. In addition, during the process of exiting investments, the Fund is likely to hold minority equity stakes if portfolio holdings are taken public. As is the case with minority holdings in general, such minority stakes that the Fund may hold will have neither the control characteristics of majority stakes nor the valuation premiums accorded majority or controlling stakes. The Fund may also invest in companies for which the Fund has no right to appoint a director or otherwise exert significant influence. In such cases, the Fund will be reliant on the existing management and boards of directors of such companies, which may include representatives of other financial investors with whom the Fund is not affiliated and whose interests may conflict with the interests of the Fund. Additionally, the Fund may have limited ability to protect its position in such portfolio companies.

Although it is expected that appropriate rights generally will be sought to protect the Fund's interests, to the extent possible, there can be no assurance that such minority shareholder rights will be available. The Investment Adviser expects to make investments in companies that have incurred or are permitted to incur indebtedness, or that may issue equity securities that rank senior to the Fund's investment. By their terms, such instruments may provide that their holders are entitled to receive payments of dividends, interest or principal on or before the dates on which payments are to be made in respect of the Fund's investment. In the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a company in which an investment is made, creditors or holders of securities ranking senior to the Fund's investment in such portfolio company typically would be entitled to receive payment in full before distributions could be made in respect of the Fund's investment. After repaying creditors and senior security holders, the company's remaining assets may not be sufficient for repayment of amounts owed in respect of the Fund's investment. To the extent that any assets remain, holders of claims that rank equally with the Fund's investment would be entitled to share on an equal and ratable basis in distributions that are made out of those assets.

*Limitations on Ability to Exit Investments*. The Investment Adviser expects the Fund to exit from its investments in the following principal ways: (a) private sales (including acquisitions of its portfolio companies) and (b) initial and secondary public offerings. At any particular time, one or both of these avenues may not be open to the Fund, or timing with respect to these exit mechanisms may be inopportune. As such, the ability to exit from and liquidate portfolio holdings may be constrained at any particular time.

*Absence of Liquidity and Public Markets*. The Fund's investments will generally be private, illiquid holdings. As such, there will be no public markets for the securities held by the Fund and no readily available liquidity mechanism at any particular time for any of the investments held by the Fund. In addition, the realization of value from any investments will not be possible or known with any certainty until the Investment Adviser elects, in its sole and absolute discretion, to sell the Fund's investments.

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

*VALUATION RISK*. The Fund is subject to valuation risk, which is the risk that one or more of the assets in which the Fund invests are priced incorrectly, due to factors such as incomplete data, market instability or human error. If the Fund ascribes a higher value to assets and their value subsequently drops or fails to rise because of market factors, returns on the Fund's investment may be lower than expected and could experience losses.

When market quotations are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board and in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). See "Calculation of Net Asset Value" below. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

The Fund's portfolio investments are generally privately traded securities. The Fund's investment in the privately offered securities of Portfolio Companies are fair valued by the Investment Adviser in accordance with the procedures described under "Calculation of Net Asset Value" below. Within the parameters of the Fund's valuation procedures, the valuation methodologies used to value such investments will involve subjective judgments and projections and may not be accurate. Valuation methodologies will also involve assumptions and opinions about future events, which may or may not turn out to be correct. Valuations and appraisals of the Portfolio Companies will be only estimates of fair value. Ultimate realization of the value of an asset depends to a great extent on economic, market and other conditions beyond the Fund's control and the control of the Investment Adviser and the Fund's independent third party valuation agents or pricing services. Independent third party valuations and appraisals of the Portfolio Companies may only be conducted on a periodic basis. If the relevant asset's value changes after such appraisal, it will be difficult for the Investment Adviser to quantify the impact of such change and the necessary information to make a full assessment of the value may not be immediately available, which may require the Investment Adviser to make an assessment of fair value with incomplete information. A material change in an investment in privately offered securities or a new appraisal of such an investment may have a material impact on the Fund's overall NAV, resulting in a sudden increase or decrease to the Fund's NAV per Share.

Although the Fund uses good faith efforts to determine the fair value of Portfolio Companies, the fair value will be dependent on information provided by its service providers including the Investment Adviser and any independent third-party valuation agent. The Fund will also rely to some extent on information provided by the Portfolio Companies, which may not be timely or comprehensive. In addition, such information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where the Fund is able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, the Fund's fair value determinations for Portfolio Companies may cause its NAV on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. As a result, investors purchasing Shares based on an overstated NAV would pay a higher price than the value of the Fund's investments might warrant. Conversely, investors redeeming Shares during a period in which the NAV understates the value of the Fund's investments will receive a lower price for their Shares than the value of the Fund's investments might warrant.

Further, valuations do not necessarily represent the price at which an asset would sell, since market prices of assets can only be determined by negotiation between a willing buyer and seller. As such, the carrying value of an asset may not reflect the price at which the asset could be sold in the market, and the difference between carrying value and the ultimate sales price could be material. In addition, accurate valuations are more difficult to obtain in times of low transaction volume because there are fewer market transactions that can be considered in the context of the appraisal. It also may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of the Fund's investments between valuations, or to obtain complete information regarding any such events in a timely manner. There will be no retroactive adjustment in the valuation of such assets, the offering price of the Shares, the price the Fund paid to repurchase Shares or NAV-based fees the Fund paid to the Investment Adviser to the extent such valuations prove to not accurately reflect the realizable value of the Fund's assets. Because the price you will pay for Shares in this offering, and the price at which your Shares may be repurchased in a repurchase offer by the Fund, are based on NAV per Share, you may pay more than realizable value or receive less than realizable value for your investment if assets are mispriced. In addition, the participation of the Investment Adviser's personnel in the Fund's valuation process could result in a conflict of interest, as the management fee paid to the Investment Adviser is based on the value of the Fund's assets.

The accounting and valuation guidance applicable to the Fund's investments may change over time, and as a result, the recorded values of the Fund's portfolio holdings may fluctuate.

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

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

 *UNDERLYING FUND RISK*. The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of Underlying Funds such as mutual funds, including money market funds. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds (such as the use of derivatives). The shares of listed closed-end funds may also frequently trade at a discount to their NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase.

On October 7, 2020, the Rule 12d1-4 under the Investment Company Act which permits investment companies to invest in other investment companies beyond the limits set by statute, subject to certain conditions. Rule 12d1-4 permits certain types of fund of fund arrangements without reliance on an exemptive order or no-action letters, and it imposes new conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. The requirements of Rule 12d1-4 have been implemented by the Fund with respect to its fund of funds arrangements.

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

 *RIC-RELATED RISKS OF INVESTMENT GENERATING NON-CASH TAXABLE INCOME.* Certain of the Fund's investments will require the Fund to recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund expects to invest in loans and other debt instruments that will be treated as having "market discount" and/or original issue discount ("OID") for U.S. federal income tax purposes. Additionally, investments in partnerships will pass through allocated income to the Fund without regard to whether such income is distributed to the Fund. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of Shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund may realize additional gain or loss on such liquidations. In the event the Fund realizes additional net capital gains from such liquidation transactions, Shareholders may receive larger capital gain distributions than they would in the absence of such transactions.

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

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

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*LIMITS OF RISK DISCLOSURES*. The above discussions of the various risks that are associated with the Fund and its Shares and the related discussion of risks in the SAI include the material risks involved with an investment in the Fund of which the Fund is currently aware. Prospective investors should read this entire Prospectus and consult with their own advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not currently contemplated or described in this Prospectus.

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

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

**MANAGEMENT OF THE FUND**

 *THE BOARD OF TRUSTEES*. The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Shareholders. A majority of the Board is and will be Independent Trustees. To the extent permitted by the Investment Company Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or service providers. See "BOARD OF TRUSTEES AND OFFICERS" in the Fund's SAI for the identities of the Trustees and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

 *THE INVESTMENT ADVISER*. Forge Global Advisors LLC serves as the investment adviser (the "Investment Adviser") of the Fund and will be responsible for determining and implementing the Fund's overall investment strategy. The Investment Adviser is located at 4 Embarcadero Center, 15<sup>th</sup> Floor, San Francisco, CA 94111 and is an investment adviser registered with the SEC under the Advisers Act. As of December 31, 2025, the Investment Adviser and its affiliates had assets under advisement of approximately $2.3 billion.

The Investment Adviser and its affiliates serve as investment advisers to other funds that have investment programs which are similar to the investment program of the Fund, and the Investment Adviser or one of their affiliates may in the future serve as the investment adviser or otherwise manage or direct the investment activities of other registered and/or private investment companies with investment programs similar to the investment program of the Fund. See "CONFLICTS OF INTEREST."

**Investment Adviser**

Forge Global Advisors LLC ("FGA") was founded in June 2016 and is an SEC Registered Investment Adviser since 2019. FGA is a Delaware limited liability company with its principal place of business located in San Francisco, California. FGA is a wholly owned subsidiary of Forge Global, Inc. ("Forge"), a Delaware corporation founded in January 2014. FGA manages pooled investment vehicles available to accredited investors. Each Fund managed by FGA is typically a series of a Delaware series limited liability company, formed (or to be formed) as of its first closing. Each Fund managed by FGA is formed for the sole purpose of acquiring exposure to specifically identified unregistered shares of stock (the "Identified Shares") issued by the company identified in the Private Placement Memorandum of such Fund, or a basket of securities providing exposure to such companies. Each Fund acquires such exposure through one or more instruments, which may include among other things: (i) forward contracts that contemplate delivery of a portfolio company's stock in the future, (ii) portfolio company stock directly purchased, (iii) securities convertible into or exchangeable for shares of portfolio company stock, or (iv) holding companies, funds, special purpose vehicles, or other entities, or interests therein, that own any of the foregoing. FGA recently acquired Accuidity LLC ("Accuidity"), which was an asset management firm formed in August 2021 with a vision to bring access, liquidity, and transparency to private market investing. As part of the acquisition, FGA added to its key personnel the founders of Accuidity, Vince Gubitosi and Mark DeNatale, who are executives with 50+ years of combined institutional experience across both the public and private markets. The Investment Adviser combines index construction expertise, leading proprietary private market data and analytics, a proprietary sourcing ecosystem, and premier institutional service providers.

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

**Vince Gubitosi: Founder Co-President of Accuidity** 

Vince is a founder and the Co-President of Accuidity. He has twenty-five-years of experience in fund management and proprietary trading in traditional and alternative asset classes. Prior to founding Accuidity, he spent 15 years at Geode Capital Management where he was President from 2009 to 2021. He graduated from Boston College in 1994 with a Bachelor of Science in Finance and Economics.

**Mark Denatale: Founder Co-President of Accuidity**

Mark is a founder and the Co-President of Accuidity. He has over twenty-five years of experience within the private markets. Prior to founding Accuidity, he served as Global Head of Special Situations at CVC Credit and Global Head of Privates Trading and Investing at Goldman Sachs. He graduated from Boston College in 1994 with a Bachelor of Science in Finance.

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

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

The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Investment Advisor and any partner, director, officer or employee of the Investment Advisor, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable to the Fund for any error of judgment, for any mistake of law or for any act or omission by the person in connection with the performance of services to the Fund. The Investment Advisory Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund, of the Investment Advisor or any partner, director, officer or employee of the Investment Advisor, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund.

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

**INVESTMENT ADVISORY FEE**

Pursuant to the Investment Advisory Agreement, and in consideration of the advisory services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a base management fee (the "Investment Advisory Fee").

Pursuant to the Investment Advisory Agreement, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to 1.75% on an annualized basis, accrued daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Investment Advisory Fee will be paid to the Investment Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund.

**DISTRIBUTOR**

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

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

The Distributor may enter into agreements with selected broker-dealers, banks, or other financial intermediaries for distribution of Shares of the Fund. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Fund and/or the Investment Adviser, rather than the Distributor, typically enter into such agreements. These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than the Distributor. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, repurchase, and other requests to the Fund.

Investors who purchase Shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times, and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase Shares. Investors purchasing Shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers, will be the shareholders of record, although customers may have the right to vote Shares depending upon their arrangement with the intermediary. Subject to the receipt of exemptive relief from the SEC, the Fund intends to adopt a Distribution and Service Plan with respect to Advisor Class Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plan will allow the Fund to pay a Distribution and Servicing Fee (as defined below) for the sale and servicing of its Advisor Class Shares to the Fund's Distributor and/or other qualified recipients.

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

The Investment Adviser and/or its affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into selling agreements with the Distributor) from time to time in connection with the distribution of Shares and/or the servicing of Shareholders and/or the Fund. These payments will be made out of the Investment Adviser's and/or affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. Contact your financial intermediary for details about revenue sharing payments it receives or may receive.

**DISTRIBUTION AND SERVICE PLAN**

Subject to the receipt of an exemptive order from the SEC, the Fund intends to adopt a Distribution and Service Plan with respect to Advisor Class Shares in compliance with Rule 12b-1 under the Investment Company Act. There is no assurance that the Fund will be granted the exemptive order. The Distribution and Service Plan will allow the Fund to pay distribution and servicing fees for the sale and servicing of its Advisor Class Shares. Under the Distribution and Service Plan, the Fund will be permitted to pay as compensation up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Advisor Class Shares (the "Distribution and Servicing Fee") to the Fund's distributor and/or other qualified recipients. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of an investment and may cost more than paying other types of sales charges. Advisor Class Shares will not be offered until the Fund has received an exemptive order from the SEC permitting the adoption of the Distribution and Service Plan. Institutional Class Shares are not subject to the Distribution and Servicing Fee.

**ADMINISTRATION**

The Fund has retained the Administrator, UMB Fund Services, Inc., whose principal business address is 235 West Galena Street, Milwaukee, WI 53212, to provide administrative services, and to assist with operational needs. The Administrator provides such services to the Fund pursuant to an administration agreement between the Fund and the Administrator (the "Administration Agreement"). The Administrator is responsible directly or through its agents for, among other things, providing the following services to the Fund; (1) maintaining a list of Shareholders and generally performing all actions related to the issuance and repurchase of Shares of the Fund, if any, including delivery of trade confirmations and capital statements; (2) providing certain administrative, clerical and bookkeeping services; (3) providing transfer agency services, services related to the payment of distributions, and accounting services; (4) computing the NAV of the Fund in accordance with U.S. generally accepted accounting principles ("GAAP") and procedures defined in consultation with the Investment Adviser; (5) overseeing the preparation of semi-annual and annual financial statements of the Fund in accordance with GAAP, quarterly reports of the operations of the Fund and information required for tax returns; (6) supervising regulatory compliance matters and preparing certain regulatory filings; and (7) performing additional services, as agreed upon, in connection with the administration of the Fund. The Administrator may from time to time delegate its responsibilities under the Administration Agreement to one or more parties selected by the Administrator, including its affiliates or affiliates of the Investment Adviser.

The Fund pays the Administrator tiered fees based on the average monthly net asset value of the Fund, subject to a minimum annual fee (the "Administration Fee"). The Administration Fee generally covers fund administration, fund accounting, tax regulation and compliance, transfer agent and record keeping, and custody administration services provided by the Administrator or its affiliates. The Administration Fee is paid to the Administrator out of the assets of the Fund, and therefore decreases the net profits or increases the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

The Administration Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Administrator and any partner, director, officer or employee of the Administrator, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable to the Fund for any error of judgment, for any mistake of law or for any act or omission by the person in connection with the performance of administration services for the Fund. The Administration Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund or the Administrator, or any partner, director, officer or employee of the Administrator, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund.

**CUSTODIAN**

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

**COMPLIANCE AND TREASURY SERVICES**

PINE Advisor Solutions ("PINE"), 501 S. Cherry St., Suite 610, Denver, Colorado 80246, provides the Fund's Principal Financial Officer/Treasurer, Chief Compliance Officer and other related treasury and compliance services pursuant to a service agreement with the Fund. The Fund pays PINE an annual fee for such services, which is accrued daily and paid monthly. The Fund also reimburses PINE for certain out-of-pocket expenses incurred on the Fund's behalf.

**FUND EXPENSES**

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

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

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

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

The Investment Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.75% of the average daily net assets of Institutional Class Shares and Advisor Class Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.75% for the Institutional Class Shares and Advisor Class Shares. For a period not to exceed three years after the end of the month on which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and the current Expense Limit. The Expense Limitation and Reimbursement Agreement will remain in effect for an initial term of one year, and thereafter, the Expense Limit will increase to 2.25% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter unless terminated. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Adviser may terminate the Expense Limitation and Reimbursement Agreement at the end of the then-current term upon 30 days' written notice.

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

**VOTING**

Each Shareholder will have the right to cast a number of votes, based on the number of such Shareholder's Shares, at any meeting of Shareholders called by the Board. Except for the exercise of such voting privileges, Shareholders will not be entitled to participate in the management or control of the Fund's business and may not act for or bind the Fund.

**SHAREHOLDER RIGHTS**

Except for actions under the U.S. federal securities laws, the By-Laws ("By-Laws") provide that by virtue of becoming a Shareholder, each Shareholder (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust, the Declaration of Trust or these By-Laws or asserting a claim governed by the internal affairs (or similar) doctrine, be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) expressly waives any requirement for the posting of a bond by a party bringing such claim, suit, action or proceeding, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding.

The designation of exclusive jurisdictions may make it more expensive for a Shareholder to bring a suit than if the Shareholder were permitted to select another jurisdiction. Also, the designation of exclusive jurisdictions and the waiver of jury trials limit a Shareholder's ability to litigate a claim in the jurisdiction and in a manner that may be more convenient and favorable to the Shareholder.

Except for actions under the U.S. federal securities laws, the Declaration of Trust provides that no shareholder may maintain a derivative action with respect to the Trust or any Class of the Trust unless holders of at least ten percent (10%) of the outstanding shares of the Trust, or 10% of the outstanding shares of the Class to which such action relates, join in the bringing of such action, and the Shareholder or Shareholders must make a pre-suit written demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Trustees shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisers in the event that the Trustees determine not to bring such action.

**CONFLICTS OF INTEREST**

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

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

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

The directors, partners, trustees, managers, members, officers and employees of the Investment Adviser, t and its affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Investment Adviser or its affiliates). As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, the Fund and the Investment Adviser have individually adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Codes of Ethics may be obtained by calling the SEC at 1-202-551-8090. The Codes of Ethics are also available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by email at <u>publicinfo@sec.gov</u>.

**OUTSTANDING SECURITIES**

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

**OFFERS TO REPURCHASE**

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

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

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

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

In certain circumstances, the Board may require a Shareholder to tender its Shares if, among other reasons, the Board determines that continued ownership of such Shares by the Shareholder may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal consequences, or would otherwise be in the best interests of the Fund.

A Shareholder who tenders for repurchase only a portion of his Shares in the Fund will be required to maintain a minimum account balance of $1,000. If a Shareholder tenders a portion of his Shares and the repurchase of that portion would cause the Shareholder's account balance to fall below this required minimum of $1,000, the Fund reserves the right to repurchase all of such Shareholder's outstanding Shares. Such minimum capital account balance requirement may also be waived by the Board in its sole discretion, subject to applicable federal securities laws.

**REPURCHASE PROCEDURES**

Once each quarter, commencing in the third quarter of the Fund's operations, the Fund will offer to repurchase at per-class NAV per Share no less than 5% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). The Fund may also make a discretionary repurchase offer once every two years. For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to conduct repurchase offers quarterly of approximately 10% of the Fund's outstanding Shares on the repurchase request deadline. The offer to purchase shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the Investment Company Act). Shareholders will be notified in writing of each quarterly repurchase offer, how they may request that the Fund repurchase their Shares, and the date the repurchase offer ends (the "Repurchase Request Deadline") (*i.e.*, the date by which Shareholders can tender their Shares in response to a repurchase offer). Shareholders may withdraw or modify their request to tender their Shares for repurchase at any time prior to the Repurchase Request Deadline. Shares will be repurchased at the per-class NAV per Share determined as of the close of business no later than the fourteenth day after the Repurchase Request Deadline, or the next Business Day if the fourteenth day is not a Business Day (each a "Repurchase Pricing Date").

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

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

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by Shareholders who own less than 100 Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund may accept the total number of Shares tendered in connection with required minimum distributions from an IRA or other qualified retirement plan. It is the Shareholder's obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan.

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

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

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

**TRANSFERS OF SHARES**

Shares shall be transferable on the records of the Fund only by the Shareholder of record (or by his or her duly authorized agent) in writing, upon delivery to the Trustees or the Fund's transfer agent. Upon such delivery, the transfer shall be recorded on the register of the Fund. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes and neither the Trustees nor the Fund, nor any transfer agent or registrar nor any officer, employee or agent of the Fund shall be affected by any notice of the proposed transfer.

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

**ANTI-MONEY LAUNDERING**

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

**CALCULATION OF NET ASSET VALUE**

**GENERAL**

The Administrator calculates the Fund's NAV as of the close of business on each Business Day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board. The Fund's Board oversees the valuation of the Fund's investments on behalf of the Fund. The Board has approved valuation procedures for the Fund (the "Valuation Procedures") and designated the Fund's Investment Adviser as its valuation designee ("Valuation Designee").

Investments in securities that are listed on the NYSE are valued, except as indicated below, at market value. Market value is generally determined on the basis of the official closing prices or the latest reported sales prices. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act, taking into consideration all available information and other factors that the Valuation Designee deems pertinent, in each case subject to the oversight of the Board. Such determinations may be made on the basis of valuations obtained from independent third party valuation agents or pricing services or other third party sources ("Pricing Services"), provided that the Valuation Designee shall retain the discretion to use any relevant data, including information obtained from any Pricing Service, that the Valuation Designee deems to be reliable in determining fair value under the circumstances. The Valuation Designee is responsible for ensuring that any Pricing Service engaged to provide valuations discharges its responsibilities in accordance with the Investment Adviser's valuation procedures, and will periodically receive and review such information about the valuation of the Fund's securities or other assets as it deems necessary to exercise its oversight responsibility.

In calculating the Fund's NAV, the Valuation Designee uses various valuation methodologies in a manner consistent with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, issued by the Financial Accounting Standards Board. When pricing securities or other assets at fair value, the Valuation Designee seeks to assign the value that represents the amount that the Fund might reasonably expect to receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. In this regard, the Valuation Designee provides the Fund's pricing information that the Valuation Designee reasonably believes may assist in the determination of fair value consistent with requirements under the Investment Company Act and the Fund's Valuation Procedures. Given the subjectivity inherent in fair value measurements and the fact that events could occur after NAV calculation, the actual market prices, or prices that are used by others, for a security or other asset may differ from the fair value of that security or other asset as determined by the Valuation Designee at the time of NAV calculation. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund. It is possible that the fair value determined for a security or other asset may be materially different from the value that could be realized upon the sale of such security or other asset. Thus, fair value measurements may have an unintended dilutive or accretive effect on the value of Shareholders' investments in the Fund.

The Valuation Designee endeavors to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors. When valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment, and may involve alternative methods to obtain fair values where market prices or market-based valuations are not readily available. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used if a ready market for the investments existed. As a result, the Valuation Designee may exercise a higher degree of judgment in determining fair value for certain securities or other assets.

Because the overwhelming majority of the Fund's investments are expected to have no readily available market quotations, most of the Portfolio Companies will be valued at fair value in good faith. There is no single methodology for determining the fair value of a security. Rather, fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes. For late-growth Portfolio Companies, traditional valuation methods (e.g., discounted cash flow) are often a less reliable tool for valuing investments in accordance with ASC 820. As such, until the Portfolio Companies grow to a point where traditional valuation methods apply, the Fund may deem it more appropriate to utilize other valuation methodologies. Late-stage private companies or "pre-IPO companies" traditionally raise capital from investors in organized funding rounds. During such funding rounds, a pre-IPO company will seek a lead investor who will, to their best effort, define a valuation of the company. Therefore, the valuation of the Fund's Portfolio Companies may be adjusted when a new valuation is set by the lead investor in the next funding round. As such, the Fund may use the market approach to estimate the fair value of its Portfolio Companies by adjusting the valuation of its Portfolio Companies with each new funding round. However, while the valuation as of the latest funding round is a prominent factor in the Fund's valuation process, it is not the only factor that the Fund will consider when valuing its portfolio investments. The Fund may establish certain thresholds or triggers that intend to capture fundamental changes in the value of the Portfolio Company that would affect the anticipated return on the Fund's investment. Examples of certain thresholds or triggers may include, an unexpected business or technology breakthrough, faster than anticipated revenue growth, a fundamental failure of the technology, the loss of a key customer, or the success of a competitor in the same industry. Additionally, the Valuation Designee may consider additional several factors (if present), including but not limited to the implied valuation of the asset as reflected by stock purchase contracts reported in private markets, fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the security, the cost of the security at the date of purchase, or the liquidity of the market for the security. The Valuation Designee may also consider periodic financial statements (audited and unaudited) or other information provided by the issuer to investors or prospective investors, to the extent that it is available.

For investments in companies that are not considered "pre-IPO companies", valuation methods utilized may include, but are not limited to the following: sales comparison approach; discounted cash flow method; hypothetical sales method; and appraisals received from one or more pricing services. In addition, the Fund may utilize: an analysis of financial ratios and valuation metrics of the portfolio companies that issued private equity securities to peer companies that are public; an analysis of the Portfolio Companies' most recent financial statements and forecasts; an analysis of the markets in which the Portfolio Company does business; and other relevant factors.

Short-term debt investments, such as commercial paper, bankers' acceptances and U.S. Treasury Bills, having a maturity of 60 days or less, are generally valued at amortized cost.

Other debt investments, including corporate, government and municipal debt securities in each case having a remaining maturity in excess of 60 days, are typically valued by Pricing Service at an evaluated (or estimated) mean between the closing bid and asked prices.

Publicly traded securities, including equity securities issued by technology-related companies, are typically valued at the last sale, official close or if there are no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded. Publicly traded securities may be valued by an outside pricing service overseen by the Valuation Designee. The pricing service may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics.

Derivatives are generally valued using Pricing Services and/or agreements with counterparties, quoted prices from the national exchange on which they are principally traded, or other procedures approved by the Board.

Because the Fund relies on various sources to calculate its NAVs, the Fund is subject to certain operational risks associated with reliance on any Portfolio Fund Manager, 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.

**SUSPENSION OF CALCULATION OF NET ASSET VALUE**

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

**DISTRIBUTIONS**

Following the disposition by the Fund of securities of Portfolio Companies, the Fund intends to make cash distributions of net profits, if any, to its Shareholders (subject to the Fund's dividend reinvestment plan, as described below) once each fiscal year at such time as the Board of Trustees determines in its sole discretion (or twice in a fiscal year at such times determined by the Board of Trustees, if necessary for the Fund to maintain its status as a RIC and in accordance with the Investment Company Act). The Fund intends to establish reasonable reserves to meet Fund obligations prior to making distributions.

**DIVIDEND REINVESTMENT PLAN**

The Fund has adopted an "opt-out" DRIP pursuant to which all Shareholders will have the full amount of their cash distributions reinvested in full and fractional additional Shares unless a Shareholder elects otherwise. Any distributions of the Fund's Shares pursuant to the DRIP are dependent on the continued registration of the Fund's securities or the availability of an exemption from registration in the recipient's home state. Participants in the DRIP are free to elect to participate or terminate participation in the DRIP within a reasonable time as specified below.

If you elect not to participate in the DRIP, you will receive any distributions the Fund declares in cash. For example, if the Board authorizes, and the Fund declares, a distribution, then unless you have "opted-out" of the DRIP, you will have your cash distributions reinvested in additional Shares, rather than receiving the cash distributions. The Fund expects to coordinate distribution payment dates so that the same net asset value that is used for the monthly closing date immediately preceding such distribution payment date will be used to calculate the purchase net asset value for purchasers under the DRIP. Shareholders participating in the DRIP will receive an amount of Shares equal to the amount of the distribution on that Shareholder's Shares divided by the NAV per Share of the Fund that is used for the daily closing date immediately preceding such distribution payment date. Notwithstanding the foregoing, the Fund, in its sole discretion, may elect to provide Shareholders with an amount of Shares equal to the amount of the distribution on that Shareholder's Shares divided by 95% of the NAV of the Fund that is used for the daily closing date immediately preceding such distribution payment date. Distributions on fractional Shares will be credited to each Shareholder's account to three decimal places. Shares issued pursuant to the DRIP will have the same voting rights as the Fund's Shares acquired by subscription to the Fund.

If you wish to participate in the DRIP and receive your distribution in additional Shares, no action will be required on your part to do so. Investors that wish to receive their distributions in cash may do so by making a written election to not participate in the DRIP on the investor's application or by notifying the Administrator in writing at Megacorn Fund c/o UMB Fund Services, Inc., 235 West Galena Street Milwaukee, WI 53212. Such written notice must be received by the Administrator 60 days prior to the record date of the distribution or the Shareholder will receive such distribution in shares through the DRIP. If Shares are held by a broker or other Financial Intermediary, in some circumstances a Shareholder may "opt out" of the DRIP by notifying its broker or other Financial Intermediary of such election. Please check with your broker or other Financial Intermediary for more details.

There are no selling commissions, dealer manager fees or other sales charges to you as a result of your participation in the DRIP. The Fund pays the Administrator's fees under the DRIP. If you receive your ordinary cash distributions in the form of Shares as part of the DRIP, you generally are subject to the same U.S. federal, state and local tax consequences as you would be had you elected to receive your distributions in cash.

Your basis for determining gain or loss upon the sale of Shares received in a distribution from the Fund will be equal to the total dollar amount of the distribution payable in cash. Any Shares received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the Shares are credited to your account. The Fund reserves the right to amend, suspend or terminate the DRIP. You may terminate your account under the DRIP by notifying the Administrator at Megacorn Fund, c/o UMB Fund Services, Inc., 235 West Galena Street Milwaukee, WI 53212, or by calling the Administrator at 800-450-2133. Shareholders do not have additional rights upon termination of the DRIP, and if the DRIP were terminated, shareholders would receive distributions in cash.

All correspondence concerning the DRIP, including to obtain additional information, should be directed to the Administrator by mail at Megacorn Fund, c/o UMB Fund Services, Inc., 235 West Galena Street Milwaukee, WI 53212, or by calling the Administrator at 800-450-2133.

**TAXES**

**INTRODUCTION**

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

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

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

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

**TAXATION OF SHAREHOLDERS**

**Distributions to Shareholders.** The Fund contemplates declaring as dividends once each fiscal year. In general, distributions will be taxable to you for federal, state and local income tax purposes unless you are a tax-exempt entity, including qualified retirement plans or individual retirement accounts.

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

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

Shareholders should contact the Fund's Administrator, UMB Fund Services, Inc. at 800-450-2133 or 235 West Galena Street, Milwaukee, WI 53212 to make elections to receive income dividends and/or capital distributions in cash.

 **Expenses.** As long as the Fund is not continuously offered pursuant to a public offering, regularly traded on an established securities market or does not have at least five hundred (500) Shareholders at all times during the taxable year, certain expenses incurred by the Fund that if paid by an individual would be treated only as "miscellaneous itemized deductions" are generally not deductible by the Fund. Instead, each Shareholder will be treated as if it received a dividend in an amount equal to its allocable share of the Fund's expenses and then having paid such expenses itself. Such expenses will generally be "miscellaneous itemized deductions," which are no longer allowed as a deduction for non-corporate taxpayers.

**Certain Withholding Taxes.** The Fund may be subject to taxes, including foreign withholding taxes, attributable to investments of the Fund. If at the close of the Fund's taxable year, more than 50% of the value of its assets consists of foreign stock or securities, the Fund will be eligible to elect, for federal income tax purposes, to treat certain foreign taxes paid by it, including generally any withholding and other foreign income taxes, as paid by its Shareholders. If the Fund so elects, the pro rata amount of such foreign taxes paid by the Fund will be included in its Shareholders' income and each such Shareholder will be entitled either (1) to credit that proportional amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (2) to take that amount as an itemized deduction. The Fund does not expect to be able to make such election.

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

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

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

 **Reportable Transactions**. Pursuant to the Regulations directed at tax shelter activity, taxpayers are required to disclose to the IRS certain information on Form 8886 if they participate in a "reportable transaction." A transaction may be a "reportable transaction" based upon any of several indicia with respect to a Shareholder, including the recognition of a loss in excess of certain thresholds (for individuals, $2 million in one year or $4 million in any combination of years). Investors should consult their own tax advisers concerning any possible disclosure obligation with respect to their investment in Shares.

**U.S. Tax Treatment of Non-U.S. Shareholders.** A "Non-U.S. Shareholder" for purposes of this discussion generally is a beneficial owner of Shares that is not a U.S. Shareholder or an entity treated as a partnership for U.S. federal income tax purposes. This includes nonresident alien individuals, foreign trusts or estates and foreign corporations. Whether an investment in Shares is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in Shares may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest. **Non-U.S. Shareholders should consult their tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in Shares, including applicable tax reporting requirements.**

Distributions of "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. Shareholders directly) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder. If the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder, and, if required by an applicable income tax treaty, attributable to a permanent establishment in the United States, the distributions will be subject to U.S. federal income tax at the rates applicable to the U.S. Shareholder, and 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. Special certification requirements apply to a Non-U.S. Shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their tax advisers.

Properly designated dividends received by a Non-U.S. Shareholder are generally exempt from U.S. federal withholding tax when they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income), or (ii) are paid in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over its long-term capital loss for such taxable year). In order to qualify for this exemption from withholding, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its Non-U.S. Shareholder status (including, in general, furnishing an IRS Form W-8BEN (for individuals), IRS Form W-8BEN-E (for entities) or an acceptable substitute or successor form). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

Actual or deemed distributions of the Fund's net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale or redemption of Shares, will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States) or, in the case of an individual, the Non-U.S. Shareholder was present in the United States for 183 days or more during the taxable year and certain other conditions are met.

If the Fund distributes its 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 non-U.S. Shareholder's allocable share of the corporate-level tax the Fund pays on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. 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 U.S. federal income tax return.

For a corporate Non-U.S. Shareholder, distributions (both cash and in Shares), and gains realized upon the sale or redemption of Shares that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

A Non-U.S. Shareholder who is a non-resident alien individual may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. Shareholder provides the Fund or the Administrator with an IRS Form W-8BEN or an acceptable substitute form or otherwise meets documentary evidence requirements for establishing its Non-U.S. Shareholder status or otherwise establishes an exemption from backup withholding.

Pursuant to U.S. withholding provisions commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"), payments of most types of income from sources within the United States (as determined under applicable U.S. federal income tax principles), such as interest and dividends, in each case, to a foreign financial institution, investment funds and other non-U.S. persons generally will be subject to a 30% U.S. federal withholding tax, unless certain information reporting and other applicable requirements are satisfied. Any Non-U.S. Shareholder that either does not provide the relevant information or is otherwise not compliant with FATCA may be subject to this withholding tax on certain distributions from the Fund. Any taxes required to be withheld under these rules must be withheld even if the relevant income is otherwise exempt (in whole or in part) from withholding of U.S. federal income tax, including under an income tax treaty between the United States and the Non-U.S. Shareholder's beneficial owner's country of tax residence. Each Non-U.S. Shareholder should consult its tax advisers regarding the possible implications of this withholding tax (and the reporting obligations that will apply to such Non-U.S. Shareholder, which may include providing certain information in respect of such Non-U.S. Shareholder's beneficial owners).

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

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

**OTHER TAX MATTERS**

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

**ERISA AND CODE CONSIDERATIONS**

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

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

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

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

**DESCRIPTION OF SHARES**

The Fund is authorized to offer two separate classes of Shares designated as Institutional Class Shares and Advisor Class Shares. Advisor Shares will not be offered to investors until the Fund has received an exemptive order permitting the multi-class structure. There is no assurance that the Fund will be granted the exemptive order. The Fund may offer other classes of Shares as well in the future. From time to time, the Board may create and offer additional classes of Shares, or may vary the characteristics of Institutional Class Shares and Advisor Class Shares described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5) differences in any dividends and NAVs resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) any sales load structure; and (7) any conversion features, as permitted under the Investment Company Act. The Fund's repurchase offers will be made to all of its classes of Shares at the same time, in the same proportional amounts and on the same terms, except for differences in NAVs resulting from differences in fees under a distribution and/or service plan or in class expenses.

**PURCHASING SHARES**

**PURCHASE TERMS**

The minimum initial investment in the Fund by any investor for Institutional Class Shares is $100,000, and the minimum initial investment by any investor for Advisor Class Shares is $500. However, the Fund, in its sole discretion, may accept investments below these minimums. Shares may be purchased by principals and employees of the Investment Adviser or its affiliates and their immediate family members without being subject to the minimum investment requirements. The Shares will initially be issued at $10 per share, and thereafter, the purchase price for each class of Shares will be based on the NAV per Share of that Class as of the date such Shares are purchased.

Advisor Class Shares are subject to a sales charge up to 5.75%.

Advisor Class Shares – Sales Charge Schedule

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| | | | |
|:---|:---|:---|:---|
| **Your Investment** | **Front-End Sales<br> Charge As a % Of<br> Offering Price\*** | **Front-End Sales<br> Charge As a % Of<br> Net Investment** | **Dealer Reallowance<br> As a % of<br> Offering Price** |
| Under $50,000 | 5.75% | 6.10% | 5.00% |
| $50,000 to less than $100,000 | 4.75% | 4.99% | 4.00% |
| $100,000 to less than $250,000 | 3.75% | 3.90% | 3.25% |
| $250,000 to less than $500,000 | 2.50% | 2.56% | 2.00% |
| $500,000 to less than $1,000,000 | 2.00% | 2.04% | 1.75% |
| $1,000,000 and above |  |  |  |

---

\* The offering price includes the sales charge.

Institutional Class Shares are not subject to an initial sales charge.

Shares will generally be offered for purchase on each Business Day, except that Shares may be offered more or less frequently as determined by the Fund in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time. Advisor Class Shares will not be offered until the Fund has received exemptive relief from the SEC permitting the offering of multiple classes of Shares.

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

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

**TERM, DISSOLUTION AND LIQUIDATION**

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

**REPORTS TO SHAREHOLDERS**

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

**FISCAL** **and Tax YEAR**

For accounting purposes, the Fund's fiscal year and the Fund's tax year end on September 30.

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

Cohen & Company, Ltd., located at 1350 Euclid Ave., Suite 800, Cleveland, OH 44115, serves as the independent registered public accounting firm of the Fund.

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

**INQUIRIES**

Inquiries concerning the Fund and Shares (including procedures for purchasing Shares) should be directed to the Fund's Administrator, UMB Fund Services, Inc. at 800-450-2133.

