# EDGAR Filing Document

**Accession Number:** 0002090145
**File Stem:** 0001580642-25-006505
**Filing Date:** 2025-10
**Character Count:** 1144460
**Document Hash:** ee435b8c18675491a924426af1c92a9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006505.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001580642-25-006505

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 44

**FILED AS OF DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAIS Sports, Media & Entertainment Fund
- **CENTRAL INDEX KEY:** 0002090145

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24126
- **FILM NUMBER:** 251383123

**BUSINESS ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646 954 2128

**MAIL ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAIS Sports, Media & Entertainment Fund
- **CENTRAL INDEX KEY:** 0002090145

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290784
- **FILM NUMBER:** 251383124

**BUSINESS ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646 954 2128

**MAIL ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

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

**As filed with the Securities and Exchange Commission on October 8, 2025**

**Securities Act File No. 333-&nbsp;&nbsp;&nbsp;&nbsp;** 

**Investment Company Act File No. 811-24126**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

**Registration Statement**

***Under***

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|:---|:---|
| ***the Securities Act of 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No.** | ☐ |

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**and/or**

**Registration Statement**

***Under***

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|:---|:---|
| ***the Investment Company Act of 1940*** | ☒ |
| **Amendment No.** | ☐ |

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**CAIS Sports, Media and Entertainment Fund**

**(Exact Name of Registrant as Specified in Charter)**

**527 Madison Avenue** **, 12<sup>th</sup> Floor**

**New York, NY 10022**

**(Address of Principal Executive Offices)**

**(844) 241-8667**

**(Registrant's Telephone Number, Including Area Code)**

**Michael Richman**

**CAIS Advisors LLC**

**527 Madison Avenue** **, 12<sup>th</sup> Floor**

**New York, New York 10022**

**(Name and Address of Agent for Service)**

***Copies to:***

**Elliot J. Gluck, Esq.**

**Willkie Farr & Gallagher LLP**

**787 Seventh Avenue**

**New York, New York 10019**

**Approximate Date of Commencement of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following 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 the following box. ☒

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following 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 the following 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, check the following box ☐

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

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

☐ immediately upon filing pursuant to paragraph (b) of Rule 486

☐ on (date) pursuant to paragraph (b) of Rule 486

☐ 60 days after filing pursuant to paragraph (a) of Rule 486

☐ on (date) pursuant to paragraph (a) of Rule 486

If appropriate, check the following box:

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

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

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

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

Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

☐ 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.

☒ 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 COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE**.

**The information in this Prospectus is not complete and may be changed. The Fund 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 it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

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|:---|:---|
| **PRELIMINARY PROSPECTUS** | **Subject to Completion, dated October 8, 2025** |

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**CAIS Sports, Media and Entertainment Fund**

**PROSPECTUS**

[●], 2025

**Class D Shares**

**Class I Shares**

**Class S Shares**

CAIS Sports, Media and Entertainment Fund (the "Fund") is a newly organized Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company.

Simultaneous with the commencement of the Fund's operations, it is intended that the CAIS Sports, Media and Entertainment Fund, LP (the "Predecessor Fund") will reorganize with and transfer substantially all of its assets into the Fund. The Predecessor Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund. The Fund and the Predecessor Fund share the same investment adviser and management team.

**Investment Objective.** The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

**Investment Strategy.** Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in private or publicly traded investments in the sports, media and/or entertainment ("SME") industries (the "SME Investments"). The Fund intends to invest in SME Investments both directly and indirectly by investing in private investment vehicles that focus on SME Investments ("Portfolio Funds").

**Investing in the common shares of beneficial interest of the Fund ("Shares") involves a high degree of risk. Before buying any Shares, you should read the discussion of the principal risks of investing in the Fund, which are summarized in "Prospectus Summary – Principal Risk Factors" beginning on page 24.**

● **The Fund has no operating history.** 

● **The Fund's Shares have no history of public trading, nor is it intended that the Shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Shares. Thus, an investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment.** 

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

● **The Fund may pay distributions, if any, in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Return of capital distributions may have adverse consequences for shareholders. The amount treated as a tax-free return of capital will reduce a shareholder's adjusted tax basis in its Shares, thereby increasing the shareholder's potential taxable gain or reducing the potential taxable loss on the sale of the Shares. See "Distribution and Dividend Reinvestment Plan" and "U.S. Federal Income Tax Matters - Taxation of U.S. Investors."** 

● **The Fund invests in SME Investments, which may include privately issued securities, mezzanine loans, and high-yield and unrated securities. These securities tend to be illiquid and highly speculative.** 

● **Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust"). See "Transfer Restrictions" below.** 

● **Liquidity for the Fund's Shares will be provided only through periodic tender offers, which are not guaranteed. CAIS Advisors LLC (the "Adviser"), the Fund's investment adviser, intends to recommend to the Board of Trustees (the "Board"), subject to the Board's discretion, that the Fund conduct tender offers to repurchase Shares from shareholders on a semi-annual basis in an amount generally not to exceed 5% of the Fund's net asset value. There is no guarantee that a shareholder will be able to sell all the Shares that the shareholder desires to sell in any tender offer. Due to these restrictions, an investor should consider an investment in the Fund to be illiquid.** 

● **Due to investments in Portfolio Funds, the Fund may enter into unfunded commitments representing a significant portion of its assets.** 

● **The Fund invests in private assets, including Portfolio Funds. Portfolio Funds are subject to certain risks, including risks related to illiquidity, indirect fees, valuation, limited operating histories, and limited information regarding underlying investments. See "Principal Risk Factors – Risks Related to the Fund's Investments" and "—Certain Additional Risks Relating to Investments In Portfolio Funds" and "Principal Conflicts of Interest." In connection with the Fund's investments in Portfolio Funds, the Fund may hold a significant portion of its assets in cash and cash equivalents in support of unfunded commitments.** 

● **Investing in the Fund's Shares may be speculative and involves a high degree of risk, including the risks associated with leverage. See "Principal Risk Factors – General Risks Related to Investing in the Fund – Leveraging Risk."** 

Neither the Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

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| | | | |
|:---|:---|:---|:---|
|  | **Price to the Public** | **Maximum Upfront Sales Load** | **Proceeds to the Fund Before Expenses<sup>1</sup>** |
| **Class D Shares** | At current NAV |  | Amount invested at current NAV |
| **Class I Shares** | At current NAV |  | Amount invested at current NAV |
| **Class S Shares** | At current NAV |  | Amount invested at current NAV |

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<sup>1</sup> The Fund's estimated organizational and offering expenses (including pre-effective expenses) for the initial 12-month period of investment operations are $865,561. See "Fund Expenses."

**Investment Strategy (continued).** Companies, businesses and investments in the "sports" industry include, but are not limited to, sports franchises, sports leagues, sports content creation and/or distribution platforms, sports-related media rights, sports merchandise or equipment, sports-related gaming or betting platforms (including fantasy sports and prediction markets), sporting tournaments and major events, sports-related facilities and/or adjacent real estate ownership or operations, sports and health technology, sports data and analytics platforms, eSports organizations, college athletics, name-, image-, and likeness-related businesses, youth or amateur sports platforms, athlete-driven media ventures, athlete representation or sponsorship monetization platforms, and firms supporting the sports ecosystem through marketing, sponsorship, consulting, advisory, and/or technology services. Companies, businesses and investments in the "media and entertainment" industry include, but are not limited to, movie and/or television studios, streaming platforms, video or mobile game developers or publishing, music platforms (including labels, rights holders, and/or production companies), digital media, social media, publishing platforms, celebrity- or influencer-led media ventures, entertainment intellectual property and content libraries, talent representation or management, ticketing and fan engagement platforms, live entertainment and/or event businesses, leisure facilities or experience-based venues, casinos and/or gaming, advertising and brand marketing platforms, and broadcast, cable, and satellite networks or distribution platforms. The Fund will be concentrated (i.e., more than 25% of the value of the Fund's assets will be invested) in one or more industries within the SME group of industries.

Private SME Investments include private equity investments (both control and non-control equity investments) in SME-related businesses, and private credit investments, such as direct lending to, and mezzanine debt and distressed debt issued by, SME-related businesses or secured by SME-related assets. Publicly traded SME Investments include publicly listed equities and fixed-income securities, such as corporate bonds and corporate loans, issued by SME companies. Investments may span varying credit qualities and maturities, including investment-grade and non-investment-grade securities. Non-investment-grade securities are commonly referred to as "junk" or "high yield" securities. An investment is non-investment-grade if rated below Baa by Moody's Investors Services, Inc. or equivalently rated by Standard & Poor's Corporation.

The Fund plans to initially allocate a significant percentage of its assets to investment vehicles managed by Arctos Partners, LP or its affiliates ("Arctos") and Eldridge Capital Management, LLC or its affiliates ("Eldridge") (together, the "Core Independent Managers").

In determining whether a particular investment constitutes an SME Investment, the Adviser first considers how the investment is classified by one or more widely accepted third-party industry classification systems. If the investment does not fall within a sports, media, and/or entertainment industry, the Adviser may consider the investment to be an SME Investment if over 50% of the issuer's revenue is related to an SME industry. The Adviser considers a private investment vehicle that focuses on SME Investments to be an SME Investment if at least 80% of its net assets are invested in, or are anticipated to be invested in, SME Investments.

For liquidity management purposes or during periods of market volatility, the Fund may hold cash or invest in cash equivalents – including money market funds, U.S. Treasury securities, and other short-term, high-quality investments – and corporate bonds with short- to intermediate-term maturities (together with SME Investments, the "Investments"). The Fund may gain exposure to Investments directly through individual issuers or indirectly through private investment vehicles, exchange-traded funds ("ETFs"), closed-end funds, mutual funds, real estate investment funds and business development companies and similar investment vehicles.

The Fund is generally geography-agnostic, but expects its investments to be primarily based in North America and Europe.

**Investment Adviser.** The Fund's investment adviser is CAIS Advisors LLC (previously defined as the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

**Securities Offered.** The Fund engages in a continuous offering of shares of beneficial interest of the Fund (previously defined as the "Shares"), including Class D ("Class D Shares"), Class I ("Class I Shares") and Class S ("Class S Shares"). The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares. Ultimus Fund Distributors, LLC (the "Distributor") acts as the distributor of the Shares on a best-efforts basis, subject to various conditions. The Distributor may enter into selected dealer agreements with various brokers and dealers and their agents that have agreed to participate in the distribution of the Shares ("Financial Intermediaries"). The Fund is offering to sell, through the Distributor and Financial Intermediaries, under the terms of this prospectus (the "Prospectus"), an unlimited number of Shares, at net asset value ("NAV") plus the applicable sales load, if any. The Fund and the Adviser have received exemptive relief from the SEC to permit the Fund to issue multiple classes of shares with different sales loads and ongoing shareholder servicing and/or distribution fees. Investments in the Fund may be made only by "Eligible Investors" as defined herein. See "Plan of Distribution."

**This Prospectus concisely provides the information that a prospective investor 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 a statement of additional information ("SAI") dated [●], 2025, has been filed with the SEC. The SAI is available upon request and without charge by writing to the Fund at C/O Ultimus Fund Solutions, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 or by calling 844-241-8667. The SAI, and other information about the Fund, is also available on the SEC's website (http://www.sec.gov). The Fund's annual and semi-annual shareholder reports will be made available on the Fund's website (http://www.caisadvisors.com/sme) and on the SEC's website (http://www.sec.gov). Information contained in, or that can be accessed through, the Fund's website is not part of this Prospectus. The address of the SEC's website is provided solely for the information of prospective investors and is not intended to be an active link. The Fund will provide to each person, including any beneficial owner, to whom the Prospectus or SAI is delivered, a copy of any or all information that has been incorporated by reference into the Prospectus or SAI but not delivered with the Prospectus or SAI.**

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

**Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.**

**You should rely only on the information contained in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer of Shares in any state or other jurisdiction where the offer is not permitted.**

**TABLE OF CONTENTS**

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|:---|:---|
|  | **PAGE** |
| [PROSPECTUS SUMMARY](#pro_001) | 1 |
| [SUMMARY OF FEES AND EXPENSES](#pro_002) | 14 |
| [FINANCIAL HIGHLIGHTS](#pro_003) | 17 |
| [THE FUND](#pro_004) | 18 |
| [USE OF PROCEEDS](#pro_005) | 19 |
| [INVESTMENT OBJECTIVE, POLICIES AND STRATEGIES](#pro_006) | 20 |
| [PRINCIPAL RISK FACTORS](#pro_007) | 24 |
| [PRINCIPAL CONFLICTS OF INTEREST](#pro_008) | 56 |
| [LIMITS OF RISK DISCLOSURES](#pro_009) | 61 |
| [MANAGEMENT OF THE FUND](#pro_010) | 62 |
| [FUND EXPENSES](#pro_011) | 65 |
| [DETERMINATION OF NET ASSET VALUE](#pro_012) | 68 |
| [PLAN OF DISTRIBUTION](#pro_013) | 71 |
| [PURCHASE OF SHARES](#pro_014) | 73 |
| [REPURCHASES AND TRANSFER OF SHARES](#pro_015) | 75 |
| [DISTRIBUTIONS AND DIVIDEND REINVESTMENT PLAN](#pro_016) | 78 |
| [DESCRIPTION OF CAPITAL STRUCTURE AND SHARES](#pro_017) | 80 |
| [ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST](#pro_018) | 81 |
| [U.S. FEDERAL INCOME TAX MATTERS](#pro_019) | 84 |
| [CUSTODIAN](#pro_020) | 92 |
| [ADMINITRATOR AND TRANSFER AGENT](#pro_021) | 92 |
| [LEGAL MATTERS](#pro_022) | 92 |
| [FISCAL YEAR; REPORTS TO SHAREHOLDERS](#pro_023) | 92 |
| [HOUSEHOLDING](#pro_024) | 92 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#pro_025) | 92 |
| [CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND PRIVACY NOTICE](#pro_026) | 93 |

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i

**PROSPECTUS SUMMARY**

***This summary does not contain all of the information that a prospective investor should consider before investing in the Fund. Before investing, a prospective investor in the Fund should review the more detailed information contained or incorporated by reference in this Prospectus and the Statement of Additional Information, particularly the information set forth under the heading "Principal Risk Factors."***

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|:---|:---|
| **The Fund** | CAIS Sports, Media and Entertainment Fund (the "Fund") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund has no operating history.<br>The business operations of the Fund are managed and supervised under the direction of the Fund's Board of Trustees (the "Board"), subject to the laws of the State of Delaware and the Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust"). The Board has overall responsibility for the management and supervision of the business operations of the Fund. At the discretion of the Board, the Fund may offer to repurchase common shares of beneficial interest of the Fund ("Shares") from shareholders at net asset value ("NAV"), which will be calculated as of the close of business on the last business day of each calendar quarter, each date that a Share is offered or repurchased and at such other times as the Board of Trustees shall determine. See "Repurchases and Transfer of Shares," and "Determination of Net Asset Value."<br>The Fund is offering to sell, under the terms of this Prospectus, an unlimited number of its Class D Shares, Class I Shares and Class S Shares on a continuous basis at NAV, plus the applicable sales load, if any. The initial NAV for each share class is $10.00 per Share. The Fund and the Adviser (as defined below) have received exemptive relief from the Securities and Exchange Commission ("SEC") to permit the Fund to issue multiple classes of shares with different sales loads and ongoing shareholder servicing and/or distribution fees.<br>The Fund will pay, and shareholders will bear, a Management Fee (as defined below) charged by the Adviser (as defined below).<br>Simultaneous with the commencement of the Fund's operations, it is intended that the CAIS Sports, Media and Entertainment Fund LP (the "Predecessor Fund") will reorganize with and transfer substantially all of its assets into the Fund (the "Reorganization"). The Predecessor Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund. The Fund and the Predecessor Fund share the same investment adviser and management team. The Reorganization is subject to approval by the Board and the Predecessor Fund's general partner. In considering whether to approve the Reorganization, the Board will consider whether participation in the Reorganization is in the best interests of the Fund's existing shareholders and whether the interests of the Fund's existing shareholders will be diluted as a result of the Reorganization. There is no guarantee that the Reorganization will be approved or consummated. In the event the Reorganization is not consummated, the Fund will invest the proceeds from the sale of Shares in accordance with its investment objective and strategies. |

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|:---|:---|
| **Investment Adviser** | The Fund's investment adviser is CAIS Advisors LLC (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Pursuant to the investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Adviser will be responsible for all investment management decisions, including, without limitation, the timing and amount of allocations to or away from the Portfolio Funds (as defined below). |
| **Investment Objective and Strategy** | The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective is not fundamental and may be changed at the discretion of the Board without shareholder approval. The Fund will notify shareholders at least 60 days prior to any change in the investment objective.<br>Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in private or publicly traded investments in the sports, media and/or entertainment ("SME") industries (the "SME Investments"). The Fund intends to invest in SME Investments both directly and indirectly by investing in private investment vehicles that focus on SME Investments ("Portfolio Funds").<br>Companies, businesses and investments in the "sports" industry include, but are not limited to, sports franchises, sports leagues, sports content creation and/or distribution platforms, sports-related media rights, sports merchandise or equipment, sports-related gaming or betting platforms (including fantasy sports and prediction markets), sporting tournaments and major events, sports-related facilities and/or adjacent real estate ownership or operations, sports and health technology, sports data and analytics platforms, eSports organizations, college athletics, name-, image-, and likeness-related businesses, youth or amateur sports platforms, athlete-driven media ventures, athlete representation or sponsorship monetization platforms, and firms supporting the sports ecosystem through marketing, sponsorship, consulting, advisory, and/or technology services. Companies, businesses and investments in the "media and entertainment" industry include, but are not limited to, movie and/or television studios, streaming platforms, video or mobile game developers or publishing, music platforms (including labels, rights holders, and/or production companies), digital media, social media, publishing platforms, celebrity- or influencer-led media ventures, entertainment intellectual property and content libraries, talent representation or management, ticketing and fan engagement platforms, live entertainment and/or event businesses, leisure facilities or experience-based venues, casinos and/or gaming, advertising and brand marketing platforms, and broadcast, cable, and satellite networks or distribution platforms. The Fund will be concentrated (i.e., more than 25% of the value of the Fund's assets will be invested) in one or more industries within the SME group of industries.<br>Private SME Investments include private equity investments (both control and non-control equity investments) in SME-related businesses, and private credit investments, such as direct lending to, and mezzanine debt and distressed debt issued by, SME-related businesses or secured by SME-related assets. Publicly traded SME Investments include publicly listed equities and fixed-income securities, such as corporate bonds and corporate loans, issued by SME companies. Investments may span varying credit qualities and maturities, including investment-grade and non-investment-grade securities. Non-investment-grade securities are commonly referred to as "junk" or "high yield" securities. An investment is non-investment-grade if rated below Baa by Moody's Investors Services, Inc. or equivalently rated by Standard & Poor's Corporation. |