**Megacorn Fund**

c/o UMB Fund Services, Inc.,

235 West Galena Street

Milwaukee, WI 53212

---

| | |
|:---|:---|
| **Investment Adviser** | **Transfer Agent / Administrator** |
| Forge Global Advisors LLC<br> Embarcadero Center, 15<sup>th</sup> Floor<br> San Francisco, CA 94111 | UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, WI 53212 |
| **Custodian Bank** | **Distributor** |
| UMB Bank, n.a.<br> 1010 Grand Boulevard<br> Kansas City, MO 64106 | Distribution Services, LLC<br> 190 Middle Street, Suite 301,<br> Portland, ME 04101 |
| **Independent Registered Public Accounting Firm** | **Fund Counsel** |
| Cohen & Company, Ltd. <br> 1350 Euclid Ave., Suite 800 <br> Cleveland, OH 44115  | Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Suite 2000<br> Philadelphia, PA 19103-6996 |

---

Subject to Completion, dated March 5, 2026

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

**STATEMENT OF ADDITIONAL INFORMATION**

**MEGACORN FUND**

**Institutional Class Shares**

**Advisor Class Shares**

Dated [ ], 2026

c/o UMB Fund Services, Inc.<br>235 West Galena Street<br>Milwaukee, WI 53212

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the prospectus (the "Prospectus") of Megacorn Fund (the "Fund") dated [ ], 2026, as it may be further amended or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus. A copy of the Prospectus may be obtained without charge by contacting the Fund at the telephone number or address set forth above. You may also obtain the Prospectus, Annual Report and Semi-Annual Report once available by visiting the Fund's website at forgeglobal.com/megacorn-fund.

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

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

Shares are distributed by Distribution Services, LLC ("Distributor") to institutions and financial intermediaries who may distribute Shares to clients and customers (including affiliates and correspondents) of the Fund's investment adviser, and to clients and customers of other organizations. The Fund's Prospectus, which is dated [ ], 2026, provides basic information investors should know before investing. This SAI is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [GENERAL INFORMATION](#sai_001) | 1 |
| [INVESTMENT POLICIES AND PRACTICES](#sai_002) | 1 |
| [FUNDAMENTAL POLICIES](#sai_003) | 1 |
| [OTHER POTENTIAL RISKS AND ADDITIONAL INVESTMENT INFORMATION](#sai_004) | 3 |
| [BOARD OF TRUSTEES AND OFFICERS OF THE FUND](#sai_005) | 11 |
| [CODES OF ETHICS](#sai_006) | 16 |
| [INVESTMENT MANAGEMENT AND OTHER SERVICES](#sai_007) | 16 |
| [BROKERAGE](#sai_008) | 19 |
| [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#sai_009) | 19 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#sai_010) | 25 |
| [CUSTODIAN](#sai_011) | 25 |
| [DISTRIBUTOR](#sai_012) | 25 |
| [PROXY VOTING POLICIES AND PROCEDURES](#sai_013) | 26 |
| [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#sai_014) | 26 |
| [ADDITIONAL INFORMATION](#bbb_001) | 26 |
| [APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES](#sai_015) | A-1 |
| [APPENDIX B – THE FUND'S FINANCIAL STATEMENTS](#sai_016) | B-1 |
| [APPENDIX C – THE PREDECESSOR FUND'S FINANCIAL STATEMENTS](#sai_017) | C-1 |

---

i

**GENERAL INFORMATION**

The Megacorn Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund intends to operate as an interval fund.

**INVESTMENT POLICIES AND PRACTICES**

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

**FUNDAMENTAL POLICIES**

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) engage in short sales, purchases on margin and the writing of put and call options to the fullest extent permitted by applicable law, including the Investment Company Act, the rules or regulations thereunder or applicable orders of the SEC, as such statute, rules, regulations or orders may be amended from time to time.

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

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

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

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

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

Shareholders can obtain the date of the next Repurchase Request Deadline by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, or by calling the Fund toll-free at 800-450-2133.

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

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

The following descriptions of the Investment Company Act may assist investors in understanding the above policies and restrictions.

**<u>Borrowing</u>.** The Investment Company Act restricts an investment company from borrowing in excess of 33 1/3% of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the Investment Company Act shall not be regarded as borrowings for the purposes of the Fund's investment restriction.

**<u>Commodities</u>.** The Investment Company Act does not directly restrict an investment company's ability to invest in commodities or contracts related to commodities, but does require that every investment company have a fundamental investment policy governing such investments. The Fund does not invest in commodities.

**<u>Concentration</u>.** The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions such as with respect to investments in obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC guidance. For purposes of the Fund's industry concentration policy, the Investment Adviser may analyze the characteristics of a particular issuer and instrument and may assign an industry classification consistent with those characteristics. The Investment Adviser may, but need not, consider industry classifications provided by third parties.

**<u>Real Estate</u>.** The Investment Company Act does not directly restrict an investment company's ability to invest in real estate or interests in real estate, but does require that every investment company have a fundamental investment policy governing such investments. The Fund can invest in real estate or interest in real estate to the extent set out in the investment strategies and policies described in the Prospectus and this SAI.

**<u>Senior Securities</u>.** Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The Investment Company Act generally prohibits funds from issuing senior securities, although it does provide allowances for certain borrowings, firm commitment and standby commitment agreements. Further, under the Investment Company Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance the value of the Fund's total assets is at least 200% of the liquidation value of the outstanding preferred stock (i.e., the liquidation value may not exceed 50% of the Fund's total assets). In addition, Rule 18f-4 under the Investment Company Act permits the Fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the Investment Company Act, provided that the Fund complies with the conditions of Rule 18f-4.

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

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

**OTHER POTENTIAL RISKS AND ADDITIONAL INVESTMENT INFORMATION**

**Dependence on the Investment Adviser**

The success of the Fund depends upon the ability of the Investment Adviser to develop and implement investment strategies that achieve the investment objective of the Fund. Shareholders will have no right or power to participate in the management or control of the Fund.

**Business and Regulatory Risks**

Legal, tax and regulatory developments that may adversely affect the Fund or the Investment Adviser could occur. Securities and other investment markets are subject to comprehensive statutes, regulations and margin requirements enforced by the SEC, other regulators and self-regulatory organizations and exchanges authorized to take extraordinary actions in the event of market emergencies. The regulation of investment transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial actions. It is impossible to predict what, if any, changes in regulations may occur, but any regulations which restrict the ability of the Fund to complete investments or the ability of the Fund to employ, or brokers and other counterparties to extend credit in its investments (as well as other regulatory changes that result) could have a material adverse impact on the Fund's portfolio.

**Reliance on Key Personnel**

The Fund's ability to identify and invest in attractive opportunities is dependent upon the Investment Adviser. If one or more key individuals leaves the Investment Adviser, the Investment Adviser may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.

**Financial Failure of Intermediaries**

There is always the possibility that the institutions, including brokerage firms and banks, with which the Fund does business, or to which securities have been entrusted for custodial purposes, will encounter financial difficulties that may impair their operational capabilities or result in losses to the Fund.

**Cyber Security Risk**

The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting the Fund, the Investment Adviser, financial intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber security 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 investment activities, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for the issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund to lose value.

**General Market and Credit Risks of Debt Obligations**

Debt portfolios are subject to credit risk and interest rate risk. "Credit risk" refers to the likelihood that an issuer will default on the payment of principal and/or interest on an instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt obligations which are rated by rating agencies are often reviewed and may be subject to downgrade. "Interest rate risk" refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules.

**Warrants**

Warrants will enable the Fund to purchase a specified number of shares of an issuing corporation at a specified price during a specified period of time. Warrants involve the risk of a loss of the purchase value of the warrant if the right to subscribe to additional shares is not executed prior to the warrants' expiration. The effective price paid for the warrant, when added to the subscription priced of the offered security, may in fact be in excess of the value of the offered security if there is no appreciation in such security. Furthermore, the Fund may be adversely affected in the event that the securities underlying such warrants decline in value.

**American Depositary Receipts and Global Depositary Receipts**

It is expected that a portion of the Fund's will be invested in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"). ADRs are receipts issued by a U.S. bank or trust company evidencing ownership of underlying securities issued by foreign issuers. ADRs may be listed on a national securities exchange or may be traded in the over-the-counter market. GDRs are receipts issued by either a U.S. or non U.S. banking institution representing ownership in a foreign company's publicly traded securities that are traded on foreign stock exchanges or foreign over-the-counter markets. Holders of unsponsored ADRs or GDRs generally bear all the costs of such facilities. The depository of an unsponsored facility frequently is under no obligation to distribute investor communications received from the issuer of the deposited security or to pass through voting rights to the holders of depositary receipts in respect of the deposited securities. Investments in ADRs and GDRs pose, to the extent not hedged, currency exchange risks (including blockage, devaluation and non-exchangeability), as well as a range of other potential risks relating to the underlying shares, which could include expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains or other income, political or social instability or diplomatic developments that could affect investments in those countries, illiquidity, price volatility and market manipulation. In addition, less information may be available regarding the underlying shares of ADRs and GDRs, and foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to, or as uniform as, those of U.S. companies. Such risks may have a material adverse effect on the performance of such investments and could result in substantial losses.

**Hedging**

The Fund may utilize certain financial instruments and investment techniques for risk management or hedging purposes. There is no assurance that such risk management and hedging strategies will be successful, as such success will depend on, among other factors, the Investment Adviser's ability to predict the future correlation, if any, between the performance of the instruments utilized for hedging purposes and the performance of the investments being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund's hedging strategies may also be subject to the Investment Adviser's ability to correctly readjust and execute hedges in an efficient and timely manner. There is also a risk that such correlation will change over time rendering the hedge ineffective. It may be more difficult to hedge a position in a smaller cap issuer than a larger-cap issuer. The Fund's portfolio is not expected to be completely hedged at all times and at various times the Investment Adviser may elect to be more fully hedged and at other times hedged only to a limited extent, if at all. Accordingly, the Fund's assets may not be adequately protected from market volatility and other conditions.

**Foreign Securities Risks**

The Fund may invest in securities of non-U.S. issuers. The Fund's investments in securities and instruments in foreign markets involve substantial risks not typically associated with investments in U.S. securities. Foreign securities investments may be affected by changes in currency rates or exchange control regulations, changes in governmental administration or economic or monetary policy (in the U.S. and abroad) or changed circumstances in dealings between nations. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund's assets denominated in that currency and thereby impact the Fund's total return on such assets. The Fund may utilize options and forward contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective.

Investments in foreign securities will also occasion risks relating to political and economic developments abroad, including the possibility of expropriations or confiscatory taxation, limitations on the use or transfer of Fund assets and any effects of foreign social, economic or political instability. Foreign companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about such companies. Moreover, foreign companies are not subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Fund to obtain or enforce a judgment against the issuers of such securities.

Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their American counterparts. Brokerage commissions, dealer concessions and other transaction costs may be higher in foreign markets than in the U.S. In addition, differences in clearance and settlement procedures in foreign markets may occasion delays in settlements of the Fund's trades affected in such markets.

In addition, changes or modifications in existing judicial decisions or in the current positions of the IRS, either taken administratively or as contained in published revenue rulings and revenue procedures (which changes or modifications may apply with retroactive effect), and the passage of new legislation, could lead to unfavorable treatment of certain non-U.S. investments which could adversely impact the Fund's portfolio.

**Currencies**

The Fund may invest portions of its assets in instruments denominated in non-U.S. currencies or instruments, the prices of which are determined with reference to currencies other than the U.S. dollar, including, without limitation, options on non-U.S. currencies. The Fund, however, values its securities and other assets in U.S. dollars. The Investment Adviser may or may not seek to hedge all or any portion of the foreign currency exposure of the Fund. To the extent unhedged, the value of the assets of the Fund will fluctuate with U.S. dollar exchange rates as well as the price changes of the positions of the Fund in the various local markets and currencies. Thus, an increase in the value of the U.S. dollar compared to the other currencies in which the Fund makes its investments will reduce the effect of increases and magnify the effect of decreases in the prices of the securities and other financial instruments owned by the Fund in the local markets of such other currencies. Conversely, a decrease in the value of the U.S. dollar will have the opposite effect on the non-U.S. dollar securities and other financial instruments owned by the Fund.

**Loans of Portfolio Securities**

The Fund may lend its portfolio securities on terms customary in the securities industry, enter into reverse repurchase agreements or enter into other transactions constituting a loan of the Fund's assets. By doing so, the Fund attempts to increase its income through the receipt of interest on the loan. In the event of the bankruptcy of the other party to a securities loan, the Fund could experience delays in recovering the securities it lent. To the extent that the value of the securities the Fund lent has increased, the Fund could experience a loss if such securities are not recovered.

**SOFR Risk**

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

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

**Commercial Debt Securities**

A portion of the Fund's assets may be invested in other types of residential and commercial debt securities such as Federal Home Loan Mortgage Corporation ("FHLMC") Structured Pass-Through Certificates, known as "K-Notes." K-Notes are securitized interests in apartment mortgage notes that are assembled by the FHLMC and issued by special purpose trusts. K-Notes are issued with varying levels of maturity and seniority. Some K-Notes are repurchased and reissued by FHLMC with a FHLMC guarantee, while other K-Notes do not have a FHLMC guarantee. The value of any investment in privately offered subordinate classes of K-Notes will be highly sensitive to the default rate and foreclosure recovery rate on the underlying apartment loan, as more-senior classes have payment priority over subordinate classes of K-Notes. Additionally, subordinate K-Notes are subject to liquidity risk because they are not available to the investing public and have a limited secondary market composed of institutional investors.

**Payment in Kind for Repurchased Shares**

The Fund does not expect to distribute securities as payment for repurchased Shares except in unusual circumstances, such as in the unlikely event that making a cash payment would result in a material adverse effect on the Fund or on Shareholders not requesting that their Shares be repurchased. In the event that the Fund makes such a distribution of securities as payment for Shares, Shareholders will bear any risks of the distributed securities and may be required to pay a brokerage commission or other costs to dispose of such securities.

**Exchange-Traded Funds Risk**

Exchange-traded Funds ("ETFs") are investment companies that typically are registered under the Investment Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indices. Shares of an ETF may be bought and sold throughout the day at market prices, which may be higher or lower than the shares' net asset value. Market prices of ETF shares will fluctuate, sometimes rapidly and materially, in response to various factors including changes in the ETF's net asset value, the value of ETF holdings, and supply of and demand for ETF shares. Although the creation/redemption feature of ETFs generally makes it more likely that ETF shares will trade close to their net asset value, market volatility, lack of an active trading market for ETF shares, disruptions at market participants (such as authorized participants or market makers) and any disruptions in the ordinary functioning of the creation/redemption process may result in ETF shares trading significantly above (at a "premium") or below (at a "discount") their net asset value. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. When the Fund invests in an ETF, in addition to directly bearing expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Therefore, it may be more costly to own an ETF than to own the underlying securities directly. As with any exchange listed security, ETF shares purchased in the secondary market are subject to customary brokerage charges.

**Foreign Investments**

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

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

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

**Currency Risk**

The Fund may engage in practices and strategies that will result in exposure to fluctuations in foreign exchange rates, in which case the Fund will be subject to foreign currency risk. The Fund's shares are priced in U.S. dollars and the distributions paid by the Fund to Shareholders are paid in U.S. dollars. However, a portion of the Fund's assets may be denominated directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

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

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

**Investments In Unseasoned Companies**

The Fund may invest a portion of its assets in privately held companies with limited histories of profit and stability. These companies may require considerable additional capital to develop technologies and markets, acquire customers and achieve or maintain a competitive position. This capital may not be available at all, or on acceptable terms. Such companies may face intense competition, including competition from established companies with much greater financial and technical resources, more extensive development, manufacturing, marketing and service capabilities, and a greater number of qualified managerial and technical personnel. Each portfolio company will be managed on a day-to-day basis by its own management team (who generally will not be affiliated with the Fund). Portfolio companies may have substantial variations in operating results from period to period and experience failures or substantial declines in value at any stage.

 **Forward Contracts Risk**

A forward contract is an over-the-counter derivative transaction between two parties to buy or sell a specified amount of an underlying reference asset at a specified price (or rate) on a specified date in the future. Forward contracts are negotiated privately and on an individual basis and are not standardized or traded on exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result in volatility or disruptions in such markets. Forward contracts can increase the Fund's risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to the risks associated with derivatives generally, including correlation risk, counterparty risk, leverage risk, liquidity risk, pricing risk and volatility risk. The Fund may enter into forward contracts that are subject to issuer consent clauses, which would subject the Fund to counterparty risk. Forward contracts may not be recognized by their issuers and may ultimately have no value.

**Prepaid Forwards**

The Fund anticipates that the equity forward contracts it will enter into may be prepaid forwards, which entail an upfront payment of the purchase price by the purchasing party (in this case, the Fund). Where the Fund enters into prepaid forwards, it is subject to the risk of losing its entire purchase price in the event of counterparty default.

**Investments in Corporate Debt and Other Fixed Income Securities**

The Fund may invest a portion of its capital in bonds or other fixed income securities, including, without limitation, bonds, notes and debentures issued by corporations, limited partnerships and other similar entities. The Fund may also invest in debt securities issued or guaranteed by the U.S. or foreign government or one of its agencies or instrumentalities, commercial paper, and "higher yielding" (and, therefore, higher risk) debt securities of the former categories. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (*i.e*., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (*i.e.*, market risk). A major economic recession could disrupt severely the market for such securities and may have an adverse impact on the value of such securities. In addition, any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities.

**BOARD OF TRUSTEES AND OFFICERS OF THE FUND**

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

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

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

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

**INDEPENDENT TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br> and<br> Year of Birth** | **Positions(s)<br> Held with<br> the Fund** | **Length<br> of Time<br> Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Portfolios<br> in Fund Complex\*<br> Overseen by<br> Trustee** | **Other<br> Directorships<br> Held by Trustee<br> During Past 5 Years** |
| J. Michael Fields<br> Year of Birth: 1973<br>c/o UMB Fund Services, Inc.<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Trustee | Since Inception | Independent Consultant, (June 2023 – Present); Chief Operating Officer, The Strategic Group (2017 – May 2023); Secretary, Hatteras Master Fund Complex (2009 – 2016); Chief Financial Officer, Hatteras Master Fund Complex (2004 – 2009). | 5 | Independent Board Member, Constitution Capital Access Fund, LLC (2022 – Present) |
| Stephen A. Mace<br> Year of Birth: 1957<br>c/o UMB Fund Services, Inc.<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Trustee | Since Inception | General Counsel, Midwest Holding Inc. (a Delaware insurance holding company), and its subsidiaries (2020 – Present); President, Admiralty Advisors, LLC (2020 – Present); President, Alpine Capital Research, LLC (a SEC-registered investment adviser) (2016 – 2020). | 5 | Board of Directors, Centurion Alliance, Inc. (2000 – Present) |
| Stacy Roode<br> Year of Birth: 1968<br>c/o UMB Fund Services, Inc.<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Trustee | Since Inception | Senior Vice President, Fidelity Investments (2018 – 2020); Global Transfer Agent Manager, Shareholder Services Inc. (2009 – 2018); President, Oppenheimer Funds (1992 – 2018). | 5 | Independent Board of Trustees, XD Fund Trust (2023 – Present) |

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\* The fund complex consists of the Fund, CIBC Private Lending Strategies, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund and the Redwood Private Real Estate Debt Fund.

**INTERESTED TRUSTEE AND OFFICERS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br> and<br> Year of Birth** | **Positions(s)<br> Held with<br> the Fund** | **Length<br> of Time<br> Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Portfolios<br> in Fund Complex\*<br> Overseen by<br> Trustee** | **Other<br> Directorships<br> Held by Trustee<br> During Past 5 Years** |
| Amy Small\*\*<br> Year of Birth: 1982<br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Trustee | Since Inception | Executive Vice President, Executive Director – Institutional Custody Business Line, Director of Institutional Banking Operations, UMB Bank, n.a; (2018 – present); Director of Finance (2016 – 2018), Director of Financial Control, Operations, and Business Development, DST Systems, inc. (2000 – 2018) | 5 |  |
| Vince Gubitosi<br> Year of Birth: 1972<br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | President | Since Inception | Founder and President of Accuidity (since 2022); President of Geode Capital Management (2009 – 2021). | N/A | N/A |
| Marcie McVeigh<br> Year of Birth: 1979<br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Treasurer | Since Inception | Managing Director of PFO Services at PINE Advisor Solutions (2020 – Present) Assistant Vice President at Brown Brothers Harriman (2019 – 2020). | N/A | N/A |
| John-Paul Nigro<br> Year of Birth: 1984<br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Assistant Treasurer | Since Inception | Associate Director of PFO Services at PINE Advisor Solutions (since 2024), Assistant Vice President at State Street Bank and Trust (2010 – 2024). | N/A | N/A |
| Amy Siefer<br> Year of Birth: 1977<br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Chief Compliance Officer | Since Inception | Director of Fund CCO Services, PINE Advisor Solutions LLC (2024 – present); Vice President at Citi Fund Services Ohio, Inc. (2012 – 2024). | N/A | N/A |
| Ann Maurer<br> Year of Birth: 1972<br>c/o UMB Fund Services, Inc<br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Secretary | Since Inception | Senior Vice President, Client Services (2017 – Present); Vice President, Senior Client Service Manager (2013 – 2017); Assistant Vice President, Client Relations Manager (2002 – 2013), each with UMB Fund Services, Inc. | N/A | N/A |

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\* The fund complex consists of the Fund, CIBC Private Lending Strategies, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund and the Redwood Private Real Estate Debt Fund. 

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

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

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

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

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

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

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

**Leadership Structure and Oversight Responsibilities**

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

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

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

**Committees of the Board of Trustees**

*Audit Committee*

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

*Nominating Committee*

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

**Trustee Ownership of Securities**

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

**Independent Trustee Ownership of Securities**

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

**Trustee Compensation**

In consideration of the services rendered by the Independent Trustees, the Fund will pay each Independent Trustee a retainer of $2,500 per quarter. Mr. Mace and Mr. Fields and Ms. Roode each receive an additional $500 per quarter for their service as chair of the Board, chair of the Audit Committee and chair of the Nominating Committee, respectively. Each Independent Trustee will also receive an additional $1,000 for each meeting of the Audit Committee and $1,500 for any special meeting. Interested Trustees will be compensated by the Fund's administrator and/or its affiliates and will not be separately compensated by the Fund.

**CODES OF ETHICS**

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

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

**INVESTMENT MANAGEMENT AND OTHER SERVICES**

**The Investment Adviser**

Forge Global Advisors LLC ("FGA" or the "Investment Adviser"), serves as the investment adviser to the Fund. The Investment Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. The Investment Adviser is a wholly owned subsidiary of Forge Global, Inc., and is additionally controlled by its designated officers, which include Grant A. George, Shilpi McGrath, Vincent C. Gubitosi, and Mark E. Denatale. Subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund, the Investment Adviser is responsible for determining and implementing the Fund's overall investment strategy and for the day-to-day management and investment of the Fund's investment portfolio. The Investment Adviser provide such services to the Fund pursuant to the Investment Management Agreement.

The Investment Management Agreement became effective as of [ ], and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities (as defined in the Investment Company Act) of the Fund or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. A discussion regarding the basis for the Board's approval of the Investment Management Agreement, or any other investment advisory contracts, will be available in the Fund's first annual or semi-annual report to Shareholders.

Pursuant to the Investment Management Agreement, the Fund pays the Investment Adviser an investment management fee ("Investment Management Fee") equal to 1.75% on an annualized basis, accrued daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Investment Management Fee will be paid to the Investment Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. "Net assets" means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund.

The Investment Adviser has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed, on an annualized basis, 1.75% of the average daily net assets of Institutional Class Shares and Advisor Class Shares, in the relevant period (the "Expense Limit"). The Expense Limitation and Reimbursement Agreement will remain in effect for an initial term of one year, and thereafter the Expense Limit will increase to 2.25% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares. For a period not to exceed three years after the end of the month on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement will have a term ending one-year from the date the Fund commences operations, and will automatically renew thereafter for consecutive twelve-month terms, unless the Adviser determines to not so continue the term of the Expense Limitation Agreement by giving the Fund not less than five days prior notice. The Expense Limitation Agreement may be terminated by the Fund's Board of Trustees or Investment Adviser upon thirty days' written notice to the Adviser.

**The Portfolio Managers**

The personnel of the Investment Adviser who will initially have primary responsibility for the day-to-day management of the Fund's portfolio (the "Portfolio Managers") are Vince Gubitosi and Mark Denatale.

***Other Accounts Managed by the Portfolio Managers<sup>(1)</sup>***

The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in billions)** | **Number of<br> Accounts<br> Subject to a<br> Performance Fee** | **Assets<br> Subject to<br> a Performance <br> Fee (in billions)** |
| Vince Gubitosi |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 124 | $2.3 | 1 | $0.007 |
| &nbsp;&nbsp;&nbsp; Other Accounts | 0 | $0 | 0 | $0 |
| Mark Denatale |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 124 | $2.3 | 1 | $0.007 |
| &nbsp;&nbsp;&nbsp; Other Accounts | 0 | $0 | 0 | $0 |

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***Conflicts of Interest***

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

The management of multiple funds and/or other accounts may result in the Investment Adviser or a Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Adviser seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment discipline. Most other accounts managed by a Portfolio Manager are managed using the same investment models that are used in connection with the management of the Fund.

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

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

**Compensation of the Portfolio Managers**

Portfolio Manager compensation is comprised of base salary, discretionary bonus, and through ownership stake in the Investment Adviser. Base salary is fixed while the bonus is discretionary based on financial performance of the Investment Adviser, qualitative assessment of performance of portfolio management team, and qualitative assessment of the Portfolio Manager. Compensation is not directly tied to any investment performance or to the value of assets held in the portfolio.

**Portfolio Managers' Ownership of Shares**

The following table shows the dollar range of equity securities in the Fund beneficially owned by the portfolio managers as of August 31, 2025.

---

| | |
|:---|:---|
| **Name of Portfolio Manager:** | **Dollar Range of Shares Beneficially<br> Owned by Portfolio Manager:** |
| Vince Gubitosi | None |
| Mark Denatale | None |

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**BROKERAGE**

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

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

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

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

**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS**

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

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

The Fund intends to elect to be treated, and to qualify each year, as a regulated investment company (a "RIC") under the Code. To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, (a) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to certain securities loans and gains from the sale or other disposition of stock, securities or foreign currencies or other income derived with respect to its business of investing in such stock, securities or currencies and net income derived from interests in qualified publicly traded partnerships (the "Source of Income Test"); (b) diversify its holdings so that, at the end of each quarter of its taxable year, (i) at least 50% of the market value of the Fund's assets is represented by cash and cash items (including receivables), U.S. Government securities, the securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation 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 (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other RICs) of a single issuer, in the securities (other than securities of other RICs) of two or more issuers which the Fund controls and are engaged in the same, similar or related trades or businesses, or in the securities of one or more qualified publicly traded partnerships (the "Diversification Tests"); and (c) distribute for each taxable year an amount at least equal to the sum of 90% of its investment company taxable income (which includes, among other items, dividends, interest, the excess of any net realized short-term capital gains over net realized long-term capital losses, and other taxable income (other than any net capital gain), reduced by deductible expenses, determined without regard to the deduction for dividends paid) and 90% of its net tax exempt interest income (which is the excess of the Fund's gross tax-exempt interest income over certain disallowed deductions).

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

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

In the event the Fund owns equity interests in operating businesses conducted in "pass-through" form (i.e., as a partnership for U.S. federal income tax purposes), income from such equity interests may not qualify for purposes of the Source of Income Test and, as a result, the Fund may be required to hold such interests through a subsidiary corporation. In such a case, any income from such equity interests should not adversely affect the Fund's ability to meet the Source of Income Test, although such income generally would be subject to U.S. federal income tax, which the Fund would indirectly bear through its ownership of such subsidiary corporation.

The Fund is authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the Investment Company Act, the Fund is not permitted to make distributions to its Shareholders while its debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Moreover, the Fund's ability to dispose of assets to meet the Fund's distribution requirements may be limited by (i) the illiquid nature of the Fund's portfolio and/or (ii) other requirements relating to the Fund's qualification as a RIC, including the Diversification Tests. If the Fund disposes of assets in order to meet the annual distribution requirement or to avoid the 4% excise tax, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous.

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

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

**Capital Loss Carryforwards**

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

**Investments in Partnerships**

The Fund may invest a portion of its assets in Portfolio Funds that are classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its allocable share of the partnership's income, gains, losses, deductions and credits (including all such items 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, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. Accordingly, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from a Portfolio Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in Portfolio Funds, and the Fund might have to sell shares of the Fund, in each case including when it is disadvantageous to do so, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

In addition, the character of a partner's allocable share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Portfolio Funds classified as partnerships for federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the Source of Income Test. In order to meet the Source of Income Test, the Fund may structure some of its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Moreover, because the Fund may not have timely or complete information concerning the amount and sources of a Portfolio Fund's income until such income has been earned by the Portfolio Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the Source of Income Test.

Furthermore, it may not always be entirely clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Portfolio Funds that are classified as partnerships for federal income tax purposes. The Fund will engage the services of a third-party service provider to collect, aggregate and analyze data on the Fund's direct and indirect investments in order to ensure that the Fund meets the asset diversification test. In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Portfolio Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Portfolio Funds that would otherwise be consistent with their investment strategy or can require the Fund to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to Investors.

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include the direct investments, activities, income, gain, and loss of the Fund, as well as those indirectly attributable to the Fund as result of the Fund's investment in any Portfolio Fund (or other entity) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

Certain of the Fund's investment practices are subject to special and complex U.S. federal income tax provisions that may: (i) disallow, suspend, or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction; (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary income; (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited); (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not qualify as good income for purposes of the 90% annual gross income requirement described above. The Fund will monitor its transactions and may decide to make certain tax elections, may be required to borrow money, or may be required to dispose of securities to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.

 **Certain Debt Securities**

Certain of the Fund's investments will require the Fund to recognize taxable income in a taxable year in excess of the cash generated on those investments during that year. In particular, the Fund expects to invest in debt obligations that will be treated as having "market discount" and/or OID for U.S. federal income tax purposes. Additionally, some of the CLOs in which the Fund may invest may constitute passive foreign investment companies, or under certain circumstances, controlled foreign corporations.

Investments by the Fund in paid-in-kind, zero coupon, or other discount securities will result in income to the Fund equal to a portion of the excess of the face value of the securities over their issue price ("original issue discount") each year that the securities are held, even though the Fund may receive no cash interest payments or may receive cash interest payments that are less than the income recognized for tax purposes.

The Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary to seek to ensure that it distributes sufficient income that it does not become subject to U.S. federal income or excise tax.

Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of its Shares or debt securities, or reduce new investments, to obtain the cash needed to make income distributions and/or meet repurchase requests. If the Fund liquidates assets to raise cash, the Fund may realize gain or loss on such liquidations. In the event the Fund realizes net capital gains from such liquidation transactions, the Shareholders may receive larger capital gain distributions than they would in the absence of such transactions. Additionally, liquidation of Fund assets in order to meet Share redemptions may impact the Fund's ability to qualify as a RIC under the Code as described above.

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

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

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

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

**Investment in Domestic Subsidiaries**

The Fund contemplates investing up to 25% of its assets in one or more U.S. subsidiaries to enable it to indirectly make investments that would not generate qualifying income for a RIC. Any net income that such a subsidiary recognizes will be subject to federal and state corporate income tax, but the dividends that the subsidiary pays to the Fund (i.e., those gains, net of the tax paid and any other expenses of the subsidiary, such as its management and advisory fees) will be eligible to be treated as "qualified dividend income" under the Code. Although it is possible that multiple subsidiaries may be required to be aggregated for purposes of the 25% value limit described above, losses of one subsidiary will not offset income of another subsidiary. The term "subsidiary" includes entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund. The Fund complies with the provisions of the Investment Company Act governing investment policies (Section 8) and capital structure and leverage (Section 18) on an aggregate basis with each subsidiary. Each subsidiary will comply with all provisions of the Investment Company Act governing affiliated transactions and custody (Section 17). The Investment Adviser complies with the applicable provisions of Section 15 of the Investment Company Act with respect to the investment advisory contracts for the Fund and each subsidiary as if it were an investment adviser to the Fund under Section 2(a)(20) of the Investment Company Act.

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

**State and Local Taxes**

The Fund and its stockholders may be subject to state or local taxation in various state or local jurisdictions, including those in which the Fund or they transact business or reside. The Fund's state and local tax treatment and that of the Fund's stockholders may not conform to the U.S. federal income tax treatment discussed above. Consequently, prospective stockholders should consult their own tax advisors regarding the effect of state and local tax laws on an investment in Shares.

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

Cohen & Company, Ltd., located at principal business address 1350 Euclid Ave., Suite 800, Cleveland, OH 44115, serves as the Fund's independent registered public accounting firm for the Fund and in such capacity will audit the Fund's annual financial statements and financial highlights.

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

**CUSTODIAN**

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

**DISTRIBUTOR**

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

**PROXY VOTING POLICIES AND PROCEDURES**

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

The Fund will be required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at 800-450-2133; or (ii) by visiting the SEC's website at *www.sec.gov.*

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of the date of this SAI, the Fund does not have any control persons other than the Investment Adviser and its affiliates, which provided the initial seed capital for the Fund.

**FINANCIAL STATEMENTS**

Appendix B to this SAI provides financial information regarding the Fund. The Fund's financial statements have been audited by Cohen & Company, Ltd. Appendix C to this SAI provides financial information regarding Megacorn Fund LP (the "Predecessor Fund"). The Predecessor Fund's financial statements have been audited by Cohen & Company, Ltd..

**ADDITIONAL INFORMATION**

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

**APPENDIX A – PROXY VOTING POLICIES**

Portfolio Management <br> <u>and Related Matters</u>

**11. Proxy Voting Policy and Procedures**

The Megacorn Fund (the "Fund") has adopted the following Proxy Voting Policy and Procedures (the "Fund's Policy"), as set forth below, in recognition of the fact that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to advance the best interests of the Fund's shareholders.

Shareholders of the Fund expect the Fund to vote proxies received from issuers whose voting securities are held by the Fund. The Fund exercises its voting responsibilities as a fiduciary, with the goal of maximizing the value of the Fund and its shareholder's investments. Forge Global Advisors LLC (the "Adviser") will seek to ensure that proxies are voted in the best interests of the Fund and its shareholders except where the Fund may be required by law to vote proxies in the same proportion as the vote of all other shareholders (i.e., "echo vote").

**Delegation of Proxy Voting to the Adviser**

The Adviser shall vote all proxies relating to securities held by the Fund and, in that connection subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures ("Proxy Policy") adopted by the Adviser conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act").

**Disclosure of Proxy Voting Policy and Procedure in the Fund's Statement of Additional Information ("SAI") and Annual Report to Shareholders**

The Fund shall include in the annual report to shareholders on Form N-CSR filed with the Securities and Exchange Commission ("SEC"), a summary of the Proxy Policies and Procedures used to determine how proxies are voted relating to securities held in the portfolio(s). In lieu of including a summary of policy, the Fund may include the policies and procedures in full.

**Material Conflicts of Interest**

If (i) the Adviser knows that a vote presents a material conflict between the interests of: (a) shareholders of the Fund, and (b) the Adviser or any of its affiliated persons; and (ii) the Adviser proposes to vote on the particular issue in the manner not prescribed by its Proxy Policy, then the Adviser will follow the material conflict of interest procedures set forth in the Adviser's Proxy Policy when voting such proxies.

**Adviser and Fund CCO Responsibilities**

The Fund has delegated proxy voting authority with respect to the Fund's portfolio securities to the Adviser, as set forth above. Consistent with this delegation, the Adviser is responsible for the following:

● The Adviser must implement written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the voting of portfolio securities is in the best interest of shareholders of the Fund.

● At least annually, the Adviser will provide a summary of the material changes made to their Proxy Policies. These changes, and a redlined copy of such Proxy Policies, as applicable, shall be provided to the Board and to the Fund CCO.

Portfolio Management <br> <u>and Related Matters</u>

● At least annually, the Adviser will present to the Board a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser involving a conflict of interest.

● The Adviser CCO shall review all Proxy Policies at least annually to ensure that they are in compliance with Rule 206(4)-6 under the Advisers Act and confirm that it appears reasonably designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Funds owning the portfolio securities voted.

● Quarterly, the Fund CCO will request confirmation from the Adviser that any proxy votes for the Fund were handled in compliance with the Proxy Policies.

**Review Responsibilities**

The Adviser may retain a third-party proxy-voting service to coordinate, collect, and maintain all proxy-related information.

If the Adviser retains a third-party proxy-voting service, the Adviser will inquire with the service provider, to confirm, at least annually, that any proxy votes for the Fund were voted in compliance with the Proxy Policies.

**Preparation and Filing of Proxy Voting Record on Form N-PX**

The Fund will file its complete proxy voting record with the SEC on Form N-PX annually by August 31 of each year.

The Fund's Administrator will be responsible for the oversight and completion of the filing of Form N-PX with the SEC. The Fund's Administrator will file Form N-PX for each twelve-month period ended June 30, and the filing for each year will be made with the SEC on or before August 31 of that year.

The Fund shall make available to shareholders, on its website and upon request, the record of how the Fund voted proxies relating to portfolio securities held by the Fund.

**Recordkeeping**

Documentation of all votes for the Fund will be maintained by the Adviser and may be retained through a third-party proxy voting service, if applicable.

Adopted: July 8, 2025

**APPENDIX B – THE FUND'S FINANCIAL STATEMENTS**

**MEGACORN FUND**

**(A Delaware Statutory Trust)**

**Financial Statement and Report of Independent Registered Public Accounting Firm**

**January 7, 2026**

**MEGACORN FUND**

**January 7, 2026**

**Table of Contents**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#b_001) | B-2 |
| [Statement of Assets and Liabilities](#b_002) | B-3 |
| [Notes to Financial Statement](#b_003) | B-4 |

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

![](img_001.jpg)

To the Shareholder and Board of Trustees of Megacorn Fund

<u>Opinion on the Financial Statement</u>

We have audited the accompanying statement of assets and liabilities of Megacorn Fund (the "Fund"), as of January 7, 2026, and 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 January 7, 2026, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

The 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 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 procedures included confirmation of assets owned as of January 7, 2026, by correspondence with the custodian. 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.

We have served as the Fund's auditor since 2025.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 26, 2026

**MEGACORN FUND**

**Statement of Assets and Liabilities**

**As of January 7, 2026**

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp; Cash | $100000 |
| **Total Assets** | 100000 |
| **Total Liabilities** | - |
| Net assets applicable to 10,000 shares outstanding of Institutional Class | $100000 |
| Net asset value, offering, and redemption price per each share outstanding of Institutional Class | $10.00 |

---

See accompanying notes which are an integral part of this financial statement

**MEGACORN FUND**

**Notes to the Financial Statement**

**January 7, 2026**

**1. Organization**

Megacorn Fund (the "Fund") is a Delaware statutory trust registered under the Securities Act of 1933 (the "Securities Act") and Investment Company Act of 1940 (the "Investment Company Act") that was organized on February 27, 2025 as a closed-end, non-diversified management investment company and that intends to operate as an interval fund, pursuant to Rule 23c-3 of the Investment Company Act. Forge Global Advisors LLC serves as the investment adviser (the "Investment Adviser") of the Fund. The Fund has been inactive since the date it was organized except for matters relating to the Fund's establishment, designation, registration of the Fund's shares of beneficial interest ("Shares") and the sale of 10,000 Shares of Institutional Class Shares ("Initial Shares") for $100,000 to Investment Adviser. The proceeds of such Initial Shares in the Fund are held in non-interest bearing cash. The declaration of trust, as amended (the "Declaration of Trust") authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest, par value $0.001 per Share. The Fund's Board of Trustees (the "Board") has the overall responsibility for the management and supervision of the business operations of the Fund.