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|:---|
| SME-related businesses or companies may have direct or indirect exposure to real estate through their ownership of and/or operating rights in certain facilities, such as sports stadiums, arenas or adjacent mixed-use developments, office space to support operations, retail spaces selling merchandise, movie and television studios, music studios, broadcast or radio stations, and other venues or infrastructure where entertainment is created, distributed, or consumed.<br>The Adviser seeks to identify experienced and reputable fund managers (the "Underlying Managers") and selectively invest in attractive SME Investments managed by the Underlying Managers. The Fund plans to initially allocate a significant percentage of its assets to investment vehicles managed by Arctos Partners, LP or its affiliates ("Arctos") and Eldridge Capital Management, LLC or its affiliates ("Eldridge") (together, the "Core Independent Managers").<br>The Adviser will size and select investment opportunities presented to the Fund by Core Independent Managers. The Adviser may, but is not required to, engage one or more third-party consultants to conduct due diligence on certain primary and secondary investments and co-investments to be made by the Fund, including without limitation, Portfolio Funds managed by the Core Independent Managers. The Adviser will have sole discretion with respect to the Fund's portfolio and will make the final determination as to whether the Fund will make any investment. Past performance of Portfolio Funds sponsored or managed by the Core Independent Managers is not indicative of future results of those Portfolio Funds. The Core Independent Managers are not sponsors, promoters, advisers or affiliates of the Fund. An entity affiliated with Eldridge owns a minority non-controlling share in the Adviser's parent company, Capital Integration Systems LLC ("CAIS"), and holds two out of nine seats on the board of directors of CAIS.<br>In determining whether a particular investment constitutes an SME Investment, the Adviser first considers how the investment is classified by one or more widely accepted third-party industry classification systems. If the investment does not fall within a sports, media, and/or entertainment industry, the Adviser may consider the investment to be an SME Investment if over 50% of the issuer's revenue is related to an SME industry. The Adviser considers a private investment vehicle that focuses on SME Investments to be an SME Investment if at least 80% of its net assets are invested in, or are anticipated to be invested in, SME Investments. The Adviser considers a variety of factors in making this determination, including the investment vehicle's stated investment objective and strategy, as well as the actual or expected underlying investments of the vehicle. In determining whether underlying investments are SME Investments, since the Adviser does not expect that financial information for underlying investments will be made available, the Adviser expects to mainly rely on company descriptions and industry classifications provided by the manager of the investment vehicle and company websites. |
| The Fund may make private SME Investments through primary commitments to private funds, secondary purchases of interests in such funds, purchases of select assets from existing private funds in the secondary market, and co-investment opportunities alongside private fund sponsors. The Fund may make SME Investments indirectly through one or more wholly owned subsidiaries (each, a "Subsidiary"). The Fund will comply with the provisions of Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary. The Fund will comply with provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with any Subsidiary. The Fund and any Subsidiary will comply with provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. The Fund does not presently intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, other than entities wholly owned by the Fund. |

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|  | Portfolio Funds typically have greater flexibility than registered funds with respect to the types of securities that may be owned, the types of trading strategies that may be employed, including with respect to transactions with affiliates, and, in some cases, the amount of leverage that can be used. Investments in Portfolio Funds tend to be illiquid and highly speculative. Portfolio Funds have complex fee structures, including performance-related compensation beyond what is permitted for registered funds and those fees may be charged even if the Fund itself loses money. The Fund may have challenges in monitoring the operations and performance of Portfolio Funds, including, without limitation, difficulty obtaining access to information about Portfolio Funds' underlying investments and valuations and conflicts that may exist in respect of Portfolio Funds' underlying investments.<br>For liquidity management purposes or during periods of market volatility, the Fund may hold cash or invest in cash equivalents – including money market funds, U.S. Treasury securities, and other short-term, high-quality investments – and corporate bonds with short- to intermediate-term maturities (together with SME Investments, the "Investments"). The Fund may gain exposure to Investments directly through individual issuers or indirectly through private investment vehicles, exchange-traded funds ("ETFs"), closed-end funds, mutual funds, real estate investment funds and business development companies and similar investment vehicles.<br>The Fund is generally geography-agnostic, but expects its investments to be primarily based in North America and Europe. |
| **Shares Offered** | The Fund will offer three separate classes of Shares designated as Class D Shares, Class I Shares, and Class S Shares. Each class of Shares is subject to different fees and expenses. Sales loads, if any, will reduce the amount of an investor's investment in the Fund. The Fund may offer additional classes of Shares in the future.<br>Ultimus Fund Distributors, LLC (the "Distributor") acts as the distributor of the Shares on a best-efforts basis, subject to various conditions. The Distributor may enter into selected dealer agreements with various brokers and dealers and their agents that have agreed to participate in the distribution of the Shares ("Financial Intermediaries").<br>The minimum initial investment in the Fund is $25,000 for Class D Shares and $1,000,000 for Class I Shares and Class S Shares, subject to waiver or reduction with respect to certain investors or categories of investors in the sole discretion of the Adviser. The Fund will accept subscriptions quarterly. Investors will be required to fund the entirety of their commitment generally in connection with acceptance by the Fund of a subscription. |

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| **Eligible Investors** | Each prospective investor in the Fund will be required to certify that it is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act. The criteria for qualifying as an "accredited investor" are set forth in the subscription agreement that must be completed by each prospective investor. Investors who meet such qualifications are referred to in this Prospectus as "Eligible Investors." Existing shareholders who request to purchase additional Shares (other than in connection with the DRIP (as defined below)) will be required to qualify as Eligible Investors. The Distributor or any Financial Intermediary may impose eligibility requirements on investors who purchase Shares from the Distributor through such Financial Intermediary. 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. See "Purchases of Shares." |
| **Purchase of Shares** | Shares will generally be offered for purchase on the first business day of each calendar quarter at the NAV per Share on that date. Fractions of Shares will be issued to one one-thousandth of a Share.<br>A prospective investor must submit a completed subscription document on or prior to the acceptance date set by the Fund and notified to prospective investors. An existing shareholder generally may subscribe for additional Shares by completing an additional subscription agreement by the acceptance date and funding such amount by the deadline. The Fund reserves the right to accept or reject, in its sole discretion, any request to purchase Shares at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned promptly to the prospective investor without the deduction of any fees or expenses. Prospective investors whose purchases are rejected by the Fund will receive a pro rata share of any interest earned on the amounts placed in escrow prior to acceptance, if applicable.<br>Prospective investors who purchase Shares through Financial Intermediaries will be subject to the procedures of those Financial Intermediaries through which they purchase Shares, which may include charges, investment minimums, cut-off times and other restrictions in addition to, or different from, those listed herein. Prospective investors purchasing shares of the Fund through Financial Intermediaries should acquaint themselves with their Financial Intermediary's procedures and should read this Prospectus in conjunction with any materials and information provided by their Financial Intermediary. |
| **Leverage** | The Fund may borrow money in connection with its investment activities (*i.e.*, the Fund may utilize leverage), subject to the limitations of the 1940 Act. Specifically, the Fund may borrow money through a credit facility or other arrangements to manage timing issues associated with new and existing investments, liquidity for repurchases, and general working capital requirements. See "Principal Risk Factors – General Risks Related to Investing in the Fund – Leveraging Risk." |

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| **Management Fee** | In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a management fee at an annual rate of 0.95%, payable quarterly in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter (including any assets in respect of Shares that will be repurchased as of the end of the quarter) (the "Management Fee"). The Management Fee is separate from the asset-based fees and incentive fees in respect of Investments, which are paid directly by the Portfolio Funds to the Underlying Managers and are indirectly borne by Fund shareholders. See "Management of the Fund - Management Fee." |
| **Fees and Expenses** | The Fund bears organizational and offering expenses ordinarily borne by a registered investment company. The Fund will bear all expenses incurred in the business of the Fund, including any charges, allocations and fees to which the Fund is subject as an investor in the Investments. The Fund will also bear ongoing operating expenses paid or reimbursed to its service providers.<br>The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund, including travel and other expenses related to the selection and monitoring of Underlying Managers. Pursuant to an expense limitation and reimbursement agreement (the "Expense Limitation Agreement"), the Adviser has contractually agreed to waive fees and/or pay or reimburse certain operating and other expenses of the Fund so that the total annual operating expenses of the Fund, excluding Excluded Expenses (as defined below), in respect of each class of shares of the Fund, do not exceed an amount equal to 0.75% of the average quarterly net assets of the class on an annualized basis (the "Expense Cap"). For a period not to exceed three years from the date on which the Adviser waived the fee or reimbursed the expense, the Adviser may recoup waived fees, reimbursed expenses or directly paid expenses if (i) at the time of repayment, the annual operating expenses of such share class have fallen below the Expense Cap and (ii) the repayment does not cause the annual operating expenses of such share class in the quarter the reimbursement is made (after given effect to such repayment) to rise to a level that exceeds the Expense Cap in place at the time the fees were waived and/or the expenses were reimbursed, or the Expense Cap in place at the time the Fund repays the Adviser, whichever is lower. In addition, the Adviser has contractually agreed to reimburse a portion of Class S's total expenses (other than Excluded Expenses) equal to: (i) 0.10% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $150,000,000 but less than $250,000,000; (ii) 0.15% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $250,000,000 but less than $500,000,000; and (iii) 0.20% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $500,000,000. The Adviser may not recoup expenses reimbursed pursuant to the expense reimbursement agreement for Class S. These contractual arrangements will remain in effect until at least the one year anniversary of the effective date of the Fund's registration statement, unless earlier terminated by the Fund's Board of Trustees. See "Summary of Fees and Expenses."<br>"Excluded Expenses" is defined to include: (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of any private investment vehicles and co-investments in portfolio companies in which any Portfolio Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Portfolio Fund associated with the acquisition and disposition by such Portfolio Fund of primary interests, secondary interests, co-investments, ETF investments and other investments; (c) interest payments incurred by any Portfolio Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Portfolio Fund; (e) taxes of any Portfolio Fund; and (f) extraordinary expenses of any Portfolio Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (ii) the investment management fee payable to the Adviser pursuant to the Investment Advisory Agreement; (iii) interest expense and any other expenses incurred in connection with any borrowings by the Fund (including any credit facility); (iv) distribution and servicing fees payable pursuant to a Distribution and Servicing Plan adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act in respect of any class of shares of the Fund; (v) acquired fund fees and expenses; (vi) taxes; and (vii) extraordinary expenses. |

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| **Distribution and Servicing Fee** | Under the terms of a Distribution Agreement (the "Distribution Agreement") with the Distributor, the Distributor will directly distribute Shares to investors. The Distributor is authorized to engage Financial Intermediaries for distribution services and to provide ongoing investor services and account maintenance services to shareholders. The Fund has adopted a Distribution and Servicing Plan in compliance with Rule 12b-1 under the 1940 Act for its Class D Shares to pay to the Distributor a Distribution and Servicing Fee to compensate Financial Intermediaries for providing ongoing services in respect of shareholders who own such Shares.<br>Pursuant to the Distribution and Servicing Plan, the Fund will pay a quarterly fee to the Distributor out of the net assets of Class D Shares at the annual rate of 0.25% of the aggregate NAV of Class D Shares determined and accrued as of the last business day of each calendar quarter (before any repurchases of Shares) (the "Distribution and Servicing Fee").<br>The Fund will not pay any fee to the Distributor with respect to the distribution of Class I Shares and Class S Shares.<br>The Distributor will pay various Financial Intermediaries substantially all of the Distribution and Servicing Fee which they will use to compensate their brokerage representatives for Class D Shares sales and support.<br>The Distribution and Servicing Fee is charged on an aggregate Class-wide basis, and Class D shareholders will be subject to the Distribution and Servicing Fee as long as they hold their Class D Shares. Each compensated broker, dealer or other financial advisor is paid by the Distributor based on the aggregate NAV of outstanding Class D Shares held by shareholders that receive services from such broker, dealer or other financial advisor.<br>The Distributor may directly distribute Class D Shares to investors, and for such directly distributed shares, will retain all or a portion of the Distribution and Servicing Fee to compensate its brokerage representatives for their Class D Shares sales and support.<br>The Adviser or its affiliates may pay additional compensation out of its own resources (*i.e.*, not Fund assets) to an affiliate of the Adviser, third-party securities dealers, other industry professionals and any affiliates thereof in connection with the distribution of Shares in the Fund or for their ongoing servicing of Shares acquired by their clients.  |

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| **Determination of Net Asset Value** | The NAV of the Fund's Shares is determined as of the close of business on the last business day of each calendar quarter, each date that a Share is offered or repurchased and at such other times as the Board shall determine, as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m., Eastern time). Each Share is offered at the NAV next calculated after receipt of the purchase in good order, plus any applicable sales load. The price of the Shares increases or decreases according to the NAV of the Shares. In computing the Fund's NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available. Because public market quotations are not typically readily available for most of the Fund's securities, they are valued at fair value as determined pursuant to procedures and methodologies approved by the Board. The Board has designated the Adviser to perform the day-to-day responsibilities for determining these fair values in accordance with Rule 2a-5 of the 1940 Act. The Adviser has developed the Fund's valuation procedures and methodologies, which have been approved by the Board, and will make valuation determinations and act in accordance with those procedures and methodologies, and in accordance with the 1940 Act. The Fund and the Adviser may use independent pricing services to assist in calculating the value of the Fund's securities. Valuation determinations are reviewed and overseen by the Board in accordance with Rule 2a-5.<br>The Fund's investments in Portfolio Funds will be priced at fair value in the absence of readily available market quotations, according to the Fund's valuation procedures and methodologies. In addition, a significant portion of a Portfolio Fund's investments will likely be priced at fair value by the Portfolio Fund in accordance with its own valuation procedures and methodologies. One or both of these fair value determinations may prove to be inaccurate. Incorrect valuations of private investments, including investments in Portfolio Funds, could have an adverse effect on the Fund's NAV and shareholder transactions involving the Shares. See "Principal Risk Factors—Certain Additional Risks Relating to Investments in Portfolio Funds—Valuation of the Fund's Interests in Portfolio Funds" and "Determination of Net Asset Value" below for additional information. |
| **Administrator and Custodian** | Ultimus Fund Solutions, LLC serves as the administrator (the "Administrator") and transfer agent (the "Transfer Agent") of the Fund.<br>UMB Bank, N.A. serves as the custodian of the assets of the Fund (the "Custodian"). |
| **Independent Registered Public Accounting Firm** | Ernst & Young LLP serves as the independent registered public accounting firm for the Fund and will provide audit services, tax and other audit related services to the Fund. |
| **Distributions and Dividend Reinvestment Plan** | Distributions will generally be paid at least annually on the Shares in amounts representing substantially all of the net investment income, if any, earned each year. The Fund is not a suitable investment for any investor who requires regular dividend income.<br>Because the Fund intends to qualify annually as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), the Fund intends to distribute at least 90% of its investment company taxable income to its shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to shareholders at any particular rate. Each year, a statement on Internal Revenue Service ("IRS") Form 1099-DIV identifying the amount and character (e.g., as ordinary dividend income, qualified dividend income or long-term capital gain) of the Fund's distributions will be reported to shareholders by their financial intermediary. See "U.S. Federal Income Tax Matters."<br>Each shareholder whose Shares are registered in its own name will automatically be a participant under the dividend reinvestment plan established by the Fund (the "DRIP") and have all income dividends and/or capital gains distributions, net of any applicable U.S. withholding tax, automatically reinvested in Shares unless such shareholder specifically elects to receive all income, dividends and/or capital gain distributions in cash. See "Plan of Distribution." |

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| **Repurchases of Shares** | To provide a limited degree of liquidity to shareholders, at the sole discretion of the Board, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by shareholders. Tender offers will be made periodically on terms determined by the Board. The Adviser intends to recommend to the Board, subject to the Board's discretion, that the Fund offer to repurchase Shares from shareholders on a semi-annual basis in an amount generally not to exceed 5% of the Fund's NAV. No shareholder has the right to require the Fund to redeem his, her or its shares.<br>If a tender offer is oversubscribed by shareholders who tender Shares, the Fund will repurchase a *pro rata* portion by value of the Shares tendered by each shareholder, extend the tender offer, or take any other action with respect to the tender offer permitted by applicable law. See "Repurchases and Transfer of Shares." |
| **Transfer Restrictions** | A shareholder may assign, transfer, sell, encumber, pledge or otherwise dispose of (each, a "transfer") Shares only (i) by operation of law pursuant to the death, divorce, insolvency, bankruptcy, or adjudicated incompetence of the shareholder; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances).<br>Notice of a proposed transfer of Shares must be accompanied by properly completed transfer information documents in respect of the proposed transferee and must include evidence satisfactory to the Board that the proposed transferee, at the time of the transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Each transferring shareholder and transferee may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. |
| **Unlisted Closed-End Structure; Limited Liquidity** | Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. In addition, Shares are subject to limitations on transferability and liquidity will be provided only through limited tender offers described herein. An investment in the Fund is suitable only for shareholders who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. |
| **Principal Risk Factors** | ***Investing in the Fund involves risks, including the risk that investors may receive little or no return on their investment or that they may lose part or all of their investment. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. An investment in the Fund should not be viewed as a complete investment program. Before investing, prospective investors should consider carefully the following risks and review more detailed information set forth in this Prospectus under the heading "Principal Risk Factors."*** |

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&nbsp;&nbsp;&nbsp;&nbsp;● Investing in the Fund can result in a loss
 of capital, up to the entire amount of an investor's investment.

&nbsp;&nbsp;&nbsp;&nbsp;● The
 Fund is a closed-end investment company with no history of operations. It is not intended that the Fund's Shares will be listed
 on a public exchange at this time. No secondary market is expected to develop for the Fund's Shares. Certain Portfolio Funds
 may have limited operating histories.

● The
 Fund's Shares are subject to substantial restrictions on transfer and are extremely illiquid.

● The
 Fund's strategy includes direct or indirect investments in sports, media and/or entertainment opportunities - industries that
 are highly competitive and subject to unpredictable consumer interests. The success of companies in these sectors depends on numerous
 factors. Each creative work—whether films, TV shows, sports broadcasts, or live events—represents an individual project
 whose commercial success is inherently uncertain and primarily determined by consumer appeal and market reception. See "Risks
 Related to SME Investments – Uncertain Consumer Demand."

● The
 Fund is a non-diversified fund, which means that the percentage of its assets that may be invested in the securities of a single
 issuer is not limited by the 1940 Act. As a result, the Fund's investment portfolio may be subject to greater risk and volatility
 than a diversified fund.

● The
 Fund will be concentrated (i.e., more than 25% of the value of the Fund's assets will be invested)
 in one or more industries within the SME group of industries and, as such, it may be subject to more
 risks associated with those industries than if it were more broadly diversified over numerous industries.

● Portfolio
 Funds generally will not be registered as investment companies under the 1940 Act and, consequently, a Portfolio Fund will not have
 the protections of the 1940 Act.

● The Fund invests in Portfolio Funds. Portfolio Funds are subject to certain risks, including risks
 related to illiquidity, indirect fees, valuation, limited operating histories, and limited information regarding underlying investments.
 In connection with the Fund's investments in Portfolio Funds, the Fund may hold a significant portion of its assets in cash
 and cash equivalents in support of unfunded commitments.

● The
 use of leverage by the Fund or a Portfolio Fund may increase the volatility of the Fund and such Portfolio Fund and can result in
 significant losses. The use of leverage may increase the fees payable to the Fund by increasing the asset-base on which the Management
 Fee is calculated. This creates a potential incentive for the Adviser to use leverage and to select Portfolio Funds that use leverage.

● Portfolio
 Funds may pursue investment strategies or make individual investments that have not been fully disclosed to the Adviser and are different
 from those expected to be made at the time the Fund made its decision to invest in the Portfolio Funds. Such strategies and investments
 may be inconsistent with the investment objective and policies of the Fund and may involve unanticipated risks, which could adversely
 affect the Fund.

● The
 Adviser may have limited access to the specific underlying holdings of the Portfolio Funds and little or no means of independently
 verifying information provided by the Underlying Managers.

&nbsp;&nbsp;&nbsp;&nbsp;● In
 calculating the Fund's NAV, the Fund will utilize valuations of the Fund's interests in Portfolio Funds, without any
 means of independent verification. Underlying Managers face a conflict of interest in valuing securities held by Portfolio Funds
 because the values assigned will affect the compensation paid to such Underlying Managers.

● The
 Fund may make additional investments in or effect withdrawals from Portfolio Funds only at certain times. Limitations on a Fund's
 ability to withdraw its assets from Portfolio Funds will limit the Fund's ability to repurchase its Shares and therefore the
 investor's ability to redeem its Shares in the Fund.

● The
 Fund may receive securities that are illiquid or difficult to value in connection with withdrawals and distributions from Portfolio
 Funds.

● The
 Underlying Managers will charge the Fund asset-based fees and typically will also be entitled to receive performance-based allocations.
 These are in addition to the Management Fee borne by investors in the Fund. These asset-based and incentive fees are paid directly
 by the Portfolio Funds to the Underlying Managers and are indirectly borne by investors in the Fund. Investors will bear fees
 and expenses at the Fund level and also at the Portfolio Fund level.

● Performance-based
 fees/allocations may create incentives for Underlying Managers to make risky and speculative investments.

● The
 Fund may be subject to performance-based allocations by Underlying Managers even if the Fund's overall returns are negative.

● The
 Adviser and Underlying Managers may have conflicts of interest that could interfere with their management of the Fund or the Portfolio
 Funds, respectively. For example, the Adviser and its affiliates, as well as many of the Underlying Managers and their respective
 affiliates, provide investment advisory and/or other services to clients other than the Fund and Portfolio Funds, and the side-by-side
 management of these clients may raise potential conflicts of interest relating to the allocation of investment opportunities. See
 "Principal Conflicts of Interest."

● Delays
 in Underlying Manager reporting may delay reports to shareholders and require shareholders to seek extensions of the deadline to
 file their tax returns.

● The
 Fund is subject to, and invests in Portfolio Funds that are subject to, risks associated with legal and regulatory changes applicable
 to financial institutions generally or Portfolio Funds in particular.

● The
 Fund and Portfolio Funds may invest in fixed income securities, rated investment grade or non-investment grade and may invest in
 unrated fixed income securities. Non-investment grade debt securities are commonly referred to as "junk" or "high
 yield" securities, and are considered speculative with respect to the issuer's capacity to pay interest and repay principal.
 Non-investment grade securities in the lowest rating categories or unrated debt securities determined to be of comparable quality
 may involve a substantial risk of default or may be in default. See "Risks Related to the Fund's Investments - High Yield
 and Unrated Securities Risk."

&nbsp;&nbsp;&nbsp;&nbsp;● Fund
 shareholders will have no right to receive information about the Portfolio Funds or Underlying Managers, and will have no recourse
 against Portfolio Funds or the Underlying Managers.

● An
 Underlying Manager may focus on a particular country or geographic region or on a limited number of securities or operating companies,
 which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if the focus was on a broader range
 of countries, geographic regions, securities or operating companies.

● The
 Fund is subject to the 1940 Act prohibitions and restrictions relating to transactions between investment companies and their affiliates
 (including the Adviser), principal underwriters and affiliates of those affiliates or underwriters. Under these restrictions, the
 Fund is generally prohibited from knowingly participating in a joint transaction with an affiliated person. These restrictions also
 generally prohibit the Fund's affiliates, principal underwriters and affiliates of those affiliates or underwriters from knowingly
 purchasing from or selling to the Fund certain securities or other properties and from lending to and borrowing from the Fund monies
 or other properties. The Fund and its affiliates may be precluded from co-investing in private placements of securities. The Fund
 and its affiliates may from time to time engage in certain joint transactions, purchases, sales and loans in reliance upon and in
 compliance with the conditions of certain positions promulgated by the SEC and its staff. There can be no assurance that the Fund
 would be able to satisfy these conditions with respect to any particular transaction. As a result of these prohibitions, restrictions
 may be imposed on the size of positions or the type of investments that the Fund could make.

● The
 Fund faces significant risks related to global pandemics, which can severely impact the SME group of industries. While the Fund strives
 to mitigate these risks through strategic diversification and flexible investment approaches, the inherent uncertainty and potential
 for significant operational disruptions due to global pandemics remain a material risk factor for the Fund. See "Risks Related
 to SME Investments - Risk of Future Global Pandemics."

● Changes to tax laws may negatively impact
 the valuation and profitability of sports franchise investments. Current tax benefits, such as goodwill amortization, deductions
 for player salaries and stadium expenses, and pass-through tax structures, enhance cash flow and valuations. However, legislative
 or regulatory changes—such as limiting goodwill amortization, restricting deductions, or increasing capital gains taxes—could
 reduce profitability, lower franchise valuations, and extend investment holding periods. Any such changes could materially impact
 the Fund's returns and investment strategy, and the Fund cannot predict the likelihood or timing of future tax law revisions.

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| **U.S. Federal Income Tax Matters** | The Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company (a "RIC") under Subchapter M of the Code. For each taxable year that the Fund so qualifies, the Fund will generally not be subject to U.S. federal income tax on its taxable income and gains that it timely distributes as dividends for U.S. federal income tax purposes to Fund shareholders. The Fund intends to distribute its income and gains in a way that it should not be subject to an entity-level income tax on certain undistributed amounts. These distributions generally will be taxable as ordinary income or capital gains to the shareholders, whether or not they are reinvested in Shares. U.S. federally tax-exempt investors generally will not recognize unrelated business taxable income with respect to an investment in Shares as long as they do not borrow to make such investment.<br>Certain of the Portfolio Funds in which the Fund invests may be classified as partnerships for U.S. federal income tax purposes. Accordingly, for the purpose of satisfying certain of the requirements for qualification as a RIC, the Fund will, in appropriate circumstances, be required to "look through" to the character of the income, assets and investments held by the Fund and certain of the Portfolio Funds. However, Portfolio Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Portfolio Funds in which the Fund can invest. Furthermore, although the Fund expects to receive information from the Underlying Managers regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information and certain Underlying Managers may not provide this information on a timely basis.<br>If the Fund fails to qualify as a RIC, the Fund's income would be subject to U.S. federal income tax imposed at corporate rates (currently 21%) even if such income and gains were distributed to its shareholders and all distributions of earnings and profits to shareholders generally would be characterized as ordinary dividend income. In addition, the Fund could be required to recognize unrealized gains, incur substantial entity-level taxes and make certain distributions (which could be subject to interest charges) before requalifying as a RIC.<br>A shareholder that is not subject to U.S. federal income tax on its income as a result of an exemption accorded under Section 501 of the Code generally will not be subject to tax on amounts distributed to it by the Fund, provided that such shareholder's acquisition of its Shares is not debt-financed within the meaning of Section 514 of the Code. The Fund will inform shareholders of the amount and character of its distributions to shareholders. See "U.S. Federal Income Tax Matters." |
| **Fiscal and Tax Year** | The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on September 30. |
| **ERISA** | Investors subject to the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of the Code, including employee benefit plans and individual retirement accounts, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" subject to the fiduciary responsibility and prohibited transaction rules of Title I of ERISA or Section 4975 of the Code. Thus, it is not intended that the Adviser will be a "fiduciary" within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any "benefit plan investor" within the meaning of ERISA that becomes a shareholder, solely as a result of the shareholder's investment in the Fund. For a discussion of certain risks and considerations relating to an investment in the Fund, see "Certain ERISA Considerations." |

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**SUMMARY OF FEES AND EXPENSES**

The following table illustrates the fees and expenses that the Fund expects to incur and that shareholders can expect to bear directly or indirectly.

To invest in Class D Shares of the Fund, a prospective investor must open a brokerage account with a Financial Intermediary or the Distributor. Any costs associated with opening such an account are not reflected in the following table or the examples below. Investors should contact their broker or other financial professional for more information about the costs associated with opening such an account.

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| | | | |
|:---|:---|:---|:---|
| **TRANSACTION FEES** | **Class D** | **Class I** | **Class S** |
| Maximum sales load (percentage of purchase amount)<sup>1</sup> |  |  |  |
| Maximum repurchase fee<sup>2</sup> | 2.00% | 2.00% | 2.00% |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FUND EXPENSES**<br> **(as a percentage of the Fund's net assets attributable to common shares)** | **Class D** | **Class I** | **Class S** |
| Management Fee<sup>3</sup> | 0.95% | 0.95% | 0.95% |
| Distribution and Servicing Fee | 0.25% |  |  |
| Interest Payments on Borrowed Funds<sup>4</sup> | 0.00% | 0.00% | 0.00% |
| Other Expenses<sup>5</sup> | 2.10% | 2.10% | 2.10% |
| Acquired Fund Fees and Expenses<sup>6</sup> | 1.27% | 1.27% | 1.27% |
| Total Annual Fund Expenses | 4.57% | 4.32% | 4.32% |
| &nbsp;&nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>7</sup> | (1.28)% | (1.28)% | (1.28)% |
| Total Annual Fund Expenses After Fee Waiver and/or Expense Reimbursement | 3.29% | 3.04% | 3.04% |

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| | |
|:---|:---|
| 1 | No upfront sales load will be paid with respect to Class D Shares, Class I Shares or Class S Shares. Purchasers should contact their Financial Intermediaries for additional information. See "Plan of Distribution." |
| 2 | An early repurchase fee payable to the Fund, in an amount of 2.00% of the value of the Shares accepted for repurchase, will be charged with respect to the repurchase of an investor's Shares at any time prior to the day immediately preceding the one-year anniversary of an investor's purchase of the Shares (on a "first in-first out" basis). An early repurchase fee payable by an investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any investor. The early repurchase fee will be retained by the Fund for the benefit of the remaining investors. See "Repurchases and Transfer of Shares." |
| 3 | The Fund will pay the Adviser an annual Management Fee of 0.95%, payable quarterly, based on the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter (including any assets in respect of Shares that will be repurchased as of the end of the quarter). |
| 4 | The Fund may borrow funds to make investments, to manage liquidity for redemptions and for general working capital purposes, including before it has fully invested the proceeds of this continuous offering. To the extent that the Fund determines it is appropriate to borrow funds to make investments, to manage liquidity for repurchases and for general working capital purposes, the costs associated with such borrowing will be indirectly borne by shareholders. The Fund's ability to incur leverage during the 12 months following the commencement of this offering depends, in large part, on the amount of money the Fund is able to raise through the sale of Shares registered in this offering and the availability of financing in the market. |
| 5 | Other Expenses are based on estimated amounts for the Fund's current fiscal year. |

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| | |
|:---|:---|
| 6 | Acquired fund fees and expenses are the indirect costs of investing in other investment companies and private funds that would be regulated as investment companies but for Section 3(c)(1) or 3(c)(7) of the 1940 Act (such as the Portfolio Funds). Some or all of the Portfolio Funds in which the Fund invests charge carried interests, incentive fees or allocations based on the Portfolio Fund's performance. The Portfolio Funds in which the Fund invests generally charge an aggregate management fee of 1.00% to 2.00% annually of committed or net invested capital, and approximately 0% to 20% of net profits as a carried interest allocation (which includes fees payable to the Core Independent Managers and the Underlying Managers with respect to any Portfolio Funds). In a given period, the management fee charged by Portfolio Funds may be reduced in part by amounts received by the Portfolio Fund's management company for related activities, such as transaction and monitoring fees received from portfolio companies. In addition, when a portfolio company is sold and the distribution exceeds the management fee allocated to that portfolio company, the Portfolio Fund's management company may refund a portion of the allocated management fees. Such refunds are generally accrued by the Portfolio Funds as if all portfolio companies were sold at fair values. The 1.27% shown as "Acquired Fund Fees and Expenses" reflects estimated operating expenses of the Portfolio Funds for the Fund's current fiscal year (*e.g.*, management fees, administration fees and professional and other direct, fixed fees and expenses of the Portfolio Funds) after refunds, excluding any performance-based fees or allocations paid by Portfolio Funds that are paid solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Portfolio Funds. |
| 7 | Pursuant to the Expense Limitation Agreement, the Adviser has contractually agreed to waive fees and/or pay or reimburse certain operating and other expenses of the Fund so that the total annual operating expenses of the Fund, excluding Excluded Expenses (as defined below), in respect of each class of shares of the Fund, do not exceed an amount equal to 0.75% of the average quarterly net assets of the class on an annualized basis (the "Expense Cap"). For a period not to exceed three years from the date on which the Adviser waived the fee or reimbursed the expense, the Adviser may recoup waived fees, reimbursed expenses or directly paid expenses if (i) at the time of repayment, the annual operating expenses of such share class have fallen below the Expense Cap and (ii) the repayment does not cause the annual operating expenses of such share class in the quarter the reimbursement is made (after given effect to such repayment) to rise to a level that exceeds the Expense Cap in place at the time the fees were waived and/or the expenses were reimbursed, or the Expense Cap in place at the time the Fund repays the Adviser, whichever is lower. In addition, the Adviser has contractually agreed to reimburse a portion of Class S's total expenses (other than Excluded Expenses) equal to: (i) 0.10% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $150,000,000 but less than $250,000,000; (ii) 0.15% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $250,000,000 but less than $500,000,000; and (iii) 0.20% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $500,000,000. The Adviser may not recoup expenses reimbursed pursuant to the expense reimbursement agreement for Class S. These contractual arrangements will remain in effect until at least the one year anniversary of the effective date of the Fund's registration statement, unless earlier terminated by the Fund's Board of Trustees. |

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"Excluded Expenses" is defined to include: (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of any private investment vehicles and co-investments in portfolio companies in which any Portfolio Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Portfolio Fund associated with the acquisition and disposition by such Portfolio Fund of primary interests, secondary interests, co-investments, ETF investments and other investments; (c) interest payments incurred by any Portfolio Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Portfolio Fund; (e) taxes of any Portfolio Fund; and (f) extraordinary expenses of any Portfolio Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (ii) the investment management fee payable to the Adviser pursuant to the Investment Advisory Agreement; (iii) interest expense and any other expenses incurred in connection with any borrowings by the Fund (including any credit facility); (iv) distribution and servicing fees payable pursuant to a Distribution and Servicing Plan adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act in respect of any class of shares of the Fund; (v) acquired fund fees and expenses; (vi) taxes; and (vii) extraordinary expenses.

EXPENSE EXAMPLE:

The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that all distributions are reinvested at NAV, that the percentage amounts listed under Total Annual Fund Expenses remain the same (except that the examples incorporate the fee waiver and expense reimbursement arrangements from the Expense Limitation Agreement for only the one-year example and the first year of the three-, five- and ten-year examples), and that any applicable early repurchase fee is waived by the Fund. You would pay the following fees and expenses on a $1,000 investment, assuming a 5% annual return:

**Class D**

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| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $33 | $127 | $221 | $460 |

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**Class I**

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| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $31 | $119 | $209 | $439 |

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**Class S**

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| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $31 | $119 | $209 | $439 |

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**The examples should not be considered a representation of future expenses and 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.

The purpose of the table above is to assist investors in understanding the various fees and expenses shareholders will bear directly or indirectly. For a more complete description of the various fees and expenses of the Fund, see "Management of the Fund," "Fund Expenses," and "Purchase of Shares."

**FINANCIAL HIGHLIGHTS**

The Fund has not yet commenced investment operations, and therefore, a financial highlights table for the Fund has not been included in this Prospectus.

**THE FUND**

The Fund is a newly organized Delaware statutory trust formed on September 22, 2025 and is registered under the 1940 Act as a closed-end, non-diversified, management investment company. The Fund has no operating history. The Fund's term is perpetual unless it is otherwise terminated under the terms of the Declaration of Trust.