The Fund intends to offer two separate classes of shares of beneficial interest ("Shares") designated as Institutional Class Shares ("Institutional Class Shares") and Advisor Class Shares ("Advisor Class Shares"). Advisor Class Shares will not be offered to investors until the Fund has received an exemptive order from the Securities and Exchange Commission ("SEC") permitting the Fund to offer more than one class of Shares. Each class will be subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act. At January 7, 2026, the Investment Adviser owned 100% of the Fund and the Fund's operations had not yet commenced.

The Fund's primary investment objective is capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objective by gaining exposure to private company shares as represented by the Forge Accuidity Private Market Index. The Fund primarily invests in the equity securities (e.g., common and/ or preferred stock, or equity-linked securities convertible into such equity securities) of private, late-stage growth companies ("Portfolio Companies") and special purpose vehicles ("SPVs") or forward contracts that seek to provide exposure to private, late-stage growth companies primarily comprising of the Forge Accuidity Private Market Index.

Simultaneous with the commencement of the Fund's investment operations, Megacorn Fund LP (the "Predecessor Fund"), will reorganize and transfer substantially all of its assets into the Fund. The Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Predecessor Fund. The Fund anticipates that the majority of its portfolio will be acquired through secondary transactions, with the remainder acquired through primary issuances and other investment structures.

**2. Accounting Policies**

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies.* The accompanying financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Cash represents cash deposits held at financial institutions. Cash is held at UMB Bank, n.a. and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation or Securities Investor Protection Corporation limitations.

**Share Valuation**

The Fund will calculate its Net Asset Value ("NAV") for each class of the Fund's Shares following the close of regular trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading, and at such other times as the Board may determine.

As of January 7, 2026, the Fund did not hold any investments.

**Organizational and Offering Costs**

The Fund's organizational and offering costs are being paid by the Investment Adviser on behalf of the Fund. Such payments are not subject to repayment by the Fund to the Adviser.

**Federal Income Taxes**

The Fund intends to elect to be treated and qualify as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986 for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that when it is a RIC, it distributes substantially all of its income and gains to shareholders each year.

**Indemnifications**

The Fund indemnifies the Fund's officers and the Board for certain liabilities that might arise from their performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, the risk of loss from such claims is considered remote. There were no commitments or contingencies required to be disclosed as of the date of the financial statement.

**Segment Reporting**

In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting — *Improvements to Reportable Segment Disclosures*, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Principal Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which is reviewed by the CODM to assess the Fund's performance in comparison to the Fund's benchmarks and to make resource allocation decisions for the Fund's single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets".

**3. Agreements**

The Fund has entered into an investment advisory agreement (the "Investment Advisory Agreement") with the Investment Adviser. Pursuant to the Investment Advisory Agreement, the Fund pays the Investment Adviser a monthly Investment Advisory Fee equal to 1.75% on an annualized basis accrued daily and payable monthly in arrears, based upon the Fund's average daily net assets.

The Investment Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed, on an annualized basis, 1.75% of the average daily net assets of Institutional Class Shares and Advisor Class Shares, in the relevant period (the "Expense Limit"). The Expense Limitation Agreement will have an initial term which shall begin on the Effective Date and end on May 1, 2028. The Expense Limitation Agreement may not be terminated by the Investment Adviser during its initial term. Commencing one year from the Effective Date, the Expense Limit will increase to 2.25% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares. The Expense Limitation Agreement will automatically

renew for consecutive twelve-month terms unless the Investment Adviser determines to not so continue the term of the Expense Limitation Agreement by giving the Fund not less than 5 days prior notice. For a period not to exceed three years after the end of the month on which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement may be terminated by the Fund's Board of Trustees or Investment Adviser upon thirty days' written notice to the Adviser.

**4. Other Agreements**

Subject to the receipt of an exemptive order from the SEC, the Fund intends to adopt a Distribution and Service Plan with respect to Advisor Class Shares in compliance with Rule 12b-1 under the Investment Company Act. There is no assurance that the Fund will be granted the exemptive order. The Distribution and Service Plan will allow the Fund to pay distribution and servicing fees for the sale and servicing of its Advisor Class Shares. Under the Distribution and Service Plan, the Fund will be permitted to pay as compensation up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Advisor Class Shares (the "Distribution and Servicing Fee") to the Fund's distributor and/or other qualified recipients. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of an investment and may cost more than paying other types of sales charges. Advisor Class Shares will not be offered until the Fund has received an exemptive order from the SEC permitting the adoption of the Distribution and Service Plan. Institutional Class Shares are not subject to the Distribution and Servicing Fee.

Distribution Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), is the distributor of the Shares of the Fund and acts as the agent of the Fund in connection with the continuous offering of shares of the Fund.

UMB Fund Services, Inc. (the "Administrator") serves as administrator, accounting agent and transfer agent to the Fund. Pursuant to the agreement with the Administrator, for the services rendered to the Fund by the Administrator, the Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services.

The Fund has entered into a Custody Agreement with UMB Bank, n.a. (the "Custodian"). Under the terms of this agreement, the Custodian will serve as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. subcustodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder.

Employees of PINE Advisors LLC ("PINE") serve as officers of the Fund. In consideration for these services, the Fund pays PINE an annual fee, paid monthly. The Fund also reimburses PINE for certain out- of-pocket expenses

**5. Limited Liquidity**

The Fund is a closed-end investment company structured as an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide a limited degree of liquidity to Shareholders by conducting repurchase offers quarterly of approximately 10% of the Fund's outstanding Shares on the repurchase request deadline.

The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer.

**6. Subsequent Events**

In preparing this financial statement, management has evaluated subsequent events through the date of issuance of the financial statement included herein. There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's financial statement.

**APPENDIX C – THE PREDECESSOR FUND'S FINANCIAL STATEMENTS**

***MEGACORN FUND LP***

(a Delaware Limited Partnership)

Unaudited Financial Statements

For the year ended December 31, 2025

**C O N T E N T S**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; [Statement of Assets, Liabilities and Partners' Capital](#d_001) | C-4 |
| &nbsp;&nbsp;&nbsp; [Statement of Operations](#d_002) | C-5 |
| &nbsp;&nbsp;&nbsp; [Statement of Changes in Partners' Capital](#d_003) | C-6 |
| &nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#d_004) | C-7 |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#d_005) | C-8 – C-10 |

---

**Megacorn Fund LP**

**Statement of Assets, Liabilities and Partners' Capital**

**As of December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| ASSETS: |  |
| &nbsp;&nbsp;&nbsp; Investments in portfolio companies, at fair value (cost: $10,461,345)<sup>(1)</sup> | $12877338 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1040107 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 5322 |
| &nbsp;&nbsp;&nbsp; Due from General Partner | 2982 |
| &nbsp;&nbsp;&nbsp; Other assets | 15119 |
| TOTAL ASSETS | $13940868 |
| LIABILITIES: |  |
| &nbsp;&nbsp;&nbsp; Payable for investments in private companies purchased | $250000 |
| &nbsp;&nbsp;&nbsp; Management fee payable | 77295 |
| &nbsp;&nbsp;&nbsp; Limited partner contributions received in advance | 50000 |
| TOTAL LIABILITIES | 377295 |
| TOTAL PARTNERS' CAPITAL | 13563573 |
| TOTAL LIABILITIES & PARTNERS' CAPITAL | $13940868 |

---

(1) Includes
 affiliated investments, see note F.

 **Megacorn Fund LP** 

**Statement of Operations**

**For the year ended December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| INVESTMENT INCOME: |  |
| &nbsp;&nbsp;&nbsp; Other income | $224711 |
| &nbsp;&nbsp;&nbsp; Interest income | 94310 |
|  | 319021 |
| EXPENSES: |  |
| &nbsp;&nbsp;&nbsp; Management fees | 121917 |
| &nbsp;&nbsp;&nbsp; Deal expenses | 140913 |
|  | 262830 |
| NET INVESTMENT INCOME | 56191 |
| NET REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION FROM INVESTMENTS: |  |
| Realized gain on investments in portfolio companies | 827171 |
| Net change in unrealized appreciation on investments in portfolio companies | 2206684 |
|  | 3033855 |
| NET INCREASE IN PARTNERS' CAPITAL RESULTING FROM OPERATIONS<sup>(1)</sup> | $3090046 |

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(1) Includes
 activity from affiliated investments, see note F.

**Megacorn Fund LP**

**Statement of Changes in Partners' Capital**

**For the year ended December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **General<br> Partner** | **Limited<br> Partners** | **Total<br> Partners'<br> Capital** |
| **Balance at January 1, 2025** | $- | $5623507 | $5623507 |
| Capital contributions |  | 4850020 | 4850020 |
| Net increase in partners' capital resulting |  |  |  |
| from operations | - | 3090046 | 3090046 |
| **Balance at December 31, 2025** | $**-** | $**13563573** | $**13563573** |

---

**Megacorn Fund LP**

**Statement of Cash Flows**

**For the year ended December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Operating Activities** |  |
| &nbsp;&nbsp;&nbsp; Net increase in partners' capital resulting from operations | $3090046 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in partners' capital resulting from operations to net cash used in operating activities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in portfolio companies | (6765330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of investments in portfolio companies | 1568268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain on investments in portfolio companies | (827171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments in portfolio companies | (2206684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from General Partner | (2315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (15119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 61750 |
| Net cash used in operating activities | (5096886) |
| **Financing Activities** |  |
| &nbsp;&nbsp;&nbsp; Capital contributions | 4850020 |
| &nbsp;&nbsp;&nbsp; Capital contributions received in advance | (300000) |
| Net cash provided by financing activities | 4550020 |
| Net decrease in cash and cash equivalents | (546866) |
| Cash and cash equivalents at beginning of year | 1586973 |
| Cash and cash equivalents at end of year | $1040107 |

---

**Megacorn Fund LP**

**Schedule of Investments**

**As of December 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares/Units/<br> Principal<br> Amount** | **Security<sup>(1)</sup>** | **Percentage of<br> Partners'<br> Capital** | **Acquisition** <br> **Date** | **Cost** | **Fair Values** |
|  | **Common Stock (27.22%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Enterprise Software** | 3.95% |  |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6sense |  | 10/22/2024 | $105000 | $35000 |
| 2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airtable |  | 4/29/2024 | 150020 | 173100 |
| 2701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algolia |  | 6/28/2024 | 38570 | 31062 |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attentive |  | 4/13/2023 | 32240 | 13660 |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automation Anywhere, Inc. |  | 12/7/2022 | 100000 | 56000 |
| 7895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetSkope, Inc. |  | 12/19/2022 | 75003 | 138478 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outreach |  | 2/10/2023 | 95000 | 18000 |
| 666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workrise |  | 6/20/2023 | 106560 | 70796 |
|  |  |  |  | 702393 | 536096 |
|  | &nbsp;&nbsp;&nbsp; **FinTech software** | 16.74% |  |  |  |
| 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addepar, Inc. |  | 5/22/2023 | 98800 | 172640 |
| 6929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chainalysis Inc. |  | 5/14/2024 | 97006 | 50235 |
| 4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chime Financial, Inc. |  | 1/10/2023 | 113633 | 118173 |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group Inc |  | 6/23/2025 | 448821 | 237900 |
| 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave |  | 3/7/2025 | 13800 | 17186 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dataminr, Inc. |  | 4/26/2023 | 120000 | 96000 |
| 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discord |  | 5/31/2023 | 123120 | 136956 |
| 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epic Games |  | 6/23/2023 | 94300 | 110343 |
| 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exabeam |  | 6/22/2023 | 100500 |  |
| 3636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fanatics |  | 4/9/2024 | 199980 | 152712 |
| 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Figma Inc |  | 8/4/2025 | 360400 | 194324 |
| 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hinge Health Inc. |  | 6/17/2025 | 31707 | 27870 |
| 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVAN INC CL A |  | 10/30/2025 | 4200 | 3416 |
| 10245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postman, Inc. |  | 7/23/2024 | 112695 | 107470 |
| 5556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramp |  | 12/12/2025 | 500040 | 512874 |
| 1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Materials |  | 6/4/2024 | 103994 | 80183 |
| 13333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scale.AI |  | 8/7/2024 | 193995 | 33333 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanium |  | 6/2/2023 | 100000 | 78800 |
| 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoughtspot, Inc. |  | 1/13/2023 | 52000 | 22724 |
| 25083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upgrade, Inc. |  | 5/19/2023 | 45149 | 117138 |
|  |  |  |  | 2914140 | 2270277 |
|  | &nbsp;&nbsp;&nbsp; **Food Technology** | 0.25% |  |  |  |
| 3495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc. |  | 12/27/2022 | 94365 | 6990 |
| 10805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impossible Foods, Inc. |  | 1/12/2023 | 54025 | 17288 |
| 6667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Agriculture, Inc. |  | 12/13/2022 | 100005 | 10134 |
|  |  |  |  | 248395 | 34412 |
|  | &nbsp;&nbsp;&nbsp; **Healthcare** | 0.79% |  |  |  |
| 3140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityblock Health Inc |  | 2/13/2023 | 55515 | 57399 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zocdoc, Inc. |  | 12/29/2022 | 100000 | 50000 |
|  |  |  |  | 155515 | 107399 |
|  |  |  |  |  | (continued) |

---

**Megacorn Fund LP**

**Schedule of Investments (continued)**

**As of December 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares/Units/<br> Principal<br> Amount** | **Security<sup>(1)</sup>** | **Percentage of<br> Partners'<br> Capital** | **Acquisition** <br> **Date** | **Cost** | **Fair Values** |
|  | &nbsp;&nbsp;&nbsp; **Industrial** | 0.16% |  |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convoy, Inc. |  | 4/28/2023 | $90000 | $- |
| 5957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexport, Inc. |  | 12/5/2022 | 59570 | 21445 |
|  |  |  |  | 149570 | 21445 |
|  | &nbsp;&nbsp;&nbsp; **Technology Hardware** | 3.21% |  |  |  |
| 11153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerebras Systems Inc |  | 5/19/2023 | 72495 | 435413 |
|  | &nbsp;&nbsp;&nbsp; **Transportation** | 2.12% |  |  |  |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuro Inc. |  | 7/13/2023 | 98880 | 128000 |
| 3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zipline International, Inc. |  | 5/15/2024 | 100039 | 159810 |
|  |  |  |  | 198919 | 287810 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  | 4441427 | 3692852 |
|  | **Preferred Stocks (40.28%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Consumer & Lifestyle** | 0.56% |  |  |  |
| 6993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patreon, Inc. |  | 1/1/2023 | 100000 | 75594 |
|  | &nbsp;&nbsp;&nbsp; **Enterprise Software** | 6.72% |  |  |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workato, Inc. |  | 10/2/2025 | 32500 | 30000 |
| 992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vercel |  | 10/28/2025 | 209917 | 209917 |
| 18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verkada |  | 12/11/2025 | 199060 | 172420 |
| 6377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xAI |  | 12/12/2025 | 490391 | 499192 |
|  |  |  |  | 931868 | 911529 |
|  | &nbsp;&nbsp;&nbsp; **FinTech Software** | 32.92% |  |  |  |
| 5882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohesity |  | 2/20/2025 | 99994 | 92172 |
| 6666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks |  | 8/27/2025 | 999900 | 1285471 |
| 12666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare |  | 2/19/2025 | 139326 | 307024 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glean Technologies, Inc. |  | 1/30/2025 | 208400 | 286350 |
| 7165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraken |  | 3/31/2025 | 168683 | 276282 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lambda |  | 12/4/2025 | 250000 | 250000 |
| 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightmatter, Inc. |  | 1/14/2025 | 90855 | 85170 |
| 11112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury |  | 11/18/2025 | 150012 | 161124 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neo4j |  | 10/27/2025 | 150000 | 147000 |
| 5925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People Center, Inc. |  | 1/17/2025 | 299924 | 324275 |
| 7355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perplexity |  | 11/17/2025 | 500000 | 511436 |
| 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum |  | 6/12/2025 | 75000 | 80625 |
| 2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ripple |  | 1/23/2025 | 229840 | 373179 |
| 6456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandboxAQ |  | 11/4/2025 | 100003 | 100003 |
| 18750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turo |  | 10/27/2025 | 150000 | 185063 |
|  |  |  |  | 3611937 | 4465174 |
|  |  |  |  |  | (continued) |

---

**Megacorn Fund LP**

**Schedule of Investments (continued)**

**As of December 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares/Units/<br> Principal<br> Amount** | **Security<sup>(1)</sup>** | **Percentage of<br> Partners'<br> Capital** | **Acquisition** <br> **Date** | **Cost** | **Fair Values** |
|  | &nbsp;&nbsp;&nbsp; **Food Technology** | 0.08% |  |  |  |
| 6667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Agriculture, Inc.-- |  | 8/28/2023 | $10134 | $10134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** |  |  | 4653939 | 5462431 |
|  | **Equity Interest (27.37%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Consumer & Lifestyle** | 0.64% |  |  |  |
| 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Epic Games LLC<sup>(2)</sup> |  | 5/16/2024 | 100406 | 87315 |
|  | &nbsp;&nbsp;&nbsp; **FinTech Software** | 7.95% |  |  |  |
| 10004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF GQ LLC |  | 9/29/2025 | 301874 | 348639 |
| 6917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF NL LLC |  | 4/11/2025 | 349997 | 523064 |
| 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpaceX |  | 10/31/2025 | 111152 | 206290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Equity Interests** |  |  | 763023 | 1077993 |
|  | &nbsp;&nbsp;&nbsp; **Industrial** | 18.78% |  |  |  |
| 3096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Anduril LLC<sup>(2)</sup> |  | 5/30/2024 | 75243 | 320962 |
| 10499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Anduril-I LLC<sup>(2)</sup> |  | 10/13/2023 | 200006 | 1088431 |
| 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF SpaceX LLC<sup>(2)</sup> |  | 9/16/2024 | 9564 | 33680 |
| 2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF SpaceX-I LLC<sup>(2)</sup> |  | 3/31/2023 | 207925 | 1103862 |
|  |  |  |  | 492738 | 2546935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Equity Interests** |  |  | 1356167 | 3712243 |
|  | **Convertible Notes (0.07%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Food Technology** | 0.07% |  |  |  |
| 9812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc.– |  | 9/28/2023 | 9812 | 9812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Notes** |  |  | 9812 | 9812 |
|  | **Total Investments, at fair value** | 27.44% |  | 10461345 | 12877338 |
|  | **Other Assets Less Liabilities** | 5.06% |  |  |  |
|  | **Net Assets** | 32.50% |  |  |  |

---

**(1)** **All securities held are deemed non-income producing.** 

**(2)** **Investment in affiliate, see note F.** 

***MEGACORN FUND LP***

(a Delaware Limited Partnership)

Financial Statements and Independent Auditor's Report

For the year ended December 31, 2024

**C O N T E N T S**

---

| | |
|:---|:---|
|  | **Page** |
| [Independent Auditor's Report](#c_001) | C-13 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; [Statement of Assets, Liabilities and Partners' Capital](#c_002) | C-15 |
| &nbsp;&nbsp;&nbsp; [Statement of Operations](#c_003) | C-16 |
| &nbsp;&nbsp;&nbsp; [Statement of Changes in Partners' Capital](#c_004) | C-17 |
| &nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#c_005) | C-18 |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#c_006) | C-19 – C-20 |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#c_007) | C-21 |

---

![](fin_001.jpg)

**<u>Independent Auditor's Report</u>**

General Partner

Megacorn Fund LP

***Opinion***

We have audited the accompanying financial statements of Megacorn Fund LP (the "Fund"), which comprise the statement of assets, liabilities and partners' capital, including the schedule of investments, as of December 31, 2024, and the related statements of operations, changes in partners' capital and cash flows for the year then ended, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations, changes in its partners' capital and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Fund's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

![](fin_002.jpg)

In performing an audit in accordance with generally accepted auditing standards, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Fund's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Fund's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

![](fin_003.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 25, 2025

**Megacorn Fund LP**

**Statement of Assets, Liabilities and Partners' Capital**

**As of December 31, 2024**

---

| | |
|:---|:---|
| ASSETS: |  |
| &nbsp;&nbsp;&nbsp; Investments in portfolio companies, at fair value (cost: $4,187,112)<sup>(1)</sup> | $4396421 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1586973 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 4991 |
| &nbsp;&nbsp;&nbsp; Due from General Partner | 667 |
| TOTAL ASSETS | $5989052 |
| LIABILITIES: |  |
| &nbsp;&nbsp;&nbsp; Limited partner contributions received in advance | $350000 |
| &nbsp;&nbsp;&nbsp; Management fee payable | 15545 |
| TOTAL LIABILITIES | 365545 |
| TOTAL PARTNERS' CAPITAL | 5623507 |
| TOTAL LIABILITIES & PARTNERS' CAPITAL | $5989052 |

---

(1) Includes
 affiliated investments, see note F.

See accompanying notes to financial statements.

**Megacorn Fund LP**

**Statement of Operations**

**For the year ended December 31, 2024**

---

| | |
|:---|:---|
| INVESTMENT INCOME: |  |
| &nbsp;&nbsp;&nbsp; Interest income | $52714 |
|  | 52714 |
| EXPENSES: |  |
| &nbsp;&nbsp;&nbsp; Management fees | 47732 |
| &nbsp;&nbsp;&nbsp; Deal expenses | 15509 |
| &nbsp;&nbsp;&nbsp; Other fees and expenses | 741 |
|  | 63982 |
| NET INVESTMENT LOSS | (11268) |
| NET REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION FROM INVESTMENTS: |  |
| Realized gain (loss) on investments in portfolio companies | 5022 |
| Net change in unrealized appreciation on investments in portfolio companies | 695021 |
|  | 700043 |
| NET INCREASE IN PARTNERS' CAPITAL RESULTING FROM OPERATIONS<sup>(1)</sup> | $688775 |

---

(1) Includes
 activity from affiliated investments, see note F.

See accompanying notes to financial statements.

**Megacorn Fund LP**

**Statement of Changes in Partners' Capital**

**For the year ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **General<br> Partner** | **Limited<br> Partners** | **Total Partners'<br> Capital** |
| **Balance at January 1, 2024** | $- | $3017232 | $3017232 |
| Capital contributions |  | 1917500 | 1917500 |
| Net increase in partners' capital resulting from operations | - | 688775 | 688775 |
| **Balance at December 31, 2024** | $**-** | $**5623507** | $**5623507** |

---

See accompanying notes to financial statements.

**Megacorn Fund LP**

**Statement of Cash Flows**

**For the year ended December 31, 2024**

---

| | |
|:---|:---|
| **Operating Activities** |  |
| &nbsp;&nbsp;&nbsp; Net increase in partners' capital resulting from operations | $688775 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in partners' capital resulting from operations to net cash used in operating activities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in portfolio companies | (1522632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of investments in portfolio companies | 119258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain on investments in portfolio companies | (5022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments in portfolio companies | (695021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 7529 |
| Net cash used in operating activities | (1409075) |
| **Financing Activities** |  |
| &nbsp;&nbsp;&nbsp; Capital contributions | 1917500 |
| &nbsp;&nbsp;&nbsp; Capital contributions received in advance | 350000 |
| Net cash provided by financing activities | 2267500 |
| Net increase in cash and cash equivalents | 858425 |
| Cash and cash equivalents at beginning of year | 728548 |
| Cash and cash equivalents at end of year | $1586973 |

---

See accompanying notes to financial statements.

**Megacorn Fund LP**

**Schedule of Investments**

**As of December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares/Units/<br> Principal<br> Amount** | **Security<sup>(1)</sup>** | **Percentage of<br> Partners'<br> Capital** | **Acquisition<br> Date** | **Cost** | **Fair Values** |
|  | **Common Stocks (50.16%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Consumer & Lifestyle** | 6.73% |  |  |  |
| 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discord Inc. |  | 5/31/2023 | $123120 | $122976 |
| 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epic Games, Inc. |  | 6/23/2023 | 94300 | 102688 |
| 3636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fanatics Holdings, Inc. |  | 4/9/2024 | 199980 | 152712 |
|  |  |  |  | 417400 | 378376 |
|  | &nbsp;&nbsp;&nbsp; **Energy** | 1.50% |  |  |  |
| 1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Materials, Inc. |  | 6/4/2024 | 103994 | 84558 |
|  | &nbsp;&nbsp;&nbsp; **Enterprise Software** | 22.09% |  |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6sense Insights, Inc. |  | 10/22/2024 | 105000 | 102200 |
| 2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquityZen Growth Technology Fund LLC - Series 1915 |  | 4/29/2024 | 150020 | 151463 |
| 2701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquityZen Growth Technology Fund LLC - Series 464 |  | 6/28/2024 | 38570 | 39678 |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attentive Mobile Inc |  | 4/13/2023 | 32240 | 30000 |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automation Anywhere, Inc. |  | 12/7/2022 | 100000 | 68480 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dataminr, Inc. |  | 4/26/2023 | 120000 | 137500 |
| 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exabeam, Inc. |  | 6/22/2023 | 100500 | 13400 |
| 7895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquityZen Growth Technology Fund LLC - Series 1640 |  | 12/19/2022 | 75003 | 84871 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outreach Corporation |  | 2/10/2023 | 95000 | 35400 |
| 10245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postman, Inc. |  | 7/23/2024 | 112695 | 107982 |
| 13333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scale AI, Inc |  | 8/7/2024 | 193995 | 207995 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SingleStore, Inc. |  | 12/23/2022 | 77000 | 39600 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanium Inc. |  | 6/2/2023 | 100000 | 108000 |
| 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoughtspot, Inc. |  | 1/13/2023 | 52000 | 21788 |
| 666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workrise Technologies Inc. |  | 6/20/2023 | 106560 | 93939 |
|  |  |  |  | 1458583 | 1242296 |
|  | &nbsp;&nbsp;&nbsp; **FinTech software** | 5.94% |  |  |  |
| 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addepar, Inc. |  | 5/22/2023 | 98800 | 109200 |
| 6929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chainalysis Inc. |  | 5/14/2024 | 97006 | 69290 |
| 4195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chime Financial, Inc. |  | 1/10/2023 | 100009 | 104330 |
| 25083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upgrade, Inc. |  | 5/19/2023 | 45149 | 51420 |
|  |  |  |  | 340964 | 334240 |
|  | &nbsp;&nbsp;&nbsp; **Food Technology** | 0.69% |  |  |  |
| 3495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc. |  | 12/27/2022 | 94365 | 4404 |
| 10805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impossible Foods, Inc. |  | 1/12/2023 | 54025 | 24311 |
| 6667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Agriculture, Inc. |  | 12/13/2022 | 100005 | 10134 |
|  |  |  |  | 248395 | 38849 |
|  | &nbsp;&nbsp;&nbsp; **Healthcare** | 2.45% |  |  |  |
| 3140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityblock Health Inc. |  | 2/13/2023 | 55515 | 62517 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zocdoc Inc. |  | 12/29/2022 | 100000 | 75000 |
|  |  |  |  | 155515 | 137517 |
|  | &nbsp;&nbsp;&nbsp; **Industrial** | 1.02% |  |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convoy, Inc. |  | 4/28/2023 | 90000 | 10 |
| 5957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexport, Inc. |  | 12/5/2022 | 59570 | 6136 |
| 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc. |  | 12/19/2024 | 52660 | 51435 |
|  |  |  |  | 202230 | 57581 |
|  | &nbsp;&nbsp;&nbsp; **Technology Hardware** | 7.95% |  |  |  |
| 11153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerebras Systems Inc. |  | 5/19/2023 | 72495 | 447012 |
|  | &nbsp;&nbsp;&nbsp; **Transportation** | 1.79% |  |  |  |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuro Inc. |  | 7/13/2023 | 98880 | 16000 |
| 3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zipline International, Inc. |  | 5/15/2024 | 100039 | 84718 |
|  |  |  |  | 198919 | 100718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  | 3198495 | 2821147 |

---

See accompanying notes to financial statements.

**Megacorn Fund LP**

**Schedule of Investments (continued)**

**As of December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares/Units/<br> Principal<br> Amount** | **Security<sup>(1)</sup>** | **Percentage of<br> Partners'<br> Capital** | **Acquisition<br> Date** | **Cost** | **Fair Values** |
|  | **Preferred Stocks (1.67%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Food Technology** | 0.18% |  |  |  |
| 6667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Agriculture, Inc. |  | 8/28/2023 | 10134 | 10134 |
|  | &nbsp;&nbsp;&nbsp; **Consumer & Lifestyle** | 1.49% |  |  |  |
| 6993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patreon, Inc. |  | 1/1/2023 | 100000 | 83916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** |  |  | 110134 | 94050 |
|  | **Equity Interests (26.16%)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Consumer & Lifestyle** | 1.44% |  |  |  |
| 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Epic Games LLC<sup>(2)</sup> |  | 5/16/2024 | 100406 | 81258 |
|  | &nbsp;&nbsp;&nbsp; **Industrial** | 24.72% |  |  |  |
| 10499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Anduril-I LLC<sup>(2)</sup> |  | 10/13/2023 | 200006 | 312660 |
| 6096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF Anduril LLC<sup>(2)</sup> |  | 5/30/2024 | 141505 | 181539 |
| 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF SpaceX LLC<sup>(2)</sup> |  | 7/26/2024 | 126762 | 196100 |
| 3783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF SpaceX-I LLC<sup>(2)</sup> |  | 3/31/2023 | 299992 | 699855 |
|  |  |  |  | 768265 | 1390154 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Equity Interests** |  |  | 868671 | 1471412 |
|  | **Convertible Notes** | 0.17% |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Food Technology** |  |  |  |  |
| 9812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc. |  | 9/28/2023 | 9812 | 9812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Notes** |  |  | $9812 | $9812 |
|  | **Total Investments, at fair value** | 78.16% |  | $4187112 | $4396421 |
|  | **Other Assets Less Liabilities** | 21.84% |  |  |  |
|  | **Net Assets** | 100.00% |  |  |  |

---

**(1)** **All securities held are deemed non-income producing.** 

**(2)** **Investment in affiliate, see note F.** 

See accompanying notes to financial statements.

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

**A.** **Organization and Nature of Business** 

Megacorn Fund LP (the "Partnership") was organized on June 28, 2022 pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act, and commenced operations on December 1, 2022. The primary purpose of the Partnership is to achieve capital appreciation by gaining exposure to private company shares as represented by the Megacorn Index™. The Partnership will primarily invest, under normal market conditions, at least 80% of (i) the value of its net assets, plus (ii) the amount of any borrowings for investment purposes, in the equity securities (e.g., common and/ or preferred stock, or equity-linked securities convertible into such equity securities) of certain private, operating growth companies ("Portfolio Companies") and special purpose vehicles or forwards that seek to provide exposure to private growth companies (in each case, measured at the time of each investment). Accuidity Fund I, LLC, a Delaware limited liability company, is the General Partner and is responsible for the overall operations of the Partnership. Accuidity, LLC, a Delaware limited liability company, is affiliated with the General Partner and serves as the Investment Manager for the Partnership. The Investment Manager is responsible for the management of the Partnership's portfolio in accordance with the terms of an investment management agreement between the Partnership and the Investment Manager.

The Partnership executed its Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") as of June 30, 2022. Under the Partnership Agreement, the term of the Partnership shall be perpetual unless sooner terminated in accordance with the provisions of the Partnership Agreement.

UMB Fund Services, Inc. (the "Administrator") performs the administrative and accounting services for the Partnership.

For additional information regarding the provisions of the Partnership, reference should be made to the Partnership Agreement. Certain capitalized terms refer to items defined in the Partnership Agreement.

**B.** **Summary of Significant Accounting Policies** 

A summary of the Partnership's significant accounting policies consistently applied in the preparation of the accompanying financial statements follows:

**Basis of Presentation**

The financial statements have been prepared in accordance with principles generally accepted in the United States of America ("GAAP"). The Partnership is an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies.

**Use of Estimates**

The preparation of financial statements requires management to make estimates and assumptions that affect certain reported amount of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions.

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

**Cash and Cash Equivalents**

The total value of cash equivalents held by the Partnership as of December 31, 2024 was $1,586,973.

The Partnership considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Partnership continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Cash equivalents can also include investments in money market mutual funds which are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

**Concentrations of Credit Risk**

Financial instruments that potentially subject the Partnership to a concentration of credit risk consists principally of cash. The Partnership maintains deposits in one financial institution, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation ("FDIC"). The Partnership has not experienced any losses related to amounts in excess of FDIC limits.

**Investment Valuation and Transactions**

The Partnership accounts for its investments in accordance with ASC 820, which defines fair value ("Fair Value"), establishes a framework for measuring it, and requires enhanced disclosures about its measurements. A three-tier hierarchy is used to identify assets and liabilities measured at Fair Value. The hierarchy focuses on the inputs used to measure Fair Value and requires that the lowest level input be used.

Fair Value is defined as the amount that would be received upon sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). The three levels of the hierarchy are defined as follows:

● Level 1 — Observable inputs that are based upon quoted market prices for identical assets or liabilities within active markets.

● Level 2 — Observable inputs, other than Level 1, that are based upon quoted market prices for similar assets or liabilities within inactive markets, or inputs other than quoted market prices that are observable through market data for substantially the full term of the asset or liability. The Partnership has no Level 2 assets.

● Level 3 — Inputs that are unobservable for the particular asset or liability due to little or no market activity and are significant to the Fair Value of the asset or liability. These inputs reflect the Partnership's own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. Level 3 assets are valued at Fair Value as determined by the Manager.

Investments for which prices are not observable are generally private investments in the equity and debt securities of operating companies. Fair Value of private investments is based on Level 3 inputs and is determined by reference to public market or private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. In the absence of

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

a principal market (public market), the Partnership determines the most advantageous market in which the Partnership would sell their investment. Typically, the Partnership expects to exit their investment through a sale of the underlying portfolio company. Valuations of the underlying portfolio companies, where public or private transactions or valuations for comparable companies or assets are not available, are completed to compute the fair value for each class of security owned by the Partnership. A description of the valuation techniques and inputs that will be applied to the Partnership's major categories of investments measured at fair value on a recurring basis are as follows:

Convertible notes, which include features of both debt and equity, are held at amortized cost plus accrued interest unless the likelihood of a conversion event occurring can be ascertained with high confidence and the likely value resulting from a conversion event can be determined with reasonable certainty. If both of those conditions are met, then the fair value of convertible notes is determined by valuing the embedded options underlying the security. Longer term notes are recognized and measured at fair value and held at cost.

Generally, the Partnership's valuations of later stage portfolio companies emphasizes a mark to market approach. Month end bid and offer prices for each portfolio are obtained from broker/dealers that are active in secondary trading of the portfolio company. Actual trades in the portfolio company shares that occur at or near month end are incorporated. Based on this data, the highest bid and lowest offer is used to create a combined quote. If in the combined quote, the bid price is higher than the offer price, the fair value is determined by averaging the bid and offer price. If the combined bid is higher than the Partnership's purchase price of the respective portfolio company the bid price is used in determining the fair value. If the combined offer price is lower than the Partnership's purchase price, the offer price is used. If the purchase price is between the bid and the offer price the Partnership will retain the Partnership's entry price/ purchase price in determining the portfolio company fair value.

In accordance with ASC 820, investments are reflected on the Statement of Assets, Liabilities and Partners' Capital at Fair Value with changes in unrealized appreciation and depreciation resulting from changes in Fair Value reflected in the Statement of Operations. Investment transactions are recorded on the date the transaction is legally binding. Direct costs related to an investment are capitalized as part of the investment cost. Dividends are recognized on the ex-dividend date and interest income is accrued as earned.

**Accounts Payable and Accrued Expenses**

Accounts payable and accrued expenses includes amounts payable from expenses incurred directly by the Partnership.

**Income Taxes**

The Partnership is organized as a limited partnership and taxed as a partnership for federal income tax purposes. As a result, income or losses are taxable or deductible to the partners rather than at the Partnership level; accordingly, no provision has been made for federal income taxes in the accompanying financial statements. The Partnership may be subject to state taxes on income arising in or derived from the state tax jurisdictions in which it operates.

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

State income tax positions are evaluated in a two-step process. The Partnership first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more likely than not threshold, it is then measured to determine the amount of expense to record in the financial statements. The tax expense recorded would equal the largest amount of expense related to the outcome that is 50% or greater likely to occur. The Partnership classifies any potential accrued interest recognized on an underpayment of income taxes as interest expense and classifies any statutory penalties recognized on a tax position taken as operating expense. Management of the Partnership has not taken a tax position that, if challenged, would be expected to have a material effect on the financial statements as of or for the year ended December 31, 2024.

The Partnership did not incur any penalties or interest related to its state tax returns during the year ended December 31, 2024.

Under the new centralized partnership audit rules effective for tax years beginning after 2017, the Internal Revenue Service ("IRS") assesses and collects underpayments of tax from the partnership instead of from each partner. The partnership may be able to pass the adjustments through to its partners by making a push-out election or, if eligible, by electing out of the centralized partnership audit rules.

The collection of tax from the partnership is only an administrative convenience for the IRS to collect any underpayment of income taxes including interest and penalties. Income taxes on partnership income, regardless of who pays the tax or when the tax is paid, is attributed to the partners. Any payment made by the partnership as a result of an IRS examination will be treated as a distribution from the partnership to the partners in the financial statements.

**C.** **Fair Value Measurements** 

The following is a summary of the levels used as of December 31, 2024 in valuing the Partnership's investments carried at Fair Value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in private companies | $- | $- | $4344986 | $4344986 |
| Investment in public securities | 51435 |  |  | 51435 |
| &nbsp;&nbsp;&nbsp; Cash Equivalents |  |  |  |  |
| Money Market Sweep Account with UMB | 1536973 | - | - | 1536973 |
|  | $1588408 | $- | $4344986 | $5933394 |

---

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

The following table outlines the purchases, sales and transfers of Level 3 assets for the year ended December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br> Stock** | **Preferred<br> Stock** | **Equity<br> Interest** | **Convertible<br> Note** | **Total<br> Investments** |
| Beginning Balance | $1594366 | $110134 | $- | $9812 | $1714312 |
| Purchases | 1101299 |  | 368673 |  | 1469972 |
| Sales | (32885) |  |  |  | (32885) |
| Transfers In |  |  | 1012515 |  | 1012515 |
| Transfers out |  |  |  |  |  |
| Change in unrealized appreciation (depreciation) | 106932 | (16084) | 90224 | - | 181072 |
| Ending Balance | $2769712 | $94050 | $1471412 | $9812 | $4344986 |

---

During the year, certain investments previously valued using the NAV as a practical expedient were transferred into Level 3 of the fair value hierarchy due to changes in the availability of observable inputs.

The following table provides quantitative information about Level 3 Fair Value measurements.