Simultaneously with the commencement of the Fund's operations, it is intended that CAIS Sports, Media and Entertainment Fund, LP (the "Predecessor Fund") will reorganize with and transfer substantially all of its assets and liabilities to the Fund (the "Proposed Reorganization"). The Predecessor Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund. The Predecessor Fund's investments, if any, at the time of the Proposed Reorganization will be appropriate for investment by the Fund in light of its investment objectives and policies. The Predecessor Fund's investment adviser is CAIS Advisors LLC.

The Proposed Reorganization is subject to approval by the Fund's Board of Trustees (the "Board") and the Predecessor Fund's general partner. In considering whether to approve the Proposed Reorganization, the Board will consider whether participation in the Proposed Reorganization is in the best interests of the Fund's existing shareholders and whether the interests of the Fund's existing shareholders will be diluted as a result of the Proposed Reorganization. There is no guarantee that the Proposed Reorganization will be approved or consummated. In the event the Proposed Reorganization is not consummated, the Fund will invest the proceeds from the sale of Shares in accordance with its investment objective and strategies.

Below is an unaudited schedule of investments of the Predecessor Fund as of June 30, 2025.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**Schedule of Investments (Unaudited)**

**June 30, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Investments in Underlying Funds<sup>(1)</sup>** | **Cost** | **Fair Value** | **Fair Value<br> as a % of<br> Partners'<br> Capital** |
| United States |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Equities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctos Sports Partners Fund I Feeder, LP<sup>(2)(3)</sup> | $23424100 | $24813613 | 63.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Naismith I Feeder A, LP<sup>(4)</sup> | 8320885 | 8857617 | 22.75% |
| **Total Investments in Underlying Funds** | $31744985 | $33671230 | 86.50% |

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<sup>(1)</sup> As of June 30, 2025, CAIS Sports, Media and Entertainment Fund, LP (previously defined as the "Predecessor Fund") made commitments to Eldridge Sports and Entertainment Fund Offshore, LP of $49,400,000. As of June 30, 2025, the Predecessor Fund does not have any outstanding investment balance in Eldridge Sports and Entertainment Fund Offshore LP as no capital has been called yet. On July 14, 2025, the Predecessor Fund made a $46,930,000 investment in Eldridge Sports and Entertainment Fund Offshore, LP.

<sup>(2)</sup> Arctos Sports Partners Fund I Feeder, LP was formed as a limited partnership pursuant to the laws of the state of Delaware on November 25, 2019 and its primary focus is to provide liquidity solutions to non-control owners, and collaborative partnership capital to control owners, in major professional sports franchises, a highly illiquid and inefficient market. Arctos Sports Partners Fund I Feeder, LP invests substantially all of its assets through a master-feeder structure in Arctos Sports Partners Fund I, LP, an investment company that has the same investment objectives as the Feeder Fund.

<sup>(3)</sup> On July 25, 2025, the Predecessor Fund received a $674,913 distribution from Arctos Sports Partners Fund I Feeder, LP. On September 26, 2025, the Predecessor Fund received a $209,491 distribution from Arctos Sports Partners Fund I Feeder, LP.

<sup>(4)</sup> ASP Naismith I Feeder A, LP was formed as a limited partnership pursuant to the laws of the state of Delaware on November 2, 2021 and its primary focus is to make investments, directly or indirectly, in a sports related co-investment, manage, supervise and dispose of such investment, and engage in such other activities related, incidental or ancillary thereto as the general partner deems necessary, advisable or appropriate. ASP Naismith I Feeder A, LP invests substantially all of its assets through a master-feeder structure in ASP Naismith I, LP, an investment company that has the same investment objectives as the Feeder Fund.

Investment advisory services are provided to the Fund by the Adviser pursuant to the investment advisory agreement (the "Investment Advisory Agreement"). Responsibility for monitoring and overseeing the Fund's investment program and its management and operation is vested in the Board.

Additional information about the Fund's investments will be available in the Fund's Annual and Semi-Annual Reports when they are prepared.

**USE OF PROCEEDS**

The proceeds from the sale of Shares of the Fund, not including the amount of the Fund's fees and expenses (including, without limitation, offering expenses), will be invested by the Fund in accordance with its investment objective and strategies as soon as practicable after receipt of such proceeds, consistent with market conditions and the availability of suitable investments. Such proceeds will be invested together with any interest earned in the Fund's account with the Fund's Custodian. Delays in investing the Fund's assets may occur (i) because of the time typically required to complete transactions in Portfolio Funds (which may be considerable), (ii) because certain Portfolio Funds may provide infrequent opportunities to purchase their securities, and/or (iii) because of the time required for Underlying Managers to invest the amounts committed by the Fund. Accordingly, during these periods of delay, the Fund may not achieve its investment objective or be able to fully pursue its investment strategies and policies.

Pending the investment of the proceeds pursuant to the Fund's investment objective and policies, the Fund may invest a portion of the proceeds of the offering, which may be a substantial portion, in any instrument the Adviser deems appropriate, including but not limited to cash and cash equivalents and corporate bonds with short- to intermediate-term maturities. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash to meet operational needs. The Fund may not achieve its investment objective, or otherwise fully satisfy its investment policies, during such periods in which its assets are not able to be substantially invested in accordance with its investment strategies.

**INVESTMENT OBJECTIVE, POLICIES AND STRATEGIES**

The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective is not fundamental and may be changed at the discretion of the Board without shareholder approval. The Fund will notify shareholders at least 60 days prior to any change in the investment objective.

Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in private or publicly traded investments in the sports, media and/or entertainment ("SME") industries (the "SME Investments"). The Fund intends to invest in SME Investments both directly and indirectly by investing in private investment vehicles that focus on SME Investments ("Portfolio Funds").

Companies, businesses and investments in the "sports" industry include, but are not limited to, sports franchises, sports leagues, sports content creation and/or distribution platforms, sports-related media rights, sports merchandise or equipment, sports-related gaming or betting platforms (including fantasy sports and prediction markets), sporting tournaments and major events, sports-related facilities and/or adjacent real estate ownership or operations, sports and health technology, sports data and analytics platforms, eSports organizations, college athletics, name-, image-, and likeness-related businesses, youth or amateur sports platforms, athlete-driven media ventures, athlete representation or sponsorship monetization platforms, and firms supporting the sports ecosystem through marketing, sponsorship, consulting, advisory, and/or technology services. Companies, businesses and investments in the "media and entertainment" industry include, but are not limited to, movie and/or television studios, streaming platforms, video or mobile game developers or publishing, music platforms (including labels, rights holders, and/or production companies), digital media, social media, publishing platforms, celebrity- or influencer-led media ventures, entertainment intellectual property and content libraries, talent representation or management, ticketing and fan engagement platforms, live entertainment and/or event businesses, leisure facilities or experience-based venues, casinos and/or gaming, advertising and brand marketing platforms, and broadcast, cable, and satellite networks or distribution platforms. The Fund will be concentrated (i.e., more than 25% of the value of the Fund's assets will be invested) in one or more industries within the SME group of industries.

Private SME Investments include private equity investments (both control and non-control equity investments) in SME-related businesses, and private credit investments, such as direct lending to, and mezzanine debt and distressed debt issued by, SME-related businesses or secured by SME-related assets. Publicly traded SME Investments include publicly listed equities and fixed-income securities, such as corporate bonds and corporate loans, issued by SME companies. Investments may span varying credit qualities and maturities, including investment-grade and non-investment-grade securities. Non-investment-grade securities are commonly referred to as "junk" or "high yield" securities. An investment is non-investment-grade if rated below Baa by Moody's Investors Services, Inc. or equivalently rated by Standard & Poor's Corporation.

SME-related businesses or companies may have direct or indirect exposure to real estate through their ownership of and/or operating rights in certain facilities, such as sports stadiums, arenas or adjacent mixed-use developments, office space to support operations, retail spaces selling merchandise, movie and television studios, music studios, broadcast or radio stations, and other venues or infrastructure where entertainment is created, distributed, or consumed.

The Adviser seeks to identify experienced and reputable fund managers (the "Underlying Managers") and selectively invest in attractive SME Investments managed by the Underlying Managers. The Fund plans to initially allocate a significant percentage of its assets to investment vehicles managed by Arctos Partners, LP or its affiliates ("Arctos") and Eldridge Capital Management, LLC or its affiliates ("Eldridge") (together, the "Core Independent Managers").

The Adviser will size and select investment opportunities presented to the Fund by Core Independent Managers. The Adviser may, but is not required to, engage one or more third-party consultants to conduct due diligence on certain primary and secondary investments and co-investments to be made by the Fund, including without limitation, Portfolio Funds managed by the Core Independent Managers. The Adviser will have sole discretion with respect to the Fund's portfolio and will make the final determination as to whether the Fund will make any investment. Past performance of Portfolio Funds sponsored or managed by the Core Independent Managers is not indicative of future results of those Portfolio Funds. The Core Independent Managers are not sponsors, promoters, advisers or affiliates of the Fund. An entity affiliated with Eldridge owns a minority non-controlling share in the Adviser's parent company, Capital Integration Systems LLC ("CAIS"), and holds two out of nine seats on the board of directors of CAIS.

The Fund may or may not name additional Core Independent Managers in the future. Additionally, the Fund may at any time determine not to allocate any portion of its assets to the Core Independent Managers and, instead, may determine to make SME Investments sponsored, advised by, or otherwise affiliated with, other Underlying Managers. For example, if the Fund has liquid assets to invest at a particular time, but the Core Independent Managers do not have any available investment opportunities, or the Adviser does not believe any of the opportunities presented are appropriate for the Fund, then the Adviser may seek other investment opportunities consistent with the Fund's investment objective and strategies. Thus, on occasion, the Adviser may come across an investment opportunity on its own, and determine that such an investment is appropriate for the Fund. Further, the Adviser may determine that its relationship with a Core Independent Manager is no longer beneficial to the Fund, and may seek out other managers to replace that Core Independent Manager. There is no guarantee that investment funds sponsored by the Core Independent Managers will perform at or above other comparable funds in the market.

In determining whether a particular investment constitutes an SME Investment, the Adviser first considers how the investment is classified by one or more widely accepted third-party industry classification systems. If the investment does not fall within a sports, media, and/or entertainment industry, the Adviser may consider the investment to be an SME Investment if over 50% of the issuer's revenue is related to an SME industry. The Adviser considers a private investment vehicle that focuses on SME Investments to be an SME Investment if at least 80% of its net assets are invested in, or are anticipated to be invested in, SME Investments. The Adviser considers a variety of factors in making this determination, including the investment vehicle's stated investment objective and strategy, as well as the actual or expected underlying investments of the vehicle. In determining whether underlying investments are SME Investments, since the Adviser does not expect that financial information for underlying investments will be made available, the Adviser expects to mainly rely on company descriptions and industry classifications provided by the manager of the investment vehicle and company websites.

The Fund may make private SME Investments through primary commitments to private funds, secondary purchases of interests in such funds, purchases of select assets from existing private funds in the secondary market, and co-investment opportunities alongside private fund sponsors. The Fund may make SME Investments indirectly through one or more wholly owned subsidiaries (each, a "Subsidiary"). The Fund will comply with the provisions of Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary. The Fund will comply with provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with any Subsidiary. The Fund and any Subsidiary will comply with provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. The Fund does not presently intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, other than entities wholly owned by the Fund.

Portfolio Funds typically have greater flexibility than registered funds with respect to the types of securities that may be owned, the types of trading strategies that may be employed, including with respect to transactions with affiliates, and, in some cases, the amount of leverage that can be used. Investments in Portfolio Funds tend to be illiquid and highly speculative. Portfolio Funds have complex fee structures, including performance-related compensation beyond what is permitted for registered funds and those fees may be charged even if the Fund itself loses money. The Fund may have challenges in monitoring the operations and performance of Portfolio Funds, including, without limitation, difficulty obtaining access to information about Portfolio Funds' underlying investments and valuations and conflicts that may exist in respect of Portfolio Funds' underlying investments.

The Fund may make secondary investments in Portfolio Funds. Secondary investments refer to investments in a Portfolio Fund through the acquisition of an interest in the Portfolio Fund from an existing investor in the Portfolio Fund in a privately negotiated transaction. The buyer of a secondary interest takes on any future funding obligations associated with the acquired interest in exchange for future returns and distributions. The Fund intends to purchase and sell secondary investments primarily through negotiated, bilateral transactions. These transactions are not traded on a centralized exchange and do not have publicly quoted bid/ask prices. Instead, pricing is determined on a case-by-case basis, factoring in elements such as the underlying portfolio of the Portfolio Fund and its duration, recent valuations reported by the Portfolio Fund, and prevailing market conditions. As such, pricing information may be infrequent and based on historical or estimated data. Additionally, the transfer of such interests typically requires the consent of the underlying general partner and other contractual considerations, which may delay or restrict the Fund's ability to transact.

Secondary investments may be acquired at a discount to the Portfolio Fund's NAV. Secondary investments acquired at a discount may result in unrealized gains at the time the Fund next calculates its NAV. Such unrealized gains will increase the Fund's NAV and performance by the difference between the most recent NAV reported by the Portfolio Fund and the negotiated purchase price. Conversely, a secondary investment sold at a discount will result in a decrease in the Fund's NAV and performance by the difference between the value of the secondary investment as reflected in the books and records of the Fund and the negotiated sale price. To the extent any gains on the Secondary Investment, including the gains resulting from negotiated purchases at a discount, are realized, the tax impact to shareholders is disclosed in "U.S. Federal Income Tax Matters."

For liquidity management purposes or during periods of market volatility, the Fund may hold cash or invest in cash equivalents—including money market funds, U.S. Treasury securities, and other short-term, high-quality investments—and corporate bonds with short- to intermediate-term maturities (together with SME Investments, the "Investments"). The Fund may gain exposure to Investments directly through individual issuers or indirectly through private investment vehicles, exchange-traded funds ("ETFs"), closed-end funds, mutual funds, real estate investment funds and business development companies and similar investment vehicles.

The Fund is generally geography-agnostic, but expects its investments to be primarily based in North America and Europe.

*Investment Philosophy*

The Adviser's philosophy is to identify high quality managers and provide investors with multi-manager, multi-sector exposure to themes and asset classes. The Fund is grounded in the belief that the sports, media and entertainment industries present unique opportunities for growth and value creation. The Adviser believes it can achieve the Fund's investment objective by identifying industry-leading managers and selectively investing in attractive SME Investments. Specifically, the Adviser's approach includes:

● **Manager and Fund Selection**: Identifying experienced and reputable fund managers who have a proven track record of success in the targeted industries, then further short-listing the set of funds, including co-investment funds, that could be attractive primary or secondary fund opportunities.

● **Direct Co-Investments**: Engaging in direct co-investment opportunities alongside selected Underlying Managers to capitalize on high-conviction themes or investments.

● **Growth and Value Creation Focus**: Concentrating on investments that span professional sports franchises, media rights, entertainment production companies, and related businesses that show strong potential for growth and/or opportunities for value creation.

While the Fund will typically follow a buy-and-hold methodology with respect to its SME Investments, the Fund may also exit SME Investments via redemption, sales in the secondary market or syndicate ownership in certain SME Investments if it determines that to be in the best interests of the Fund.

There can be no assurance that the Fund's investment program will be successful, that the objective of the Fund will be achieved or that the Fund's strategies will be successful.

Prospective investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund.

*Third Party Diligence Consultant*

The Adviser may engage one or more third-party consultants to conduct due diligence on certain primary and secondary investments and co-investments to be made by the Fund, including without limitation, the investment vehicles managed by the Core Independent Managers; provided that the Adviser will have sole discretion with respect to the Fund's portfolio and will make the final determination as to whether the Fund will make any investment, and no consultant will have any discretion whatsoever, nor will it make any such determination.

**Leverage and Credit Facilities**

The Fund may borrow money in connection with its investment activities - *i.e.*, the Fund may utilize leverage. Specifically, the Fund may borrow money through a credit facility or other arrangements to manage timing issues in connection with the acquisition of its Investments (e.g., to provide the Fund with temporary liquidity to acquire investments in Investments in advance of the Fund's receipt of redemption proceeds from another Investment).

The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness (the "Asset Coverage Requirement"). This requirement means that the value of the investment company's total indebtedness may not exceed one third the value of its total assets (including the indebtedness). The 1940 Act also requires that dividends may not be declared if this Asset Coverage Requirement is breached. The Fund's borrowings will at all times be subject to the Asset Coverage Requirement.

Investments may also utilize leverage in their investment activities. Borrowings by Portfolio Funds are not subject to the Asset Coverage Requirement. Accordingly, the Fund's portfolio may be exposed to the risk of highly leveraged investment programs of certain Portfolio Funds and the volatility of the value of Shares may be great, especially during times of a "credit crunch" and/or general market turmoil. In general, the use of leverage by Portfolio Funds or the Fund may increase the volatility of the Portfolio Funds or the Fund. See "Principal Risk Factors — General Risks Related to Investing in the Fund — Leveraging Risk."

**PRINCIPAL RISK FACTORS**

***An investment in the Fund's shares is subject to risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. Investors could lose money by investing in the Fund. By itself, the Fund does not constitute a balanced investment program. Before investing, prospective investors should consider carefully the following risks. There may be additional risks that the Fund does not currently foresee or consider material. Prospective investors are encouraged to consult with their legal or tax advisers before investing in the Fund.***

**General Risks Related to Investing in the Fund**

***No Operating History.*** The Fund is a closed-end investment company with no history of operations. It is not intended that the Shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund's Shares. Some of the Portfolio Funds have no or short performance records and operating histories that are not indicative of their longer term or future performance. In any event, past performance of the Adviser, its principals, the Predecessor Fund, the Portfolio Funds or their Underlying Managers is not indicative of future results. The Fund may not be able to achieve its investment objective, including as a result of inopportune market or economic conditions.

***General Economic and Market Conditions.*** The Fund's performance may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of investments held by Portfolio Funds. Unexpected volatility or illiquidity, such as the general market conditions that have occurred at times over the last several years, could impair a Fund's profitability or result in losses.

The Fund may be susceptible to economic slowdowns or recessions and may be unable to repay the investments during these periods. In an economic downturn, the Fund may have non-performing assets, or its non-performing assets may increase, and the value of its portfolio is likely to decrease during these periods. Unfavorable economic conditions also could increase the Fund's funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to the Fund on terms deemed acceptable. These events could prevent the Fund from increasing investments and harm its financial condition.