**Unobservable Inputs Table**

---

| | | | |
|:---|:---|:---|:---|
|  | **Fair Market<br> Value** | **Valuation<br> Technique** | **Unobservable<br> Inputs** |
| Common Stock | $2769712 | Market Approach | Recent Transactions |
| Equity Interest | 1471412 | Market Approach | Recent Transactions |
| Preferred Stock | 94050 | Market Approach | Recent Transactions |
| Convertible Stock | 9812 | Market Approach | Recent Transactions |
| Investments Subject to Leveling | $4344986 |  |  |

---

**D.** **Partners' Capital** 

*Capital Contributions*

Based upon the provisions in the Partnership Agreement, contributions are accepted on the first day of each month and on any other date allowed by the General Partner. The minimum initial capital contribution is $250,000, at the discretion of the General Partner. A limited partner may make additional contributions to the Partnership in increments of $100,000, subject to the General Partners' discretion to accept lesser amounts.

The Partnership, in the General Partner's discretion, may establish series or sub-series of Interests in the future having different terms than those of the Interests as described in the Partnership Agreement. The terms of such series or sub-series of Interests shall be determined by the General Partner in its discretion. Upon the creation of additional series or sub-series of Interests, the terms of such series or sub-series of Interests may be affected and set forth on one or more schedules to this Partnership.

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

*Capital Distributions of Income*

Under most circumstances all earnings of the Partnership will be reinvested, and the Partnership will not ordinarily make distributions to the Limited Partners. Accordingly, Limited Partners may be taxed on income allocated to them but which they have not actually received.

Notwithstanding the foregoing above, the Partnership may (but is not obligated) to make cash distributions to the Partners, in periods in which the Partnership receives cash proceeds from the disposition of one or more portfolio investments, to enable the Partners to pay income taxes with respect to the net taxable gain allocated to the Partners with respect to such disposition(s) ("Tax Distributions").

*Tender Program*

Generally, a Limited Partner may not withdraw any amount from the Partnership, except pursuant to the "Tender Program" described herein.

To provide Limited Partners with limited liquidity, the Partnership will allow for periodic tenders of Interests to occur subject to the Partnership's realization of cash gains from sales or other dispositions of portfolio assets that occur as a result of public market sales or privately negotiated transactions of portfolio securities. The General Partner shall determine the amount of capital that the Partnership will offer to Limited Partners to tender (the "Tender Offer Amount") and the date on which such tender shall be effective (each a "Tender Date"), which will be equal to the amount of cash proceeds that the Partnership receives from the sales or other dispositions of securities pursuant to the preceding sentence less any amounts used (or reserved) to pay expenses or other liabilities of the Partnership or Tax Distributions. The Tender Offer Amount may be greater than or less than 5% but is not generally expected to be greater than 25% of the Partnership's Net Asset Value as of the Repurchase Request Deadline. The Net Asset Value of the Partnership as of any tender date will be the Partnership's estimated, unaudited Net Asset Value.

*Allocation of Partnership Profits and Losses*

Net gains and losses are allocated to each partner in accordance with the Partnership Agreement, which is pro rata based on each month's adjusted opening capital balance.

**E.** **Commitments and Contingencies** 

*Legal Contingencies*

In the normal course of business, the Partnership enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Partnership's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of future obligation under these indemnifications to be remote.

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

**F.** **Related Party Transactions** 

The Partnership considers the Manager, members of management, members of their immediate families, and entities under common control to be related parties of the Partnership.

Certain Limited Partners are affiliated with the General Partner. The aggregate value of the affiliated Limited Partners' share of the partners' capital at December 31, 2024 was $2,010,337.

Certain investments in portfolio companies are in affiliate funds, managed by a common manager, Accuidity, LLC. The aggregate fair value of such investments is $1,471,412.

Amounts due from and due to related parties are generally settled in the normal course of business without formal payment terms. The Partnership incurred related party expenses related to management fees during the year ended December 31, 2024, totaling $47,732, as shown on the Statement of Operations

Per the terms of the LPA, the investment manager is entitled to charge a management fee based on 2% per annum of each limited partners' capital account balance as of the beginning of each calendar quarter. The Investment Manager may however waive or reduce the management fee with respect to the capital accounts of certain Limited Partners at its discretion. This may be effected through the creation of additional series or sub-series of Interests or through other means, which will not require Limited Partner approval.

The following table provides information related to transactions in affiliated holdings during the year ended December 31, 2024. Please note there were no proceeds from sales or distributable gains related to these investments during the year ended December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Affiliates** | **Cost**<br> **12/31/2023** | **Fair Value**<br> **12/31/2023** | **Purchases at**<br> **Cost** | **Change in Unrealized Appreciation/**<br> **Depreciation** | **Cost**<br> **12/31/2024** | **Fair Value**<br> **12/31/2024** |
| MCF Anduril-I, LLC | $200006 | $200006 | $- | $112654 | $200006 | $312660 |
| MCF Anduril LLC |  |  | 141505 | 40034 | 141505 | 181539 |
| MCF Epic Games LLC |  |  | 100406 | (19148) | 100406 | 81258 |
| MCF SpaceX LLC |  |  | 126762 | 69338 | 126762 | 196100 |
| MCF SpaceX-I, LLC | 299992 | 366951 | - | 332904 | 299992 | 699855 |
|  | $499998 | $566957 | $368673 | $535782 | $868671 | $1471412 |

---

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

**G.** **Financial Highlights** 

Financial highlights for the year ended December 31, 2024 are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Total Return:<sup>(1)</sup> | 17.32% |
| Ratios to average limited partners' capital:<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp; Expenses | 1.48% |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(3)</sup> | -0.26% |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover | 3.05% |

---

(1) Total
 return based on net asset value reflects the change in net assets based on the effects of the performance of the Partnership during
 the year.

(2) Average
 capital was derived from partners' average weighted capital, including beginning and ending capital for the period, adjusted
 for cash flow related to capital contributions or distributions during the period.

(3) Investment
 income (dividends and interest only) minus expenses. Does not take into account realized and unrealized appreciation/depreciation
 on investments and foreign currencies.

Financial highlights are calculated for the limited partner class taken as a whole. An individual limited partner's return and ratios may vary based on the timing of capital transactions.

**H.** **Risk Factors** 

The Partnership may incur indebtedness or otherwise employ leverage on individual investments to enhance returns. There is no guarantee that the Partnership's borrowing arrangements, or other arrangements for obtaining leverage, will continue to be available or available on terms and conditions acceptable to the Partnership. Changes in economic conditions could increase funding costs or result in a decision by lenders not to extend credit to the Partnership. Limited access to leverage, or a decline in the fair value of the Partnership's assets purchased with borrowed money, may result in the lender requiring the Partnership to post additional collateral, or otherwise sell assets at a time when it may not be in the Partnership's best interest to do so. The use of leverage by the Partnership may have a material adverse effect on the reported fair value of the Partnership, which in turn would have a material adverse effect on the Partnership's reported net asset value. The extent of the impact to the financial performance and the operations of the Partnership will depend on future developments, which are highly uncertain and cannot be predicted.

The investments by the Partnership are highly illiquid, and there can be no assurance that the Partnership will be able to realize such investments in a timely manner. General economic conditions may affect the value and marketability of the Partnership's investments. Interest rates, general levels of economic conditions, the price of securities in securities markets, and participation by other investors in financial markets may affect the prices that the Partnership is able to obtain when it sells its investments.

**Megacorn Fund LP**

**Notes to Financial Statements**

**December 31, 2024**

**I.** **Subsequent Events** 

Since January 1, 2025, the Partnership received $4,200,020 of capital contributions from Limited Partners.

Management has evaluated the events and transactions that have occurred through August 25, 2025, the date the financial statements were available to be issued, and noted no items requiring adjustment to the financial statements or additional disclosure.

**PART C: OTHER INFORMATION**

**MEGACORN FUND (the "<u>Registrant</u>")**

**Item 25. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements:

[Financial Statements are included as Appendix B to the Statement of Additional Information filed herewith.](#sai_016)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exhibits

---

| | |
|:---|:---|
| (a)(1) | [Agreement and Declaration of Trust (1).](https://www.sec.gov/Archives/edgar/data/2055855/000182912625001397/megacornfund_exa1.htm) |
| (a)(2) | [Form of Amended and Restated Declaration of Trust – filed herewith.](megacornfund_exa2.htm)  |

---

(a)(3) [Certificate of Trust (1).](https://www.sec.gov/Archives/edgar/data/2055855/000182912625001397/megacornfund_exa2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws (1).](https://www.sec.gov/Archives/edgar/data/2055855/000182912625001397/megacornfund_exb.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Refer to Exhibit (a)(1), (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Dividend Reinvestment Plan – filed herewith.](megacornfund_exe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

(g) [Form of Investment Management Agreement – filed herewith.](megacornfund_exg.htm) <br>(h)(1) [Form of Distribution Agreement – filed herewith.](megacornfund_exh1.htm)

(h)(2) [Form of Distribution and Service Plan – filed herewith.](megacornfund_exh2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Form of Custody Agreement – filed herewith.](megacornfund_exj.htm)

(k)(1) [Form of Administration, Fund Accounting and Recordkeeping Agreement – filed herewith.](megacornfund_exk1.htm)

---

| | |
|:---|:---|
| (k)(2) | [Form of Multiple Class Plan – filed herewith.](megacornfund_exk2.htm)  |
| (k)(3) | [Form of Expense Limitation and Reimbursement Agreement – filed herewith.](megacornfund_exk3.htm)  |
| (k)(4) | [Joint Insured Bond Agreement – filed herewith.](megacornfund_exk4.htm)  |
| (k)(5) | [Joint Liability Insurance Agreement – filed herewith.](megacornfund_exk5.htm)  |
| (k)(6) | [Form of Platform Management Agreement – filed herewith.](megacornfund_exk6.htm)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Opinion and Consent of Faegre Drinker Biddle & Reath LLP – filed herewith.](megacornfund_exl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not applicable.

(n)(1) [Consent of Independent Registered Public Accounting Firm – filed herewith.](megacornfund_exn1.htm) <br>(n)(2) [Consent of Independent Registered Public Accounting Firm (Megacorn Fund LP) - filed herewith.](megacornfund_exn2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Not applicable.

(r)(1) [Code of Ethics of Registrant – filed herewith.](megacornfund_exr1.htm)

---

| | |
|:---|:---|
| (r)(2) | [Code of Ethics of Forge Global Advisors LLC – filed herewith.](megacornfund_exr2.htm)  |
| (s) | Not applicable. |
| (t)  | [Powers of Attorney (2).](https://www.sec.gov/Archives/edgar/data/2055855/000182912625007676/megacornfund_ext.htm)  |

---

(1) Incorporated by reference from Registrant's Registration Statement on Form N-2, SEC File No. 333-285489, filed on March 3, 2025

(2) Incorporated by reference from Registrant's Pre-Effective Amendment No. 1 to the Registration
 Statement on Form N-2, SEC File No. 333-285489 filed on September 26, 2025

**Item 26. Marketing Arrangements**

Not applicable.

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

All figures are estimates:

---

| | |
|:---|:---|
| **Registration fees** | $27620 |
| **Legal fees** | $260000 |
| **Printing fees** | $24924 |
| **Blue Sky fees** | $45000 |
| **Transfer Agent fees** | $76086 |
| **Total** | $433630 |

---

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

The Registrant is not aware of any person that is directly or indirectly under common control with the Registrant, except that the Registrant may be deemed to be controlled by Forge Global Advisors LLC the Registrant's investment adviser. Information regarding the ownership of Forge Global Advisors LLC is set forth in its Form ADV as filed with the SEC (File No. 801-116933).

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

---

| | |
|:---|:---|
| **Title of Class** | **Number of<br> Shareholders\*** |
| Institutional Class Shares | 1 |
| Advisor Class Shares | 0 |

---

\* As of February 28, 2026.

**Item 30. Indemnification**

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

---

| | |
|:---|:---|
| Section 8.1 | <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder. |
| Section 8.2 | <u>Indemnification</u>. The Trust shall indemnify each of its Trustees, officers, and persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise, and may indemnify any trustee, director or officer of a predecessor organization (each a "Covered Person"), against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including reasonable accountants' and counsel fees) reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative, regulatory, or legislative body, in which he may be involved or with which he may be threatened, while as a Covered Person or thereafter, by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of his duties involved in the conduct of such Covered Person's office (such willful misfeasance, bad faith, gross negligence or reckless disregard being referred to herein as "Disabling Conduct"). Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of (a) an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification. |
| Section 8.3 | <u>Indemnification Determinations</u>. Indemnification of a Covered Person pursuant to Section 8.2 shall be made if (a) the court or body before whom the proceeding is brought determines, in a final decision on the merits, that such Covered Person was not liable by reason of Disabling Conduct or (b) in the absence of such a determination, a majority of a quorum of disinterested, non-party Trustees or independent legal counsel in a written opinion make a reasonable determination, based upon a review of the facts, that such Covered Person was not liable by reason of Disabling Conduct. |
| Section 8.4 | <u>Indemnification Not Exclusive</u>. The right of indemnification provided by this Article VIII shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, "Covered Person" shall include such person's heirs, executors and administrators, and a "disinterested, non-party Trustee" is a Trustee who is neither an Interested Person of the Trust nor a party to the proceeding in question. |

---

---

| | |
|:---|:---|
| Section 8.5 | <u>Shareholders</u>. Each Shareholder of the Trust and each Class shall not be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Class. The Trustees shall have no power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay pursuant to terms hereof or by way of subscription for any Shares or otherwise.<br>In case any Shareholder or former Shareholder of any Class shall be held to be personally liable solely by reason of his being or having been a Shareholder of such Class and not because of his acts or omissions or for some other reason, the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the applicable Class to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Class, shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Class and satisfy any judgment thereon from the assets of the Class. The indemnification and reimbursement required by the preceding sentence shall be made only out of assets of the one or more Classes whose Shares were held by said Shareholder at the time the act or event occurred that gave rise to the claim against or liability of said Shareholder. The rights accruing to a Shareholder under this Section shall not impair any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust or any Class thereof to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein. |

---

In addition, the Fund's various agreements with its service providers provide for indemnification.

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

Information as to the directors and officers of the Registrant's investment adviser, Forge Global Advisors LLC, together with information as to any other business, profession, vocation, or employment of a substantial nature in which the investment adviser, and each director, executive officer, managing member or partner of the investment adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-116933), and is incorporated herein by reference.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Forge Global Advisors LLC

4 Embarcadero Center, 15<sup>th</sup> Floor,

San Francisco, CA 94111

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act 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;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Kansas City in the State of Missouri on the 5<sup>th</sup> day of March, 2026.

---

| | | |
|:---|:---|:---|
| **Megacorn Fund** | **Megacorn Fund** | **Megacorn Fund** |
| By: | /s/ Vince Gubitosi | /s/ Vince Gubitosi |
|  | Name: | Vince Gubitosi |
|  | Title: | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form N-2 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Vince Gubitosi | President and Principal Executive Officer | March 5, 2026 |
| Vince Gubitosi |  |  |
| /s/ Marcie McVeigh | Treasurer, Principal Financial Officer and Principal Accounting Officer  | March 5, 2026 |
| Marcie McVeigh |  |  |
| \*J. Michael Fields | Trustee | March 5, 2026 |
| J. Michael Fields |  |  |
| \*Stephen A. Mace | Trustee | March 5, 2026 |
| Stephen A. Mace |  |  |
| \*Stacy Roode | Trustee | March 5, 2026 |
| Stacy Roode |  |  |
| \*Amy Small | Trustee | March 5, 2026 |
| Amy Small |  |  |

---

---

| | |
|:---|:---|
| \*By | /s/ Ann Maurer |
|  | Ann Maurer |
|  | Attorney-in-Fact pursuant to Powers of Attorney |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| (a)(2) | [Form of Amended and Restated Declaration of Trust](megacornfund_exa2.htm) |
| (e) | [Dividend Reinvestment Plan](megacornfund_exe.htm) |
| (g) | [Form of Investment Management Agreement](megacornfund_exg.htm) |
| (h)(1) | [Form of Distribution Agreement](megacornfund_exh1.htm) |
| (h)(2) | [Form of Distribution and Service Plan](megacornfund_exh2.htm) |
| (j) | [Form of Custody Agreement](megacornfund_exj.htm) |
| (k)(1) | [Form of Administration, Fund Accounting and Recordkeeping Agreement](megacornfund_exk1.htm) |
| (k)(2) | [Form of Multiple Class Plan](megacornfund_exk2.htm) |
| (k)(3) | [Form of Expense Limitation and Reimbursement Agreement](megacornfund_exk3.htm) |
| (k)(4) | [Joint Insured Bond Agreement](megacornfund_exk4.htm) |
| (k)(5) | [Joint Liability Insurance Agreement](megacornfund_exk5.htm) |
| (k)(6) | [Form of Platform Management Agreement](megacornfund_exk6.htm) |
| (l) | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP](megacornfund_exl.htm) |
| (n)(1) | [Consent of Independent Registered Public Accounting Firm](megacornfund_exn1.htm) |
| (n)(2) | [Consent of Independent Registered Public Accounting Firm (Megacorn Fund LP)](megacornfund_exn2.htm) |
| (r)(1) | [Code of Ethics of Registrant](megacornfund_exr1.htm) |
| (r)(2) | [Code of Ethics of Forge Global Advisors LLC](megacornfund_exr2.htm) |

---

## Ex-99.(A)(2)

**Exhibit (a)(2)**

FORM OF

MEGACORN Fund

AMENDED AND RESTATED<br> AGREEMENT AND DECLARATION OF TRUST

Dated: January 22, 2026

**TABLE OF CONTENTS**

---

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

---

- i -

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **article VI - SHAREHOLDER VOTING POWERS AND MEETINGS** | **article VI - SHAREHOLDER VOTING POWERS AND MEETINGS** | **16** |
| Section 6.1 | Voting | 16 |
| Section 6.2 | Meetings | 17 |
| Section 6.3 | Quorum and Required Vote | 17 |
| Section 6.4 | Action by Written Consent | 17 |
| **article VII - DISTRIBUTIONS AND REPURCHASES** | **article VII - DISTRIBUTIONS AND REPURCHASES** | **17** |
| Section 7.1 | Distributions | 17 |
| Section 7.2 | Transfer of Shares | 18 |
| Section 7.3 | Repurchases | 19 |
| Section 7.4 | Redemptions at the Option of the Trust | 19 |
| Section 7.5 | Suspension of the Right of Repurchase | 20 |
| Section 7.6 | Redemption of Shares to Qualify as a Regulated Investment Company | 20 |
| Section 7.7 | Net Asset Value | 20 |
| **article VIII - LIMITATION OF LIABILITY AND INDEMNIFICATION** | **article VIII - LIMITATION OF LIABILITY AND INDEMNIFICATION** | **20** |
| Section 8.1 | Limitation of Liability | 20 |
| Section 8.2 | Indemnification | 21 |
| Section 8.3 | Indemnification Determinations | 21 |
| Section 8.4 | Indemnification Not Exclusive | 21 |
| Section 8.5 | Shareholders | 21 |
| **article IX - MISCELLANEOUS** | **article IX - MISCELLANEOUS** | **22** |
| Section 9.1 | Trust Not a Partnership | 22 |
| Section 9.2 | Trustees' and Officers' Good Faith Action, Expert Advice, No Bond or Surety | 22 |
| Section 9.3 | Establishment of Record Dates | 23 |
| Section 9.4 | Dissolution and Termination of Trust | 23 |
| Section 9.5 | Merger, Consolidation, Incorporation | 24 |
| Section 9.6 | Filing of Copies, References, Headings | 25 |
| Section 9.7 | Applicable Law | 25 |
| Section 9.8 | Amendments | 26 |
| Section 9.9 | Fiscal Year | 26 |
| Section 9.10 | Provisions in Conflict with Law | 26 |
| Section 9.11 | Allocation of Certain Expenses | 26 |
| Section 9.12 | Delivery by Electronic Transmission or Otherwise | 26 |

---

- ii -

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

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST of Megacorn Fund, a Delaware statutory trust, made as of February 27, 2025, and as amended and restated as of January 22, 2026, by the undersigned Trustees.

WHEREAS, the undersigned Trustees desire for this trust to carry on business for the investment and reinvestment of funds contributed thereto;

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

WHEREAS, a Certificate of Trust was filed with the State of Delaware on February 27, 2025 for the purpose of forming a statutory trust under the Delaware Statutory Trust Act for the investment and reinvestment of funds contributed thereto;

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

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

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

<u>article I</u>

<u>NAME AND DEFINITIONS</u>

Section 1.1 <u>Name</u>. The name of the trust established hereby is "Megacorn Fund."

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>article II</u>

<u>BENEFICIAL INTEREST</u>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>article</u> <u>III</u>

<u>THE TRUSTEES</u>

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

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

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

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

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

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

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

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

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

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

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

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

<u>article IV</u>

<u>POWERS OF THE TRUSTEES</u>

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To borrow money and in this connection issue notes or other evidence of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting as security the Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to endorse, guarantee, or undertake the performance of an obligation, liability or engagement of any person and to lend Trust Property;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation, issuer or concern, any security or debt instrument of which is held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to consent to any contract, lease, mortgage, purchase or sale of property by such corporation, issuer or concern, and to pay calls or subscriptions with respect to any security or debt instrument held in the Trust;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) To compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other agents, consultants, contractors and employees of the Trust or the Trustees on such terms as they deem appropriate and to be reimbursed from the assets of the Trust for any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of the Trust;

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

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

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

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

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

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

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

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

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

<u>article V</u>

<u>INVESTMENT ADVISER, INVESTMENT SUB-ADVISER,</u><br> <u>PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER AGENT,</u><br><u>CUSTODIAN AND OTHER CONTRACTORS</u>

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

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

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

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

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

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

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

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

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

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

<u>article VI</u>

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

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

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

Section 6.2 <u>Meetings</u>. Meetings of Shareholders (including meetings involving only the holders of Shares of one or more but less than all the Classes) may be called by the Trustees from time to time to be held at such place within or without the State of Delaware, and on such date as may be designated in the call thereof for the purpose of taking action upon any matter as to which the vote or authority of the Shareholders of any Class or of the Trust is required or permitted as provided in Section 6.1. In lieu of holding a Shareholders' meeting at a designated place, the Trustees, in their sole discretion, may determine that any Shareholders' meeting may be held solely by means of remote communications or both at a physical location and by means of remote communications; provided, however, that after determining to call a meeting, the Trustees may delegate to the officers of the Trust any decision with to the date and place of the meeting and whether the meeting will be held in whole or in part by means of remote communications. Special meetings of the Shareholders may be called by the Trustees. To the extent required by the 1940 Act, special meetings of the Shareholders for the purpose of removing one or more Trustees shall be called by the Trustees upon the written request of Shareholders owning at least ten percent (10%) of the Outstanding Shares of all Classes entitled to vote. Notice shall be sent, postage pre-paid, by mail or such other means determined by the Trustees, at least 7 days prior to any such meeting.

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

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

<u>article VII</u>

<u>DISTRIBUTIONS AND REPURCHASES</u>

Section 7.1 <u>Distributions</u>.

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

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

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

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

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

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

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

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

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

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

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

<u>article</u> <u>VIII</u>

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

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

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

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

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

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

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

<u>article IX</u>

<u>MISCELLANEOUS</u>

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

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

Section 9.3 <u>Establishment of Record Dates</u>. The Trustees may close the Share transfer books of the Trust for a period not exceeding one hundred twenty (120) days preceding the date of any meeting of Shareholders, or the date for the payment of any dividends or other distributions, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect; or in lieu of closing the stock transfer books as aforesaid, the Trustees may fix in advance a date, not exceeding one hundred twenty (120) days preceding the date of any meeting of Shareholders, or the date for payment of any dividend or other distribution, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect, as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of any such dividend or other distribution, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of Shares, and in such case such Shareholders and only such Shareholders as shall be Shareholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or other distribution, or to receive such allotment or rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any Shares on the books of the Trust after any such record date fixed as aforesaid, *provided, however*, that the Trustees and determining that a record date shall be established pursuant to this Section 11.3 may delegate to the officers the selection of actual record date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in Section 9.5 to the contrary, the Trustees may without Shareholder approval (unless such approval is required by the 1940 Act) in dissolution of the Trust or any Class, liquidate, reorganize or dissolve the Trust or any Class in any manner or fashion not inconsistent with applicable law, including, without limitation,

&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) sell and convey all or substantially all of the assets of the Trust or any Class to another trust, partnership, limited liability company, association or corporation, or to a separate series or class of shares thereof, organized under the laws of any state or jurisdiction, for adequate consideration which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent, of the Trust or any Class, and which may include shares of beneficial interest, stock or other ownership interests of such trust, partnership, limited liability company, association or corporation or of a series thereof; or

&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) at any time sell and convert into money all of the assets of the Trust or any Class.

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

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

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

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

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

Section 9.7 <u>Applicable Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Trust Instrument. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. Notwithstanding anything to the contrary in this Trust Instrument, nothing in this Trust Instrument modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

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

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

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

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

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

IN WITNESS WHEREOF, the undersigned, being the Trustees of the Trust, have executed this Trust Instrument as of the 22nd day of January, 2026.

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| |
|:---|
| J. Michael Fields, as Trustee and not individually |
| Stephen A. Mace, as Trustee and not individually |
| Stacy Roode, as Trustee and not individually |
| Amy Small, as Trustee and not individually |

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## Ex-99.(E)

**Exhibit (e)**

**Megacorn Fund**

**Terms and Conditions of Dividend Reinvestment Plan**

Holders of shares of beneficial interests (the "Shares") of Megacorn Fund (the "Fund") who participate (the "Participants") in the Fund's Dividend Reinvestment Plan (the "Plan") are advised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Enrollment of Participants.* Each holder of Shares (a "Shareholder") will automatically be a Participant, subject to the ability to "opt-out" of the Plan. A Shareholder whose Shares are registered in the name of a nominee (such as an intermediary firm through which the Shareholder acquired Shares (an "Intermediary")) must contact the nominee regarding the Shareholder's status under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *The Plan Administrator.* The Fund's administrator (the "Administrator") will act as Administrator for each Participant. The Administrator or its delegee administrator will open an account for each Participant under the Plan in the same name as the one in which his, her or its outstanding Shares are registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Cash Option*. The Fund will declare all income dividends and/or capital gains distributions (collectively, "Distributions") payable in Shares (or, as discussed below, at the option of Shareholders solely upon an affirmative election, in cash). To the extent that a Participant reinvests Distributions in additional Shares, the Participant will receive an amount of Shares of the Fund equal to the amount of the Distribution on that Participant's Shares divided by the net asset value per Share ("NAV") of the Fund that is used for the daily closing date immediately preceding such distribution payment date. Notwithstanding the foregoing, the Fund, in its sole discretion, may elect to provide Participants with an amount of Shares of the Fund equal to the amount of the Distribution on that Participant's Shares divided by 95% of the NAV of the Fund that is used for the daily closing date immediately preceding such distribution payment date.

A Participant wishing to receive cash must affirmatively elect to receive both income dividends and capital gain distributions, if any, in cash. A Participant holding Shares through an Intermediary may elect to receive cash by notifying the Intermediary (who should be directed to inform the Fund). A Shareholder is free to change this election at any time. However, a Shareholder must request to change its election no less than 60 days prior to the record date of the distribution for the change to be effective for such distribution. If the request is made within 60 days prior to the record date of the distribution, the change will not be effective for such distribution but will be effective as to subsequent distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Valuation.* For purposes of the Plan, the Fund's NAV shall be the NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Recordkeeping.* The Administrator will reflect each Participant's Shares acquired pursuant to the Plan together with the Shares of other Shareholders of the Fund acquired pursuant to the Plan in noncertificated form. Each Participant will be sent a confirmation by the Administrator of each acquisition made for his, her or its account as soon as practicable, but not later than 60 days after the date thereof. Distributions on fractional Shares will be credited to each Participant's account to three decimal places. In the event of termination of a Participant's account under the Plan, the Administrator will adjust for any such undivided fractional interest in cash at the NAV of Shares at the time of termination.

Any Distributions of Shares or split Shares distributed by the Fund on Shares held by the Administrator for Participants will be credited to their accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Fees.* The Administrator's service fee, if any, for administering the Plan will be paid by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Termination of the Plan*. The Plan may be terminated by the Fund at any time upon written notice to the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Amendment of the Plan.* These terms and conditions may be amended by the Fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by sending written notice to the Participants at least 30 days prior to the effective date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Applicable Law.* These terms and conditions shall be governed by the laws of the State of Delaware.

Adopted: July 8, 2025

## Ex-99.(G)

**Exhibit (g)**

**FORM OF INVESTMENT MANAGEMENT AGREEMENT**

MEGACORN Fund

AGREEMENT made this [ ] day of [ ], 2026, by and between Megacorn Fund, a Delaware statutory trust (the "Fund"), and Forge Global Advisors LLC, a Delaware limited liability company (the "Investment Adviser").

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

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

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

WHEREAS, the Investment Adviser may, subject to the approval of the Fund's Board of Trustees (the "Board"), retain one or more sub-advisers (the "Sub-Advisers") to render portfolio management services to the Fund pursuant to investment sub-advisory agreements among the Fund, the Investment Adviser and each such Sub-Adviser (each, a "Sub-Advisory Agreement").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT AND ACCEPTANCE. The Fund hereby appoints the Investment Adviser to act as Investment Adviser to the Fund for the period and on the terms set forth in this Agreement. The Investment Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. The Investment Adviser may provide such other additional services to the Fund as reasonably requested by the Fund and agreed to by the Investment Adviser, including preparing and reviewing the Fund's registration statements and any amendments and supplements thereto, preparation and review of materials for Board and Board committee meetings, preparation and review of Fund shareholder reports, proxy statements, and other applicable regulatory reports and communications, and the provision of the Investment Adviser's employees to act as officers of the Fund as agreed with the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES AND AUTHORITIES OF INVESTMENT ADVISER. The Fund employs the Investment Adviser to furnish and manage a continuous investment program for the Fund. The Investment Adviser will continuously review, supervise and (where appropriate) administer the investment program of the Fund, to determine in its discretion (where appropriate) the securities to be purchased, held, sold or exchanged, to provide the Fund with records concerning the Investment Adviser's activities which the Fund is required to maintain and to render regular reports to the Fund's officers and Trustees concerning the Investment Adviser's discharge of the foregoing responsibilities. The Investment Adviser may delegate certain of its duties under this Agreement with respect to the Fund or a portion of its assets to a Sub-Adviser or Sub-Advisers (subject to the approval of the Fund's Board and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the Securities and Exchange Commission, or by rule or regulation, a majority of the outstanding voting securities of the Fund) and thereafter supervise the investment activities of one or more Sub-Advisers deemed necessary to carry out the investment program of the Fund. The retention of a Sub-Adviser by the Investment Adviser shall not relieve the Investment Adviser of its responsibilities under this Agreement. The Investment Adviser may pay a Sub-Adviser a portion of the compensation received by the Investment Adviser hereunder.

The Investment Adviser shall discharge the foregoing responsibilities subject to the control of the Fund's Board and in compliance with the objectives, policies, and limitations for the Fund set forth in the Fund's current registration statement and applicable laws and regulations. The Investment Adviser also agrees to comply with (a) any policies, guidelines, instructions and procedures approved by the Board, and (b) any future amendments or supplements to the Fund's registration statement that, in each case, are provided, in writing, to the Investment Adviser with reasonable notice prior to implementation.

The Investment Adviser shall have the power to carry out any and all of the objectives and purposes of the Fund, as described in the Fund's Prospectus and Statement of Additional Information, and to, perform all acts and enter into and perform all contracts and other undertakings on behalf of the Fund, including delegating such power to perform or to enter into and perform all contracts and undertaking to the Sub-Advisers, as the Investment Adviser deems appropriate or convenient in connection with the provision of its services contained herein. Without limiting the foregoing powers, the Investment Adviser shall have all specific rights and power to do, or to delegate the power to the Sub-Advisers to do, the following on behalf of the Fund:

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

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

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

(iv) monitor, supervise and direct the investments of the Fund and dispose of them in such manner and at such times as the Investment Adviser or Sub-Advisers determine;

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

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

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

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

(ix) take such other actions as may be necessary or advisable in connection with the foregoing.

Without limiting the foregoing powers, the Investment Adviser shall also have specific rights and power to do, or to delegate the power to the Sub-Advisers to do, the following on behalf of the Fund, subject to the approval of the Board to the extent required by the 1940 Act and/or the Fund's policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) other than in connection with investment transactions, enter into, execute, assist in the preparation of, deliver and consummate all agreements, instruments and other documents; and

(xi) obtain financing, borrow money, incur indebtedness, issue guarantees, mortgage, pledge, loan, impose liens upon and grant security interests in all or any part of the Fund's assets; execute promissory notes, loan, pledge or security agreements, or other agreements, documents and instruments in connection therewith.

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

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

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

The Investment Adviser or any of its affiliates may act as broker in connection with the purchase or sale of securities or other investments for the Fund, subject to: (a) the requirement that the Investment Adviser seek to obtain best execution under the circumstances for the transaction; (b) the provisions of the 1940 Act; (c) the provisions of the Advisers Act; and (d) other provisions of applicable law. These brokerage services are not within the scope of the duties of the Investment Adviser under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Board, the Investment Adviser or its affiliates may receive brokerage commissions, fees or other remuneration from the Fund for these services in addition to the Investment Adviser's fees for services under this Agreement.

All securities and other property of the Fund shall remain in the direct or indirect custody of the Fund's custodian except as otherwise authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXPENSES AND COMPENSATION OF THE INVESTMENT ADVISER. The Investment Adviser will, at its own expense, render the services and provide the office space, furnishings and equipment, and personnel required by it to perform the services on the terms and for the compensation provided herein. In addition, with respect to the operation of the Fund, the Investment Adviser shall be responsible for (i) the expenses of printing and distributing extra copies of the Fund's prospectus, statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by any applicable plan adopted pursuant to Rule 12b-1 under the 1940 Act (each, a "12b-1 Plan") or pursuant to, or as a condition of multiple-class exemptive relief obtained from the Securities and Exchange Commission; (ii) the reasonable costs of any special Board meeting or shareholder meeting convened for the primary benefit of the Investment Adviser or, if such special Board meeting or shareholder meeting includes one or more agenda or discussion items that are not for the primary benefit of the Investment Adviser, then the Investment Adviser will be responsible for only its pro-rata share of such costs as determined in good faith by the Investment Adviser and the Fund; and (iii) the costs of the Investment Adviser's in-person attendance at one Fund Board meeting each year, the date of such Board meeting to be agreed to by the Investment Adviser and the Fund. If the Investment Adviser has agreed to limit the operating expenses of the Fund as referenced below, the Investment Adviser also shall be responsible on a monthly basis for any operating expenses that exceed the agreed upon expense limit, subject to the terms of such agreement. Except as otherwise specifically stated herein, the Investment Adviser shall not be responsible for any of the Fund's expenses, including, but not limited to, brokerage and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments. For the avoidance of doubt, the Fund shall bear all fees and expenses incurred in connection with the organization of the Fund and the offering of the Fund's shares and will reimburse Investment Adviser for any such fees and expenses incurred by the Investment Adviser on the Fund's behalf, including fees and expenses in connection with seeking the Securities and Exchange Commission's approval of any exemptive relief contemplated in connection with the establishment or operations of the Fund.

For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay to the Investment Adviser a fee at an annual rate of 1.75%, accrued daily and payable monthly in arrears (the "Investment Advisory Fee"), before giving effect to any repurchase of shares in the Fund. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund. In the case of a partial month, compensation will be based on the number of days during the month in which the Investment Adviser provided services to the Fund. Compensation will be paid to the Investment Adviser before giving effect to any repurchase of any shares in the Fund effective as of that date.

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

All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BOOKS AND RECORDS. The Investment Adviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Fund, except as otherwise provided herein, required by applicable law or regulation or as may be necessary for the Investment Adviser to supply to the Fund or its Board the information required to be supplied under this Agreement. The Investment Adviser will maintain all books and records with respect to the securities transactions of the Fund and will furnish to the Fund's Board such periodic and special reports as the Board may reasonably request. The Fund and the Investment Adviser agree to furnish to each other, if applicable, current registration statements, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. STATUS OF INVESTMENT ADVISER. The services of the Investment Adviser to the Fund are not to be deemed exclusive, and the Investment Adviser shall be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Investment Adviser shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. LIMITATION OF LIABILITY AND INDEMNIFICATION OF INVESTMENT ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Investment Adviser and any partner, member, manager, director, officer or employee of the Investment Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, shall not be subject to liability to the Fund or otherwise under this Agreement for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation, for any error of judgment, for any mistake of law, for any act or omission by the Investment Adviser or any affiliate of the Investment Adviser or by any Sub-Adviser, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify, to the fullest extent permitted by law, the Investment Adviser, or any partner, member, manager, officer or employee of the Investment Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives (each such person being an "Indemnitee"), against any claim, loss, damage, liability, reasonable cost, or reasonable expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) (individually, the "Liability," and collectively, the "Liabilities") to which the person may be liable that arises or results from (i) this Agreement or the performance of any services under this Agreement, so long as such Liabilities did not arise primarily from such person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under this Agreement or (ii) the Investment Adviser's obligation to indemnify a Sub-Adviser or any partner, member, manager, officer or employee of the Sub-Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives under the terms of the Sub-Adviser's Sub-Advisory Agreement so long as such indemnification obligations did not arise primarily from the such Indemnitee's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investment Adviser shall indemnify, to the fullest extent permitted by law, the Fund and all controlling persons of the Fund (as described in Section 15 of the Securities Act of 1933, as amended), against any Liability to which the person may be liable that results from the Investment Adviser's willful misfeasance, bad faith, or gross negligence in connection with the performance of the Investment Adviser's obligations under this Agreement, or from the Investment Adviser's reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund are or may be interested in the Investment Adviser (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Investment Adviser are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Investment Adviser (or any successor) is or may be interested in the Fund as an interest holder or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AUTHORITY; NO CONFLICT. The Investment Adviser represents, warrants and agrees that: it has the authority to enter into and perform the services contemplated by this Agreement; and the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Investment Adviser or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. FUND REPRESENTATIONS: The Fund represents, warrants and agrees that it: (a) has all requisite power and authority to enter into and perform its obligations under this Agreement; (b) has taken all necessary actions to authorize its execution, delivery and performance of this Agreement; and has furnished to the Investment Adviser copies of each of the following documents: (i) the governing documents of the Fund; (ii) the resolutions of the Board approving the engagement of the Investment Adviser as investment adviser of the Fund and approving this Agreement; and (iii) current copies of the Fund's Prospectus and Statement of Additional Information. The Fund shall furnish the Investment Adviser from time to time with copies of all material amendments of or material supplements to each of the foregoing, if any, with reasonable notice prior to implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. NO LICENSE OF INVESTMENT ADVISER'S NAME. The Parties agree that the name of the Investment Adviser, the names of any affiliates of the Investment Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Investment Adviser and its affiliates. If the Fund makes any unauthorized use of the Investment Adviser's names, derivatives, logos, trademarks, or service marks or trade names, the parties acknowledge that the Investment Adviser shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Investment Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. DURATION AND TERMINATION. This Agreement, unless sooner terminated as provided herein, shall remain in effect until [ ], 2028 and thereafter, may continue in effect only if such continuance is specifically approved at least annually (a) by the vote of a majority of those Trustees of the Board who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (b) by a vote of a majority of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Investment Adviser may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

Notwithstanding the foregoing, this Agreement may be terminated as to the Fund at any time, without the payment of any penalty, by vote of a majority of members of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Investment Adviser, or by the Investment Adviser at any time, without the payment of any penalty, on 60 days written notice to the Fund. This Agreement will automatically and immediately terminate in the event of its assignment. Any notice under this Agreement shall be given in writing, addressed and delivered, or mailed postpaid, to the other party at any office of such party.

As used in this Section 12, the terms "assignment", "interested persons", and a "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder; subject to such exemptions as may be granted by the Securities and Exchange Commission under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. NOTICE. Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by delivery service or registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice:

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| |
|:---|
| If to the Investment Adviser: |
| Forge Global Advisors LLC |
| Attn: Monica Simon, Head of Legal |
| 4 Embarcadero Center, Ste 1500 |
| San Francisco, CA 94111<br> Telephone: 800-279-7754 |
| If to the Fund: |
| Megacorn Fund |
| c/o UMB Fund Services, Inc. |
| 235 West Galena Street |
| Milwaukee, WI 53212<br> Telephone: [ ] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. SEVERABILITY. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. GOVERNING LAW. This Agreement shall be construed in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. AMENDMENT. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. COUNTERPARTS. This Agreement may be executed simultaneously 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. TRACK RECORD. Notwithstanding anything else to the contrary herein, the Investment Adviser shall retain a right to use the investment performance and track record of the Fund (including in marketing materials) to the extent permitted by law. Further, for the avoidance of doubt, the Investment Adviser shall be entitled to retain a copy and use records of each of its transactions and other records pertaining to the Fund as are necessary to support any such uses of the investment performance and track record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. MISCELLANEOUS**.** Where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. NO THIRD PARTY BENEFICIARIES. The parties hereto acknowledge and agree that this Agreement is intended solely for the benefit of the parties hereto and any natural person or entity obtaining rights hereunder as an Indemnitee and that there shall be no third party beneficiaries to this Agreement, either express or implied.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and effective as of the day and year first written above.

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| | |
|:---|:---|
| MEGACORN FUND | MEGACORN FUND |
| By: |  |
| Name: |  |
| Title: |  |
| FORGE GLOBAL ADVISORS LLC | FORGE GLOBAL ADVISORS LLC |
| By: |  |
| Name: | Vince Gubitosi |
| Title: | Co-President, Asset and Wealth Management |

---

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

**Exhibit (h)(1)**

FORM OF

DISTRIBUTION AGREEMENT

THIS AGREEMENT is made and entered into as of this __ day of _____, 2025, by and between Megacorn Fund, a Delaware statutory trust (the "Fund") and Distribution Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified closed-end management investment company and operates as an interval fund, and is authorized to issue Shares of beneficial interest ("Shares");

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board") and its disinterested trustees/directors in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

1. Appointment of Distributor. The Fund hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

2. Services and Duties of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus, including the statement of additional information, as amended or supplemented, relating to the Fund and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Fund under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the public offering of Shares of the Fund, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or directly to the Fund, or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV. The Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials for compliance with applicable FINRA and SEC advertising rules and regulations, and shall file with FINRA those marketing materials that it believes are in compliance with such laws and regulations. The Distributor agrees to furnish to the Fund any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to redeem or repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with qualified broker-dealers and other financial intermediaries (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

3. Representations, Warranties and Covenants of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization and is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Fund and, when executed and delivered, will constitute a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws/operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares are validly authorized and, when issued in accordance with the description in the Prospectus, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Statement and Prospectus included therein have been prepared in conformity with the requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and Prospectus and any marketing material prepared by the Fund or its agents do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the Distributor pursuant to this Agreement shall be true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Fund owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual Property") necessary for or used in the conduct of the Fund's business and for the offer, issuance, distribution and sale of the Fund Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned, held or licensed by any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all necessary approvals, authorizations, consents or orders of or filings with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Fund in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, the filing with FINRA's corporate financing department through its Public Offering System or ongoing compliance with an exemption from filing, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C. The Fund agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material correspondence or other communication by the Securities and Exchange Commission ("SEC") or its staff relating to the Fund, including requests by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event which makes untrue any statement of a material fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all actions taken by the SEC with respect to any amendments to any Registration Statement or Prospectus which may from time to time be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event that it determines to suspend the sale of Shares at any time in response to conditions in the securities markets or otherwise or to suspend the redemption of Shares of any Fund at any time as permitted by the 1940 Act or the rules of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the Fund will not meet the requirements of the Corporate Financing Rule exemption in FINRA Rule 5110(h)(2)(L); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) of the commencement of any litigation or proceedings against the Fund or any of their officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed of its affairs and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by their independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide, and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

4. Representations, Warranties and Covenants of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed and delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

5. Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services in connection with the distribution of Shares of the Fund, Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to between the investment adviser and Distributor.

6. Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

7. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund shall advance attorney's fees and other expenses incurred by a Distributor Indemnitee in defending any claim, demand, action or suit which is the subject of a claim for indemnification pursuant to this Section 7 to the maximum extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended)

include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s), and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

8. Dealer Agreement Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker-dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non-Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

9. Limitations on Damages. Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

10. Force Majeure. Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

11. Duration and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) the vote of a majority of the outstanding voting securities of the Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement will automatically terminate in the event of its "assignment" as such term is defined in the 1940 Act and the rules thereunder.

12. Anti-Money Laundering Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

13. Privacy. In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by SEC Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

14. Confidentiality. During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing Party; (ii) information that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the Receiving Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates without reference to the Disclosing Party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information, and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

15. Notices.

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| (i) To Distributor: | (ii) To the Fund: |
| Distribution Services, LLC | Megacorn Fund |
| Attn: Legal Department | Attn: |
| Three Canal Plaza, Suite 100 | Address: |
| Portland, ME 04101 | Address: |
| Telephone: (207) 553-7110 | Telephone: |
| Email: legal@foreside.com | Email: |

---

16. Modifications. The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

17. Governing Law. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

18. Entire Agreement. This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

19. Survival. The provisions of Sections 5, 6, 7, 8, 9, 13, 14, 17, and 19 of this Agreement shall survive any termination of this Agreement.

20. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

21. Counterparts. This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

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| | |
|:---|:---|
| Megacorn Fund | Megacorn Fund |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Distribution Services, LLC | Distribution Services, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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EXHIBIT A

<u>Compensation</u>

<u>SALES LOADS</u>:

&nbsp;&nbsp;&nbsp;&nbsp;1. 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.

<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.

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**FORM OF MEGACORN Fund**

**DISTRIBUTION AND SERVICE PLAN**

**ADVISOR CLASS SHARES**

This Distribution and Service Plan (the "Plan") has been adopted in conformity with Rule 12b-1<sup>1</sup> (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by Megacorn Fund, a Delaware statutory trust (the "Fund"), with respect to its classes of shares of beneficial interest designated as Advisor Class Shares (the "Class," and all such units, the "Shares") subject to the terms and conditions set forth herein.

WHEREAS, the Fund engages in business as a closed-end management investment company and is registered as such under the 1940 Act; and

WHEREAS, the Fund may enter into one or more agreements with the principal underwriter of the Fund (the "Distributor") and/or one or more other underwriters, distributors, dealers, brokers, banks, trust companies, selling agents, and other financial intermediaries (each, an "Intermediary") for the sale of Shares and/or the servicing or maintenance of accounts for the beneficial owners of the Shares (each, an "Agreement"); and

WHEREAS, the Board of Trustees of the Fund, and the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or any Agreement (the "Independent Trustees"), having determined, in the exercise of their reasonable business judgment and in light of their fiduciary duties under state law and under Sections 36(a) and (b) of the 1940 Act, that there is a reasonable likelihood that this Plan and such Agreements will benefit the Fund, the Class, and the shareholders thereof, have accordingly approved this Plan and the Agreements by votes cast in person at a meeting called for the purpose of voting on this Plan and the Agreements;

NOW, THEREFORE, the Fund hereby adopts this Plan in accordance with the Rule, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DISTRIBUTION AND SERVICING ACTIVITIES. Subject to the supervision of the Board of Trustees, the Fund may engage, directly or indirectly, in financing any activities primarily intended to result in the sale of Shares and in investor servicing activities, including, but not limited to, the following: (a) making payments to the Distributor and/or one or more Intermediaries, which payments may be used to compensate such persons for such activities, without regard to the actual expenses incurred thereby; (b) providing reimbursement of direct out-of-pocket expenditures by the Distributor and/or Intermediaries in connection with the distribution of Shares; and (c) making payments to compensate the Distributor and/or Intermediaries for servicing and/or maintaining accounts for the beneficial owners of the Shares (such as: personal services including, among others, responding to investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Shares beneficially owned by investors; and processing dividend payments for the Fund on behalf of investors).

<sup>1</sup> The Rule does not apply to closed-end management investment companies such as the Fund. However, the Fund has obtained relief from the Securities and Exchange Commission to permit the Fund to offer multiple classes of Shares of beneficial interest. As a condition of reliance on the exemptive relief, the Fund is required to comply with the Rule as if the Rule applied to closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DISTRIBUTION AND/OR SERVICE FEE. The Fund is authorized to make periodic payments to the Distributor and/or Intermediaries at the annual rate provided for in the Agreements, such rate not to exceed an annual rate of 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Advisor Class Shares (the "Distribution and/or Service Fee"). If amounts are received by the Distributor, the Distributor may in turn remit to and allocate among one or more Intermediaries, as compensation for, and/or as reimbursement for expenses incurred in the provision of, distribution or investor services, such amounts as the Distributor shall determine. Any amounts received by the Distributor and not so allocated may be retained by the Distributor as compensation to the Distributor for providing services under the Agreement and/or as reimbursement for expenses incurred in connection with the distribution and/or the servicing or maintenance of shareholder accounts as contemplated by Section 1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. TERM AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial Term. This Plan shall become effective upon the effective date written below, subject to approval of the Plan by votes of a majority of both (i) the Board of Trustees of the Fund and (ii) the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval, and shall continue in effect thereafter (subject to Section 3(c) hereof) until one year from the date of such effectiveness, unless the continuation of this Plan shall have been approved in accordance with the provisions of Section 3(b) hereof. Notwithstanding the foregoing, this Plan shall not take effect until it has been approved by a vote of at least a majority of the outstanding holders of Advisor Class Shares of the Fund; except to the extent it is adopted with respect to Advisor Class Shares before any public offering of such Class of Shares or the sale of such Class of Shares to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Continuation. This Plan shall continue in effect subsequent to the initial term specified in Section 3(a) for so long as such continuance is specifically approved at least annually by votes of a majority of both (i) the Board of Trustees of the Fund and (ii) the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan, subject to any investor approval requirements existing under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination. This Plan may be terminated at any time by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding Advisor Class Shares. For purposes of this Plan, the term "vote of a majority of the outstanding Shares" of a Class shall mean the vote of the lesser of (A) 67 percent or more of the outstanding voting Shares of such Class present at such meeting, if the holders of more than 50 percent of the outstanding voting Shares of such Class are present and represented by proxy; or (B) more than 50 percent of the outstanding voting Shares of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AMENDMENTS. This Plan may be amended by votes of the majority of both (i) the Trustees and (ii) the Independent Trustees, cast in person at a meeting of the Trustees called for the purpose of voting on such amendment; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Advisor Class Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INDEPENDENT TRUSTEES. While this Plan is in effect, the selection and nomination of Trustees who are not interested persons (as defined in the 1940 Act) of the Fund shall be committed to the discretion of the Trustees who are not interested persons of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. QUARTERLY REPORTS. The Distributor shall provide to the Trustees of the Fund, and the Trustees shall review, at least quarterly, a written report of the amounts expended for the distribution of the Shares pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. RECORDKEEPING. The Fund shall preserve copies of this Plan, the Agreements, and any related agreements and all reports made pursuant to Section 6 hereof, for a period of not less than six years from the date of this Plan and the Agreements (including any related agreements) or such reports, as the case may be, the first two years in an easily accessible place.

Adopted Effective as of: [ ]

## Ex-99.(J)

**Exhibit (j)**

**FORM OF**

**CUSTODY AGREEMENT**

This agreement (this "<u>Agreement</u>"), effective as of ______________ (the "<u>Effective Date</u>"), is made between **UMB Bank, n.a.** ("<u>Custodian</u>") and **Megacorn Fund** (the "<u>Fund</u>" and, together with Custodian, the "<u>Parties</u>").

**WHEREAS**, the Fund is managed by Accuidity Fund I LLC (together with the investment advisers or sub-advisers, if any, the "<u>Manager</u>").

**WHEREAS**, pursuant to the terms of its operating agreement, partnership agreement, or other organizational document (the "<u>Organizational Document</u>"), the Fund is authorized to issue, offer, and sell interests in the Fund representing interests in a separate portfolio of securities and other assets ("<u>Interests</u>") in reliance upon exemptions provided in the Securities Act of 1933, the Investment Company Act of 1940, and the securities laws of the various states for transactions not involving any public offering.

**WHEREAS**, under the terms of a Confidential Private Placement, Information or Offering Memorandum, or such other offering document (the "<u>Offering Memorandum</u>"), the Manager will invest (or cause to be invested) the proceeds of each offering of Interests in accordance with the investment objectives and restrictions set forth therein and in the Organizational Document.

**WHEREAS**, the Fund desires to appoint Custodian as its custodian for the custody of Assets (as defined below), which are to be held in such accounts as the Fund may establish.

**WHEREAS**, Custodian is willing to accept such appointment on the terms and conditions hereof.

**NOW, THEREFORE,** in consideration of the mutual promises contained herein, the Parties, intending to be legally bound, mutually covenant and agree as follows:

1. **<u>APPOINTMENT OF CUSTODIAN</u>.** The Fund hereby constitutes and appoints Custodian as custodian of Assets which have been or may be delivered to and accepted by Custodian. Custodian accepts such appointment as a custodian and shall perform the services and duties as set forth herein. For purposes of this Agreement, "<u>Assets</u>" means Securities, Underlying Shares, monies, and other property of the Fund. "<u>Securities</u>" means stocks, bonds, rights, warrants, certificates, instruments, obligations, and all other negotiable or non-negotiable paper commonly known as securities but shall not include Underlying Shares. "<u>Underlying Shares</u>" means uncertificated shares of, or other interests in, other investment funds, accounts or vehicles (including, but not limited to, mutual funds).

2. **<u>INSTRUCTIONS</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "<u>Instruction</u>" means a request, direction, instruction or certification initiated by the Fund and conforming to the terms of this paragraph. An Instruction may be transmitted to Custodian by any of the following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a writing manually signed on behalf of the Fund by an Authorized Person (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a telephonic or other oral communication from a person Custodian reasonably believes to be an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a communication effected through the internet or web-based functionality (including without limitation, emails, data files, and other communications) on behalf of the Fund ("<u>Electronic Communication</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other means reasonably acceptable to the Parties.

Instructions in the form of oral communications shall be confirmed by the Fund by either a writing (as set forth in (1) above) or an Electronic Communication, but the lack of such confirmation shall in no way affect any action taken by Custodian in reliance upon such oral Instructions prior to Custodian's receipt of such confirmation. The Fund authorizes Custodian to record any and all telephonic or other oral Instructions communicated to Custodian. The Parties acknowledge and agree that with respect to Instructions transmitted by an Electronic Communication, Custodian cannot verify that the Electronic Communication has been initiated by an Authorized Person. Accordingly, Custodian shall have no liability as a result of actions taken in reliance on unauthorized Electronic Communication Instructions. Custodian recommends that any Instructions transmitted by the Fund via email be done so through a secure system or process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Special Instructions</u>" mean Instructions countersigned or confirmed in writing by the Treasurer or any other officer of the Manager or the Fund, which countersignature or confirmation shall be on the same instrument containing the Instructions or on a separate instrument relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Instructions and Special Instructions shall be delivered to Custodian at the address and/or telephone or email address agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where appropriate, Instructions and Special Instructions shall be continuing Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Authorized Person shall be responsible for assuring the accuracy and completeness of Instructions. If Custodian reasonably determines that an Instruction is unclear or incomplete, Custodian may notify the Fund of such determination, in which case the Fund shall be responsible for delivering to Custodian an amended Instruction. Custodian shall have no obligation to take any action until an Authorized Person re-delivers an Instruction that is clear and complete to Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall be responsible for delivering Instructions or Special Instructions in a timely manner, after considering such factors as the involvement of subcustodians, brokers, or agents in a transaction, time zone differences, reasonable industry standards, etc. Custodian shall have no liability if the Fund delivers Instructions or Special Instructions after any deadline established by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) By providing Instructions to acquire or hold Foreign Assets, the Fund shall be deemed to have confirmed to Custodian that it has considered and accepted responsibility for all Sovereign Risks and Country Risks (each as defined in Section 6(a) below) associated with investing in a particular country or jurisdiction. "<u>Foreign Assets</u>" means any Asset (including foreign currencies) for which the primary market is outside the United States and any cash or cash equivalents that are reasonably necessary to effect the Fund's transactions in those Assets.

3. **<u>DELIVERY OF ORGANIZATIONAL DOCUMENTS</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party represents that: (1) its execution of this Agreement does not violate any of the provisions of its Organizational Document or any agreement governing its operations; (2) all required corporate or organizational action to authorize the execution and delivery of this Agreement has been taken; and (3) the person signing this Agreement is authorized to bind it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request, the Fund shall provide to Custodian documentation regarding the Fund, including, by way of example: its Offering Memorandum, Organizational Document, by-laws (or other similar agreement governing its operations), resolutions, the investment management or investment advisory agreement between the Fund and the Manager, W-9s and other tax-related documentation, compliance policies and procedures, and other compliance documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall promptly deliver to Custodian copies of the resolution(s) of the Fund and its Manager (and all amendments or supplements thereto) designating certain partners, managing members, directors, officers, employees, and/or agents of the Fund and the Manager who will have continuing authority to certify to Custodian: (1) the names, titles, signatures, and scope of authority of all persons authorized to give Instructions or any other notice, request, direction, instruction, certificate, or instrument on behalf of the Fund and the Manager; and (2) the names, titles, and signatures of those persons authorized to countersign or confirm Special Instructions on behalf of the Fund and the Manager (collectively, "<u>Authorized Persons</u>"). Such resolutions and certificates may be accepted and relied upon by Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until delivery to Custodian of a similar resolution or certificate to the contrary; **provided however** that Custodian may rely upon any written designation furnished by the Manager designating persons authorized to countersign or confirm Special Instructions (as provided in Section 2(b)). Upon delivery of a certificate which deletes or does not include the name(s) of a person previously authorized to give Instructions or to countersign or confirm Special Instructions, such person shall no longer be considered an Authorized Person. Unless the certificate specifically requires that the approval of anyone else will first have been obtained, Custodian will be under no obligation to inquire into the right of the person giving such Instructions or Special Instructions to do so. Notwithstanding any of the foregoing, no Instructions or Special Instructions will be deemed to authorize or permit any partner, managing member, director, officer, employee, or agent of the Fund, the Manager, or the Investment Manager to withdraw any of the Assets upon the mere receipt of such authorization, Special Instructions, or Instructions from such partner, managing member, director, trustee, officer, employee, agent, or Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall promptly provide to Custodian completed Subscription Agreements and any other applicable documentation for the Fund's investment in any underlying investment companies. Such investments will only be Securities (and therefore Assets) upon receipt by Custodian of completed Subscription Agreements for the Fund. The Fund undertakes to work with Custodian to ensure that quarterly confirmations, and any documentation representing changes to the Fund's holding in such investment (such as related to an "add-on" purchase), are provided to Custodian as soon as practicably possible.

4. **<u>POWERS AND DUTIES OF CUSTODIAN AND DOMESTIC SUBCUSTODIAN</u>.** Except for Assets held by any Foreign Subcustodian, Interim Subcustodian or Special Subcustodian (each as defined in Section 5 below), Custodian shall have and perform the powers and duties hereinafter set forth in Schedule A.

5. **<u>SUBCUSTODIANS</u>.** Custodian may appoint one or more Domestic Subcustodians (as defined below), Foreign Subcustodians, Special Subcustodians, or Interim Subcustodians to act on behalf of the Fund. For purposes of this Agreement, all Domestic Subcustodians, Special Subcustodians, Foreign Subcustodians, and Interim Subcustodians shall be referred to collectively as "<u>Subcustodians</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Domestic Subcustodians</u>. Upon written approval from the Fund, Custodian may appoint any bank, trust company, or other entity to act for Custodian on behalf of the Fund as a subcustodian for purposes of holding Assets and performing other functions of Custodian within the United States (a "<u>Domestic Subcustodian</u>"). Each Domestic Subcustodian shall be listed on Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Foreign Subcustodians</u>. Custodian may appoint (or cause a Domestic Subcustodian to appoint) any bank, trust company, or other entity to act for Custodian on behalf of the Fund as a subcustodian or sub-subcustodian (if appointed by a Domestic Subcustodian) for purposes of holding Assets and performing other functions of Custodian in countries other than the United States of America (a "<u>Foreign Subcustodian</u>", in the context of either a subcustodian or sub-subcustodian); **provided that** Custodian shall have obtained written confirmation from the Fund or the approval of the Manager (which approval may be withheld in the sole discretion of the Manager) with respect to: (1) the identity of any proposed Foreign Subcustodian; (2) the country or countries in which, and the securities depositories or clearing agencies ("<u>Foreign Securities Depositories and Clearing Agencies</u>"), if any, through which Custodian, or any proposed Foreign Subcustodian is authorized to hold Assets; and (3) the form and terms of the subcustodian agreement to be entered into with the proposed Foreign Subcustodian. The Fund shall be responsible for informing Custodian sufficiently in advance of a proposed investment which is to be held in a country in which no Foreign Subcustodian is authorized to act, so that Custodian (or any Domestic Subcustodian) has sufficient time to effect the appropriate arrangements with a proposed Foreign Subcustodian (including obtaining approval as provided in this Section 5(b)). In connection with the appointment of any Foreign Subcustodian, Custodian shall enter into (or shall cause the Domestic Subcustodian to enter into) a subcustodian agreement with the Foreign Subcustodian in form and substance approved by the Manager. Custodian shall not consent to the amendment of (and shall cause any Domestic Subcustodian not to consent to the amendment of) any agreement entered into with a Foreign Subcustodian, which materially affects any Fund's rights under such agreement, except upon prior written approval of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Interim Subcustodians</u>. Notwithstanding the foregoing, in the event that the Fund invests in an Asset to be held in a country in which no Foreign Subcustodian is authorized to act, Custodian or Domestic Subcustodian shall promptly notify the Fund in writing by Electronic Communication or otherwise of the unavailability of an approved Foreign Subcustodian in such country. Custodian and the Domestic Subcustodian, as applicable, shall: (1) be entitled to rely on and shall have no liability or responsibility for following an Instruction; and (2) have no duties or liabilities hereunder, save those that it may undertake specifically in writing with respect to each particular instance. Upon the receipt of Instructions, Custodian may (in its absolute discretion) designate (or cause the Domestic Subcustodian to designate) an entity (an "<u>Interim Subcustodian</u>") designated by the Manager in Instructions to hold such Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Special Subcustodians</u>. Upon receipt of Instructions, Custodian shall appoint one or more banks, trust companies, or other entities designated in such Special Instructions to act for Custodian on behalf of the Fund as a subcustodian for purposes of: (1) effecting third-party repurchase transactions with banks, brokers, dealers, or other entities through the use of a common custodian or subcustodian; (2) providing depository and clearing agency services with respect to certain variable rate demand note Securities; (3) providing depository and clearing agency services with respect to dollar denominated Securities; and (4) effecting any other transactions designated by the Fund in Instructions. Each such designated subcustodian (a "<u>Special Subcustodian</u>") shall be listed on Appendix A. In connection with the appointment of any Special Subcustodian, Custodian may enter into a subcustodian agreement with the Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of a Subcustodian</u>. Custodian or Domestic Subcustodian may (at any time in its discretion upon notification to the Fund) terminate any Subcustodian in accordance with the termination provisions under the applicable subcustodian agreement. Upon the receipt of Special Instructions, Custodian or Domestic Subcustodian shall terminate any Subcustodian in accordance with the termination provisions under the applicable subcustodian agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information Regarding Foreign Subcustodians</u>. Upon request of the Fund, Custodian shall deliver (or cause the Domestic Subcustodian to deliver) to the Fund a letter or list stating: (1) the identity of each Foreign Subcustodian then acting on behalf of Custodian; (2) the Foreign Securities Depositories and Clearing Agencies in each foreign market through which each Foreign Subcustodian is then holding Assets; and (3) such other information as may be requested by the Fund.

6. **<u>STANDARD OF CARE</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Standard of Care</u>. Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. Custodian shall be liable to the Fund for all losses, damages, and reasonable costs and expenses suffered or incurred by the Fund resulting from the gross negligence or willful misconduct of Custodian; **provided however that** in no event shall Custodian be liable for attorneys' fees or for special, indirect, consequential, or punitive damages arising under or in connection with this Agreement.

Subject to Custodian's general standard of care set forth above, Custodian shall not incur liability hereunder if Custodian or any Subcustodian or Securities System, or any Subcustodian, Foreign Securities Depository and Clearing Agency utilized by any such Subcustodian, or any nominee of Custodian or any Subcustodian (each, a "<u>Person</u>") is prevented, forbidden, or delayed from performing (or omits to perform) any act or thing which this Agreement provides shall be performed (or omitted to be performed) by reason of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "<u>Sovereign Risk</u>," which means, in respect of any jurisdiction (including but not limited to the United States of America) where investments are acquired or held hereunder: (A) any act of war, terrorism, riot, insurrection, or civil commotion; (B) the imposition of any investment, repatriation, or exchange control restrictions by any governmental authority; (C) the confiscation, expropriation, or nationalization of any investments by any governmental authority, whether de facto or de jure; (D) any devaluation or revaluation of the currency; (E) the imposition of taxes, levies, or other charges affecting investments; (F) any change in the applicable law; or (G) any other economic, systemic, or political risk incurred or experienced, except as otherwise provided in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "<u>Country Risk</u>," which means (with respect to the acquisition, ownership, settlement, or custody of investments in a jurisdiction) all risks relating to (or arising in consequence of) systemic and markets factors affecting the acquisition, payment for, or ownership of investments, including: (A) the prevalence of crime and corruption in such jurisdiction; (B) the inaccuracy or unreliability of business and financial information; (C) the instability or volatility of banking and financial systems (or the absence or inadequacy of an infrastructure to support such systems); (D) custody and settlement infrastructure of the market in which such investments are transacted and held; (E) the acts, omissions, and operation of any Foreign Securities Depository and Clearing Agency; (F) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars, or transfer agents; (G) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets; and (H) the laws relating to the safekeeping and recovery of the Assets held in custody pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Actions Prohibited by Applicable Law, Etc</u>. In no event shall Custodian incur liability hereunder if any Person is prevented, forbidden, or delayed from performing (or omits to perform) any act or thing which this Agreement provides shall be performed (or omitted to be performed) by reason of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) provision of any present or future law, regulation, or order of the United States of America (or any state thereof), any foreign country (or political subdivision thereof), or any court of competent jurisdiction (and neither Custodian nor any other Person shall be obligated to take any action contrary thereto); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "<u>Force Majeure</u>," which means any circumstance or event which (A) is beyond the reasonable control of Custodian, a Subcustodian, or any agent of Custodian or a Subcustodian and (B) adversely affects the performance by Custodian of its obligations hereunder, by the Subcustodian of its obligations under its subcustodian agreement or by any other agent of Custodian or the Subcustodian, unless in each case, such delay or nonperformance is caused by the gross negligence or willful misconduct of Custodian. Such Force Majeure events may include any event caused by, arising out of or involving (i) an act of God, (ii) accident, fire, water damage, or explosion, (iii) any computer system outage or downtime or other equipment failure or malfunction caused by any computer virus or any other reason or the malfunction or failure of any communications medium, (iv) any interruption of the power supply or other utility service, (v) any strike or other work stoppage, whether partial or total, (vi) any delay or disruption resulting from or reflecting the occurrence of any Sovereign Risk, (vii) any disruption of (or suspension of trading in) the securities, commodities, or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, (viii) any encumbrance on the transferability of cash, currency, or a currency position on the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, or (ix) any other cause similarly beyond the reasonable control of Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Liability for Past Records</u>. Neither Custodian nor any Domestic Subcustodian shall have any liability in respect of any loss, damage, or expense suffered by the Fund, insofar as such loss, damage, or expense arises from the performance of Custodian or any Domestic Subcustodian in reliance upon records that were maintained for the Fund by entities other than Custodian or any Domestic Subcustodian prior to Custodian's employment hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Advice of Counsel</u>. Custodian and all Domestic Subcustodians shall be entitled to receive and act upon advice of counsel of its own choosing on all matters. Custodian and all Domestic Subcustodians shall be without liability for any actions taken or omitted in good faith pursuant to the advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Advice of the Fund and Others</u>. Custodian and any Domestic Subcustodian may rely upon the advice of any Fund and upon statements of the Fund's accountants and other persons believed by it in good faith to be expert in matters upon which they are consulted. Neither Custodian nor any Domestic Subcustodian shall be liable for any actions taken or omitted, in good faith, pursuant to such advice or statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information Services</u>. Custodian may rely upon information received from (1) issuers of Assets (or agents of such issuers); (2) Subcustodians or depositories; (3) data reporting services that provide detail on corporate actions and other securities information; and (4) other commercially reasonable industry sources. Provided that Custodian has acted in accordance with the standard of care set forth in Section 6(a), it shall have no liability as a result of relying upon such information sources (including but not limited to errors in any such information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Instructions Appearing to be Genuine</u>. Custodian and all Domestic Subcustodians shall: (1) be fully protected and indemnified in acting as a custodian hereunder upon any resolutions of the Board of the Fund, its Manager, or its Investment Manager, Instructions, Special Instructions, advice, notice, request, consent, certificate, instrument, or paper appearing to it to be genuine and to have been properly executed; (2) unless otherwise specifically provided herein, be entitled to receive as conclusive proof of any fact or matter required to be ascertained from any Fund hereunder a certificate signed by any officer of the Fund authorized to countersign or confirm Special Instructions; (3) be entitled to rely upon any Instructions or Special Instructions; (4) be entitled to assume that any Instructions or Special Instructions are not in any way inconsistent with the provisions of the Fund's Organizational Documents, Offering Memorandum, or any other agreement governing the Fund's operations; (5) have no duty to inquire into or investigate the validity, accuracy, or content of any Instruction or Special Instruction; and (6) have no liability for any losses, damages, or expenses incurred by the Fund arising from the use of a non-secure form of email or other non-secure electronic system or process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Investment Advice</u>. Custodian shall have no duty to assess the risks inherent in Assets or to provide investment advice, accounting or other valuation services regarding any such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exceptions from Liability</u>. Without limiting the generality of any other provisions hereof, neither Custodian nor any Domestic Subcustodian shall be under any duty or obligation to inquire into, nor be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the validity of the issue of any Securities purchased by or for the Fund, the legality of the purchase thereof or evidence of ownership required to be received by the Fund, or the propriety of the decision to purchase or amount paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the legality of the sale, transfer, or movement of any Securities by or for the Fund, or the propriety of the amount for which the same were sold; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any other expenditures, encumbrances of Securities, borrowings or similar actions with respect to any Assets;

and may, until notified to the contrary, presume that all Instructions or Special Instructions received by it are not in conflict with or in any way contrary to any provisions of the Fund's Organizational Document, Offering Memorandum, or any agreement governing the operations of the Fund.

7. **<u>LIABILITY OF CUSTODIAN FOR ACTIONS OF OTHERS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Domestic Subcustodians</u>. Except as provided in Section 7(d), Custodian shall be liable for the acts or omissions of any Domestic Subcustodian to the same extent as if such actions or omissions were performed by Custodian itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liability for Acts and Omissions of Foreign Subcustodians</u>. Custodian shall be liable to the Fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Foreign Subcustodian only to the extent that, under the terms set forth in the subcustodian agreement between Custodian or a Domestic Subcustodian and such Foreign Subcustodian, the Foreign Subcustodian has failed to perform in accordance with the standard of conduct imposed under such subcustodian agreement and Custodian or Domestic Subcustodian recovers from the Foreign Subcustodian under the applicable subcustodian agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Securities Systems, Interim Subcustodians, Special Subcustodians, Foreign Securities and Clearing Agencies</u>. Custodian shall not be liable to any Fund for any loss, damage, or expense suffered or incurred by the Fund resulting from or occasioned by the actions or omissions of a Securities System, Interim Subcustodian, Special Subcustodian, or Foreign Securities Depository and Clearing Agency, unless such loss, damage, or expense is caused by (or results from) the gross negligence or willful misconduct of Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Failure of Third-Parties</u>. Custodian shall not be liable for any loss, damage, or expense suffered or incurred by any Fund resulting from or occasioned by the actions, omissions, neglects, defaults, insolvency, or other failure of: (1) any issuer of any Securities or Underlying Shares or of any agent of such issuer; (2) any counterparty with respect to any Asset, including any issuer of any option, futures, derivatives, or commodities contract; (3) the Manager or other agent of the Fund; (4) any broker, bank, trust company, or any other person with whom Custodian may deal (other than any of such entities acting as a Subcustodian, Securities System, or Foreign Securities Depository and Clearing Agency, for whose actions the liability of Custodian is set out elsewhere in this Agreement); or (5) any agent or depository (including but not limited to a securities lending agent or precious metals depository) with whom Custodian may deal at the direction of (and behalf of) the Fund; unless such loss, damage, or expense is caused by (or results from) the gross negligence or willful misconduct of Custodian or Custodian's breach of the terms of any contract between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer Agents</u>. Custodian shall not be liable to the Fund for any loss or damage to the Fund resulting from the maintenance of Underlying Shares with a Transfer Agent, except for losses resulting directly from the gross negligence or willful misconduct of Custodian.

8. **<u>INDEMNIFICATION</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification by the Fund</u>. Subject to the limitations set forth in this Agreement, the Fund shall indemnify and hold harmless Custodian and its nominees from all losses, damages, and expenses (including attorneys' fees) suffered or incurred by Custodian or its nominee caused by or arising from actions taken by Custodian, its employees, or agents in the performance of its duties and obligations hereunder (including, but not limited to, any indemnification obligations undertaken by Custodian under any relevant subcustodian agreement; **provided however that** such indemnity shall not apply to the extent Custodian is liable under Sections 6 or 7).

If the Fund requires Custodian to take any action with respect to Assets, which involves the payment of money or which may (in the opinion of Custodian) result in Custodian or its nominee assigned to the Fund being liable for the payment of money or incurring liability of some other form, the Fund shall provide indemnity to Custodian in an amount and form satisfactory to it as a prerequisite to requiring Custodian to take such action.

The Fund shall indemnify and hold harmless Custodian for any action Custodian takes or does not take in reliance upon directions, Instructions, or Special Instructions, except for such action or inaction resulting from Custodian's (1) gross negligence or willful misconduct or (2) following an Instruction or Written Instruction expressly forbidden by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by Custodian</u>. Subject to the limitations set forth in this Agreement, Custodian shall indemnify and hold harmless the Fund from all losses, damages, and expenses (with the exception of those damages and expenses referenced in Section 6(a)) suffered or incurred by the Fund caused by the gross negligence or willful misconduct of Custodian.

9. **<u>ADVANCES</u>.** In the event that Custodian or any Subcustodian, Securities System, or Foreign Securities Depository and Clearing Agency acting either directly or indirectly under agreement with Custodian (each of which for purposes of this Section 9 shall be referred to as "<u>Custodian</u>"), makes any payment or transfer of funds on behalf of the Fund as to which there would be (at the close of business on the date of such payment or transfer) insufficient funds held by Custodian on behalf of the Fund, Custodian may (in its discretion without further Instructions) provide an advance ("<u>Advance</u>") to the Fund in an amount sufficient to allow the completion of the transaction by reason of which such payment or transfer of funds is to be made. In addition, in the event Custodian is directed by Instructions to make any payment or transfer of funds on behalf of any Fund as to which it is subsequently determined that the Fund has overdrawn its cash account with Custodian as of the close of business on the date of such payment or transfer,

said overdraft shall constitute an Advance. Any Advance shall be payable by the Fund on demand by Custodian (unless otherwise agreed by the Parties) and shall accrue interest from the date of the Advance to the date of payment by the Fund to Custodian at a rate determined by Custodian. It is understood that any transaction in respect of which Custodian shall have made an Advance (including but not limited to a foreign exchange contract or transaction in respect of which Custodian is not acting as a principal) is for the account of and at the risk of the Fund on behalf of which the Advance was made, and not, by reason of such Advance, deemed to be a transaction undertaken by Custodian for its own account and risk. The Parties acknowledge that the purpose of Advances is to temporarily finance the purchase or sale of Securities for prompt delivery in accordance with the settlement terms of such transactions or to meet emergency expenses not reasonably foreseeable by the Fund. Custodian shall promptly notify the Fund of any Advance. Such notification may be communicated by telephone, Electronic Communication, or in such other manner as Custodian may choose. Nothing herein shall be deemed to create an obligation on the part of Custodian to advance monies to the Fund. In addition, the Fund shall promptly execute any documentation that Custodian reasonably believes is required under Regulation U with respect to any Advances made pursuant to this Section 9.

10. **<u>SECURITY INTEREST</u>.** To secure the due and prompt payment of all Advances, together with any taxes, charges, fees, expenses, assessments, obligations, claims, or liabilities incurred by Custodian in connection with its performance of any duties hereunder (collectively, "<u>Liabilities</u>"), except for any Liabilities arising from or Custodian's gross negligence or willful misconduct, the Fund grants to Custodian a security interest in all of its Assets now or hereafter in the possession of Custodian and all proceeds thereof (collectively, the "<u>Collateral</u>"). The Fund shall promptly reimburse Custodian for any and all such Liabilities. In the event that the Fund fails to satisfy any of the Liabilities as and when due and payable, Custodian shall have the rights and remedies of a secured party under the Uniform Commercial Code in respect of the Collateral (in addition to all other rights and remedies arising hereunder or under local law). Without prejudice to Custodian's rights under applicable law, Custodian shall be entitled (without notice to the Fund) to withhold delivery of any Collateral, sell, set-off, or otherwise realize upon or dispose of any such Collateral and to apply the money or other proceeds and any other monies credited to the Fund in satisfaction of the Liabilities. This includes, but is not limited to, any interest on any such unpaid Liability as Custodian deems reasonable and all costs and expenses (including reasonable attorney's fees) incurred by Custodian in connection with the sale, set-off, or other disposition of such Collateral.

11. **<u>COMPENSATION</u>.** The Fund will pay to Custodian such compensation as is set forth on Schedule B or as otherwise agreed to in writing by the Parties. In addition, the Fund shall reimburse Custodian for all out-of-pocket expenses incurred by Custodian in connection with this Agreement (but excluding salaries and usual overhead expenses). Such compensation and expenses shall be billed to the Fund and paid in cash to Custodian.