Numerous structural dynamics and persistent market trends have exacerbated volatility and market uncertainty. Concerns over significant volatility in the securities markets, sluggish economic expansion in foreign economies, including continued concerns over growth prospects in China and emerging markets, growing debt loads for certain countries, uncertainty about the consequences of the U.S. and other governments withdrawing monetary stimulus measures and speculation about a possible recession all highlight the fact that economic conditions remain unpredictable and volatile. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit rating downgrades and economic slowdowns or a recession in the U.S.

Geopolitical tensions, including between the U.S. and China, have escalated. Further escalation of such tensions and the related imposition of sanctions or other trade barriers may negatively impact the rate of global growth. Moreover, there is a risk of both sector-specific and broad-based volatility, corrections and/or downturns in the equity and credit markets. Any of the foregoing could have a significant impact on the markets in which the Fund operates and a material adverse impact on its business prospects and financial condition.

***Highly Volatile Markets.*** Volatility in financial markets can affect the price and liquidity of securities held by the Fund and the Portfolio Funds, and can negatively impact the value of such holdings. The prices of commodities contracts and all derivative instruments, including futures and options, can be highly volatile. Price movements of forwards, futures, swaps and other derivative contracts in which the Fund's assets may be invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. In addition, governments and other organizations from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies, financial instruments, futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Portfolio Funds are also subject to the risk of the failure of any exchanges on which their positions trade or of the clearinghouses for those exchanges, of any counterparty to a transaction or of any service provider to a Portfolio Fund (such as a Portfolio Fund's "prime broker" or "clearing broker"). In times of general market turmoil, even large, well-established financial institutions may fail rapidly with little warning.

Portfolio Funds are also subject to the risk that trading activity in securities in which they invest may be dramatically reduced or cease at any time, whether due to general market turmoil, problems experienced by a single issuer, market participant or a market sector or other factors. If trading in particular securities or classes of securities is impaired, it may be difficult for the Portfolio Funds to properly value any of its assets represented by such securities. In particular, the credit markets have been experiencing extreme volatility and disruption from time to time over the last several years. Instability in the fixed income markets has made it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. As a result of these volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue. These developments may also make it more difficult to accurately value debt securities. See "Principal Risk Factors — Risks Related to the Fund's Investment — Reliability of Valuation."

In addition, the increased volatility and instability in the fixed income markets could adversely affect the ability of the Fund and Portfolio Funds to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns. See "Principal Risk Factors — General Risks Related to Investing in the Fund — Leveraging Risk."

***Banking System Risk.*** The U.S. banking system has experienced a significant shock with the second largest default since 2008 on March 10, 2023, a further bank closure on March 12, 2023 and extraordinary actions by the U.S. Federal Deposit Insurance Corporation (the "FDIC"), the U.S. Department of Treasury and the Federal Reserve. The FDIC's intervention was implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. Governmental authorities may continue to undertake a variety of initiatives designed to strengthen and stabilize the economy and the financial markets. However, there can be no assurance that these initiatives will be successful, and there is no way to predict the ultimate effect of the disruption or the effect that these initiatives will have on the performance of the Fund or its Investments. Any deterioration of the global debt markets (particularly the U.S. debt markets), any possible future failures of certain financial services companies and a significant rise in market perception of counterparty default risk, interest rates or taxes will likely significantly reduce investor demand and liquidity for investment grade, high-yield and senior bank debt, which in turn is likely to lead some investment banks and other lenders to be unwilling or significantly less willing to finance new investments or to only offer committed financing on less favorable terms than had been prevailing in the recent past. The Fund's ability to generate attractive investment returns for its investors may be adversely affected to the extent the Fund is unable to obtain favorable financing terms for its Investments (either directly, or indirectly through use of a credit facility). Any market turmoil, as well as a perceived increase in counterparty default risk, may have an adverse effect on the availability of credit to businesses generally and may lead to an overall weakening of the U.S. and global economies, which in turn may adversely affect or restrict the ability of the Fund to sell or liquidate Investments at favorable times or at favorable prices or otherwise have an adverse effect on the business and operations of the Fund. Governmental authorities have undertaken, and may continue to undertake, a variety of initiatives designed to strengthen and stabilize the economy and the financial markets. However, there can be no assurance that these initiatives will be successful, and there is no way to predict the ultimate effect of the disruption or the effect that these initiatives will have on the performance of the Fund or its Investments.

In particular, if the Fund or an affiliate has a banking relationship (for example, a credit facility) with a bank or other financial institution that experiences default, is put into receivership or otherwise seeks assistance from the FDIC, Federal Reserve or another government entity (such an occurrence being a "Financial Disruption Event"), the Fund and the Adviser may not be able to access deposits, borrowing facilities or other services, either permanently or for an extended period of time, and their ability to operate in a manner consistent with past business practices could be negatively impacted, potentially resulting in disruption of operations and significant losses.

It is also possible that the Fund will incur additional expenses or delays in putting in place alternative arrangements or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital, or otherwise) in a case of loss of access to services or otherwise during a Financial Disruption Event.

***Operational Risk***. As a general matter, investing in a 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.

***Regulatory Changes Risk***. Changes from time to time in U.S. financial regulation may significantly impact the Fund and the Adviser. Such changes can result in certain investment strategies in which the Adviser engage or may have otherwise engaged becoming non-viable or non-economic to implement, or may otherwise have a material adverse impact on the profit potential of the Fund.

As a registered investment adviser under the Advisers Act, the Adviser and its affiliates are required to comply with a variety of periodic reporting and compliance-related obligations under applicable federal, state and foreign securities laws (including, without limitation, the obligation to make regulatory filings with respect to the Fund and its activities under the Advisers Act). Any further increases in the regulations applicable to the Fund generally or the Fund and/or the Adviser and its affiliates in particular may result in increased expenses associated with the Fund's activities and additional resources of the Adviser being devoted to such regulatory reporting and compliance-related obligations, which may reduce overall returns for shareholders and/or have an adverse effect on the ability of the Fund to effectively achieve its investment objective. There can be no assurance that any continued regulatory scrutiny or initiatives will not have an adverse impact on the Adviser or otherwise impede the Fund's activities.

***Regulatory Risk - Commodity Pool Operator***. The Adviser intends to file a notice of eligibility for an exclusion from the definition of the term "commodity pool operator" with the U.S. Commodity Futures Trading Commission (the "CFTC") and the National Futures Association (the "NFA") with respect to the Fund. Pursuant to CFTC Regulation 4.5, the Fund and the Adviser expect not to be subject to regulation as a commodity pool or commodity pool operator under the Commodity Exchange Act of 1974, as amended (the "CEA"). If the Adviser or the Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses. Because the Adviser intends to manage the Fund in such a way as to maintain its ability to rely on CFTC Rule 4.5, the Fund may be unable to participate in certain investment opportunities.

***Change of Law Risk***. Government counterparties or agencies may have the discretion to change or increase regulation of an investment vehicle's operations, or implement laws or regulations affecting the operations of such investments, separate from any contractual rights such investment vehicles may have. The Fund's Investments also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such Investments. Governments have considerable discretion in implementing regulations, including, for example, the possible imposition or increase of taxes on income earned by or from an Investment or gains recognized by the Fund on such Investments, that could impact the Fund's return on investment with respect to such Investments.

***Changes in Tax Law****.* Investors should be aware that tax laws and regulations are changing on an ongoing basis, and such laws and/or regulations may be changed with retroactive effect. Moreover, the interpretation and/or application of tax laws and regulations by certain tax authorities may not be clear, consistent or transparent. Uncertainty in the tax law may require the Fund to accrue potential tax liabilities even in situations in which the Fund does not expect to be ultimately subject to such tax liabilities. See "U.S. Federal Income Tax Matters."

***Political Uncertainty***. Some of the results of recent elections and referenda have been unexpected and resulted in material market changes and increases in market uncertainty. Given recent changes in administrations and applicable law following such recent elections and referenda, the future of current regulations, or the adopting of new regulations, is also uncertain. While these uncertainties may create investments opportunities for the Fund, such uncertainties could alternatively have adverse impacts on the Fund. Predicting the outcome of political processes and events is inherently difficult and uncertain. If the Adviser, the Core Independent Managers, or the Underlying Managers fail to anticipate political events or predicts them incorrectly, it may cause the Fund or the Portfolio Funds to miss investment opportunities or incur losses. There may be detrimental implications for the value of certain of the Fund's investments in certain markets, its ability to enter into transactions or to value or realize its investments or otherwise to implement its investment program or the Adviser's investment strategies.

***Stockholder Filing Requirements***. Ownership information for any person who beneficially owns 5% or more of the Fund's common stock will have to be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, investors who choose to reinvest their dividends may see their percentage stake in the Fund increased to more than 5%, thus triggering this filing requirement. Although the Fund will provide in its quarterly statements the amount of outstanding stock and the amount of the investor's stock, the responsibility for determining the filing obligation and preparing the filing remains with the investor.

***Broad Authority for Board Action***. The Fund's Board will have the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice (except as required by the 1940 Act) and without shareholder approval. However, absent shareholder approval, the Fund may not change its fundamental policies disclosed in its registration statement. The effect any changes to the Fund's current operating policies and strategies would have on its business, operating results and value of the Fund's common stock cannot be predicted. Nevertheless, the effects may adversely affect the Fund's business and impact its ability to make distributions.

***Non-Fundamental Investment Policies****.* The Board may change certain of the Fund's investment objectives and policies, restrictions, strategies and techniques without shareholder approval. Any change to the Fund's current non-fundamental operating policies, investment criteria and strategies may negatively impact the Fund's business, NAV, and/or the Fund's operating results. This may impact the Fund's ability to make distributions to shareholders, resulting in the loss of all or part of a shareholder's investment in the Fund.

***Distribution Policy Risk.*** All or a portion of the Fund's distribution may consist solely of a return of capital (*i.e.,* from shareholders' original investment) and not a return of net profit. Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. See "Plan of Distribution."

***Resignation of Adviser***. The Adviser has the right to resign at any time upon 60 days' written notice, regardless of whether the Fund has found a replacement. In addition, the Board will have the authority to remove the Adviser for any reason or for no reason, or may choose not to renew the Advisory Agreement. If the Adviser resigns or is terminated, the Fund may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If the Fund is unable to do so quickly, its operations are likely to experience a disruption, costs under any new agreements could increase, its financial condition, business and results of operations as well as its ability to pay distributions are likely to be adversely affected and the value of an interest in the Fund may decline.

***Institutional and Counterparty Risk***. Institutions, such as brokerage firms, banks, and broker dealers, generally may have custody of certain of a Portfolio Fund's assets and may hold such assets in "street name." Bankruptcy or fraud at one of these institutions could impair the operational capabilities or the capital position of a Portfolio Fund. While the Portfolio Funds often attempt to limit securities investment transactions to well capitalized and established banks and brokerage firms in an effort to mitigate such risks, there are often no requirements that Portfolio Funds take such steps to mitigate risk and a number of Portfolio Funds may not undertake any efforts to mitigate such risks.

In addition, markets in which a Portfolio Fund may effect transactions (e.g., swaps, and in particular, total return swaps) may include over-the-counter or "interdealer" markets, and may also include unregulated private markets. The participants in such markets are typically not subject to the same level of credit evaluation and regulatory oversight as are members of the exchange-based markets. This exposes Portfolio Funds 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 such Portfolio Funds to suffer a loss. Such counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or in instances where a Portfolio Fund has concentrated its transactions with a single or small group of counterparties. There are generally no restrictions imposed on Underlying Managers requiring them to diversify the transaction counterparties utilized by their respective Portfolio Fund.

There is also the risk that major institutional investors in a Portfolio Fund may be compelled to withdraw or that the counterparties or brokers will be required to restrict the amount of credit previously granted to such Portfolio Fund due to their own financial difficulties, resulting in forced liquidation of substantial portions of such Portfolio Fund's portfolio.

The banks or brokerage firms selected to act as custodians for a Portfolio Fund may become insolvent, causing such Portfolio Fund to lose all or a portion of the funds or the securities held by those custodians.

Underlying Managers are generally not restricted from dealing with any particular counterparty or from concentrating any or all transactions with one counterparty. The ability of a Portfolio Fund to transact business with any one or number of counterparties, the lack of any meaningful or independent evaluation of such counterparties' financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by a Portfolio Fund.

***Risk of Natural Disasters, Epidemics and Terrorist Attacks***. Countries and regions in which the Portfolio Funds invest or where the Fund or the Adviser otherwise do business are susceptible to natural disasters (e.g., fire, flood, earthquake, storm and hurricane) and epidemics, pandemics or other outbreaks of serious contagious diseases. The occurrence of a natural disaster or epidemic could adversely affect and severely depress consumer demand, reduce economic output and disrupt travel, business operations and financial markets in many countries (even beyond the site of the natural disaster or epidemic), all of which could adversely affect the Fund's investment program and the Adviser's ability to do business.

In addition, terrorist attacks, or the fear of or the precautions taken in anticipation of such attacks, could, directly or indirectly, materially and adversely affect certain industries in which the Fund invests or could affect the countries and regions in which the Fund invests or where the Fund or the Adviser otherwise do business. Other acts of war (e.g., war, invasion, acts of foreign enemies, hostilities and insurrection, regardless of whether war is declared) and political turmoil could also have a material adverse impact on the financial condition of industries or countries in which the Fund invests.

***Sustainability Risk***. A new environmental, social or governance event or condition, if it occurs, could cause an actual or a potential material negative impact on the value of the investments made by the Fund. Such risk is principally linked to climate-related events resulting from climate change (physical risks) or to the society's response to climate change (transition risks), which may result in unanticipated losses that could affect the Fund's Investments and financial condition. Social events (e.g., inequality, inclusiveness, labor relations, investment in human capital, accident prevention, changing customer behavior, etc.) or governance shortcomings (e.g., recurrent significant breach of international agreements, bribery issues, product quality and safety, selling practices, etc.) may also translate into sustainability risks.

***Sanctions.*** A Portfolio Fund may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. The Fund will undertake to avoid investing in portfolio companies that are operating in countries subject to sanctions in compliance with applicable U.S. and international sanction regimes. In particular, on February 24, 2022, Russian troops began a full-scale invasion of Ukraine and, as of the date hereof, the countries remain in active armed conflict. Around the same time, the United States, the United Kingdom, the European Union, and several other nations announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials, and other individuals in Russia and Belarus, as well as a number of Russian oligarchs. The U.S. or other countries could also institute broader sanctions on Russia and others supporting Russia's economy or military efforts. The ongoing conflict and the rapidly evolving measures in response could have a negative impact on the economy and business activity globally (including in the countries in which the Fund invests), and therefore could adversely affect the performance of a Portfolio Fund. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict, and as a result, could present material uncertainty and risk with respect to the Fund and its Portfolio Funds and operations, and the ability of the Fund to achieve its investment objectives. Similar risks will exist to the extent that any Portfolio Fund, service providers, vendors or certain other parties have material operations or assets in Russia, Ukraine, Belarus, or the immediate surrounding areas. Sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact Portfolio Companies, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which the Portfolio Funds or their investments.

***Global Geopolitical Risk***. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the U.S. or abroad or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund's investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund's investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner.

On October 7, 2023, Hamas militants and members of other terrorist organizations infiltrated Israel's southern border from the Gaza Strip and conducted a series of terror attacks on civilian and military targets. The militants launched extensive rocket attacks on the Israeli population and industrial centers located along the Israeli border with the Gaza Strip. Shortly following the attack, Israel's security cabinet declared war against Hamas. The intensity and duration of Israel's war against Hamas is difficult to predict, as are the war's impacts on global geopolitical stability. Any deterioration in credit markets resulting directly or indirectly from the recent attack by Hamas on Israel from the Gaza Strip could limit the Fund's ability to obtain external financing. As a result, a downturn in the worldwide economy resulting from these global geopolitical conflicts, as well as others that may arise, could have a material adverse effect on the financial condition of the Portfolio Funds and Fund.

***Artificial Intelligence and Machine Learning Risks***. The emergence of recent technology developments in artificial intelligence and machine learning technology (collectively, "Machine Learning Technology") could pose risks to the Fund and the Adviser. It is impossible to predict the future risks that may arise from such developments. These risks could arise if the Adviser utilizes Machine Learning Technology in connection with its business activities, including investment activities, or if third-party service providers of or any counterparties or competitors to the Fund, whether or not known to the Adviser, use Machine Learning Technology. Neither the Adviser nor the Fund will be in the position to control the manner in which third-party products are developed or maintained or the manner in which third-party services are provided. Furthermore, the Adviser's personnel could utilize Machine Learning Technology in contravention of any policies that the Adviser has to prohibit or otherwise restrict the use of Machine Learning Technology.

Use of Machine Learning Technology by any of the parties described in the previous paragraph could include the input of confidential information (including material non-public information) into Machine Learning Technology, resulting in such confidential information becoming part of a dataset that is accessible by other third-party Machine Learning Technology applications and users. This use could be in contravention of confidentiality agreements or the Adviser's policies. See also "Principal Risk Factors – General Risks Related to Investing in the Fund – Cybersecurity Risk."

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the dataset that Machine Learning Technology utilizes to operate. Additionally, certain data in such datasets will inevitably contain a degree of inaccuracies and errors, potentially materially so, and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent that the Adviser is exposed to the risk of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on the Adviser and the Fund.

***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. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in the Fund's operations or the operations of their respective affiliates and third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect the Fund's business, financial condition or results of operations. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, the Fund may be required to expend significant additional resources to modify the Fund's protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks.

***Liquidity Risk*.** The Fund is a closed-end investment company and designed for long-term investors. Unlike many closed-end investment companies, the Fund's Shares are not listed on any securities exchange and are not publicly traded. There currently is no secondary market for the Shares and the Adviser does not expect that a secondary market will develop. Limited liquidity is provided to shareholders only through the Fund's tender offers. There is no guarantee that shareholders will be able to sell all of the Shares they desire in a tender offer.

***Inflation/Deflation Risk.*** Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund and its distributions can decline.

In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to shareholders. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund's investments.