12. **<u>POWERS OF ATTORNEY</u>.** Upon request, the Fund shall deliver to Custodian such proxies, powers of attorney, or other instruments as may be reasonable and necessary or desirable in connection with the performance by Custodian or any Subcustodian of their respective obligations hereunder or any applicable subcustodian agreement.

13. **<u>TAX LAWS</u>**. Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Fund or on Custodian as custodian for the Fund by the tax law of any country or of any state or political subdivision thereof. The Fund shall indemnify Custodian for and against any such obligations including taxes, tax reclaims, withholding and reporting requirements, claims for exemption or refund, additions for late payment, interest, penalties, and other expenses (including legal expenses) that may be assessed against the Fund or Custodian as custodian of the Fund.

14. **<u>TERM AND ASSIGNMENT</u>.** This Agreement shall continue in effect for a 5-year period beginning on the Effective Date (the "<u>Initial Term</u>"). Thereafter, if not terminated as provided herein, the Agreement shall continue automatically in effect for successive 2-year periods (each a "<u>Renewal Term</u>"). A "<u>Term</u>" shall mean either the Initial Term or a Renewal Term.

Either Party may terminate this Agreement at the end of a Term (the "<u>Termination Date</u>") by giving the other Party a written notice not less than 90 days' prior to the end of such Term. Upon termination of this Agreement, the Fund shall pay to Custodian such fees as may be due Custodian hereunder as well as its reimbursable disbursements, costs, and expenses paid or incurred. In the event this Agreement is terminated by the Fund prior to the end of a Term, the Fund shall be obligated to pay Custodian the remaining balance of the fees payable to Custodian under this Agreement through the end of such Term. Upon termination of this Agreement, Custodian shall deliver (at the terminating Party's expense) all Assets held by it hereunder to a successor custodian designated by the Fund or (if a successor custodian is not designated) to the Fund or as otherwise designated by the Fund by Special Instructions. Upon such delivery, Custodian shall have no further obligations or liabilities hereunder except as to the final resolution of matters relating to activity occurring prior to the Termination Date. In the event that Assets remain in the possession of Custodian after the Termination Date, Custodian shall be entitled to compensation at the same rates as set forth in Section 11.

This Agreement may not be assigned by either Party without the consent of the other.

15. <u>**NOTICES**</u>**.** As to the Fund, notices, requests, instructions, and other writings delivered to Megacorn Fund, c/o Accuidity Fund I LLC, 16 Laurel Avenue, Suite 180, Wellesley MA 02481 (or to such other address as the Fund may have designated to Custodian in writing), postage prepaid, shall be deemed to have been properly delivered to the Fund.

Notices, requests, instructions, and other writings delivered to Custodian at its office at 928 Grand Blvd., 10th Floor, Attn: Amy Small, Kansas City, Missouri 64106 (or to such other addresses as Custodian may have designated to the Fund in writing), postage prepaid, shall be deemed to have been properly delivered or given to Custodian hereunder; **provided however that** procedures for the delivery of Instructions and Special Instructions shall be governed by Section 2(c).

16. **<u>CONFIDENTIALITY</u>**. All Information, books, and records provided by a Party to the other in connection with this Agreement, and all information provided by a Party pertaining to its business or operations, is "Confidential Information." All Confidential Information shall be used by the Party receiving such information only for the purpose of providing or obtaining services hereunder and, except as may be required to carry out the terms of this Agreement, shall not be disclosed to any other party without the express consent of the Party providing such Confidential Information. The foregoing limitations shall not apply to any information that is (a) available to the general public other than as a result of a breach of this Agreement, (b) required to be disclosed by or to any entity having regulatory authority over a Party or any auditor of a Party, or (c) required to be disclosed as a result of a subpoena or other judicial process, or otherwise by applicable laws.

17. **<u>ANTI-MONEY LAUNDERING COMPLIANCE</u>.** The Fund represents and warrants that it has established and maintains policies and procedures designed to meet the requirements imposed by the USA PATRIOT Act. The Fund shall provide certifications regarding its compliance with the USA PATRIOT Act and other anti-money laundering laws upon Custodian's request. The Fund shall have responsibility for customer identification and verification and other customer identification program requirements.

18. **<u>MISCELLANEOUS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of Missouri.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the terms and provisions of this Agreement shall be binding upon, and inure to the benefit of, and be enforceable by the respective successors and assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provisions of this Agreement may be amended, modified, or waived in any manner, except in a writing properly executed by both Parties; provided however that Appendix A may be amended as Domestic Subcustodians, Securities Systems, and Special Subcustodians are approved or terminated according to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any part, term, or provision of this Agreement is held to be illegal, in conflict with any law, or otherwise invalid by any court of competent jurisdiction, the remaining portion or portions shall be considered severable and shall not be affected, and the rights and obligations of the Parties shall be construed and enforced as if this Agreement did not contain the particular part, term, or provision held to be illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter herein and supersedes (as of the Effective Date) any custodian agreement heretofore in effect between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rights and obligations contained in Sections 6, 7, 8, 9, 10, 11, and 16 shall continue, notwithstanding the termination of this Agreement, in order to fulfill the intention of the Parties as described in such Sections.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their respective duly authorized officers.

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| | | |
|:---|:---|:---|
| **Megacorn Fund** | **UMB Bank, n.a.** | **UMB Bank, n.a.** |
| By: | By: |  |
| Name: | Name: | Amy Small |
| Title: | Title: | Executive Vice President |
| Date: | Date: |  |

---

**Schedule A**

For purposes of this Schedule A, all references to powers and duties of the "Custodian" shall also refer to any Domestic Subcustodian appointed pursuant to Section 5(a) of the Agreement.

(a) <u>Safekeeping</u>. Custodian will keep safely the Assets which are delivered to and accepted by it. Custodian shall notify the Fund if it is unwilling or unable to accept custody of any Asset. Custodian shall not be responsible for any property of the Fund not delivered to Custodian or for any pre-existing faults or defects in Assets that are delivered to Custodian.

(b) <u>Manner of Holding Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Custodian shall at all times hold Securities of the Fund either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by physical possession of the share certificates, completed Subscription Agreements, or other instruments representing such Securities (in registered or bearer form): (i) in the vault of Custodian, Domestic Subcustodian, a Special Custodian, depository, or agent of Custodian; or (ii) in an account maintained by Custodian or agent at a Securities System (as hereinafter defined); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in book-entry form by a Securities System in accordance with the provisions of sub-paragraph (3) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Custodian may hold registrable portfolio Securities (which have been delivered to it in physical form) by registering the same in the name of the Fund (or its nominee) or in the name of Custodian (or its nominee) for whose actions such Party shall be fully responsible. Upon the receipt of Instructions, Custodian shall hold such Securities in street certificate form, so called, with or without any indication of representative capacity. However, unless it receives Instructions to the contrary, Custodian will register all such portfolio Securities in the name of Custodian's authorized nominee. All such Securities shall be held in an account of Custodian containing only assets of the Fund or only assets held by Custodian for the benefit of customers; **provided that** the records of Custodian shall indicate at all times that such Securities are held for the Fund in such accounts and the respective interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Custodian may deposit and/or maintain domestic Securities owned by the Fund in (and the Fund hereby approves use of): (A) The Depository Trust & Clearing Corporation; (B) any other clearing agency registered with the Securities and Exchange Commission (the "<u>SEC</u>") under section 17A of the Securities Exchange Act of 1934, which acts as a securities depository; and (C) a Federal Reserve Bank or other entity authorized to operate the federal book-entry system described in the regulations of the Department of the Treasury or book-entry systems operated pursuant to comparable regulations of other federal agencies. Upon the receipt of Special Instructions, Custodian may deposit and/or maintain domestic Securities owned by the Fund in any other domestic clearing agency that may otherwise be authorized by the SEC to serve in the capacity of depository or clearing agent for the Securities or other assets of investment companies and that acts as a Securities depository (each of the foregoing, a "<u>Securities System</u>"). All Securities Systems shall be listed on Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Use of a Securities System shall be in accordance with applicable Federal Reserve Board and SEC rules and regulations, if any, and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Custodian may deposit the Securities directly or through one or more agents or Subcustodians which are also qualified to act as custodians for investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Securities held in a Securities System shall be subject to any agreements or rules effective between the Securities System and Custodian or a Subcustodian, as the case may be.

Sch. A-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any Securities deposited or maintained in a Securities System shall be held in an account ("<u>Account</u>") of Custodian or a Subcustodian in the Securities System that includes only assets held by Custodian or a Subcustodian as a custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The books and records of Custodian shall at all times identify those Securities belonging to the Fund which are maintained in a Securities System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Custodian shall pay for Securities purchased for the account of the Fund only upon (i) receipt of advice from the Securities System that such Securities have been transferred to the Account of Custodian in accordance with the rules of the Securities System and (ii) the making of an entry on the records of Custodian to reflect such payment and transfer for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Custodian shall transfer Securities sold for the account of the Fund only upon (i) receipt of advice from the Securities System that payment for such Securities has been transferred to the Account of Custodian in accordance with the rules of the Securities System and (ii) the making of an entry on the records of Custodian to reflect such transfer and payment for the account of the Fund. Copies of all advices from the Securities System relating to transfers of Securities for the account of the Fund shall be maintained for the Fund by Custodian. Such copies may be maintained by Custodian in electronic form. Custodian shall make available to the Fund or its agent on the next business day (by Electronic Communication or other means reasonably acceptable to both Parties) daily transaction activity that shall include each day's transactions for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Custodian shall, if requested by the Fund pursuant to Instructions, provide the Fund with reports obtained by Custodian or any Subcustodian with respect to a Securities System's accounting system, internal accounting control, and procedures for safeguarding Securities deposited in the Securities System.

(c) <u>Free Delivery of Assets</u>. Notwithstanding any other provision of this Agreement and except as provided in Section 3, Custodian (upon receipt of Special Instructions) will undertake to (1) make free delivery of Assets, **provided that** such Assets are on hand and available, in connection with the Fund's transactions and (2) transfer such Assets to such broker, dealer, Subcustodian, bank, agent, Securities System, or otherwise as specified in such Special Instructions.

(d) <u>Exchange of Securities</u>. Upon receipt of Instructions, Custodian will exchange Securities held by it for the Fund for other Securities or cash paid in connection with any reorganization, recapitalization, merger, consolidation, conversion, or similar event, and will deposit any such Securities in accordance with the terms of any reorganization or protective plan. Unless otherwise directed by Instructions, Custodian is authorized to: (1) exchange Securities held by it in temporary form for Securities in definitive form; (2) surrender Securities for transfer into a name or nominee name as permitted in Section 4(b)(2); (3) effect an exchange of shares in a stock split or when the par value of the stock is changed; (4) sell any fractional shares; and (5) surrender bonds or other Securities held by it at maturity or call upon receiving payment therefor.

(e) <u>Purchases of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Securities Purchases</u>. In accordance with Instructions, Custodian shall, with respect to a purchase of Securities, pay for such Securities out of monies held for the Fund's account for which the purchase was made, but only insofar as monies are available therein for such purpose, and receive the Securities so purchased. Unless Custodian has received Special Instructions to the contrary, such payment will be made only upon delivery of such Securities to Custodian, a clearing corporation of a national securities exchange of which Custodian is a member, or a Securities System in accordance with the provisions of Section 4(b)(3). Notwithstanding the foregoing:

Sch. A-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in connection with a repurchase agreement, Custodian may release funds to a Securities System prior to the receipt of advice from the Securities System that the Securities underlying such repurchase agreement have been transferred by book-entry into the Account maintained with such Securities System by Custodian; **provided that** Custodian's instructions to the Securities System require that the Securities System may make payment of such funds to the other party to the repurchase agreement only upon transfer by book-entry of the Securities underlying the repurchase agreement into such Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of options, Interest Bearing Deposits, currency deposits and other deposits, and foreign exchange transactions, pursuant to Sections 4(h), 4(l), and 4(m), Custodian may make payment therefor before receipt of an advice of transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Custodian may make payment for Assets prior to delivery thereof in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Asset, including, but not limited to, Assets as to which payment for the Security and receipt of the instrument evidencing the Security are under generally accepted trade practices or the terms of the instrument representing the Security expected to take place in different locations or through separate parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Other Assets Purchased</u>. Upon receipt of Instructions and except as otherwise provided herein, Custodian shall pay for and receive other Assets for the account of the Fund as provided in Instructions.

(g) <u>Sales of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Securities Sold</u>. In accordance with Instructions, Custodian shall, with respect to a sale, deliver or cause to be delivered the Securities thus designated as sold to the broker or other person specified in the Instructions relating to such sale. Unless Custodian has received Special Instructions to the contrary, such delivery shall be made only upon receipt of payment therefor in the form of: (A) cash, certified check, bank cashier's check, bank credit, or bank wire transfer; (B) credit to the account of Custodian with a clearing corporation of a national securities exchange of which Custodian is a member; or (C) credit to the Account of Custodian with a Securities System, in accordance with the provisions of Section 4(b)(3). Notwithstanding the foregoing, Custodian may deliver Assets prior to receipt of payment for such Securities in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Asset. For example, Securities held in physical form may be delivered and paid for in accordance with "street delivery custom" to a broker or its clearing agent against delivery to Custodian of a receipt for such Securities; **provided that** Custodian shall have taken reasonable steps to ensure prompt collection of the payment for (or return of) such Securities by the broker or its clearing agent; and **provided further that** Custodian shall not be responsible for (i) the selection of or the failure or inability to perform of such broker or its clearing agent or (ii) any related loss arising from delivery or custody of such Securities prior to receiving payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Other Assets Sold</u>. Upon receipt of Instructions and except as otherwise provided herein, Custodian shall receive payment for and deliver other Assets for the account of the Fund as provided in Instructions.

Sch. A-3

(h) <u>Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon receipt of Instructions relating to the purchase of an option or sale of a covered call option, Custodian shall: (A) receive and retain Instructions or other documents (to the extent they are provided to Custodian) evidencing the purchase or writing of the option by the Fund; (B) if the transaction involves the sale of a covered call option, deposit and maintain in a segregated account the Securities (either physically or by book-entry in a Securities System) subject to the covered call option written on behalf of the Fund; and (C) pay, release, and/or transfer such Assets in accordance with any notices or other communications evidencing the expiration, termination, or exercise of such options which are furnished to Custodian by the Options Clearing Corporation (the "<u>OCC</u>"), the securities or options exchanges on which such options were traded, or such other organization as may be responsible for handling such option transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon receipt of Instructions relating to the sale of a naked option (including stock index and commodity options), Custodian, the Fund, and the broker-dealer shall enter into an agreement to comply with the rules of the OCC or of any registered national securities exchange or similar organizations(s). Pursuant to that agreement and the Fund's Instructions, Custodian shall: (A) receive and retain Instructions or other documents, if any, evidencing the writing of the option; (B) deposit and maintain Assets in a segregated account; and (C) pay, release, and/or transfer such Assets in accordance with any such agreement and with any notices or other communications evidencing the expiration, termination, or exercise of such option which are furnished to Custodian by the OCC, the securities or options exchanges on which such options were traded, or such other organization as may be responsible for handling such option transactions. The Fund and the broker-dealer shall be responsible for determining the quality and quantity of assets held in any segregated account established in compliance with applicable margin maintenance requirements and the performance of other terms of any option contract.

(i) <u>Segregated Accounts</u>. Upon receipt of Instructions, Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred Assets, including Securities maintained by Custodian in a Securities System pursuant to Paragraph (b)(3) of this Section 4, said account or accounts to be maintained: (1) for the purposes set forth in Sections 4(h) and 4(n); and (2) for such other purposes as may be set forth in Special Instructions. Custodian shall not be responsible for the determination of the type or amount of Assets to be held in any segregated account referred to in this paragraph.

(j) <u>Depositary Receipts</u>. Upon receipt of Instructions, Custodian shall surrender (or cause to be surrendered) Securities to the depository used for such Securities by an issuer of American Depositary Receipts or International Depositary Receipts (collectively, "<u>ADRs</u>"), against a written receipt therefor adequately describing such Securities and written evidence satisfactory to the organization surrendering the same that the depository has acknowledged receipt of instructions to issue ADRs with respect to such Securities in the name of Custodian or a nominee of Custodian, for delivery in accordance with such instructions.

Upon receipt of Instructions, Custodian shall surrender (or cause to be surrendered) ADRs to the issuer thereof, against a written receipt therefor adequately describing the ADRs surrendered and written evidence satisfactory to the organization surrendering the same that the issuer of the ADRs has acknowledged receipt of instructions to cause its depository to deliver the Securities underlying such ADRs in accordance with such instructions.

(k) <u>Corporate Actions, Put Bonds, Called Bonds, Etc.</u> Upon receipt of Instructions, Custodian shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) deliver warrants, puts, calls, rights, or similar Securities to the issuer or trustee thereof (or to the agent of such issuer or trustee) for the purpose of exercise or sale, **provided that** the new Assets, if any, acquired as a result of such actions are to be delivered to Custodian; and (2) deposit Assets upon invitations for tenders thereof, **provided that** the consideration for such Assets is to be paid or delivered to Custodian, or the tendered Assets are to be returned to Custodian.

Sch. A-4

Unless otherwise directed to the contrary in Instructions, Custodian shall comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions, or similar rights of security ownership of which Custodian receives notice through data services or publications to which it normally subscribes and shall promptly notify the Fund of such action.

If the Fund gives an Instruction for the performance of an act on the last permissible date of a period established by Custodian or any optional offer or on the last permissible date for the performance of such act, it shall hold Custodian harmless from any adverse consequences in connection with acting upon or failing to act upon such Instructions.

If the Fund wishes to receive periodic corporate action notices of exchanges, calls, tenders, redemptions, and other similar notices pertaining to Assets and to provide Instructions with respect to such Assets via the internet, the Parties may enter into a supplement to this Agreement whereby the Fund will be able to participate in Custodian's Electronic Corporate Action Notification Service.

(l) <u>Interest Bearing Deposits</u>. Upon receipt of Instructions directing Custodian to purchase interest bearing fixed-term certificates of deposit or call deposits (collectively, "<u>Interest Bearing Deposits</u>") for the account of the Fund, Custodian shall purchase such Interest Bearing Deposits with such banks or trust companies, including Custodian, any Subcustodian, or any subsidiary or affiliate of Custodian ("<u>Banking Institutions</u>"), and in such amounts as the Fund may direct pursuant to Instructions. Such Interest Bearing Deposits shall be denominated in U.S. dollars. Interest Bearing Deposits issued by Custodian shall be in the name of the Fund. Interest Bearing Deposits issued by another Banking Institution may be in the name of the Fund or Custodian or in the name of Custodian for its customers generally. The responsibilities of Custodian to the Fund for Interest Bearing Deposits issued by Custodian shall be that of a U.S. bank for a similar deposit. With respect to Interest Bearing Deposits issued by any other Banking Institution, Custodian shall (1) be responsible for the collection of income and the transmission of cash to and from such accounts and (2) have no duty with respect to the selection of the Banking Institution or for the failure of such Banking Institution to pay upon demand.

(m) <u>Foreign Exchange Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Fund may appoint Custodian as its agent in the execution of all currency exchange transactions. If requested, Custodian shall provide exchange rate and U.S. Dollar information (in writing or by other means agreeable to both Parties) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon receipt of Instructions, Custodian shall settle foreign exchange contracts or options to purchase and sell foreign currencies for spot and future delivery on behalf of and for the account of the Fund with such currency brokers or Banking Institutions as the Fund may determine and direct pursuant to Instructions. If, in its Instructions, the Fund does not direct Custodian to utilize a particular currency broker or Banking Institution, Custodian is authorized to select such currency broker or Banking Institution as it deems appropriate to execute the Fund's foreign currency transaction. It is understood that all such transactions shall be undertaken by Custodian as agent for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund (A) accepts full responsibility for its use of third-party foreign exchange brokers and for execution of said foreign exchange contracts and (B) understands that it shall be responsible for any and all costs and interest charges which may be incurred as a result of the failure or delay of its third-party broker to deliver foreign exchange. Custodian shall have no responsibility or liability with respect to the selection of the currency brokers or Banking Institutions with which the Fund deals or the performance or non-performance of such brokers or Banking Institutions.

Sch. A-5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, upon receipt of Instructions, Custodian may, in connection with a foreign exchange contract, make free outgoing payments of cash in the form of U.S. Dollars or foreign currency prior to receipt of confirmation of such foreign exchange contract or confirmation that the countervalue currency completing such contract has been delivered or received.

(n) <u>Pledges or Loans of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon receipt of Instructions, Custodian will release (or cause to be released) Securities held in custody to the pledgees designated in such Instructions by way of pledge or hypothecation to secure loans incurred by the Fund with various lenders including but not limited to UMB Bank, n.a.; **provided however** that the Securities shall be released only upon payment to Custodian of the monies borrowed, except that in cases where additional collateral is required to secure existing borrowings, further Securities may be released or delivered (or caused to be released or delivered) for that purpose upon receipt of Instructions. Upon receipt of Instructions, Custodian will pay (from funds available for such purpose) any such loan upon re-delivery to it of the Securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing such loan. In lieu of delivering collateral to a pledgee, Custodian shall, on the receipt of Instructions, transfer the pledged Securities to a segregated account for the benefit of the pledgee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon receipt of Instructions, Custodian will release securities to a securities lending agent appointed by the Fund and designated in such Instructions. Custodian shall act upon Instructions in order to effect securities lending transactions on behalf of the Fund. For its services in facilitating the Fund's securities lending activities through such agent, Custodian may receive from the agent a portion of the agent's securities lending revenue or a fee directly from the Fund. Custodian shall have no responsibility or liability for any losses arising in connection with the agent's actions or omissions (including but not limited to the delivery of Securities prior to the receipt of collateral) in the absence of gross negligence or willful misconduct on the part of Custodian.

(o) <u>Stock Dividends, Rights, Etc.</u> Custodian shall receive and collect all stock dividends, rights, and other items of like nature and, upon receipt of Instructions, act with respect to the same as directed in such Instructions.

(p) <u>Routine Dealings</u>. Custodian will, in general, attend to all routine and operational matters in accordance with industry standards in connection with the sale, exchange, substitution, purchase, transfer, or other dealings with Securities or other property of the Fund, except as may be otherwise provided in this Agreement or directed by Instructions. Custodian may also make payments to itself or others from the Assets for disbursements and out-of-pocket expenses incidental to handling Securities or other similar items relating to its duties hereunder, **provided that** all such payments shall be accounted for to the Fund.

(q) <u>Collections</u>. Custodian shall (1) collect amounts due and payable to the Fund with respect to Assets; (2) promptly credit to the account of the Fund all income and other payments relating to Assets held by Custodian hereunder upon Custodian's receipt of such income or payments or as otherwise agreed in writing by the Parties; (3) promptly endorse and deliver any instruments required to effect such collection; and (4) promptly execute ownership and other certificates, affidavits, and other documents for all federal, state, local, and foreign tax purposes in connection with receipt of income or other payments with respect to Assets, or in connection with the transfer of such Assets; **provided however that,** with respect to Securities registered in so-called street name or physical Securities with variable interest rates, Custodian shall use its best efforts to collect amounts due and payable to the Fund. Custodian shall not be responsible for the collection of amounts due and payable with respect to Assets that are in default.

Sch. A-6

Any advance credit of Assets expected to be received shall be subject to actual collection and may be reversed by Custodian (when Custodian determines collection unlikely).

(r) <u>Distributions and Redemptions</u>. To enable the Fund to pay dividends or other distributions to holders of Interests of the Fund and to make payment to Interest holders who have requested repurchase or redemption of their Interests of the Fund, Custodian shall release cash or Securities insofar as available. In the case of cash, Custodian shall, upon the receipt of Instructions, transfer such funds by check or wire transfer to any account at any bank or trust company designated by the Fund in such Instructions. In the case of Securities, Custodian shall, upon the receipt of Special Instructions, make such transfer to any entity or account designated by the Fund in such Special Instructions.

(s) <u>Proceeds from Interests Sold</u>. Custodian shall receive funds representing cash payments received for Interests issued or sold by the Fund and credit such funds to the account of the Fund. Upon receipt of Instructions, Custodian shall: (1) deliver all federal funds received by Custodian in payment for Interests as may be set forth in such Instructions and at a time agreed upon between the Parties; and (2) make federal funds available to the Fund as of specified times agreed upon by the Parties, in the amount of checks received in payment for Interests which are deposited to the accounts of the Fund.

(t) <u>Proxies and Notices; Compliance with the Shareholder Communications Act of 1985</u>. Custodian shall deliver (or cause to be delivered) to the Fund (or its designated agent or proxy service provider) all forms of proxies, all notices of meetings, and any other notices or announcements affecting or relating to Securities owned by the Fund that are received by Custodian. Upon receipt of Instructions, Custodian shall execute and deliver (or cause a Subcustodian or nominee to execute and deliver) such proxies or other authorizations as may be required. Except as directed pursuant to Instructions, Custodian shall not: (1) vote upon any such Securities; (2) execute any proxy to vote thereon; or (3) give any consent or take any other action with respect thereto.

Custodian will not release the identity of any Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and the Fund, unless the Fund directs Custodian otherwise pursuant to Instructions.

(u) <u>Books and Records</u>. Custodian shall (1) maintain such records relating to its activities hereunder, which shall be open for inspection by duly authorized officers, employees, or agents (including independent public accountants) of the Fund during normal business hours of Custodian and (2) provide accountings relating to its activities hereunder as shall be agreed upon by the Parties.

(v) <u>Opinion of Fund's Independent Certified Public Accountants</u>. Custodian shall take all reasonable action as the Fund may request to obtain from year to year favorable opinions from the Fund's independent certified public accountants with respect to Custodian's activities hereunder and in connection with the preparation of the Fund's periodic reports to the SEC and with respect to any other requirements of the SEC.

(w) <u>Reports by Independent Certified Public Accountants</u>. At the request of the Fund, Custodian shall deliver to the Fund a written report (which may be in electronic form) prepared by Custodian's independent certified public accountants with respect to the services provided by Custodian hereunder, including, without limitation, Custodian's accounting system, internal accounting control, financial strength, and procedures for safeguarding Assets. Such report shall be of sufficient scope and in sufficient detail as may reasonably be required by the Fund and as may reasonably be obtained by Custodian.

Sch. A-7

(x) <u>Bills and Other Disbursements</u>. Upon receipt of Instructions, Custodian shall pay (or cause to be paid) all bills, statements, or other obligations of the Fund.

(y) <u>Sweep or Automated Cash Management</u>. Upon receipt of Instructions, Custodian shall invest any otherwise uninvested cash of any Fund held by Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by Custodian (each, a "<u>Sweep Vehicle</u>"), in accordance with the directions contained in such Instructions. A fee may be charged or a spread may be received by Custodian for investing the Fund's otherwise uninvested cash in the available Sweep Vehicles.

Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle by or on behalf of the Fund under the terms of this Section will cause the Fund to (1) violate any applicable law, regulation, or the terms of its Offering Memorandum, Organizational Document, or any agreement governing the operations of the Fund or (2) exceed any restrictions or limitations on ownership of shares of another investment fund (or any other asset or portfolio).

The Fund shall indemnify and hold harmless Custodian from all losses, damages, and expenses (including attorney's fees) suffered or incurred by Custodian as a result of a violation by the Fund of any limitations on ownership of shares of another investment fund or any Sweep Vehicle.

Sch. A-8

**Schedule B**

<u>Fees</u>

Sch. B-1

APPENDIX A

The following Subcustodians and Securities Systems are approved for use in connection with the Custody Agreement dated ___________________.

SECURITIES SYSTEMS:

Depository Trust Company

Federal Book Entry

SPECIAL SUBCUSTODIANS:

DOMESTIC SUBCUSTODIANS:

Brown Brothers Harriman & Co. (Foreign Securities Only)

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| | | |
|:---|:---|:---|
| Megacorn Fund | UMB Bank, n.a. | UMB Bank, n.a. |
| By: | By: |  |
| Name: | Name: | Amy Small |
| Title: | Title: | Executive Vice President |
| Date: | Date: |  |

---

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

**Exhibit (k)(1)**

**ADMINISTRATION AND FUND ACCOUNTING AGREEMENT**

This administration and fund accounting agreement (this "<u>Agreement</u>"), effective as of __________, 2025 (the "<u>Effective Date</u>"), is made by **Megacorn Fund** (the "<u>Fund</u>"), and **UMB Fund Services, Inc.** ("<u>Administrator</u>" and, together with the Fund, the "<u>Parties</u>").

**WHEREAS**, the Fund is a closed-end fund registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>") and authorized to issue shares of beneficial interest (or class thereof) ("<u>Shares</u>").

**WHEREAS**, the Parties desire to enter into an agreement pursuant to which Administrator shall provide the administration and fund accounting services described on Schedule A ("<u>Services</u>") to the Fund.

**NOW, THEREFORE,** in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **<u>Definitions</u>.** In addition to any terms defined in the body of this Agreement, the following capitalized terms shall have the meanings set forth hereinafter whenever they appear in this Agreement:

"**<u>1933 Act</u>**" shall mean the Securities Act of 1933.

"**<u>Authorized Person</u>**" shall mean any individual who is authorized to provide Administrator with Instructions on behalf of the Fund, whose name shall be certified to Administrator pursuant to this Agreement. Any officer of the Fund shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by Administrator) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Administrator the names of the Authorized Persons.

"**<u>Board</u>**" shall mean the Board of Trustees of the Fund.

"**<u>Business Day</u>**" shall mean each day on which the New York Stock Exchange, Inc. is open for trading.

"**<u>By-Laws</u>**" shall mean the Fund's by-laws, including any amendments made thereto.

"**<u>Commission</u>**" shall mean the U.S. Securities and Exchange Commission.

"**<u>Declaration of Trust</u>**" shall mean the Declaration of Trust or other similar operational document of the Fund.

"**<u>Investment Adviser</u>**" shall mean the investment adviser or investment advisers to the Fund and includes all sub-advisers or persons performing similar services.

"**<u>Instructions</u>**" shall mean an oral communication from an Authorized Person or a written communication signed by an Authorized Person and actually received by Administrator. Instructions shall include manually executed originals, telefacsimile transmissions of manually executed originals, or electronic communications.

"**<u>Prospectus</u>**" shall mean the current prospectus and statement of additional information with respect to a Fund (including any applicable amendments and supplements thereto) actually received by Administrator from the Fund with respect to which the Fund has indicated a Registration Statement has become effective under the 1933 Act and the 1940 Act.

"**<u>Registration Statement</u>**" shall mean any registration statement on Form N-2 at any time now or hereafter filed with the Commission with respect to any of the Shares and any amendments and supplements thereto which at any time shall have been or will be filed with the Commission.

"**<u>Shareholder</u>**" shall mean a record owner of Shares.

2. **<u>Appointment and Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby (1) appoints Administrator as administrator and fund accountant of the Fund and (2) authorizes Administrator to provide Services during the term hereof and on the terms set forth herein. Subject to the oversight of the Board and utilizing information provided by the Fund and its current and prior agents and service providers, Administrator will provide the Services in accordance with the terms of this Agreement. Notwithstanding anything herein to the contrary, Administrator shall not be required to provide any Services or information that it believes (in its sole discretion) to represent dishonest, unethical, or illegal activity. In no event shall Administrator provide any investment advice or recommendations to any party in connection with its Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrator may (in its discretion) appoint one or more other parties to carry out some or all of its duties under this Agreement, **provided that** Administrator shall remain responsible to the Fund for all such delegated responsibilities in accordance with the terms and conditions of this Agreement, in the same manner and to the same extent as if Administrator were itself providing such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against Administrator hereunder. The Services do not include correcting, verifying, or addressing any prior actions or inactions of the Fund or by any other current or prior agent or service provider. To the extent Administrator agrees to take such actions, those actions shall be deemed part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood that in determining security valuations, Administrator employs one or more pricing services (as directed by the Fund) to determine valuations of portfolio securities for purposes of calculating net asset values of the Fund. The Fund shall identify to Administrator the pricing service(s) to be utilized. If requested by the Fund, Administrator shall price the securities and other holdings of the Fund for which market quotations or prices are available by the use of such pricing service(s).

For those securities where prices are not provided by the pricing service(s) utilized by Administrator, the Fund shall approve, in good faith, the procedures for determining the fair value of the securities. Investment Adviser shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to Administrator the resulting prices for use in its calculation of net asset values. When security valuations are so provided, the following provisions will also apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Valued securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual security valuations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method (including those used by Administrator and its suppliers) may consistently generate approximations that correspond to actual "Traded" prices of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Methodologies used to provide the pricing portion of certain data may rely on valuations. However, the Fund acknowledges that there may be errors or defects in the software, databases, or methodologies generating the valuations that may cause resultant valuations to be inappropriate for use in certain applications.

The Fund assumes all responsibility for edit checking, external verification of valuations, and ultimately the appropriateness of using data containing valuations, regardless of any efforts made by Administrator and its suppliers in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the terms of Section 8, and where applicable, Administrator shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records described in Schedule A which are maintained by Administrator for the Fund. To the extent required by Rule 31a-3 under the 1940 Act, Administrator agrees (i) that all records which it maintains for the Fund hereunder are the property of the Fund and (ii) to promptly surrender to the Fund any such records upon the Fund's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any resolution passed by the Board (a ""<u>Resolution</u>") that affects accounting practices and procedures under this Agreement shall be effective upon written receipt of notice and acceptance by Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in this Agreement shall be deemed to appoint Administrator and its officers, directors, and employees as the Fund's attorney, form an attorney-client relationship, or require the provision of legal advice, and the Fund acknowledges that Administrator's in-house attorneys exclusively represent Administrator. The Fund's legal counsel will provide independent judgment on the Fund's behalf. Because no attorney-client relationship exists between Administrator's in-house attorneys and the Fund, any information provided to Administrator's in-house attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances (notwithstanding the provisions of Section 5). Administrator represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

3. **<u>Representations and Deliveries</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall deliver or cause the following documents to be delivered to Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a copy of the Declaration of Trust and By-laws and all amendments thereto, certified by an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) copies of the Fund's Registration Statement, as of the Effective Date, together with any applications filed in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other documents, records, and information that Administrator may reasonably request in order for Administrator to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund represents and warrants to Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it is duly organized and existing under the laws of the State of Delaware; it is empowered under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement; and all requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) it is duly registered as a closed-end investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a Registration Statement under the 1933 Act will be effective before the Fund will issue Shares (and will remain effective during such period as the Fund is offering Shares for sale), and appropriate state securities laws filings will be made before Shares are issued in any jurisdiction (and such filings will continue to be made with respect to Shares being offered for sale); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) it is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its Declaration of Trust, By-laws, or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall cause its officers and trustees (and shall use its best efforts to cause its Investment Adviser, legal counsel, independent accountants, transfer agent, custodian, distributor, and other service providers and agents, past and present) to cooperate with Administrator and to provide Administrator with such information, documents, and communications relating to the Fund as necessary and/or appropriate or as reasonably requested by Administrator, in order to enable Administrator to perform the Services. In connection with the performance of the Services, Administrator shall (without investigation or verification) be entitled and is hereby instructed to, rely upon any and all Instructions, communications, information, or documents provided to Administrator by a representative of the Fund or by any of the aforementioned persons. Administrator shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed or presented by the proper party. Fees charged by such persons shall be an expense of the Fund. Administrator shall not be held to have notice of any change of authority of any trustee, officer, agent, representative, or employee of the Fund, Investment Adviser, Authorized Person, or service provider until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board and the Investment Adviser have and retain primary responsibility for all compliance matters relating to the Fund (including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the USA PATRIOT Act of 2001, the Sarbanes-Oxley Act of 2002, and the policies and limitations of the Fund as set forth in the Prospectus). The Services do not relieve the Board or the Investment Adviser of their primary day-to-day responsibility for assuring such compliance. Notwithstanding the foregoing, Administrator will: (1) be responsible for its own compliance with such statutes insofar as such statutes are applicable to the Services; (2) promptly notify the Fund if it becomes aware of any material non-compliance which relates to the Fund; and (3) provide the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness of its compliance and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will notify Administrator of any discrepancy between Administrator and the Fund, including, but not limited to, failing to account for a security position in a Fund's portfolio, upon the later to occur of 3 Business Days after: (i) receipt of any reports rendered by Administrator to the Fund; (ii) discovery of any error or omission not covered in the balancing or control procedure; or (iii) receiving notice from any Shareholder regarding any such discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall (1) advise Administrator in writing at least 30 days prior to affecting any change in the Prospectus which would increase or alter the duties and obligations of Administrator hereunder and (2) proceed with such change only if it has received the written consent of Administrator thereto (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Administrator represents and warrants to the Fund that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a corporation duly organized and existing under the laws of the State of Wisconsin; it is empowered under applicable law and by its Articles of Incorporation and By-Laws to enter into and perform this Agreement (and all requisite proceedings have been taken to authorize it to enter into and perform this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its operating documents or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall (A) maintain a disaster recovery and business continuity plan and adequate and reliable computer and other equipment necessary and appropriate to carry out its obligations under this Agreement and (B) provide supplemental information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services upon the Fund's reasonable request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has and will continue to have access to the necessary facilities, equipment, and personnel to perform its duties and obligations hereunder in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Administrator shall: (i) act as liaison with the Fund's independent public accountants; (ii) provide account analyses, fiscal year summaries, and other audit-related schedules; and (iii) take all reasonable action in the performance of its duties hereunder to assure that the necessary information is made available to such auditors and accountants in a timely fashion for the expression of their opinion, as required by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Administrator shall comply (and to the extent Administrator takes or is required to take action on behalf of a Fund hereunder, shall cause the Fund to comply) with all applicable law, as well as all investment restrictions, policies, and procedures adopted by the Fund. Except as set forth in this Agreement, Administrator assumes no responsibility for such compliance by a Fund. Administrator shall maintain a program reasonably designed to prevent violations of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Services.

4. **<u>Fees and Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the performance of the Services, the Fund shall pay Administrator the fees set forth on Schedule B. Fees shall be adjusted in accordance with Schedule B. Fees shall be earned and paid monthly in an amount equal to at least 1/12<sup>th</sup> of the applicable annual fee. Basis point fees and minimum annual fees apply separately to the Fund, and average net assets are not aggregated in calculating the applicable basis point fee per Fund or the applicable minimum. The Fund shall pay Administrator's then-current rate for Services added to (or for any enhancements to) existing Services after the Effective Date. In addition, to the extent that Administrator corrects, verifies, or addresses any prior actions or inactions by the Fund or by any prior service provider, the Fund shall pay Administrator additional fees as provided in Schedule B. In the event of any disagreement between this Agreement and Schedule B, the terms of Schedule B shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining fees payable to Administrator, net asset value shall be computed in accordance with the Prospectus and Resolutions. The fee for the period from the Effective Date until the end of that month shall be pro-rated according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable upon the Termination Date (as defined in Section 8(b)). Should this Agreement be terminated or the Fund be liquidated, merged with, or acquired by another fund or investment company, any accrued fees shall be immediately payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator will bear all expenses incurred by it in connection with its performance of Services, except as otherwise provided herein. Administrator shall not be required to pay or finance any costs or expenses incurred in the operation of the Fund, including, but not limited to: taxes; interest; brokerage fees and commissions; salaries, fees, and expenses of officers and trustees; Commission fees and state Blue Sky fees; advisory fees; charges of custodians, transfer agents, dividend disbursing and accounting services agents, and other service providers; security pricing services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of corporate existence; taxes and fees payable to federal, state, and other governmental agencies; preparation, typesetting, printing, proofing, and mailing of Prospectuses, statements of additional information, supplements, notices, forms, applications, and proxy materials for regulatory purposes and for distribution to current Shareholders; preparation, typesetting, printing, proofing, mailing, and other costs of Shareholder reports; expenses in connection with the electronic transmission of documents and information (including electronic filings with the Commission and the states); research and statistical data services; expenses incidental to holding meetings of the Fund's Shareholders and Trustees; fees and expenses associated with internet, e-mail, and other related activities; and extraordinary expenses. Expenses incurred for distribution of Shares (including the typesetting, printing, proofing, and mailing of Prospectuses for persons who are not Shareholders) will be borne by the Fund, except for such expenses permitted to be paid under a distribution plan adopted in accordance with applicable laws. Administrator shall not be required to pay any Blue Sky fees or take any related Blue Sky actions unless and until it has received the amount of such fees from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall promptly reimburse Administrator for all out-of-pocket expenses or disbursements incurred by Administrator in connection with the performance of Services. Out-of-pocket expenses shall include, but not be limited to, those items specified on Schedule B. If requested by Administrator, out-of-pocket expenses are payable in advance. If prepayment is requested, payment of postage expenses is due at least 7 days prior to the anticipated mail date. In the event Administrator requests advance payment, Administrator shall not be obligated to incur such expenses or perform the related Service until payment is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall pay all amounts due hereunder within 30 days of receipt of each invoice (the "<u>Due Date</u>"). Except as provided in Schedule B, Administrator shall bill Service fees monthly and out-of-pocket expenses as incurred (unless prepayment is requested). At its option, Administrator may arrange to have various service providers submit invoices directly to the Fund for payment of reimbursable out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund is aware that its failure to remit to Administrator all amounts due on or before the Due Date will cause Administrator to incur costs not contemplated by this Agreement (including, but not limited to carrying, processing, and accounting charges). Accordingly, in the event that Administrator does not receive any amounts due hereunder by the Due Date, the Fund shall pay a late charge on the overdue amount equal to 1.5% per month or the maximum amount permitted by law (whichever is less). In addition, the Fund shall pay Administrator's reasonable attorneys' fees and court costs in the event that an attorney is engaged to assist in the collection of amounts due. The Parties agree that such late charge represents a fair and reasonable computation of the costs incurred by reason of the Fund's late payment. Acceptance of such late charge shall in no event constitute a waiver by Administrator of the Fund's default or prevent Administrator from exercising any other available rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that any charges are disputed, the Fund shall pay all undisputed amounts due hereunder on or before the Due Date and notify Administrator in writing of any disputed charges for out-of-pocket expenses which it is disputing in good faith. Payment for such disputed charges shall be due on or before the close of the 5<sup>th</sup> Business Day after the day on which Administrator provides documentation which an objective observer would agree reasonably supports the disputed charges (the "<u>Revised Due Date</u>"). Late charges shall not begin to accrue as to charges disputed in good faith until the first day after the Revised Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges that the fees charged by Administrator under this Agreement reflect the allocation of risk between the Parties, including the exclusion of remedies and limitations of liability in Section 6. Modifying the allocation of risk from what is stated herein would affect the fees that Administrator charges. Accordingly, in consideration of those fees, the Fund agrees to the stated allocation of risk.

5. **<u>Confidential Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) treat all records relative to the Fund's Investors confidentially and as proprietary information of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not use such records and information for any purpose other than performance of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not disclose such information, except when: (i) Administrator may be exposed to civil or criminal proceedings for failure to comply; (ii) requested to divulge such information by duly constituted authorities or court process; (iii) subject to governmental or regulatory audit or investigation; or (iv) so requested by the Fund. In case of any requests or demands for inspection of the records of the Fund, Administrator will endeavor to promptly notify the Fund and to secure instructions from a representative of the Fund as to such inspection (unless prohibited by law from making such notification). Records and information which have become known to the public (through no wrongful act of Administrator or any of its employees, agents, or representatives) and information which was already in the possession of Administrator prior to the Effective Date shall not be subject to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Administrator's provision of the Services, the Fund may have access to and become acquainted with confidential and/or proprietary information of Administrator, including, but not limited to: (1) client identities and relationships, compilations of information, records, and specifications; (2) data or information that is competitively sensitive material and not generally known by the public; (3) concepts, documentation, reports, or data; (4) information regarding Administrator's information security program; and (5) anything designated as confidential (collectively, "<u>Administrator Confidential Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Fund, the Investment Adviser, nor any of their officers, employees, or agents (collectively, "<u>Fund Recipients</u>") shall disclose any Administrator Confidential Information (directly or indirectly) or use Administrator Confidential Information in any way (for the benefit of itself or others), either during the term of this Agreement or at any time thereafter, except as required in the course of performing its duties under this Agreement. The term "Administrator Confidential Information" does not include information that: (1) becomes or has been generally available to the public other than as a result of disclosure by a Fund Recipient; (2) was available to the Fund Recipients on a non-confidential basis prior to its disclosure by Administrator; or (3) was independently developed or becomes available to the Fund Recipients on a non-confidential basis from a source other than Administrator. The Fund represents and warrants that it shall take and maintain adequate physical, electronic, and procedural safeguards in connection with any use, storage, transmission, duplication, or other process involving or derived from Administrator Confidential Information (whether such storage, transmission, duplication, or other process is by physical or electronic medium, including use of the Internet).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this Section 5 will survive termination of this Agreement and will inure to the benefit of the Parties and their successors and assigns.

6. **<u>Limitation of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrator shall exercise due care in good faith and in accordance with reasonable commercial standards in discharging its duties hereunder. Notwithstanding anything to the contrary in this Agreement, Administrator shall be liable to the Fund for all losses, damages, and reasonable costs and expenses suffered by the Fund resulting from the bad faith, gross negligence, fraud, reckless disregard in the performance of its duties and obligations hereunder, uncured material breach hereof, or willful misconduct of Administrator (the "<u>Standard of Care</u>"). Subject to the foregoing, Administrator shall not be liable for: (1) any action taken (or omitted to be taken) in accordance with or in reliance upon Instructions, communications, data, documents, or information (without investigation or verification) received by Administrator from any Authorized Person; (2) any action taken or omission by the Fund, Investment Adviser, any Authorized Person, or any past or current service provider; or, (3) its reliance on the security valuations (without investigation or verification) provided by pricing service(s), Investment Adviser, or representatives of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, Administrator will be excused from its obligation to perform any Service or obligation required of it hereunder for the duration that such performance is prevented by events beyond its reasonable control and shall not be liable for any default, damage, loss of data or documents, errors, delay, or any other loss whatsoever caused thereby. However, Administrator shall take all reasonable steps to minimize service interruptions for any period that such interruption continues beyond its reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone (including, without limitation, the other Party) under any theory of tort, contract, strict liability, or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect, or consequential damages for any act (or failure to act) under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of the Parties under Section 6 shall indefinitely survive the termination of this Agreement.

7. **<u>Indemnification</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall indemnify Administrator and its employees, agents, officers, directors, shareholders, affiliates, and nominees (collectively, "<u>Indemnified Parties</u>") from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees, and other expenses of every nature and character ("<u>Losses</u>") which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a "<u>Claim</u>"), arising out of or in any way relating to any of the following (except, in each case, to the extent a Claim resulted from Administrator's breach of the Standard of Care):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action or omission of Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Administrator's reliance on, implementation of, or use of Instructions, communications, data, documents, or information (without investigation or verification) received from an Authorized Person or any past or current service provider (not including Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action taken (or omission by) the Fund, Investment Adviser, any Authorized Person, or any past or current service provider (not including Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Fund's refusal or failure to comply with the terms of this Agreement, or any Claim that arises out of the Fund's gross negligence, misconduct, or breach of any representation or warranty of the Fund made herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) its reliance on the security valuations (without investigation or verification) provided by pricing service(s), Investment Adviser, or representatives of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt by Administrator of notice of the commencement of an investigation, action, claim, or proceeding, Administrator shall (if a claim for indemnification in respect thereof is made under this Section) notify the Fund in writing of the commencement thereof (although the failure to do so shall not prevent recovery by Administrator or any Indemnified Party). The Fund shall be entitled to participate at its own expense in the defense (or to assume the defense, if it so elects) of any suit brought to enforce any such Loss.

If the Fund elects to assume the defense: (1) such defense shall be conducted by counsel chosen by the Fund and approved by Administrator (which approval shall not be unreasonably withheld); and (2) the indemnified defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by them subsequent to the receipt of the Fund's election.

If: (1) the Fund does not elect to assume the defense of any such suit; (2) Administrator does not approve of counsel chosen by the Fund; or (3) there is a conflict of interest between the Fund and Administrator or any Indemnified Party, the Fund will reimburse the Indemnified Party named as defendant in such suit for the legal fees and expenses.

The Fund's indemnification agreement contained in this Section 7 and the Fund's representations and warranties in this Agreement shall (1) remain operative and in full force and effect regardless of any investigation made by or on behalf of Administrator and each Indemnified Party and (2) survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the benefit of Administrator, each Indemnified Party, and their estates and successors. The Fund shall promptly notify Administrator of the commencement of any litigation or proceedings against the Fund or any of its officers or directors in connection with the issue and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Parties under this Section 7 shall indefinitely survive the termination of this Agreement.

8. **<u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue in effect for a 5-year period beginning on the Effective Date (the "<u>Initial Term</u>") and automatically renew for successive 2-year periods (each a "<u>Renewal Term</u>"), unless otherwise terminated as provided herein. A "<u>Term</u>" shall mean either the Initial Term or a Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated by the Fund prior to the end of a Term, the Fund shall be obligated to pay Administrator the remaining balance of the fees payable to Administrator hereunder through the end of the applicable Term. Notwithstanding the foregoing, either Party may terminate this Agreement at the end of a Term (the "<u>Termination Date</u>") by giving the other Party a written notice not less than 90 days prior to the end of such Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, upon the termination of the Agreement as provided herein or the liquidation, merger, or acquisition of the Fund, Administrator shall deliver the records of the Fund to the Fund or its successor service provider at the expense of the Fund and in a form that is consistent with Administrator's applicable license agreements. Thereafter, the Fund or its designee shall be solely responsible for preserving the records for the periods required by all applicable laws, rules, and regulations. The Fund shall be responsible for all expenses associated with the movement (or duplication) of records and materials and conversion thereof to a successor service provider (including all reasonable trailing expenses incurred by Administrator). In addition, in the event of termination of this Agreement (or the proposed liquidation, merger, or acquisition of the Fund) and Administrator's agreement to provide additional services in connection therewith, Administrator shall provide such Services and be entitled to such compensation as the Parties may agree. Administrator shall not reduce the level of service provided to the Fund prior to termination following notice of termination by the Fund.

9. **<u>Power of Attorney</u>.** The Fund hereby grants to Administrator the limited power of attorney on behalf of the Fund to sign Blue Sky forms and related documents in connection with the performance of Services.

10. **<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice required or permitted to be given by either Party hereunder shall be in writing and deemed to have been given when received by the other Party. Such notices shall be sent to the addresses listed below (or to such other location as a Party may designate in writing):

<u>If to Administrator</u>: UMB Fund Services, Inc. 235 West Galena Street Milwaukee, Wisconsin 53212 Attention: Legal Department Email: umbfs-legal@umb.com <br><u>If to the Fund</u>: Megacorn Fund c/o Accuidity Fund I LLC 16 Laurel Avenue, Suite 180 Wellesley MA 02481

If notice is sent by electronic delivery, it shall be deemed to have been given immediately (contingent upon confirmed receipt by the intended recipient). If notice is sent by first-class mail, it shall be deemed to have been given 5 days after it has been mailed. If notice is sent by messenger, it shall be deemed to have been given on the day it is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided to the contrary herein, this Agreement may not be amended or modified in any manner except by a written agreement executed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall be governed by Wisconsin law, excluding the laws on conflicts of laws. To the extent that applicable state laws or any of the provisions herein conflict with the applicable provisions of the 1940 Act, the latter shall control. Nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Commission thereunder. Any provision of this Agreement which is determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the Parties shall negotiate in good faith to modify such provision in a manner consistent with the original intent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement but shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The services of Administrator hereunder are not deemed to be exclusive. Administrator may render administration and fund accounting services and any other services to others, including other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The captions in the Agreement are included for convenience of reference only and do not define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of the Fund (and not binding upon any of the Fund's trustees, officers, or Shareholders individually). All obligations of the Fund hereunder shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement and the Schedules incorporated hereto constitute the full and complete understanding and agreement of the Parties and supersedes all prior negotiations, understandings, and agreements with respect to fund accounting and administration services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as specifically provided herein, this Agreement does not in any way affect any other agreements entered into among the Parties, and any actions taken or omitted by a Party shall not affect any rights or obligations of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Administrator shall retain all right, title, and interest in any and all computer programs, screen formats, report formats, procedures, data bases, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks, and other related legal rights provided, developed, or utilized by Administrator in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) This Agreement shall extend to and shall be binding upon the Parties and their respective successors and assigns. This Agreement shall not be assignable by either Party without the written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The person signing below represents and warrants that he/she is duly authorized to execute this Agreement on behalf of the Fund.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer.

---

| | |
|:---|:---|
| **Megacorn Fund** | **UMB Fund Services, Inc.** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

**Schedule A**

**to the**

**Administration and Fund Accounting**

**Agreement by and between**

**Megacorn Fund**

**and**

**UMB Fund Services, Inc.**

**<u>SERVICES</u>**

Subject to the oversight of, and utilizing information provided by the Fund, Investment Adviser, and the Fund's agents, Administrator will provide the following services:

Fund Accounting

1. Establish, maintain and review the administrative and procedural processes.

2. Establish, maintain and review the general ledgers.

3. Establish, maintain and review the investors' capital accounts and record all transactions, including capital commitments, capital calls, draw downs and distributions.

4. Assess management and incentive fees, calculate net asset values and effect all appropriate allocations, including new issue carve-outs, in accordance with the Fund's operating documents as provided to the Administrator.

5. Coordinate, execute and give third-party approval for all cash movements in accordance with the Funds' offering documents. Provide cash reconciliations monthly or upon request.

6. Receive and record all underlying investment transactions, including capital commitments, capital calls, draw-downs and distributions, and reconcile to all bank accounts monthly.

7. Receive and record all underlying investment valuations and other pertinent information.

8. Determine and periodically monitor the Fund's income and expense accruals.

9. Generate the financial reporting package as of each period-end including the Statements of Financial Position, Profit and Loss, Changes in Capital and Changes in Investor's Capital.

10. Create and maintain UMB Website portal for the Fund. Includes access to details of investment and investor subscription and redemption activity, month-end balances, financial packages, investor capital statements, tax information, and fund-level information such as fund documents, fund annual audit reports, and fund communication letters.

Fund Administration

Subject to the direction of and utilizing information provided by the Fund, the Investment Adviser, and the Fund's agents, the Administrator will provide the services listed below. The Administrator's provision of these services shall not relieve the Fund and the Fund's Investment Adviser of their primary day-to-day responsibility for assuring such compliance. The Administrator's ability to provide information regarding compliance with respect to applicable rules and regulations may be limited by the characteristics of the Fund's investments. The Administrator shall perform the following duties on behalf of the Funds:

1. General Fund Management

&nbsp;&nbsp;&nbsp;&nbsp;a. Provide appropriate personnel, office facilities, information technology, record keeping and other resources as necessary for the Administrator to perform its duties and responsibilities under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;b. Act as liaison among all Fund service providers.

Sch. A-1

2. Coordinate Board activities

&nbsp;&nbsp;&nbsp;&nbsp;a. Develop with legal counsel and the secretary of the Fund an agenda and draft resolutions for each quarterly Board meeting;

&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare Board reports based on financial and administrative data as requested by the Board. Coordinate the preparation of electronic board books for quarterly Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;c. Attend quarterly Board meetings, either in person or telephonically, and prepare a first draft of the quarterly meeting minutes, as requested by the Board.

3. Financial Reporting and Audits

&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare quarterly, semi-annual and annual schedules and financial statements including schedule of investments and the related statements of operations, assets and liabilities, changes in net assets and cash flow (if required), and financial highlights to each financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;b. Draft footnotes to financial statements for approval by the Funds' officers and independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide facilities, information and personnel as necessary to accommodate annual audits with the Funds' independent accountants or examinations by the SEC or other regulatory authorities.

4. Compliance

&nbsp;&nbsp;&nbsp;&nbsp;a. From time to time as the Administrator deems appropriate (but no less frequently than quarterly), check the Fund's compliance with the policies and limitations of the Fund relating to the portfolio investments as set forth in the Fund's Offering Memorandum and Statement of Additional Information (but these functions shall not relieve the Fund's Portfolio Managers, if any, of their primary day-to-day responsibility for assuring such compliance);

&nbsp;&nbsp;&nbsp;&nbsp;b. Monitor Fund activity for compliance with subchapter M under the Internal Revenue Code (but these functions shall not relieve the Fund's Portfolio Managers, if any, of their primary day-to-day responsibility for assuring such compliance). Compliance testing is dependent on receiving necessary information from any underlying investment.

5. Expenses

&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare annual Fund-level and class-level budgets and update on a periodic basis;

&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate the payment of expenses;

&nbsp;&nbsp;&nbsp;&nbsp;c. Establish accruals and provide to the Funds' Fund Accountant;

&nbsp;&nbsp;&nbsp;&nbsp;d. Provide expense summary reporting as reasonably requested by the Fund.

6. Filings

&nbsp;&nbsp;&nbsp;&nbsp;a. Provide the following for Form N-1A or Form N-2 filings and required updates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Preparation of expense table;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Performance information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Preparation of shareholder expense transaction and annual fund operating expense examples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment Advisor and trustee fee data.

Sch. A-2

&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to having received all relevant information from the Fund and upon the advice and direction of Fund counsel, prepare Form N-PX and provide to Fund counsel for its review; upon the advice and direction of Fund counsel, file Form N-PX with the Commission as required;

&nbsp;&nbsp;&nbsp;&nbsp;c. Assist in compiling exhibits and disclosures for Form N-CEN and Form N-CSR and file when approved by the principal officers of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;d. Compile data, prepare timely notices and file with SEC pursuant to Rule 24f-2;

&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and file Form N-Q until the Fund is required to begin filing reports on Form N-PORT;

&nbsp;&nbsp;&nbsp;&nbsp;f. File Rule 17g-1 fidelity bond filing when received from the Funds or broker.

7. Other

&nbsp;&nbsp;&nbsp;&nbsp;a. Calculate dividend and capital gain distributions, subject to review and approval by the Funds' officers and independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate standard performance, as defined by Rule 482 of the Investment Company Act of 1940, as requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;c. Report performance and other portfolio information to outside reporting agencies as directed by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;d. Assist in securing and monitoring the directors and officers liability coverage and fidelity bond for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide periodic updates on recent accounting, tax and regulatory events affecting the Funds and/or Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;f. Assist the Funds during SEC audits, including providing applicable documents from the SEC's document request list;

&nbsp;&nbsp;&nbsp;&nbsp;g. Maintain a regulatory compliance calendar (initially provided by the Fund's CCO) listing various Board approval and SEC filing dates.

Additional services available but not included in the above are (specific charges to be agreed to by the parties):

1. For money market funds, prepare for review an initial draft of Form N-MFP based on information contained in the accounting records and such additional information that may be needed from the Investment Adviser or other service providers. Upon review and acceptance by the Investment Adviser, file the EDGARized form with the SEC by the established deadlines;

2. Daily compliance testing and reporting;

3. Electronic board book portal;

4. FIN 48 documentation and review;

5. Multi-manager reporting;

Sch. A-3

6. Assisting the Fund in preparing and filing reports that need to be filed in XBRL format;

7. Regulatory Administration

&nbsp;&nbsp;&nbsp;&nbsp;a. Update annual amendments to the Funds' registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate filing of Form 485a/485b and XBRL as agreed to with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;c. Assist in completing fidelity bond and D&O/E&O insurance applications.

8. Prepare draft minutes for additional Board meetings (beyond standard quarterly Board meetings).

9. Other special projects as agreed to by the parties.

Regulatory Administration

Subject to review by Fund counsel:

1. Initial Registration

&nbsp;&nbsp;&nbsp;&nbsp;a. If a new trust, prepare draft of trust or incorporation documents (certificate of trust/ certificate of incorporation, articles, bylaws); if a new series, amend documents as necessary. (Depending on the complexity of the investment strategy(ies) to be implemented, Fund counsel may be more involved.)

&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare initial draft of registration statement materials – N-8a, N-2 (prospectus, SAI, Part C), as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Coordinate review of drafts by Advisor, sub-advisor(s), Fund counsel, service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Compile filing exhibits, working with Advisor, Fund counsel, service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Work with auditor to obtain consent for filing of financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Coordinate SEC comments (Fund counsel may prefer to coordinate).

&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare draft agreements for UMB services.

&nbsp;&nbsp;&nbsp;&nbsp;d. Coordinate organizational board materials, as required.

&nbsp;&nbsp;&nbsp;&nbsp;e. Coordinate EDGAR filings of required forms, as agreed with the Advisor.

2. Subsequent Filings

&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare initial draft of annual (or as required, update to) registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Manage review and comment process with Advisor, Fund counsel, auditors, distributor and other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Update Part C and include relevant exhibits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Obtain auditor's consent for filing of financial statements.

Sch. A-4

&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare initial draft supplements to the Fund's registration statement, for review and approval by Fund counsel, the Advisor and the distributor. (Depending on the complexity of the investment strategy(ies) to be implemented, Fund counsel may be more involved.).

&nbsp;&nbsp;&nbsp;&nbsp;c. Subject to direction by fund counsel, and upon information provided by the Fund's applicable directors or officer, assist with filing Forms 3, 4, or 5 under Section 16, as required.

&nbsp;&nbsp;&nbsp;&nbsp;d. For closed-end funds, prepare and file periodic tender offers.

&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare filings necessary to de-register a fund(s).

3. Services not included:

&nbsp;&nbsp;&nbsp;&nbsp;a. Proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;b. Exemptive relief applications.

*Any services other than those listed above are subject to negotiation and additional fees.*

Transfer Agency/Investor Servicing

1. Process Investor Subscriptions

&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor and receive subscription documents from investors.

&nbsp;&nbsp;&nbsp;&nbsp;b. Review subscription documents for completeness.

&nbsp;&nbsp;&nbsp;&nbsp;c. Obtain investor demographic information.

&nbsp;&nbsp;&nbsp;&nbsp;d. Receive subscription money and match to subscription document.

&nbsp;&nbsp;&nbsp;&nbsp;e. Maintain, monitor, and reconcile DDA and escrow accounts.

&nbsp;&nbsp;&nbsp;&nbsp;f. Obtain appropriate approvals and transfer money to the trading account.

&nbsp;&nbsp;&nbsp;&nbsp;g. Provide good-order, pending wire, pending sub-docs reports.

2. Process Investor Redemptions

&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor and receive redemption request.

&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate redemption fee as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;c. Monitor tender cap and apply if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;d. Calculate holdback percentage as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;e. Receive money from the trading account.

&nbsp;&nbsp;&nbsp;&nbsp;f. Obtain approvals and distribute money as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;g. Retain holdback according to Fund documents and distribute as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;h. Provide redemption and holdback reports.

Sch. A-5

3. Generate investor statements and confirmations.

4. Receive and respond to investor inquiries by telephone, mail, or email.

5. File IRS Forms 1099, 5498, 1042, 1042-S, and 945 with shareholders and/or the IRS.

Set-up Services (for importing historical information on existing funds)

1. Enter past investment, investor and other general ledger entries into the AltPro system and reconcile to prior year-end final audited financials.

2. Input current year's year-to-date transactions and activity into the AltPro system in order to process and prepare accurate investor statements and client financial packages on a monthly go-forward basis.

Tax Preparation, Compliance and Reporting – 1099

1. Prepare income tax and excise tax provisions. Calculate required income and excise dividend and capital gains distribution amounts subject to review and approval by the Fund's officers and their independent accountants.

2. Include the appropriate tax adjustment for wash sales, identified by third-party services, for inclusion in income tax and excise tax provisions and tax returns.

3. Include the appropriate tax adjustments for Passive Foreign Investment Company (PFIC) holdings, identified by third-party services or provided by the Investment Adviser, in tax work schedules. Assist the Investment Adviser in determining either the marked-to-market or Qualified Electing Fund (QEF) election. If the QEF election is chosen, the Investment Adviser will work with the underlying PFIC to procure and provide the required QEF Statement to the Fund, as well as an estimate for the excise tax calculation and the distribution.

4. Prepare for review by the Fund's independent accountants the financial statement book/tax differences (e.g., capital accounts) and footnote disclosures.

5. Assist the Funds in monitoring and maintaining documentation associated with ASC 740-10 (Financial Interpretation Number 48 Accounting for Uncertainty in Income Taxes).

6. Assist the Fund's independent accountants in the preparation and filing, for execution by the Fund's officers, of all federal income and excise tax returns and the Fund's State of Organization's income tax returns (and such other required tax filings as may be agreed to by the parties) other than those required to be made by the Fund's custodian or Transfer Agent, subject to review, approval and signature by the Fund's officers and the Fund's independent accountants.

Sch. A-6

7. Prepare analysis in determining qualified dividend income amounts for notification to shareholders and prepare ICI Primary and Secondary Layouts for shareholder reporting.

8. Prepare forms 1099-MISC Miscellaneous Income for board members and other required Fund vendors.

USA PATRIOT Act (AML)

1. Conduct AML screening for new domestic investors, which shall include initial comparison of investor information against Identity Chek, OFAC and other watch lists; provide Fund with any exceptions. Systematically compare updates against investor name for each update of the OFAC list.

2. File Suspicious Activity Reports, if any, with the appropriate reporting authorities.

3. Provide AML certification report upon request.

Internet Services

1. Provide and maintain a web portal for the fund sponsor, investors, and financial advisors to access account information.

2. Allow investors to sign up for electronic document delivery.

3. Send email notifications to investors when statements or regulatory documents are available online.

4. Post fund documents on the portal for access by investors.

5. Send email notifications to investors when documents have been posted online.

Online Board Books

Provide web portal access for directors, officers and/or client staff to view completed board materials.

Blue Sky State Filings

Prepare and file state securities qualification/notice compliance filings, with the advice of the Fund's legal counsel, upon and in accordance with instructions from the Fund, which instructions will include the states to qualify in, the amounts of shares to initially and subsequently qualify and the warning threshold to be maintained; promptly prepare an amendment to a Fund's notice permit to increase the offering amount as necessary.

Electronic Subscription Document Services

Implement a process for the Fund's investors and potential investors to electronically complete and submit subscription documents for investments in interests of the Fund.

Sch. A-7

**Schedule B**

**to the**

**Administration and Fund Accounting**

**Agreement by and between**

**Megacorn Fund**

**and**

**UMB Fund Services, Inc.**

**<u>FEES</u>**

Sch. B-1

## Ex-99.(K)(2)

**Exhibit (k)(2)**

**Form of Megacorn Fund Multiple Class Plan**

This Multiple Class Plan (the "Plan") has been adopted by the board of trustees (the "Board of Trustees") of Megacorn Fund (the "Fund") with respect to each class of shares of beneficial interests ("Shares") of the Fund. The Plan has been adopted in compliance with Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act").

The Fund has initially established two classes of Shares known as the "Institutional Class Shares" and "Advisor Class Shares." Each class of Shares will have the same relative rights and privileges and be subject to the same fees and expenses except as set forth below. In addition, extraordinary expenses attributable to one or more classes shall be borne by such class(es). The Board of Trustees may determine in the future that other allocations of expenses or other services to be provided to a class of Shares are appropriate and amend the Plan accordingly without the approval of holders of Shares of any class.

<u>Institutional Class Shares</u>

Institutional Class Shares (the "Institutional Class Shares") are sold at net asset value per Share, and are sold subject to the minimum purchase requirements set forth in the prospectus for the Fund. Institutional Class Shares are not subject to a distribution or shareholder service plan. Institutional Class Shares shall be entitled to the shareholder services set forth from time to time in the Fund's prospectus.

<u>Advisor Class Shares</u>

Advisor Class Shares (the "Advisor Class Shares") are sold at net asset value per Share, subject to a sales charge of up to [ ]% of the subscription amount, and are sold subject to the minimum purchase requirements set forth in the Fund's prospectus. Advisor Class Shares of the Fund are subject to an annual distribution and/or shareholder servicing fee in accordance with the then-effective plan (the "Distribution and Service Plan") adopted in accordance with Rule 12b-1 under the 1940 Act for Advisor Class Shares. Holders of Advisor Class Shares have exclusive voting rights, if any, with respect to the Fund's Distribution and Service Plan adopted with respect to Advisor Class Shares. Advisor Class Shares shall be entitled to the distribution and shareholder services set forth from time to time in the Fund's prospectus.

<u>Expense Allocation</u>

Expenses that are treated as class expenses under the Plan will be borne by the Fund's respective share classes. Fund expenses will be allocated to the respective share classes in a manner consistent with Rule 18f-3(c)(1)(iii) as now or hereafter in effect, subject to the oversight of the Board of Trustees.

Adopted: [ ], 2025

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**FORM OF EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

AGREEMENT effective as of the [ ] day of [ ] 2026 ("Effective Date") by and among Megacorn Fund, a Delaware statutory trust (the "Fund") and Forge Global Advisors LLC a Delaware limited liability company (the "Investment Adviser").

WITNESSETH:

WHEREAS, the Investment Adviser acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund dated [ ], 2026 (the "Investment Management Agreement");

NOW, THEREFORE, in consideration of the Fund engaging the Investment Adviser pursuant to the Investment Management Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Fund's Prospectus as currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investment Adviser agrees with the Fund to limit the amount of the Fund's aggregate ordinary operating expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) (collectively, "Specified Expenses")) so they do not exceed, on an annualized basis, 1.75% of the average daily net assets of Institutional Class Shares and Advisor Class Shares in the relevant period (the "Expense Limit"). If the Fund's aggregate ordinary operating expenses, exclusive of the Specified Expenses, in respect of any class for any day, exceed the Expense Limit, the Investment Adviser will waive its Investment Management Fee and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Investment Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Agreement will have an initial term which shall begin on the Effective Date and end on May 1, 2028. The Agreement may not be terminated by the Investment Adviser during its initial term. Commencing one (1) year from the Effective Date, the Expense Limit will increase to 2.25% of the average daily net assets of the Institutional Class Shares and Advisor Class Shares. This Agreement will automatically renew for consecutive twelve-month terms unless the Investment Adviser determines to not so continue the term of this Agreement by giving the Fund not less than 5 days prior notice. Unless otherwise agreed to in writing by the Investment Adviser and the Fund, this Agreement shall terminate automatically upon the termination of the Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be terminated at any time, and without payment of any penalty, by the Trustees, on behalf of the Fund, upon thirty (30) days' written notice, provided, however, that, to the extent permitted under the Investment Company Act of 1940, as amended (the "Investment Company Act"), Section 5 shall survive any such termination in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To the extent that the Investment Adviser waives its Investment Management Fee, reimburses expenses to the Fund, or pays expenses directly on behalf of the Fund, it is permitted to recoup from the Fund any such amounts for a period not to exceed three years after the end of the month in which such fees and expenses were waived, reimbursed, or paid, even if such recoupment occurs after the termination of this Agreement. However, the Investment Adviser may only recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver and (ii) the Expense Limit in effect at the time of the recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement will be construed in accordance with the laws of the state of Delaware and the applicable provisions of the Investment Company Act. To the extent the applicable law of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the applicable provisions of the Investment Company Act will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement constitutes the entire agreement between the parties to this Agreement with respect to the matters described in this Agreement.

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

---

| |
|:---|
| MEGACORN FUND |
| By: |
| Title: |
| FORGE GLOBAL ADVISORS LLC |
| By: |
| Title: |

---

## Ex-99.(K)(4)

**Exhibit (k)(4)**

<u>JOINT INSURED BOND AGREEMENT</u>

AGREEMENT dated as of this 8<sup>th</sup> day of July, 2025, by and between Redwood Private Real Estate Debt Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund and Megacorn Fund (each a "Fund" and together, the "Funds").

<u>BACKGROUND</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds are management investment companies registered under the Investment Company Act of 1940 (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Rule 17g-1 requires each Fund to provide and maintain in effect a bond against larceny and embezzlement by its officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Rule 17g-1 authorizes the parties hereto to secure a joint insured bond naming each of them as insureds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Funds desire to be named as insureds on a joint fidelity bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A majority of the trustees, directors or managers of each Fund, as applicable (each a "Board"), who are not "interested persons" of such Fund as defined by Section 2(a)(19) of the Act, after giving due consideration to all factors relevant to the form, amount and ratable allocation of premiums of the aforesaid joint insured bond, have approved the terms and amount of the bond and the portion of the premium payable by each party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Each party has determined that the allocation of the proceeds payable under the aforesaid joint insured bond as set forth herein (which takes into account the minimum amount of bond required for each party by Rule 17g-1 if it maintained a single insured bond) is equitable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joint Insured Bond</u>. The parties shall maintain in effect a joint fidelity insurance bond (the "Bond") from a reputable fidelity insurance company authorized to do business in the place where the Bond is issued, insuring each party against larceny and embezzlement and covering such of their respective officers and employees who may, singly or jointly with others, have access, directly or indirectly, to their respective securities or funds. The Bond shall name each party as an insured and shall comply with the requirements for such bond established by Rule 17g-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amount</u>. The Bond shall be in at least the aggregate amount required by Rule 17g-1(d) to be maintained by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Ratable Allocation of Premiums</u>. Each Fund shall pay a percentage of the initial premium and any additional premiums which may become due under the Bond as determined from time to time by the managers of such Fund, including a majority who are not "interested persons" of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Premium Due Upon Liquidation of Fund or Departure from Program</u>. In the event that a Fund (a) liquidates or (b) undertakes to remove itself from the fund solutions program (currently known as "registered fund solutions"), then such Fund will be obligated to pay an amount for tail coverage under the Bond in such amount as determined by the Boards or if the Boards determine that the Bond shall be terminated, such Fund will be obligated to pay an amount equal to its pro rata share of the total cost to provide tail coverage under the Bond to the Funds for six (6) years from the date of termination of the Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. <u>Ratable Allocation of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If more than one of the parties sustains a single loss (including a loss sustained before the date hereof) for which recovery is received under the Bond, each such party shall receive that portion of the recovery which is sufficient in amount to indemnify that party in full for the loss sustained by it, unless the recovery is inadequate to fully indemnify all such parties sustaining a single loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the recovery is inadequate to indemnify fully all parties sustaining a single loss, the recovery shall be allocated among such parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each party sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of the fidelity bond which would be required to be maintained by-such-party under a single insured bond (determined as of the time of the loss in accordance with the provisions of Rule 17g-1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 remaining portion of the recovery (if any) shall be allocated to each party sustaining a loss not fully indemnified by the allocation under subparagraph (i) in the same proportion as the portion of each party's loss which is not fully indemnified bears to the sum of the unindemnified losses of all such parties. If such allocation would result in any party receiving a portion of the recovery in excess of the loss actually sustained by it, the aggregate of such excess portion shall be reallocated among the other parties whose losses would not be fully indemnified as a result of the foregoing indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Claims and Settlements</u>. Each party shall, within five (5) days after the making of any claim under the Bond, provide UMB Fund Services, Inc. ("UMBFS") with written notice of the amount and nature of such claim, and UMBFS will provide written notice to all other parties within five (5) days of receipt. Each party shall, within five (5) days of the receipt thereof, provide UMBFS with written notice of the terms of settlement of any claim made under the Bond by such party, and UMBFS will provide written notice to all other parties within five (5) days of receipt. In the event that two or more parties shall agree to settlement with the fidelity company of a claim made under the Bond with respect to a single loss, such parties shall, within five days after settlement, provide UMBFS with written notice of the amounts to be received by each claiming party under Section 4 hereof, and UMBFS will provide written notice to all other parties within five (5) days of receipt. The officer(s) of the respective parties designated as responsible for filing notices required by paragraph (g) of the Rule 17g-1 under the Act shall give and receive any notice required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Modifications and Amendments</u>. Any party may increase the amount of the Bond, provided that written notice thereof must be given to the other parties to this Agreement. If pursuant to Rule 17g-1, any party shall determine that the coverage provided pursuant to this Agreement should otherwise be modified, it shall so notify the other parties hereto, and indicate the nature of the modification which it believes to be appropriate. If, within forty-five (45) days of such notice any necessary amendments to this Agreement shall not have been made and the request for modification shall not have been withdrawn, this Agreement shall terminate with respect to such party (except with respect to losses occurring prior to such termination), but, with respect to each other party, shall remain in effect. Any party may withdraw from this Agreement at any time and cease to be party hereto (except with respect to losses occurring prior to such withdrawal) by giving written notice to the other parties of such withdrawal. Upon withdrawal, a withdrawing party shall be entitled to receive any premium rebated by the fidelity company with respect to such withdrawal in accordance with the percentages contained in Section 3 hereof relating to the allocation of payment of premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Obligations of the Funds</u>. Each party acknowledges that this Agreement is executed on behalf of the Funds by the undersigned officers of the Funds as officers and not individually. Each party acknowledges and agrees that the obligations of the Funds under this Agreement are not binding on any officers, managers or interest holders of the Funds individually but are binding only upon the assets and properties of the Funds, and any person dealing with any class of shares of a Fund must look solely to the assets and properties of such Fund belonging to such class for the enforcement of any claims against such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. <u>No Assignment</u>. This Agreement is not assignable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Notices relating to termination of the Agreement, breaches of contractual duties, initiation of legal proceedings, complaints in relation to services provided hereunder or any other material notices under the Agreement, other than notices given in the ordinary course of business (each a "Material Notice"), must be given in writing (either by way of facsimile, registered mail, or a recognized overnight courier). A notice sent by facsimile shall be deemed to have been served at the close of business on the day upon which the other party confirms receipt. A notice sent by registered mail shall be deemed to have been served at the close of business on the day upon which it is delivered. Material Notices shall be sent as follows, or to such other address as the parties may agree from time to time:

UMB Fund Services, Inc.

235 W. Galena St.

Milwaukee, WI 53212

Attention: Legal Department

Re: Material Notice, Redwood Private Real Estate Debt Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund and Megacorn Fund.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **Redwood Private Real Estate Debt Fund** | **Redwood Private Real Estate Debt Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Aether Infrastructure & Natural Resources Fund** | **Aether Infrastructure & Natural Resources Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Pursuit Asset-Based Income Fund** | **Pursuit Asset-Based Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Megacorn Fund** | **Megacorn Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

## Ex-99.(K)(5)

**Exhibit (k)(5)**

**<u>JOINT LIABILITY INSURANCE AGREEMENT</u>**

AGREEMENT dated the 8<sup>th</sup> day of July, 2025 between the Redwood Private Real Estate Debt Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund and Megacorn Fund (collectively, the "Funds" and individually, a "Fund").