Due to global supply chain disruptions, a rise in energy prices, strong consumer demand as economies continue to reopen and other factors, inflation has accelerated in the U.S. and globally. Recent inflationary pressures have increased the costs of labor, energy, and raw materials, and have adversely affected consumer spending, economic growth, and portfolio companies' operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on their loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in a portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. As such, inflation may continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.

***Limitations on Transfer*; *Shares Not Listed; No Market for Shares*.** The transferability of Shares is subject to certain restrictions contained in the Fund's Declaration of Trust and is affected by restrictions imposed under applicable securities laws. Shares are not traded on any national securities exchange or other market. No market currently exists for Class D Shares, Class I Shares or Class S Shares, and the Fund contemplates that no such market will develop. The Shares are, therefore, not readily marketable. Although the Adviser expects to recommend to the Board that the Fund offer to repurchase Shares from shareholders on a semi-annual basis, no assurances can be given that the Fund will do so. Consequently, Shares should only be acquired by investors able to commit their funds for an indefinite period of time.

***Mandatory Redemption by Board***. The Board may cause the Fund to repurchase Shares from shareholders on an involuntary basis under certain circumstances, including if at any time the total number of Shares held by such shareholder is fewer than an established minimum selected by the Board.

***Privacy and Data Security Laws.*** The Gramm-Leach-Bliley Act ("GLBA") and other laws limit the disclosure of certain non-public personal information about a consumer to non-affiliated third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and non-affiliated third parties. Many states and a number of non-U.S. jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers' personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination.

Privacy rules adopted by the U.S. Federal Trade Commission and SEC implement GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants' personal information securely and dispose of it properly.

The Fund generally does not intend to obtain or hold borrowers' non-public personal information, and the Fund has implemented procedures designed to prevent the disclosure of borrowers' non-public personal information to the Fund. However, service providers to the Fund or its direct or indirect fully-owned subsidiaries, including their custodians and the platforms acting as loan servicers for the Fund or its direct or indirect fully-owned subsidiaries, may obtain, hold or process such information. The Fund cannot guarantee the security of non-public personal information in the possession of such a service provider and cannot guarantee that service providers have been and will continue to comply with GLBA, other data security and privacy laws and any other related regulatory requirements. Violations of GLBA and other laws could subject the Fund to litigation and/or fines, penalties or other regulatory action, which, individually or in the aggregate, could have an adverse effect on the Fund. The Fund may also face regulations related to privacy and data security in the other jurisdictions in which the Fund invests.

***Leveraging Risk.*** The Fund may borrow money in connection with its investment activities (*i.e.*, the Fund may utilize leverage), subject to subject to the limitations of the 1940 Act. The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness ("Asset Coverage Requirement"). This requirement means that the value of the investment company's total indebtedness may not exceed one third the value of its total assets (including the indebtedness) ("Leverage Limitation"). The 1940 Act also requires that dividends may not be declared if this Asset Coverage Requirement is breached. The Fund's borrowings will at all times be subject to the Asset Coverage Requirement.

Investors should consider the various risks of financial leverage. There is no assurance that a leveraging strategy would be successful. Financial leverage involves risks and special considerations for shareholders including: (i) the likelihood of greater volatility of NAV of the Shares than a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings and short-term debt that the Fund must pay will reduce the return to the shareholders; (iii) the effect of financial leverage in a market experiencing rising interest rates, which would likely cause a greater decline in the NAV of the shares than if the Fund were not leveraged; and (iv) the potential for an increase in operating costs, which may reduce the Fund's total return.

Specifically, the Fund may enter into one or more credit facilities, including via one or more subsidiaries of the Fund (collectively, the "Leverage Facility"), to finance the purchase of Investments. The Fund may also obtain a capital call loan facility for short-time borrowings, which will not be included in the Leverage Limitation calculation. Leverage may also be utilized in connection with the ongoing operation and maintenance of the Investments. Any borrowing by a portfolio company, holding vehicle, special purpose vehicle or direct or indirect subsidiary of the Fund that has no recourse to the Fund will not count towards the Leverage Limitation. The Fund may be permitted, under specified conditions and in certain instances, pursuant to SEC exemptive relief, to issue multiple classes of shares, including a class senior to its common stock if the Fund's asset coverage is at least equal to 200% immediately after each such issuance. There is no assurance that such relief would be granted.

If the Fund enters into a Leverage Facility, the Fund's interim capital needs may be satisfied through borrowings by the Fund under the Leverage Facility. Any borrowings or guarantees by the Fund under a Leverage Facility may remain outstanding at length, and the interest expense and other fees, costs and expenses of or related to any borrowings or guarantees by the Fund will be Operating Expenses that, accordingly, will decrease net returns of the Fund. There would be a risk that operating cash flow available to the Fund would be insufficient to meet required payments and a risk that it would not be possible to refinance existing indebtedness or that the terms of such refinancing would not be as favorable as the terms of existing indebtedness. In the event that the Fund would be required to sell assets at a loss, including in order to redeem or pay off any borrowing, such a sale would reduce the Fund's NAV and may make it difficult for the NAV to recover. The Fund nevertheless may continue to use financial leverage if the Adviser expects that the benefits to the shareholders of maintaining the leveraged position likely would outweigh a resulting reduction in the current return.

Certain types of borrowings by the Fund would result in the Fund being subject to covenants in credit agreements relating to asset coverage and Fund composition requirements that are more stringent than those currently imposed on the Fund by the 1940 Act. In addition, borrowings by the Fund may be made on a secured basis. The Custodian will then either segregate the assets securing the Fund's borrowings for the benefit of the Fund's lenders or arrangements will be made with a suitable sub-custodian. If the assets used to secure a borrowing decrease in value, the Fund may be required to pledge additional collateral to the lender in the form of cash or securities to avoid liquidation of those assets. In the event of a default, the lenders will have the right, through the Custodian, to redeem the Fund's investments in underlying Investment Funds without consideration of whether doing so would be in the best interests of the Fund's shareholders. The rights of any lenders to the Fund to receive payments of interest on and repayments of principal of borrowings will be senior to the rights of the Fund's shareholders, and the terms of the Fund's borrowings may contain provisions that limit certain activities of the Fund and could result in precluding the purchase of instruments that the Fund would otherwise purchase.

***Electronic Deliveries***. Each shareholder will be deemed to consent to electronic delivery, including via electronic mail or posting to the Fund's secured website, or through other electronic means of (i) certain Fund documents such as the Declaration of Trust, the Bylaws and any subscription agreement; (ii) any notices or communications required or contemplated to be delivered to shareholders by the Fund, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Fund investors under any agreements.

There are certain risks associated with electronic delivery, including that no party can assure that these communication methods will result in timely receipt by a shareholder, or will be timely relayed by such shareholder's representatives or advisors, or that such communications are in all cases secure. None of the Fund, the Adviser, the Auditor, the Administrator, the Custodian, the Distributor or any of their respective officers, directors, employees, members or affiliates (or any officer, director, employee or member of such affiliate) will be responsible or liable for any computer viruses, delays, confidential problems or malfunctions resulting from any computer viruses or related problems that may be associated with the use of an internet based system or any communications sent to a shareholder.

**Risks Related to the Fund's Investments**

***Private Equity Investments***. The Fund's investments may include private equity investments, which involves risks (which are discussed in greater detail below) including but not limited to: (i) business risks, including, among others, changes in the financial condition or prospects of portfolio companies, due diligence risks and operational risks, such as failure of management to execute business plans and objectives; (ii) economic risks, including changes in national or international economic and market conditions; (iii) financial risks, including, without limitation, leverage risks, credit risks and foreign exchange risks; (iv) legal and regulatory risks, including enhanced governmental scrutiny and litigation risks; and (v) risks related to the Fund and the Adviser, including changes to their respective personnel.

***Illiquid Portfolio Investments.*** The Fund and Portfolio Funds may invest in securities that are subject to legal or other restrictions on transfer or for which no liquid market exists. The market prices, if any, for such securities tend to be volatile and the Fund or a Portfolio Fund, as applicable, may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at prices that are lower than similar securities that are not subject to restrictions on resale. In addition, certain securities in which the Fund or a Portfolio Fund invests may experience unexpected periods of illiquidity in typically liquid markets for such securities, thus exposing the Fund or the Portfolio Funds, as applicable, to the foregoing risks even if a liquid market previously existed for such securities.

***Non-Diversification Risk.*** The Fund will likely invest a significant portion of its assets in investment vehicles managed by the Core Independent Managers, will likely participate in a limited number of overall Investments, and under normal market conditions will invest at least 80% of its net assets plus any borrowings for investment purposes to SME Investments. As a result, the Fund's investment portfolio could become highly concentrated, and the performance of a few holdings or of a particular industry, or the timing of the Fund's Investments, may substantially affect the Fund's aggregate return. In particular, due to the Fund's concentration in SME Investments, instability, fluctuations or an overall decline within any of these Investments will likely not be balanced by investments in any other industries not so affected. Furthermore, to the extent that the capital raised is less than the targeted amount, the Fund may invest in even fewer Investments and thus be less diversified. As a non-diversified fund, the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

***SME Industries Concentration Risk***. The Fund will concentrate its Investments in one or more industries within the SME group of industries and, as such, it may be subject to more risks associated with those industries than if it were more broadly diversified over numerous industries. The SME group of industries are highly competitive and subject to unpredictable consumer interests. Investments in the SME group of industries may also be affected adversely by global pandemics, technological disruptions, changes in government regulations and intellectual property laws. See "Principal Risk Factors — Risks Related to SME Investments."

***Management Risk***. The Fund is subject to management risk because it is an actively managed investment portfolio. The NAV of the Fund changes based on the performance of the securities in which it invests. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Adviser to locate and evaluate the investments to be made by the Fund and to allocate effectively the Fund's assets among the various investment vehicles in which the Fund invests. The Adviser will apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results, or that the due diligence conducted by the Adviser, the Underlying Managers, or third-party consultants will expose all material risks associated with an investment.

There can be no assurance that the Fund or a Portfolio Fund will be presented with an adequate number of new investment opportunities, that the available investments will meet the Fund's investment criteria, or that the actual allocations will be effective in achieving the Fund's investment objective or delivering positive returns. No assurance can be given that investment opportunities can be sourced, acquired, financed or disposed of at favorable prices or terms by Portfolio Funds, as this will depend upon events and factors outside the control of the Underlying Managers. Accordingly, no assurance can be given that the Underlying Managers will be able to locate suitable investment opportunities in which to deploy a Portfolio Fund's capital commitments.

Some of the Portfolio Funds may provide limited information with respect to their operation and performance, thereby limiting the Adviser's ability to verify initially or on a continuing basis representation made by the Portfolio Funds or the investment strategies being employed. This may result in significant losses to the Fund based on investment strategies and positions employed by the relevant Portfolio Fund or other actions of which the Adviser has limited or no knowledge. The Adviser will generally not have the ability to review or monitor the investments made by any Portfolio Fund, and it is impossible to predict whether any Underlying Manager will engage in fraudulent behavior or otherwise act to the detriment of the Fund.

***Minimal Capitalization Risk.*** 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.

***Money Market Instruments.*** The Fund may invest, for defensive or diversification purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments, and money market mutual funds, or hold cash or cash equivalents in such amounts as the Fund or the Adviser deems appropriate under the circumstances. Pending allocation of the offering proceeds of this offering and thereafter, from time to time, the Fund also may invest in these instruments and other investment vehicles. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less, and may include U.S. Government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation (the "FDIC"), and repurchase agreements.

***Reliance on the Adviser and Underlying Managers***. The Fund relies on the expertise of the Adviser to allocate assets of the Fund to the Underlying Managers, including the Core Independent Managers, and to select and size investments presented to the Fund. There can be no assurance that the Adviser will successfully select or implement strategies to achieve the Fund's investment objectives. Registration under the Advisers Act does not imply that the Adviser or the Underlying Managers have attained any level of skill or training, nor does it indicate an endorsement by the SEC of the Adviser or the Underlying Managers. Shareholders will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of such investments.

The Fund will also rely on the Underlying Managers' ability to manage the Portfolio Funds. The Adviser and certain Underlying Managers have a limited number of principals. Loss of one or more principals could have a material adverse impact on the ability of the Fund to continue operations.

***Reliance on Diligence Consultants***. The Adviser may engage third-party consultants to conduct due diligence on investments to be made by the Fund, including without limitation, the investment vehicles managed by the Core Independent Managers. In conducting its investment due diligence, a third-party consultant may use publicly available information as well as information from their relationships with former and current management teams, consultants, competitors and investment bankers. Such level of due diligence will not reveal all matters and issues, material or otherwise, relating to prospective investments in Portfolio Funds.

A third-party consultant may rate potential investments of the Fund using rating systems that are proprietary to such consultant, and the Adviser cannot ensure the accuracy of such ratings systems or guarantee that investments made by the Fund in reliance on such rating systems will be profitable. As a result, the Adviser's engagement of, and reliance on, third-party consultants could result in losses to investors in the Fund.

***Dynamic Investment Strategy.*** While the Adviser seeks attractive returns for the Fund primarily through making SME Investments, the Adviser is permitted to pursue additional investment strategies and may modify or depart from its initial investment strategy, investment process and investment techniques as it determines appropriate.

***Fundamental Investment Restrictions***. The Fund will be subject to certain fundamental investment restrictions pursuant to the 1940 Act, including but not limited to limitations related to leverage, making loans, purchasing or selling real estate or certain commodities and limitations on concentrating investments in issuers engaged in any single industry (other than SME Investments, in which the Fund, under normal market conditions, invests at least 80% of its net assets plus any borrowings for investment purposes).

***Correlation Risk.*** The Fund seeks to produce returns that are less correlated to the broader financial markets over time. Although the prices of equity securities and fixed income securities, as well as other asset classes, often rise and fall at different times so that a fall in the price of one may be offset by a rise in the price of the other, in down markets the prices of these securities and asset classes can also fall in tandem. Because the Fund allocates its investments among different asset classes, the Fund is subject to correlation risk.

***Repurchase Risks.*** Repurchases by the Fund of its Shares typically will be funded from available cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV. There is no guarantee that shareholders will be able to sell the amount of Shares that they wish to tender in connection with a given tender offer. If shareholders tender for repurchase more than the tender offer amount for a given tender offer, the Fund will repurchase the Shares on a pro rata basis, so shareholders may not be able to tender as many Shares as they would like during any tender offer. There is also a risk that some shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased, thereby increasing the likelihood that a proration will occur.

Tender offers and the need to fund repurchase obligations may 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 (including by borrowing to obtain such investments), which may harm the Fund's investment performance. Moreover, a reduction in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), may increase the Fund's portfolio turnover, and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market; and if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income.

To the extent the Fund obtains repurchase proceeds by disposing of its interest in certain Investments, the Fund will thereafter hold a larger proportion of its assets in the remaining Investments. This could adversely affect the ability of the Fund to conduct future repurchases. In addition, after giving effect to such dispositions, the remaining Investment may not reflect the Adviser's ideal judgments as to the desired portfolio composition of the Fund's Investments, in that the Fund's performance may be tied to the performance of fewer Investments and/or may not reflect the Adviser's judgment as to the Fund's optimal exposure to particular asset classes or investment mandates. In addition, substantial repurchases of Shares could result in a sizeable decrease in the Fund's net assets, resulting in an increase in the Fund's total annual operating expense ratio.

***Portfolio Fund Capacity.*** There are generally limits on the total amount of capital commitments that may be accepted by any Portfolio Fund, and therefore, limits on the total amount of capital commitments that may be accepted by the Fund. A Portfolio Fund may determine not to accept additional capital commitments, either from the Fund or from any investor, once it has reached a certain level of capital commitments. Subject to legal, tax and other considerations, capital commitments will generally be accepted on a "first in, first accepted" basis. Although the Adviser will endeavor to select Portfolio Funds that it believes have sufficient investment capacity for investment by the Fund, there can be no assurance that the Portfolio Fund that the Adviser targets for investment by the Fund will have sufficient investment capacity under current or future market conditions.

***Lack of Control Over Portfolio Funds.*** The Fund is expected to invest primarily in SME assets indirectly through a group of Portfolio Funds. None of the Portfolio Funds, the Underlying Managers, or any of their respective affiliates is a sponsor or promoter of the Fund, and none of the Portfolio Funds, the Underlying Managers, or any of their respective affiliates is answerable to the Adviser, the Fund, or any shareholder for the accuracy or completeness of this Prospectus. None of the Adviser, the Fund, the Administrator, the Custodian, the Distributor or their respective officers, directors, employees, members or affiliates takes any part in the management of any Portfolio Fund or has any control over any of their strategies or policies. Even though the Portfolio Funds are subject to certain constraints, the Underlying Managers may change aspects of their investment strategies at any time. Consequently, none of the Adviser, the Fund, the Administrator, the Custodian, the Distributor or their respective officers, directors, employees, members or affiliates has any ability to predict the risk exposure level of the Fund's investment in any unaffiliated Portfolio Fund.

When the Fund invests in a Portfolio Fund, the Fund does not have custody of the assets or control over their investment by the Portfolio Fund. A Portfolio Fund could divert or abscond with the assets, fail to follow agreed upon investment strategies, provide false reports of operations or engage in other misconduct, resulting in losses to the Fund. Such misconduct is very difficult or impossible to detect and may not come to light until substantial losses have been incurred.

The Adviser may reallocate the Fund's investments among the Portfolio Funds, but the Adviser's ability to do so may be constrained by the withdrawal limitations imposed by the Portfolio Funds, which may prevent the Fund from reacting rapidly to market changes should a Portfolio Fund fail to effect portfolio changes consistent with such market changes and the demands of the Adviser. Such withdrawal limitations may also restrict the Adviser's ability to terminate investments in Portfolio Funds that are poorly performing or have otherwise had adverse changes. The Adviser will be dependent on information provided by the Portfolio Funds, including financial statements, which if inaccurate, could adversely affect the Adviser's ability to manage the Fund's investment portfolio in accordance with its investment objective. By investing in the Fund, a shareholder will not be deemed to be an investor in any Portfolio Fund and will not have the ability to exercise any rights attributable to an investor in any such Portfolio Fund related to their investment.

***Projections and Third-Party Reports.*** The Fund generally will establish the capital structure of an investment and the terms and targeted returns of such investment on the basis of financial, macroeconomic and other applicable projections. Projected operating results normally will be based primarily on investment executive judgments or third-party advice and reports. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that the projected results will be achieved, and actual results may vary significantly from the projections. General economic, natural and other conditions, which are not predictable, can have an adverse impact on the reliability of such projections.

***Reliability of Valuation***. The Fund's investment in a Portfolio Fund is valued pursuant to the instrument governing such Portfolio Fund. The governing instruments of the Portfolio Funds may provide that any securities or investments that are illiquid, not traded on an exchange or in an established market, or for which no value can be readily determined, are assigned such fair value as the respective Underlying Managers may determine in their judgment based on various factors. Such valuations may not be indicative of what actual fair market value would be in an active, liquid or established market. None of the Fund, the Adviser, the Distributor, the Auditor, the Administrator, the Custodian, or any of their respective officers, directors, employees, members or affiliates will have any ability to test or independently verify any such valuations.

Additionally, valuations reported by Portfolio Funds, upon which the Fund determines the value of its investments, may be subject to later adjustment or revision. For example, valuations may be revised as a result of fiscal year-end audits. Other adjustments may occur from time to time. Such adjustments or revisions, whether increasing or decreasing the valuation of a Portfolio Fund, and therefore of the Fund, at the time they occur, relate to information available only at the time of the adjustment or revision.

***Litigation and Enforcement Risk***. The investment activities and transactional nature of private equity funds may expose the Portfolio Funds, the Underlying Managers, their respective officers, directors, employees, members or affiliates (or any officer, director, employee or member of such affiliate) generally to the risk of third-party litigation. Any such litigation would likely have a negative financial impact on any such parties and, potentially, on the Fund. For instance, the expense of defending against third-party claims, or indemnifying parties with respect to such claims, and paying amounts pursuant to settlements or judgments, may be borne by a Portfolio Fund and reduce such Portfolio Fund's assets. Similarly, from a regulatory perspective, violations of securities laws in such investment or transactions, or involving the misuse of confidential information, may result in substantial liabilities for damages caused to others, for the disgorgement of profits realized, and for penalties. Investigations and enforcement proceedings relating to a Portfolio Fund having involvement in any such violations may result in the performance records of the Fund being misleading and, furthermore, to losses to which the Fund may be exposed.

If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

***Multiple Levels of Expense; Divergence of Investment Returns***. The Fund, as well as the Portfolio Funds (including Portfolio Funds sponsored by the Core Independent Managers) in which it invests, have costs, expenses and management fees that are borne by the Fund, irrespective of profitability. Factors relating to the Fund, including, but not limited to, the organizational and operating expenses of the Fund, including the Management Fee (collectively, "Fund Expenses"), reserves, and cash management of the Fund, will cause the returns of the Fund to be lower, possibly materially, than the blended returns of its corresponding Portfolio Funds. Fund Expenses include recurring and regular items, as well as extraordinary expenses for which it may be hard to budget or forecast. As a result, the amount of Fund Expenses ultimately borne by shareholders cannot be predicted with any certainty and may exceed expectations. In addition, to the extent the Fund bears any indemnification or other extraordinary expenses, the returns of the Fund will further deviate from the blended returns of the corresponding Portfolio Funds.

The Fund may have the right, to the extent available with respect to the Portfolio Funds and in its discretion, to request exclusion from participation in any proposed Portfolio Fund's investment that is deemed, in the Fund's reasonable judgment, reasonably likely to pose a material legal, regulatory, operational, expense or other adverse effect on the Fund, its shareholders, the Adviser or any affiliate thereof. It is not possible to determine whether the Fund that elects to make (and is granted) exclusions will experience more or less favorable performance than an investor in the relevant Portfolio Fund that does not undertake exclusions. However, it is highly likely that the performance of the Fund that undertakes exclusions will deviate materially from the performance of another investor in the relevant Portfolio Fund that does undertake exclusions.

***Unspecified Use of Proceeds***. Investors will not have an opportunity prior to investing to evaluate any of the Investments to be made by the Fund or the relevant economic, financial and other information regarding such Investments and, accordingly, will be entirely dependent upon the judgment and ability of the Adviser in investing and managing the capital of the Fund.

***Affiliated Transaction***. The 1940 Act contains prohibitions and restrictions relating to transactions between investment companies and their affiliates (including the Adviser), principal underwriters and affiliates of those affiliates or underwriters. Under these restrictions, the Fund and any portfolio company that the Fund controls are generally prohibited from knowingly participating in a joint transaction, including co-investments in a portfolio company, with an affiliated person, including any directors or officers of the Fund, the Adviser or any entity controlled or advised by any of them. These restrictions also generally prohibit the Fund's affiliates, principal underwriters and affiliates of those affiliates or underwriters from knowingly purchasing from or selling to the Fund or any portfolio company controlled by the Fund certain securities or other property and from lending to and borrowing from the Fund or any portfolio company controlled by the Fund monies or other properties. The Fund and its affiliates may be precluded from co-investing in private placements of securities, including in any portfolio companies controlled by the Fund. The Fund, its affiliates, and portfolio companies controlled by the Fund may from time to time engage in certain joint transactions, purchases, sales and loans in reliance upon and in compliance with the conditions of certain positions promulgated by the SEC and its staff. There can be no assurance that the Fund would be able to satisfy these conditions with respect to any particular transaction. As a result of these prohibitions, restrictions may be imposed on the size of positions or the type of investments that the Fund could make. The Fund intends to apply for exemptive relief from the SEC to allow it to co-invest in certain investment opportunities with certain of its affiliates. However, there can be no assurance that the Fund will obtain such relief. Prior to obtaining exemptive relief, the Fund intends to co-invest with its affiliates only in accordance with existing regulatory guidance.

***Failure to Obtain Co-Investment Exemptive Relief.*** The 1940 Act prohibits the Fund from making certain co-investments alongside affiliates unless it receives an order from the SEC permitting it to do so. The Fund and the Adviser may seek exemptive relief from the provisions of Sections 17(d) of the 1940 Act to co-invest in certain privately negotiated investment transactions with current or future business development companies ("BDCs"), private funds, separate accounts, or registered closed-end funds that are advised by the Adviser or its respective affiliated investment advisors, collectively, the Fund's "co-investment affiliates," subject to the satisfaction of certain conditions. There is no assurance that the Fund or the Adviser will receive such exemptive relief, if sought, and if they are not able to obtain the exemptive relief, the Fund will not be permitted to make certain co-investments alongside other clients of the Adviser. This may reduce the Fund's ability to deploy capital and invest its assets. The Fund may be forced to invest in cash, cash equivalents or other assets that may result in lower returns than otherwise may be available through co-investment opportunities.

***Limited Rights of Shareholders***. Subject to certain limited rights of the shareholders in the Fund, as set forth in the Declaration of Trust, and certain limitations imposed by applicable law, the Fund has full, exclusive and complete power and discretion, without the need for consent or approval of any shareholder in the Fund, to make all decisions and do all things which it deems necessary or desirable in respect of the Fund. The Fund's rights are similarly limited with respect to the management of Portfolio Funds.

***Investments in Private Entities.*** The investment portfolios of the Portfolio Funds are expected to consist primarily of securities issued by privately held entities for which no established market exists, and operating results in a specified period will be difficult to predict. Little public information exists about many of these entities, and each Portfolio Fund will be required to rely on its diligence efforts to obtain adequate information to evaluate the potential risks and returns involved in investing in these entities. To determine the estimated value of the Portfolio Fund's investment in private investments, a Portfolio Fund considers, among other things, information provided by the private investments, including quarterly unaudited financial statements, which if inaccurate could adversely affect the Portfolio Fund's ability to value accurately the Portfolio Fund's investments.

This risk is heightened due to the closely-held nature of professional sports teams and confidentiality rules imposed on such teams by their governing leagues. Additionally, in the case of investments by a Portfolio Fund in start-up sports ventures, such as new expansion franchises, there will be no operating history for the underlying franchise. Incomplete or inaccurate information could impact both initial and ultimate valuations of such Portfolio Fund's investments. Therefore, the risk that a Portfolio Fund has the potential to invest on the basis of incomplete or inaccurate information can adversely affect the Portfolio Fund's and the Fund's investment performance. The uncertainty regarding information about the Fund's prospective investments involves a high degree of business and financial risk and subjects the Fund to greater risk than investments in publicly-traded companies. Such investments can result in substantial losses.

***Investments in Undervalued Assets.*** The Portfolio Funds may invest in assets that the Underlying Manager believes to be undervalued. The identification of investment opportunities in undervalued assets is a difficult task, and there is no assurance that such opportunities will be successfully recognized or acquired. While investments in undervalued assets offer the opportunity for above-average capital appreciation, these investments involve a high degree of financial risk and can result in substantial or complete losses. It is possible that a Portfolio Fund will be required to hold such assets for a substantial period of time before realizing their anticipated value, and there is no assurance that the value of the assets will not decline during such time, which may result in losses for the Fund.

***Corporate Bonds Risk.*** The Fund may have exposure to corporate bonds. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the marketplace, performance of management of the issuer, the issuer's capital structure and use of financial leverage and demand for the issuer's goods and services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.

***High Yield and Unrated Securities Risk.*** The Fund and Portfolio Funds may invest in securities rated less than investment grade that are sometimes referred to as high yield or "junk." These securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality securities. High yield securities present greater risk than securities of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these securities.

***Investments in Mezzanine Debt.*** The Fund and Portfolio Funds may invest in mezzanine debt, which generally will be unrated or have ratings or implied or imputed ratings below investment grade. Mezzanine debt or securities are generally unsecured and/or subordinated to other obligations of an issuer, and tend to have greater credit and liquidity risk than that typically associated with investment grade corporate obligations or with obligations that are senior and secured. The risks associated with mezzanine debt or equity investments include a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions may adversely affect the obligor's ability to pay principal and interest on its debt. Many obligors on mezzanine debt or equity investments are highly leveraged. As such, specific developments affecting such obligors, such as reduced cash flow from operations or the inability to refinance debt at maturity, may also adversely affect such obligors' ability to meet debt service obligations. Mezzanine debt or equity instruments are often issued in connection with leveraged acquisitions or recapitalizations in which the issuers incur a substantially higher amount of indebtedness than the level at which they had previously operated.

Default rates for mezzanine debt have historically been higher than such rates for investment grade securities. If the Fund or a Portfolio Fund make an investment that is not secured by collateral and if the issuer in question does not successfully reorganize, the Fund or such Portfolio Fund will have no assurance (as compared to those distressed securities investors that acquire only fully collateralized positions) that it will recover any of the principal that it has invested. While junior, unsecured, equity or quasi-equity investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking more senior to such investments and may benefit from cross-default provisions and security over an issuer's assets, some or all of such terms may not be part of the particular investments. Moreover, the ability of the Fund or a Portfolio Fund to influence an issuer's affairs, especially during periods of financial distress or following insolvency, is likely to be substantially less than that of senior creditors. For example, under typical subordination terms, senior creditors are able to block the acceleration of the junior debt or the exercise by junior debt holders of other rights they may have as creditors. Accordingly, the Fund and such Portfolio Fund may not be able to take steps to protect its investments in a timely manner or at all, and there can be no assurance that the return objectives of the Fund or Portfolio Fund will be achieved. In addition, the debt securities in which the Fund may invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity, and are not expected to be rated by a credit rating agency.

***Investments in Junior Securities.*** The securities in which the Fund and Portfolio Funds invest may be among the most junior in a portfolio investment's capital structure and, thus, subject to the greatest risk of loss. Generally, there will be no collateral to protect such investments once made.

***Direct Lending Investments.*** The Fund may originate debt to private SME companies in accordance with its investment objective, investment strategies, fundamental investment restrictions and the limitations of the 1940 Act, including but not limited to Section 17 thereof. In originating such loans, the Fund will compete with a broad spectrum of lenders, some of which may have greater financial resources than the Fund or may be willing to provide capital on better terms (from a borrower's standpoint) than the Fund. The increased competition for, or a diminution in the available supply of, qualifying loans may result in lower yields on such loans, which could reduce returns to the Fund. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies, particularly companies experiencing significant business and financial difficulties, is high. There can be no assurance that the Adviser will correctly evaluate the value of the assets collateralizing these loans or the prospects for successful repayment or a successful reorganization or similar action.

Loan origination involves a number of particular risks that may not exist in the case of secondary debt purchases. The Fund may have to rely more on its own resources to conduct due diligence of the borrower. As a result, the diligence is likely to be more limited than the diligence conducted for a broadly syndicated transaction involving an underwriter. Loan origination may also involve additional regulatory risks given licensing requirements for certain types of lending in some jurisdictions. The Adviser will attempt to ensure that the Fund's investments are compliant with such regulations by reviewing and taking advice on loan origination regulations in each relevant country. However, the scope of these regulatory requirements (and certain permitted exemptions) may vary from jurisdiction to jurisdiction and may change from time to time.

There are also specific risks associated with originating loans to private and middle-market companies that may not exist in the case of large or publicly traded companies. Private and middle-market companies may have limited financial resources and limited access to capital. These limitations may increase the risk of their defaulting on their obligations, leaving creditors, such as the Fund, dependent on guarantees or collateral that they may have obtained. Further, these companies frequently have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which may render such companies more vulnerable to competition, market conditions and general economic downturns. There may also be less publicly available information about these companies as compared to public companies. Additionally, middle-market companies are more likely to depend on the management efforts of a small group of persons. As a result, the death, disability, resignation or termination of one or more of these persons in a given company could have a materially adverse impact on such company's ability to meet its obligations. Further, these companies may have difficulty accessing the capital markets to meet future capital needs, which may limit the companies' ability to grow or to repay their outstanding indebtedness upon maturity.

In determining whether to originate a loan, the Adviser considers, among other things, the seniority of its position in the capital structure, the various potential methods of repayment from any underlying collateral, the loan to value ratio and expected duration of the opportunity, and the expected overall projected multiple of invested capital and internal rate of return. The Adviser will analyze the appropriateness of each loan by considering various factors, including but not limited to collateral quality, credit support, structure, market conditions, geographic concentration, interest rate and pre-payment risk before an investment is approved. The Fund does not expect to be involved in the servicing of the loans it originates.

***Investments in Distressed/Defaulted Securities.*** The Fund and a Portfolio Fund may invest in the securities of companies involved in bankruptcy proceedings, reorganizations and/or financial restructurings, and that are facing pending covenant violations or significant debt maturities, and may have a more active participation in the affairs of such issuers than is generally assumed by an investor. Such investments could, in certain circumstances, subject the Fund and such Portfolio Fund to certain additional potential liabilities, which may exceed the value of the original investments therein. For example, under certain circumstances, a lender who has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. Furthermore, such investments could also subject the Fund and Portfolio Fund to litigation risks or prevent the Fund or Portfolio Fund from disposing of securities. In any reorganization or liquidation proceeding relating to an investment, the Fund and such Portfolio Fund may lose its entire investment, may be required to accept cash or securities with a value less than the original investment and/or may be required to accept payment over an extended period of time. In addition, under certain circumstances, payments to the Fund and Portfolio Fund and distributions by the Fund to the shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment, or similar transaction under applicable bankruptcy and insolvency laws. In a bankruptcy or other proceeding, the Fund and such Portfolio Fund as a creditor may be unable to enforce its rights in any collateral or may have its security interest in any collateral challenged or disallowed, and its claims may be subordinated to the claims of other creditors.

The market for distressed securities is expected to be less liquid than the market for securities of companies that are not distressed. A substantial length of time may be required to liquidate such securities. Furthermore, at times, a major portion of an issue of distressed securities may be held by relatively few investors, and the market may be limited to a narrow range of potential counterparties such as institutions and investment banks. Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to sell such securities when the Adviser believes it advisable to do so or may only be able to sell such securities at a loss. The Fund may also find it more difficult to determine the fair market value of distressed securities for purposes of Fund compliance. In some cases, the Fund may be prohibited by contract from selling its investments for a period of time.

***Minority Investments***. The Portfolio Funds may invest in minority, non-controlling positions of organizations and in organizations over which the Portfolio Funds have no right to exert significant influence. As is the case with minority holdings in general, such minority stakes that the Portfolio Funds may hold will have neither the control characteristics of majority stakes nor the valuation premiums accorded majority or controlling stakes. In holding non-controlling interests, the Portfolio Funds will have a limited ability to create additional value in the entities in which it invests by effecting changes in the strategy and operations of these entities or to protect its positions in such entities. Furthermore, the other owners (including control owners) of such portfolio investments or investment funds may have economic or business interests, investment or operational goals, tax strategies or other considerations that differ from or are inconsistent with those of the Portfolio Funds. Such third parties may be in a position to take action contrary to a Portfolio Fund's business, tax or other interests, and there can be no guarantee that such Portfolio Fund will be in a position to limit such contrary actions or otherwise protect the value of its investments. Where a Portfolio Fund holds a minority stake, it may be more difficult for such Portfolio Fund to liquidate its interests than it would be had such Portfolio Fund owned a controlling interest in a portfolio investment. There can be no assurance that the Portfolio Funds will be able to control the timing or occurrence of an exit strategy in a manner that maximizes or protects value.