WHEREAS, each Fund is a management investment company registered under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, each Fund is an affiliate of each other Fund under the 1940 Act;

WHEREAS, Rule 17d-1(d)(7) under the 1940 Act permits arrangements regarding liability insurance policies between registered investment companies and their affiliates provided certain conditions are met; and

WHEREAS, a majority of the Board of Trustees, Directors or Managers of each Fund, as applicable, (each a "Board") (including a majority of the trustees, directors or managers who are not "interested persons" of each respective Fund as defined by Section 2(a)(19) of the 1940 Act) has given due consideration to all factors relevant to the form, amount and ratable allocation of premiums of the Investment Company Directors & Officers and Professional Liability Policy (the "Policy") and (i) has approved the terms and amount of the Policy and the participation of each respective Fund in the Policy as being in the best interests of that Fund, and (ii) has determined that the allocation of the premium for the Policy as set forth herein (which is based on information obtained from the underwriters regarding each Fund's proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds) is fair and reasonable to the Fund.

NOW, THEREFORE in consideration of the mutual covenants contained herein, the Funds hereby agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joint Policy</u>. To insure the Funds and their respective managers, executives, officers and employees against their errors or omissions, the Funds have obtained and maintain the Policy, pursuant to which they are each insured under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Limits of Liability</u>. The limit of the Policy insurer's (the "Insurer") liability under the Policy shall not be less than an amount approved by each Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Ratable Allocation of Premium</u>. So long as each Fund continues to operate as an investment company, each Fund agrees to pay its proportionate share of the total premium due under the Policy, which share shall be determined based on each Fund's proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Premium Due Upon Liquidation of Fund or Departure from Program.</u> In the event that a Fund (a) liquidates or (b) undertakes to remove itself from the fund solutions program (currently known as "registered fund solutions"), then such Fund will be obligated to pay an amount for tail coverage under the Policy in such amount as determined by the Boards or if the Boards determine that the Policy shall be terminated, such Fund will be obligated to pay an amount equal to its pro rata share of the total cost to provide tail coverage under the Policy to the Funds for six (6) years from the date of termination of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Allocation of Recoveries and Deductibles</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "Loss" shall mean any Loss (as such term or similar term is defined in the Policy) for which payment is made under the Policy by the Insurer on behalf of the Funds, or their respective managers, executives, officers or employees, or for which payment would have been made by the Insurer under the Policy if the limits of the Insurer's liability under the Policy had not been exceeded. The term "Recovery" shall mean the aggregate amount paid by the Insurer on behalf of the Funds (or their respective managers, executives, officers or employees) in respect of a Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the next sentence, if a Fund sustains a Loss as a result of one or more claims made during a single annual coverage period for which a Recovery is received under the Policy, such Fund shall receive an amount equal to the actual Loss. If a Recovery is less than the amount required to indemnify fully the Funds sustaining a related Loss, then the Recovery shall be allocated among the Funds which have not been fully indemnified for their Losses in the same proportion as their premiums bear to one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In each case of Loss, the applicable deductible under the Policy will be allocated among the Funds sustaining Losses in proportion to the relative share of Recovery received by each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Claims and Settlements</u>. Each Fund shall file a copy of this Agreement with the Insurer as part of any claim under the Policy and shall, at the time of making of any claim under the Policy, provide UMB Fund Services, Inc. ("UMBFS") with written notice of the amount and nature of such claim, and UMBFS will provide written notice to the other Funds. Each Fund shall provide to UMBFS forthwith written notice of the terms of settlement of any claim made under the Policy, and UMBFS will provide written notice to the other Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term</u>. This Agreement shall remain in effect as long as the Boards of each Fund (including a majority of the managers, directors or trustees, as applicable, who are not "interested persons," as defined by Section 2(a)(19) of the Act) makes the annual determinations respecting the Policy required under Rule 17d-1(d)(7), and annually approves the renewal of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments</u>. This Agreement may be modified or amended only by a writing executed by all of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Assignment</u>. This Agreement is not assignable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be addressed to the notified Fund as follows:

UMB Fund Services, Inc.

235 W. Galena St.

Attention: Legal Department

Re: Redwood Private Real Estate Debt Fund, Aether Infrastructure & Natural Resources Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund and Megacorn Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on the day and year first above written.

---

| | |
|:---|:---|
| **Redwood Private Real Estate Debt Fund** | **Redwood Private Real Estate Debt Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Aether Infrastructure & Natural Resources Fund** | **Aether Infrastructure & Natural Resources Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Pursuit Asset-Based Income Fund** | **Pursuit Asset-Based Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| **Megacorn Fund** | **Megacorn Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

## Ex-99.(K)(6)

**Exhibit (k)(6)**

<u>PLATFORM MANAGEMENT AGREEMENT</u>

THIS AGREEMENT (this "<u>Agreement</u>"), effective as of __________________, 2025 (the "<u>Effective Date</u>"), is made by **Megacorn Fund** (the "<u>Fund</u>") and **UMB Fund Services Inc.** ("<u>UMBFS</u>" and, together with the Fund, the "<u>Parties</u>").

WHEREAS, the Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>") and is subject to regulation as such under applicable federal securities laws.

WHEREAS, shares of beneficial interest ("<u>Shares</u>") in the Fund will be offered to investors.

WHEREAS, the Fund wishes to retain UMBFS to provide platform manager services (the "<u>Services</u>") to the Fund as set out in Section 1.

WHEREAS, UMBFS wishes to provide, or retain other parties to provide, the Services.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed by the Parties as follows:

1. <u>Appointment of UMBFS</u>. The Fund hereby authorizes UMBFS to provide the Services, which shall include the services set out below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Coordinating organizational, quarterly and special meetings of the Fund's board of trustees (collectively the "<u>Board</u>" and individually the "<u>Trustees</u>"), preparing and distributing relevant materials and information to Trustees and affected service providers to the Fund including but not limited to the Fund's administrator, accounting agent, transfer agent, custodian, compliance service, auditors, legal counsel, placement agent and insurance carriers, coordinating and facilitating Fund insurance coverage and other jointly-provided services, and providing all other administrative and organizational services necessary to facilitate the efficient operation of the Fund on the Platform. UMBFS will provide a report to the Board at least annually or as it deems necessary. This report in no way relieves the providers and/or professional firms from their obligation, duty, or requirement to communicate and report to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Providing for and/or making arrangements for adequate meeting facilities for the Fund's quarterly and periodic Board meetings as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following relevant industry news, trends, important topics, and best practices as they relate to investment products, providers, professional firms, technologies, services, and regulatory/legal issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Maintaining all books and records of the Fund required by Rule 31a-1 under the 1940 Act (other than those records being maintained by the Fund's administrator, custodian or transfer agent) and preserving such records for the periods prescribed therefore by Rule 31a-2 of the 1940 Act.

2. <u>Platform Manager Fee</u>. The consideration for UMBFS's provision of services is included as part of the other service agreements between the Parties.

3. <u>Allocation of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All costs and expenses of the Fund not expressly assumed by UMBFS under Section 3(b) shall be paid by the Fund, including, but not limited to: (i) any fees and expenses in connection with the organization of the Fund and the offering and issuance of Shares; (ii) all fees and expenses relating to portfolio transactions and positions for the Fund's account (such as direct and indirect expenses associated with the Fund's investments, including its investments in investment funds, or proposed investments, whether or not such investments are completed, including travel and other expenses incurred in connection with the selection or monitoring of investments, or enforcing the Fund's rights in respect of such investments); (iii) quotation or valuation expenses; (iv) brokerage commissions; (v) interest and fees on any borrowings by the Fund; (vi) professional fees (including, without limitation, expenses of consultants, experts, and specialists); (vii) research expenses; (viii) fees and expenses of outside counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund and foreign counsel); (ix) accounting, auditing, and tax preparation expenses; (x) fees and expenses in connection with repurchase offers and any repurchases or redemptions of Shares; (xi) taxes and governmental fees (including tax preparation fees); (xii) the investment management fee and the fees and expenses of the Fund's administrator; (xiii) fees and expenses of any custodian, subcustodian, transfer agent, and registrar, and any other agent of the Fund; (xiv) all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among UMBFS and any custodian or other agent engaged by the Fund; bank services fees; costs and expenses relating to any amendment of the Fund's Agreement and Declaration of Trust (the "<u>Trust Instrument</u>") or the Fund's other organizational documents; any expenses in connection with meetings of the Board or its committees; expenses of preparing, amending, printing, and distributing offering memoranda, statements of additional information, and any other sales material (and any supplements or amendments thereto), reports, notices, websites, other communications to shareholders, and proxy materials; expenses of preparing, printing, and filing reports and other documents with government agencies; expenses of shareholders' meetings, including the solicitation of proxies in connection therewith; expenses of corporate data processing and related services; shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the Trustees who are not employees of UMBFS or its affiliates; insurance premiums; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up, and termination of the Fund.

"<u>Extraordinary Expenses</u>" means all expenses incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs or expenses: (i) incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the Fund's rights against any person or entity; (ii) for indemnification or contribution payable by the Fund to any person or entity (including, without limitation, pursuant to the indemnification obligations contained in the Trust Instrument); (iii) of a reorganization, restructuring or merger of the Fund; (iv) of holding, or soliciting proxies for, a meeting of shareholders of the Fund; and (v) of engaging a new administrator, custodian, transfer agent, escrow agent, or other major service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) UMBFS will bear all of its own overhead expenses, including but not limited to rent, salaries, office equipment, and communications expenses. In addition, UMBFS is responsible for the payment of the compensation and expenses of those Trustees and/or officers of the Fund affiliated with UMBFS and making available (without expense to the Fund) the services of such individuals (subject to their individual consent to serve and to any limitations imposed by law).

4. <u>Duties of UMBFS</u>. UMBFS shall: (a) provide the Services; and (b) report to the Board on a quarterly basis regarding the nature of the Services (if requested).

5. <u>Liability of the Fund</u>. The obligations of the Fund hereunder are not binding upon any shareholder or any person serving on the Board, personally, but bind only the Fund and the Fund's property. UMBFS represents that it has notice of the provisions of the Trust Instrument disclaiming shareholder and Trustee liability for acts and obligations of the Fund.

6. <u>Independent Contractor</u>. UMBFS shall (i) be deemed to be an independent contractor for all purposes herein and (ii) have no authority to act for or represent the Fund in any way or otherwise be deemed its agent, unless otherwise expressly provided herein or authorized by the Board.

7. <u>Liability</u>. None of UMBFS, its affiliates, partners, managers, members, principals, directors, officers, or employees, nor any of their executors, heirs, assigns, successors, or other legal representatives (collectively, the "<u>Indemnified Persons</u>") shall be liable for any error of judgment, for any mistake of law, or for any act or omission by such person in connection with the performance or non-performance of the Services in the absence of willful misfeasance or gross negligence in the performance or non-performance of the Services (collectively, "<u>disabling conduct</u>"). Any person, even though also employed by UMBFS, who may be or become an employee of the Fund and paid by the Fund shall be deemed, when acting within the scope of his or her employment by the Fund, to be acting in such employment solely for the Fund and not as an employee or agent of UMBFS.

8. <u>Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8(b), the Fund shall (to the fullest extent permitted by law) indemnify, defend, and hold harmless each Indemnified Person from or against all losses, charges, expenses, assessments, claims, damages, costs, and liabilities ("<u>Losses</u>"), including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees and disbursements, incurred in connection with the defense or disposition of any action, suit, investigation, or other proceeding (any of the preceding, a "<u>Proceeding</u>") before any judicial, arbitral, administrative, or legislative body, in which such Indemnified Person may be or may have been involved as a party or otherwise, or with which such Indemnified Person may be or may have been threatened, by reason of the past or present performance of services to the Fund by such Indemnified Person, except to the extent such Losses shall have been finally determined in a non-appealable decision on the merits in any such Proceeding to have been incurred or suffered by such Indemnified Person by reason of disabling conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses (including reasonable counsel fees and disbursements) so incurred by any such Indemnified Person (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties) shall be paid or reimbursed by the Fund in advance of the final disposition of any such Proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay to the Fund amounts so paid if it shall ultimately be determined that indemnification of such expenses is not authorized under this Section 8; <u>provided however that</u>: (i) such Indemnified Person shall provide security for such undertaking; (ii) the Fund shall be insured by or on behalf of such Indemnified Person against Losses arising by reason of such Indemnified Person's disabling conduct; or (iii) a majority of the Trustees who are not parties to the proceeding or independent legal counsel in a written opinion shall determine based on a review of readily available facts as opposed to a full trial-type inquiry (a "<u>Review</u>") that there is reason to believe such Indemnified Person has not engaged in disabling conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to the disposition of any Proceeding (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication or a decision on the merits by a court (or by any other body before which the proceeding shall have been brought) that an Indemnified Person is liable to the Fund or its shareholders by reason of disabling conduct, indemnification shall be provided pursuant to this Section 8 if: (i) approved as in the best interests of the Fund by a majority of the Trustees who are not parties to the proceeding upon a determination based upon a Review that such Indemnified Person has not engaged in disabling conduct; or (ii) the Board secures a written opinion of independent legal counsel based upon a Review to the effect that such Indemnified Person is not likely to be liable to the Fund or its shareholders by reason of disabling conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnification or advancement of expenses made pursuant to this Section 8 shall not prevent the recovery from any Indemnified Person of any such amount if such Indemnified Person subsequently shall be determined in a final decision on the merits of any court of competent jurisdiction in any Proceeding involving the liability or expense that gave rise to such indemnification or advancement of expenses to be liable to the Fund or its shareholders by reason of disabling conduct. In any Proceeding brought by an Indemnified Person to enforce a right to indemnification under this Section 8, it shall be a defense that, and in any Proceeding in the name of the Fund to recover any indemnification or advancement of expenses made pursuant to this Section 8 the Fund shall be entitled to recover such expenses upon a final adjudication that, the Indemnified Person has not met the applicable standard of conduct set forth in this Section 8. In any such Proceeding brought to enforce a right to indemnification or to recover any indemnification or advancement of expenses made pursuant to this Section 8, the burden of proving that the Indemnified Person is not entitled to be indemnified (or to any indemnification or advancement of expenses) under this Section 8 shall be on the Fund (or any shareholder acting derivatively or otherwise on behalf of the Fund or its shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rights of indemnification provided in this Section 8 shall not be exclusive or affect any other right to which any Indemnified Person may be entitled by contract or otherwise under law. Notwithstanding anything in this Section 8 to the contrary, the provisions of this Section 8 shall not be construed so as to relieve the Indemnified Person of, or provide indemnification with respect to, any liability (including liability under Federal securities laws, which, under certain circumstances, impose liability even on persons who act in good faith) to the extent (but only to the extent) that such liability may not be waived, limited, or modified under applicable law or that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 8 to the fullest extent permitted by law. The provisions of this Section 8 shall indefinitely survive the termination or cancellation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) UMBFS (and the other Indemnified Persons) may rely upon and, in the absence of disabling conduct, shall be protected in acting upon any document which it reasonably believes to be genuine and to have been signed or presented by the proper person or persons. UMBFS (and the other Indemnified Persons) shall not be held to have notice of any change of authority of any Trustee, officer, employee, or agent of the Fund until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall make UMBFS (and the other Indemnified Persons) liable for the performance or omissions of unaffiliated third parties not under UMBFS's reasonable control (such as, by way of example and not limitation, custodians, brokers, investment advisers, postal or delivery services, telecommunications providers, and processing and settlement services).

9. <u>Duration</u>. This Agreement will remain in effect until terminated pursuant to Section 9 or 12. Unless earlier terminated pursuant to Section 12, this Agreement shall remain in effect for a period of 2 years and thereafter for succeeding 1-year periods unless sooner terminated.

10. <u>Assignments or Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither this Agreement nor any rights hereunder are assignable without the written consent of the other Party. Any attempted or purported assignment in violation hereof will be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither Party may amend this Agreement without written consent of the other Party.

11. <u>Notice</u>. Except for oral notices expressly permitted hereby, any notice, consent, authorization, or other communication to be given hereunder will be in writing and will be deemed duly given and received when delivered personally or transmitted by email or, if sent by mail, five business days after being mailed by first class mail, or one business day after being sent by an internationally recognized overnight delivery service, charges and postage prepaid, properly addressed to the Party to receive such notice, at the address specified below.

---

| | |
|:---|:---|
| If to UMBFS: | UMB Fund Services, Inc. |
|  | 235 W. Galena Street |
|  | Milwaukee, WI 53212 |
|  | Attention: Legal Department |
|  | Re: Material Notice, Megacorn Fund |
|  | Email: umbfs-legal@umb.com |

---

---

| | |
|:---|:---|
| If to the Fund: | Megacorn Fund |
|  | c/o UMB Fund Services, Inc. |
|  | Attn: Legal Department |
|  | 235 W. Galena Street |
|  | Milwaukee, WI 53212 |
|  | Re: Material Notice, Megacorn Fund |
|  | Email: umbfs-legal@umb.com |

---

12. <u>Termination</u>. This Agreement may be terminated by either Party as of the end of a term without penalty upon 60 days' written notice to the other Party (which notice may be waived by the non-terminating Party). Any such termination shall not affect the obligation of the Fund to reimburse UMBFS for payments made or obligations incurred prior to such termination.

13. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware (without giving effect to the conflicts of laws principles thereof) and the applicable provisions of Federal law. To the extent that the applicable laws of the State of Delaware or any of the provisions herein conflict with the applicable provisions of Federal law, the latter shall control.

14. <u>Severability</u>. If any provision hereof shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be effected thereby and, to this extent, the provisions hereof shall be deemed to be severable.

15. <u>Counterparts</u>. This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

IN WITNESS WHEREOF, the Parties have executed this Agreement by their duly authorized officers.

---

| | |
|:---|:---|
| **MEGACORN FUND** | **UMB Fund Services, Inc.** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

## Ex-99.(L)

**Exhibit (l)**

![](exl_001.jpg)

March 5, 2026

Megacorn Fund

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

RE: Megacorn Fund

Ladies and Gentlemen:

We have acted as counsel to Megacorn Fund (the "Fund"), a Delaware statutory trust, in connection with the filing of the Fund's registration statement on Form N-2, including any amendment thereto (the "Registration Statement") (File Nos. 333-285489 and 811-24060), to register under the Securities Act of 1933, as amended (the "1933 Act"), shares of beneficial interest (the "Shares") representing interests in the Fund. The Fund is authorized to issue an unlimited amount of Shares.

We have examined the originals or copies, certified or otherwise identified to our satisfaction, of the Fund's Amended and Restated Agreement and Declaration of Trust and By-Laws (collectively, the "Governing Documents") and the resolutions adopted by the Board of Trustees of the Fund (the "Resolutions") relating to the authorization of the sale and issuance of the Shares in a continuous public offering, and have considered such other legal and factual matters as we have deemed appropriate.

In all cases, we have assumed the legal capacity of each natural person signing the Registration Statement, the genuineness of signatures, the authenticity of documents submitted to us as originals, the conformity to authentic original documents of documents submitted to us as copies and the accuracy and completeness of all corporate records and other information made available to us by the Fund. We have assumed that the Resolutions will still be in effect at the time the Shares are issued and have not been amended or rescinded. As to questions of fact material to this opinion, we have relied upon the accuracy of any certificates and other comparable documents of officers and representatives of the Fund, upon statements made to us in discussions with the Fund's management and upon statements and certificates of public officials.

This opinion is based exclusively on the laws of the State of Delaware.

We have assumed the following for this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares will be issued in accordance with the Governing Documents and the Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares will be issued against consideration therefor as described in the Registration Statement, and that such consideration will have been at least equal to the applicable net asset value.

Based on the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares to be issued pursuant to the Registration Statement have been duly authorized for issuance by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When issued and paid for upon the terms provided in the Registration Statement, the Shares to be issued pursuant to the Registration Statement will be validly issued, fully paid and non-assessable by the Fund and that the holders of the Shares will be entitled to the same limitation of personal liability extended to shareholders of private corporations for profit organized under the general corporation law of the State of Delaware (except that we express no opinion as to such holders who are also Trustees of the Fund).

We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement of the Fund.

We hereby consent to the use of our name and to the references to our firm under the caption "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and Statement of Additional Information included in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Faegre Drinker Biddle & Reath LLP |
| FAEGRE DRINKER BIDDLE & REATH LLP |

---

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

**Exhibit (n)(1)**

![](exn1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Pre-Effective Amendment to Registration Statement on Form N-2 of our report dated January 26, 2026, relating to the financial statement of Megacorn Fund, as of January 7, 2026, and to the references to our firm under the heading "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and "Independent Registered Public Accounting Firm; Legal Counsel" and "Financial Statements" in the Statement of Additional Information.

![](exn1_002.jpg)

Cohen & Company, Ltd.

Cleveland, Ohio

March 5, 2026

## Ex-99.(N)(2)

**Exhibit (n)(2)**

![](exn2_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Registration Statement for Megacorn Fund (the "Fund") on Form N-2 of our report dated August 25, 2025, relating to the financial statements of Megacorn Fund LP (the "Predecessor Fund"), as of December 31, 2024, and to the references to our firm under the headings "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and "Independent Registered Public Accounting Firm; Legal Counsel" and "Financial Statements" in the Statement of Additional Information.

![](exn2_002.jpg)

Cohen & Company, Ltd.

Cleveland, Ohio

March 5, 2026

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

**Exhibit (r)(1)**

<u>Conduct Requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;2. **Fund Code of Ethics ("1940 Act Code of Ethics")** 

**Purpose of the Code of Ethics**

The Megacorn Fund (the "Fund") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons, as defined below, and to ensure compliance with the Federal Securities Laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Adviser, or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that, each Access Person of the Fund will conduct such activities in accordance with to the following principles:

● To be dutiful in placing the interests of the Fund's shareholders first and before their own;

● all personal securities transactions must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of Fund and responsibility; and

● adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their position.

Any violation of this Code must be reported promptly to Amy E. Siefer, the Fund CCO. Failure to do so will be deemed a violation of the Code.

**Legal Requirement**

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

● employ any device, scheme or artifice to defraud the Fund;

● make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

● engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

Definitions - All definitions shall have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

*Access Person* means Any officers, Trustees, general partner or employee of the Fund, the Adviser, (or of any entity in a control relationship to the Fund, the Adviser) who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

*Automatic Investment Plan* - A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

*Beneficial Ownership* means in general and subject to the specific provisions of Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

1 <br> CONFIDENTIAL <br>

<u>Conduct Requirements</u>

*Connected Persons* – Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified.

*Control* shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act.

*Covered Security* – shall be any security except that it does not include:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality, short-term debt instruments, including repurchase agreements; and

● Shares issued by open-end fund (excluding open-end exchange traded fund).

*Exchange Traded Fund ("ETF")* means an open-end registered investment company that is not a unit investment fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act (either by Rule 6c-11 or exemptive order) permitting it to issue securities that trade on the secondary market.

*Fund* means an investment company registered under the 1940 Act.

*Independent Trustees* means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

An *Initial Public Offering* means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act.

*Investment Personnel* means (i) any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund or (ii) any natural person who controls the Fund or investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund*.*

*Limited Offering* means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

*Purchase or Sale of a Covered Security* includes, among other things, the writing of an option to purchase or sell a Covered Security.

Security held or to be acquired by the Fund means:

Any Covered Security which, within the most recent fifteen (15) days:

● Is or has been held by the Fund; or

2 <br> CONFIDENTIAL <br>

<u>Conduct Requirements</u>

● Is being or has been considered by the Fund or its Adviser for purchase by the Fund; and

● Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

**Policies of the Fund Regarding Personal Securities Transactions**

**General**

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

**Specific Policies**

● Restrictions on Personal Securities Transactions By Access Persons Other Than Independent Trustees and persons covered under an equivalent code of ethics of the Fund's service provider.

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

● is being considered for purchase or sale by the Fund; or

● is being purchased or sold by the Fund.

Pre-approval of Investments in IPOs and Limited Offerings

Investment Personnel must obtain approval from the Adviser's CCO (pursuant to the terms of the Adviser's Code of Ethics) before directly or indirectly acquiring beneficial ownership in any Covered Securities in an

● Initial Public Offering or in a private placement or other Limited Offering.

Restrictions on Personal Securities Transactions by Independent Trustees.

The Fund recognizes that an Independent Trustee do not have on-going, day- to-day involvement with the operations of the Fund. In addition, it has been the practice of the Fund to give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Independent Trustees in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Independent Trustees as follows:

● Each Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report as required under the Reporting Requirements below, but only for a transaction in a Covered Security where The securities pre-clearance requirement contained in the section above shall only apply to a Restricted Trustee if he or she knew 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 the date of the transaction, such Covered Security is or was purchased or sold, or considered for purchase for sale by the Fund.

3 <br> CONFIDENTIAL <br>

<u>Conduct Requirements</u>

**Reporting Requirements**

The Fund CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Fund who is also an Access Person of a Service Provider may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics (and not directly to the Fund CCO) provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Initial/Ongoing Disclosure of Personal Brokerage Accounts*. Within ten (10) days of the commencement of employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to submit to the Fund CCO a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of any Connected Persons, and any brokerage accounts which they control or in which they or a Connected Person has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than forty-five days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Fund CCO must be notified immediately. The information required above must be provided to the Fund CCO on an annual basis. Disclosure of an account shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

● the name of the broker, dealer or bank with whom the Access Person has established the account;

● the date the account was established;

● the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Fund CCO.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Holdings Report*. Within ten (10) days of becoming an Access Person (and with information that is current as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access Person, except Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access Person. This report must state the date on which it is submitted.

4 <br> CONFIDENTIAL <br>

<u>Conduct Requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;3. *Quarterl* y *Transaction Reports*. All Access Persons, except Independent Trustees, shall report to the Fund CCO or designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the Covered Security at which the transaction was effected

● The name of the broker, dealer, or bank with or through whom the transaction was effected; and

● The date the Access Person Submits the Report.

&nbsp;&nbsp;&nbsp;&nbsp;4. Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

**Review of Reports**

The Fund CCO, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate and reporting to the Board of Trustees:

● any transaction that appears to evidence a possible violation of this Code; and

● apparent violations of the reporting requirements stated herein.

The Fund CCO shall review the reports referenced hereunder and shall determine whether the policies established in this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The Fund CCO and the Board of Trustees shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Fund.

Before the Board of Trustees of the Fund may approve the Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

Adopted: July 8, 2025

Amended: January 22, 2026

5 <br> CONFIDENTIAL <br>

## Ex-99.(R)(2)

**Exhibit (r)(2)**

5. CODE OF ETHICS

It is the responsibility of all Access Persons to ensure that FGA conducts its business with the highest level of ethical standards and in keeping with its fiduciary duties to its Clients and Fund Investors. It is vital that Access Persons are sufficiently familiar with its contents of this Code, so as to ensure they comply with its requirements.

Key topics addressed within the Code include:

● Conflicts of Interest and Professional Standards;

● Protection of Material Non-Public Information;

● Reporting Violations (of the Code);

● Prohibitions and Restrictions (Fraud, Deceit and Manipulation, Gifts and Political Contributions, Personal Securities Transactions, Insider Trading);

● Reporting Requirements.

As an RIA, the Firm has fiduciary duties to its Clients and Fund Investors with respect to their securities transactions, holdings, and objectives, and is subject to federal and state regulations governing RIAs. The Firm has prepared the Code to provide Access Persons with information regarding the nature of their fiduciary duties and applicable regulatory requirements, and to set forth the Firm's policies with respect thereto.

As a condition of employment and retention, each Access Person must acknowledge their understanding of the subjects covered in this Code and agree to abide by its obligations, both when they commence employment, and otherwise no less than annually.

5.1. <u>Fiduciary Duties</u> 

Pursuant to Section 206 of the Advisers Act, both the Firm and its Access Persons are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. Compliance with this Section involves acting in a capacity beyond honesty and good faith alone. The Firm has an affirmative duty of utmost good faith to act solely in the best interest of its Clients and Fund Investors.

It is unlawful for any RIA, using the mails or any means or instrumentality of interstate commerce:

● To employ any device, scheme, or artifice to defraud a client or prospective client;

● To engage in any transaction, practice, or course of business that defrauds or deceives a client or prospective client;

● To knowingly sell any security to, or purchase any security from, a client when acting as principal for his or her own account, or knowingly to effect a purchase or sale of a security for a client's account when also acting as broker for the person on the other side of the transaction, without disclosing to the client in writing before the completion of the transaction the capacity in which the RIA is acting, and obtaining the client's consent to the transaction; or

● To engage in fraudulent, deceptive, or manipulative practices.

It is the policy of the Firm, that the Firm and its Access Persons comply with the fiduciary duty standards. Additionally, the Firm and its Access Persons shall premise all their conduct with Clients and Fund Investors, and in the operation of the Firm's business, on fundamental principles of openness, integrity, honesty, and trust. Access Persons should be fully aware of the high value the Firm has placed, and continues to place, on the adherence by all Access Persons to ethical conduct at all times, and all are urged to comply not only with the letter of their respective fiduciary duties, but also to the ideals of the Firm.

In addition, RIAs are obligated to specific fiduciary principles, which are described below. Access Persons must comply with these general principles, as well as the specific policies and procedures set forth in this Manual.

5.2. <u>Fiduciary Principles</u> 

5.2.1. <u>Duty to Disclose Material Facts and Conflicts</u> 

Access Persons have a duty to disclose all material facts that may affect the services provided to Clients and Fund Investors. As a general rule, information is "material" if there is a substantial likelihood that a reasonable investor would attach importance to that information. A particular emphasis has been placed on the duty to disclose material conflicts of interest -- even the possibility of a conflict must be disclosed. In general, these conflicts are disclosed in the Funds' applicable offering memoranda. In addition, in accordance with Rule 206(4)-8 of the Advisers Act, the anti-fraud provisions of Section 206(4) of the Advisers Act (including the duty to disclose material facts and conflicts) apply with respect to any Fund, the only Clients of FGA.

5.2.2. <u>Duty to Act in the Best Interest of Clients</u> 

Access Persons have a duty to act only in the best interests of Clients and Fund Investors. This duty generally requires that the interests of Clients and Fund Investors be placed above the interests of the Firm and its Access Persons whenever a conflict may be present. If a conflict of interest arises between the interests of a Client or Fund Investor and the interests of the Firm and its Access Persons, the issue should be brought promptly to the attention of the CCO.

5.2.3. <u>Duty to Treat Each Client Fairly</u> 

The Firm may not intentionally confer a benefit on one Client or Fund Investor with the purpose of conferring a disadvantage on another Client or Fund Investor. In keeping with this principle, Access Persons who are involved in the activities of more than one Client or Fund Investor, if applicable, must take care that their actions do not benefit one Client or Fund Investor to the detriment of another.

5.2.4. <u>Duty to Provide Suitable Investment Advice</u> 

Insofar as the Firm and its Access Persons are giving investment advice, a duty exists for that advice to be suitable and appropriate to the Client or Fund Investor. Currently, FGA only has private fund Clients, which are explicitly governed by the Private Placement Memorandum ("PPM") for each respective Fund. With respect to Fund Investors, any recommendation to invest in a Fund would be made by FSEC and its Registered Representatives, who have their own suitability obligations as an SEC-registered broker-dealer and Member of FINRA, and not by FGA Access Persons.

5.2.5. <u>Personal Securities Transactions</u> 

All FGA Access Persons are also APs of FSEC. As such, the FSEC Employee Trading Policy applies to FGA Access Persons. Please refer to the FSEC Employee Trading Policy for the controls in place in this regard.

The FSEC Employee Trading Policy requirements include, but are not limited to:

● Access Persons must disclose any "Covered Accounts" (as that term is defined in the FSEC Employee Trading Policy);

● Statements and Confirms for Covered Accounts are collected and reviewed by the compliance department;

● Access Persons are required to disclose any holdings they have in a private company security;

● Access Persons are prohibited from purchasing any interest in a private company security without prior compliance approval; and

● Access Persons are prohibited from purchasing or selling shares in a company within the first 30 days of its IPO.

5.2.6. <u>Initial and Annual Holdings Reports</u> 

Each Access Person must disclose their current Covered Account(s) and associated holdings within ten (10) days of becoming an Access Person. All account information must be current and no more than forty-five (45) days old. Additionally, each Access Person must disclose their current Covered Account(s) and associated holdings on an annual basis, in writing to the CCO (or Designee). These disclosures must be made via the Firm's compliance software solution – MyComplianceOffice ("MCO"), and must contain the following information:

● Title and type of security (ticker symbol, CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership);

● Broker(s) name, dealer, or bank with which the Access Person maintains an account, in which any securities are held for the Access Person(s) direct or indirect benefit; and

● Report submission date.

5.2.7. <u>Transaction Reports</u> 

Each Access Person must provide a written record of their personal securities transactions, no later than thirty (30) days after the end of each calendar quarter. FGA collects duplicate statements and confirms (either paper, digital, or via direct data feeds) for the Covered Accounts of its Access Persons, in satisfaction of the requirements of Rule 204A-1.

5.2.8. <u>Outside Business Activities</u> 

Because the Firm's Access Persons are all APs of FSEC, the Firm has chosen to adopt the FSEC outside business activities policies, procedures, and controls. These can be found in the FSEC Written Supervisory Procedures ("WSPs"). These FSEC WSPs are considered incorporated into this Manual by reference, with the same force and effect to the Firm and its Access Persons.

5.2.9. <u>Political Contributions</u> 

Persons who provide investment advisory services for compensation to a government entity are subject to complex statutory and regulatory requirements under Rule 206(4)-5 of the Adviser's Act. The Firm does not currently provide investment advisory services for compensation to a government entity, and therefore these provisions do not apply to the Firm. FGA will adopt appropriate policies and procedures in the event that in the future the Firm provides investment advisory services for compensation to a government entity, and conduct the appropriate two-year lookback as required under Rule 206(4)-5.

5.2.10. <u>Gifts and Entertainment</u> 

Because the Firm's Access Persons are all APs of FSEC, the Firm has chosen to adopt the FSEC gifts and entertainment policies, procedures, and controls. These can be found in the FSEC WSPs. These FSEC WSPs are considered incorporated into this Manual by reference, with the same force and effect to the Firm and its Access Persons.

5.2.11. <u>Personal Financial Responsibility</u> 

It is important that all Access Persons properly manage their personal finances, particularly in matters of credit. Imprudent personal financial management may affect job performance and lead to more serious consequences for Access Persons in positions of trust. In particular, you are not permitted to borrow from Clients or Fund Investors, or from providers of goods or services with whom the Firm does business, except those who engage in lending in the usual course of their business. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

5.3. <u>Administration and Enforcement of the Code</u> 

The CCO is responsible for administering and enforcing this Code. Should any Access Persons have questions regarding the applicability of this Code, they should contact the CCO (or Designee).

Compliance with the law and with the Firm's policies and procedures is each individual's responsibility. However, interpretive questions may arise and should immediately be addressed to the CCO. Violations of this Code, or any other policy/procedure of the Firm should be reported to the CCO.

The Firm prohibits retaliation against any Access Person who, in good faith seeks assistance or reports known or suspected violations. Any personnel who engage in retaliatory conduct will be subject to disciplinary action, which may include termination of employment.

Should it be determined that the CCO violated the Code, Access Persons should report such violation to the Head of Compliance.

5.4. <u>Protect Proprietary and Confidential Information</u> 

Access Persons must protect the confidentiality of proprietary information such as, but not limited to, investment strategies, risk management methodologies, investor/prospective investor lists, portfolio company information, business processes, and the Firm's relationships with the investment community.

5.5. <u>Complaints</u> 

The Firm takes seriously any Fund Investor complaint alleging a violation of applicable laws, rules and regulations involving the activities of the Firm or any Access Person. It is the Firm's policy to determine the merits of any complaints, and to remedy same, within a reasonable period. Access Persons must promptly report any Fund Investor complaint to the Firm's compliance department.

A "complaint" is defined as any written statement of a Fund Investor or any person acting on their behalf alleging a grievance involving the activities of those persons under the control of the Firm in connection with the Firm's business as an RIA. Although this formal definition specifies that a complaint be in writing, the Firm also requires Access Persons to promptly report oral complaints. Access Persons should not attempt to resolve a complaint on their own.

The CCO or Designee is responsible for educating Access Persons on the procedures to follow if they receive a complaint. The CCO or Designee will train Access Persons how to recognize a potential Fund Investor complaint and how to forward it to the Firm's compliance department.

The CCO is responsible for monitoring the policy, procedures, and practices related to the identification and handling of Fund Investor complaints. The CCO will maintain a complaint log to document complaints received. Upon receipt, the CCO or Designee will review and investigate the circumstances of the matter. The CCO will maintain records and supporting documentation for each complaint in the Firm's complaint file.

5.6. <u>Taking Advantage of the Firm's Business Opportunities</u> 

Access Persons must not take for their own advantage, an opportunity that rightfully belongs to the Firm. Whenever the Firm has been actively soliciting a business opportunity, or the opportunity has been offered to it, or the Firm's funds, facilities or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to the Firm and not to Access Persons, who may be in a position to divert the opportunity for their own benefits.

5.7. <u>Policies and Procedures Relating to Paid Research Consultants</u> 

The Firm does not engage the services of paid research consultants. Should that change, the Firm will adopt appropriate policies and procedures in this regard.

5.8. <u>Confidentiality Agreements</u> 

From time to time, the Firm may enter into confidentiality and/or non-disclosure agreements with third parties (e.g., portfolio companies or prospective portfolio companies, or financial advisers). In addition, many issuers, their agents, or other counterparties specifically require that potential investors sign a confidentiality agreement before they will be provided access to investment related information via electronic workspaces. In order to ensure that the Firm properly captures and monitors its obligations in this area, the Firm has adopted the procedures set forth below:

● When any Access Person has a desire to enter into a confidentiality agreement, that individual is required to notify a member of the legal team to verify conflicts of interest.

● Access Persons may only enter into discussions regarding execution of a confidentiality agreement after receiving clearance from the legal department.

● Only the Principal may sign confidentiality agreements on behalf of the Firm.

6. INSIDER TRADING

The Insider Trading and Securities Fraud Enforcement Act of 1988, as amended (the "Insider Trading Act"), contains significant provisions relating to supervision of employees of RIAs and other regulated entities. The Insider Trading Act provided for the inclusion of Section 204A of the Advisers Act, which imposes an affirmative statutory obligation on RIAs to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such RIA's business, to prevent misuse of material inside information by RIAs and their staff. The Insider Trading Act also expands the potential exposure to civil penalties beyond the primary insider trading violators to advisory firms and other "controlling persons" who knowingly or recklessly fail to take appropriate measures to prevent insider trading violations by their employees.

All Access Persons are prohibited from trading either personally or on behalf of others, based on any material non-public information, or communicating material non-public information to others in violation of Section 204A.

Inside information obtained by any Access Person, with respect to any Client, Fund Investor, or any security (including the issuer of such security) held or contemplated to be purchased or sold by the Firm, from any source must be kept strictly confidential. Access Persons may not act upon or disclose to any person material non-public or inside information except as may be necessary for legitimate business purposes.