***Real Estate Exposure*.** The Fund's investments may indirectly expose the Fund to risks associated with real estate assets. Real estate historically has experienced significant fluctuations and cycles in performance that may result in reductions in the value of the Fund's real estate related investments. The performance and value of its investments once acquired depends upon many factors beyond the Fund's control. The ultimate performance and value of the Fund's investments is subject to the varying degrees of risk generally incident to the ownership and operation of the properties which collateralize or support its investments. The ultimate performance and value of the Fund's investments depends upon, in large part, the property owner's ability to operate the property so that it produces sufficient cash flows necessary either to pay the interest and principal due to the Fund on its investments. Revenues and cash flows may be adversely affected by a number of factors, including:

● changes in national economic conditions;

● casualty or condemnation losses;

● regulatory limitations on rents;

● acts of war or terrorism, including the consequences of terrorist attacks;

● decreases in property values;

● discovery of undisclosed environmental conditions;

● changes in local real estate market conditions due to changes in national or local economic conditions or changes in local property market characteristics;

● competition from other properties offering the same or similar services;

● changes in interest rates and in the state of the debt and equity capital markets;

● increases in the rate of inflation generally as well as those specifically relating to real estate related services;

● the ongoing need for capital improvements, particularly in older building structures;

● changes in real estate tax rates and other operating expenses, which may be increased substantially as a result of regulatory-related compliance costs and higher local tax rates imposed by states and municipalities as a consequence of budget deficits;

● adverse changes in governmental rules and fiscal policies, civil unrest, acts of God, including floods, earthquakes, hurricanes and other natural disasters, acts of war or terrorism, pandemic outbreaks, which may decrease the availability of or increase the cost of insurance or result in uninsured losses;

● the availability and timely receipt of regulatory approvals;

● the cost and timely completion of construction (including risks beyond the control of the Fund, such as weather or labor conditions or material shortages);

● the availability of both construction and permanent financing on favorable terms;

● the impact of present or future environmental legislation and compliance with environmental laws;

● the impact of environmental claims arising in respect of properties with undisclosed or unknown environmental problems or as to which inadequate reserves had been established;

● natural disasters;

● energy prices;

● increased mortgage defaults;

● the impact of lawsuits which could cause the Fund to incur significant legal expenses and divert management's time and attention from the day-to-day operations of the Fund; and

● other factors that are beyond the Fund's control and the control of the property owners.

In the event that any of the properties underlying the Fund's investments experiences any of the foregoing events or occurrences, the value of, and return on, such investments would be negatively impacted. In addition, decreases in property values reduce the value of the collateral and the potential proceeds available to a borrower to repay the underlying loan or loans, as the case may be, which could also cause the Fund to suffer losses and the business, financial condition, liquidity and results of operations could be materially and adversely affected. There can be no assurance that current market conditions may not deteriorate during the life of the Fund, which could have a materially adverse effect on the assets of the Fund. Actual or perceived trends in real estate markets do not guarantee, predict or forecast future events, which may differ significantly from those implied by such trends.

***Ownership Restrictions in Securities of Other Investment Companies.*** Under the 1940 Act, and subject to the Fund's own limitations, if any, the Fund's investment in securities issued by other investment companies, subject to certain exceptions, currently is limited to: (1) 3% of the total voting stock of any one investment company; (2) 5% of the Fund's total assets with respect to any one investment company; and (3) 10% of the Fund's total assets in the aggregate (such limits do not apply to investments in money market funds). Exemptions in the 1940 Act or the rules thereunder may allow the Fund to invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the 1940 Act allows the Fund to acquire the securities of another investment company, including exchange-traded funds, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions on the Fund and the Adviser, including limits on control and voting of acquired funds' shares, evaluations and findings by the Adviser and limits on most three-tier fund structures.

***Investments in Non-Voting Securities***. The Fund may need to hold its interest in a Portfolio Fund in non-voting form or limit its voting rights to less than 5% (the "5% limitation"). This limitation on voting rights is intended to ensure that a Portfolio Fund is not deemed an "affiliated person" of the Fund for purposes of the 1940 Act, which may potentially impose limits on transactions with the Portfolio Funds both by the Fund and other clients of the Adviser. There are, however, other statutory tests of affiliation (such as on the basis of control), and a Portfolio Fund may be deemed an "affiliated person" of the Fund notwithstanding these limitations. If this were the case, transactions between the Fund and a Portfolio Fund could potentially be subject to the prohibitions of the 1940 Act if an appropriate exemption were not available.

In order to comply with this 5% limitation, the Fund may, at the time of investment, elect to invest in a class of a Portfolio Fund's non-voting securities (if such a class is available) or enter into a contractual arrangement under which the Fund irrevocably waives all voting rights associated with the investment or those that would exceed the 5% limitation. These voting waiver arrangements may increase the ability of the Fund and other clients of the Adviser to invest in certain Portfolio Funds. Other investment funds or accounts managed by the Adviser also may waive voting rights in a particular Portfolio Fund. Determinations of whether the Fund will waive its voting rights are made by the Adviser as part of the investment process. When deciding to waive voting rights, the Adviser considers only the interests of the Fund and not the interests of the Adviser or those of its other clients.

As a general matter, unlike public corporations or registered investment companies, the Portfolio Funds in which the Fund will invest provide their investors with an ability to vote only under limited circumstances (if at all). The Fund's practices regarding investment in non-voting securities of Portfolio Funds or waivers of its voting rights are, therefore, not expected to adversely affect the Fund's operations or its rights as an investor in a Portfolio Fund. It is possible, however, that the Fund could be precluded from participating in a vote on a particular issue, including an issue that may have a material adverse consequence to the Fund. The Adviser considers this risk minimal relative to the increased flexibility potentially available to the Fund and its investors from investing in non-voting securities.

***Follow-on Investments***. The Fund may be called upon to provide additional funds to Portfolio Funds. No assurance can be made that any follow-on investment made by the Fund will be profitable to the Fund. The Fund has discretion to make follow-on investments, subject to the availability of capital resources. Any decision by the Fund not to make a follow-on investment or its inability to make such investments may jeopardize the continued viability of an underlying portfolio company and the Fund's initial investment, or may result in a missed opportunity for the Fund to increase its participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, the Adviser may elect not to make a follow-on investment because the Adviser may not want to increase the Fund's level of risk or because the Adviser prefers other opportunities for the Fund.

***Investments in Non-U.S. Markets***. The Portfolio Funds may invest in Portfolio Companies headquartered and operating principally or primarily located outside the United States. Such investments may involve certain country-specific risks not otherwise present in domestic investments, including: (i) currency exchange matters, including fluctuations in foreign exchange rates and the costs associated with conversion of investment principal and income from one currency to another; (ii) differences between the U.S. and non-U.S. real estate markets and securities markets, including potential price volatility in, and relative illiquidity of, some non-U.S. securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and the need for significant government approvals under corporate, securities, exchange controls, non-U.S. investment and other similar laws and regulations; (iii) certain economic and political risks, including potential exchange control regulations, potential restrictions on foreign investment and repatriation of capital and the risks associated with political, economic and social instability; (iv) the possible imposition of filing requirements and/or non-U.S. taxes on income and gains recognized, gross proceeds, or other amounts with respect to such investments or securities; and (v) the financing and structuring of alternative investments or products and exit strategies that differ substantially from those commonly used in the United States.

***Foreign Currency Risk.*** Changes in foreign currency exchange rates may affect the value of instruments held by the Portfolio Funds and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and, therefore, may affect the value of instruments denominated in such currencies, which means that the Portfolio Funds' NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Portfolio Funds may, but are not required to, elect for the Portfolio Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. The Portfolio Funds may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency.

***Foreign (Non-U.S.) Securities Risk.*** The Portfolio Funds may invest in foreign securities, which have investment risks different from those associated with domestic securities. Changes in foreign economies and political climates are more likely to affect a Portfolio Fund with investments in foreign securities than another fund that invests exclusively in domestic securities. The value of foreign currency denominated securities or foreign currency contracts is affected by the value of the local currency relative to the U.S. dollar. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities. The value of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental economic or monetary policy (in this country or abroad), or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.

Nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund could lose its entire investment in that country. Adverse conditions in a certain region can adversely affect securities of other countries whose economies appear to be unrelated. To the extent the Fund invests in emerging market securities that are economically tied to a particular region, country or group of countries, the Fund may be more sensitive to adverse political or social events affecting that region, country or group of countries. Economic, business, political, or social instability may affect emerging market securities differently, and often more severely, than developed market securities.

***Investments in Less Established Companies***. To the extent that the Fund or any Portfolio Fund invests in the securities of entities which are less established companies or early-stage companies, such investments may involve greater risks than generally are associated with investments in more established companies. To the extent there is any public market for the securities held by the Fund or any Portfolio Fund, such securities may be subject to more abrupt and erratic market price movements than those of larger, more established companies. Less established companies tend to have lower capitalizations and fewer resources and, therefore, often are more vulnerable to financial failure, the risk of which is currently heightened given present market conditions. Such companies tend to have shorter operating histories by which to judge performance. Start-up enterprises in the communications and related industries may not have significant or any operating revenues, and any such investment should be considered highly speculative and may result in the loss of the Fund's entire investment therein. In addition, less mature companies could be deemed to be more susceptible to irregular accounting or other fraudulent practices. In the event of fraud by any company in which the Fund invests, the Fund may suffer a partial or total loss of capital invested in that company. There can be no assurance that any such losses will be offset by gains (if any) realized on the Fund's other investments.

***Debt Securities Risk***. The Fund and Portfolio Funds may invest in debt securities (also known as "fixed income securities") including bonds, notes and debentures issued by U.S. and foreign corporations and governments. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Debt securities are generally subject to the risks described below and further herein:

*Issuer Risk*.*** Specific securities can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of an issuer's securities that are held by the Fund and Portfolio Funds may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

*Interest Rate Risk*.*** The debt securities that the Fund and Portfolio Funds may invest in are subject to the risk that market values of such securities will decline as interest rates increase. These changes in interest rates have a more pronounced effect on securities with longer durations. Typically, the impact of changes in interest rates on the market value of an instrument will be more pronounced for fixed-rate instruments, such as most corporate bonds, than it will for floating rate instruments. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund or Portfolio Fund's NAV. After a period of historically low interest rates, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates. It cannot be predicted with certainty when, or how, these policies will change, but actions by the Federal Reserve and other central bankers may have a significant effect on interest rates and on the U.S. and world economies generally.

*Prepayment risk*.*** During periods of declining interest rates, borrowers may prepay principal. This may force the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund's income and distributions.

*Credit Risk*.*** There is a risk that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult to sell the security. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in Fund shares. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

*Reinvestment risk*.*** Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below the portfolio's current earnings rate.

*Duration and maturity risk*.*** The Fund may seek to adjust the duration or maturity of its investments in debt securities based on its assessment of current and projected market conditions. The Fund may incur costs in seeking to adjust the average duration or maturity of its portfolio of debt securities. There can be no assurances that the Fund's assessment of current and projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful.

***Special Tax Risks.*** The Fund intends to satisfy the requirements each taxable year necessary to qualify as an RIC under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, certain ongoing asset diversification, source-of-income and annual distribution requirements. Each of these ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Fund obtain information from the Portfolio Funds in which the Fund is invested.

If before the end of any quarter of its taxable year, the Fund believes that it may fail any of the asset diversification requirements, the Fund may seek to take certain actions to avert such a failure. However, certain actions typically taken by RICs to avert such a failure (e.g., the disposition of assets causing the diversification discrepancy) may be difficult for the Fund to pursue because the Fund may redeem its interest in an investment only at certain times specified by the governing documents of each respective investment. While the Code ordinarily affords the Fund a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to effect a redemption from an investment referred to above may limit utilization of this cure period. As a result, compliance with the RIC requirements may hinder the Fund's ability to operate solely on the basis of profit maximization and may require the Fund to liquidate investments from its portfolio, or refrain from making, otherwise attractive investments. These actions could have the effect of reducing the Fund's income and amounts available for distribution.

Even if the Fund qualifies for taxation as a RIC, it may be subject to certain U.S. federal, state and local taxes on its income and assets, including taxes on any undistributed income or property. Any of these taxes would decrease cash available for distribution. For instance:

● To the extent that the Fund satisfies the distribution requirement but distributes less than 100% of its RIC "investment company taxable income," it would be subject to U.S. federal corporate income tax on the undistributed income.

● The Fund will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays in any calendar year are less than the sum of (i) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years.

● The Fund may be subject to state or local income, property and transfer taxes, such as mortgage recording taxes.

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

For more discussions on tax impact on the Fund, see "U.S. Federal Income Tax Matters".

***Risks Related to the Use of Blocker Entities***. The Fund utilizes intermediary entities, commonly known as "blocker corporations," to facilitate investments and ensure compliance with the income requirements necessary for the Fund to qualify as an RIC. While these structures aim to protect investors from direct tax liabilities, the blocker entities are subject to corporate-level taxation. Consequently, taxation at the blocker level may reduce the overall returns of the Fund.

***Material Nonpublic Information.*** The Fund and the Adviser may acquire confidential or material nonpublic information or be restricted from initiating transactions relating to certain securities, although internal structures are in place to prevent such exchanges of information. No such party will be free to divulge, or to act upon, any such confidential or material nonpublic information.

**Risks Related to SME Investments**

***Uncertainty of Sports League Approvals and Potential Investment Barriers.*** Investments in sports-related opportunities are subject to approvals by governing sports leagues, which have broad discretion in permitting or restricting ownership. There is no assurance that necessary approvals will be granted or maintained. Additionally, sports leagues may change their rules regarding who can invest or impose new barriers to entry, which could adversely impact the Fund or Portfolio Funds' ability to make or retain investments in this sector.

***Impact of Professional Sports League Governance.*** Professional sports leagues in which some of the Portfolio Funds' anticipated portfolio investments participate have their own set of governance rules, which are likely to impose operational or other restrictions on such Portfolio Funds' portfolio investments. Such professional sports league rules are dynamic and subject to change without a Portfolio Fund's consent or approval. In connection with seeking to execute such a Portfolio Fund's investment strategy, the Underlying Manager may enter into agreements with one or more professional sports leagues that could potentially have the effect of impacting such Portfolio Fund and certain of its portfolio investments and affecting the Underlying Manager's determinations with respect to such Portfolio Fund. Among other things, such agreements could potentially subject the Underlying Manager and the Portfolio Fund to compliance with certain professional sports league rules (including rules that have the potential to restrict the Portfolio Fund's operation, such as the Portfolio Fund's ability to incur indebtedness or make distributions in kind) and may grant certain consent rights to professional sports leagues, including over the Portfolio Fund's ability to make or exit from certain investments (including controlling how and to whom a portfolio investment may be sold) and the Underlying Manager's ability to consent to amendments to the Portfolio Fund's operating agreement and to transfers of limited partners interests. In certain situations, the Portfolio Fund could be required by a professional sports league to divest or otherwise transfer one or more of its portfolio investments (including, in addition to investments in professional sports franchises, other investments that are viewed by a professional sports league to violate such league's rules). For example, with respect to portfolio investments in NBA franchises, specifically, (i) if any limited partner of a Portfolio Fund violates a rule of the National Basketball Association (the "NBA"), the NBA can require such Portfolio Fund to sell any NBA franchise portfolio investment, and in such a case, the NBA can sell such investment(s) on the Portfolio Fund's behalf, on any terms of the NBA's choosing (including with respect to price) and (ii) to the extent the Fund holds a portfolio investment that is not an NBA franchise and such portfolio investment acquires a subsidiary that the NBA objects to, the NBA can require the Portfolio Fund to sell its interest in such portfolio investment. Moreover, professional sports leagues often otherwise assert control over certain matters that may affect one or more portfolio investments, such as telecast rights, licensing rights, the length and format of the playing season, the operating territories of member teams, admission of new members, franchise relocations, labor relations with players associations, collective bargaining, free agency, and luxury taxes and revenue sharing. In addition, sports leagues are generally expected to impose certain restrictions on the ability of team owners to undertake some types of transactions in respect of teams, including changes in ownership, relocation and certain types of financing transactions or other liquidity options. League governing documents and team agreements with the leagues will likely also purport to limit the manner in which a portfolio investment is permitted to challenge decisions and actions by a league commissioner or the league itself. It is also possible that league rules, or the interpretation thereof, will likely change without the Portfolio Fund's consent or approval, and any such change could be unfavorable to the Portfolio Fund. Professional sports leagues could also require a Portfolio Fund to be jointly and severally liable with a franchise in which the Portfolio Fund invests for obligations imposed by such relevant professional sports league on such franchise and/or for representations and warranties made by other investors in such franchise to such professional sports league.

In certain cases, the aforementioned matters could impair the Underlying Managers or any of their portfolio investment's ability to proceed with a transaction or other course of action that is in its respective best interest if such transaction or course of action is prohibited by applicable league rules or if required league approval or consent cannot be obtained in a timely manner or at all, which may materially negatively affect such Portfolio Fund and/or one or more of its portfolio investments.

***Collective Bargaining***. Professional sports leagues have a history of player and referee unionization, and it is expected that most, if not all, professional sports leagues that certain of the Portfolio Fund intend to make investments in (including, through its direct or indirect ownership of one or more professional sports franchises) will have a fully or partially unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such portfolio investment's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio investment's operations and profitability could suffer if the applicable professional sports league experiences labor relations problems. Upon the expiration of a professional sports league's collective bargaining agreements, there is no guarantee that such league will be able to negotiate new collective bargaining agreements on terms favorable to it, and its business operations and the operations of one or more of a Portfolio Fund's investments in such professional sports league may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating its collective bargaining agreements. Any such interruption could have a material adverse effect on the business, results of operations and financial conditions of such portfolio investments. Moreover, in certain cases, multiple portfolio investments may be negatively impacted by related labor relations issues (e.g., in the case of a league-wide work stoppage or lockout, of which there is historical precedent). Any such problems additionally have the potential to bring scrutiny and attention to the Fund itself, which could adversely affect a Portfolio Fund's ability to implement its investment objectives.

***Geopolitical, Currency, and Regulatory Risks of International Investments***. The Fund's direct or indirect investments in international sports leagues expose it to geopolitical, currency and regulatory risks. League rules, political instability, government intervention, evolving tax laws, and regulatory changes may negatively impact operations, valuations, and exit opportunities. Additionally, currency volatility could materially affect asset valuations and overall returns. These risks can adversely impact the Fund's performance and its ability to realize gains from international investments.

***Uncertain Consumer Demand***. The Fund's strategy includes direct or indirect investments in SME opportunities - industries that are highly competitive and subject to unpredictable consumer interests. The ability of companies in these sectors to succeed depends on numerous factors, including the availability of creative ideas, talent, and projects that can be developed, produced, acquired, marketed or distributed successfully. Each creative work—whether films, TV shows, sports broadcasts, or live events—represents an individual project whose commercial success is inherently uncertain and primarily determined by consumer appeal and market reception.

The live entertainment industry, including sports and related events, is particularly sensitive to changing public interests and societal trends. Companies must accurately anticipate consumer interests to attract audiences, and any failure to do so may lead to underperformance, affecting attendance numbers and associated revenue. Their success also ties closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace. Furthermore, the success of media content is influenced by critical reviews, accolades, and audience reception, all of which drive viewership and revenue. If a project fails to connect with its intended audience, it may experience reduced performance, which can impact broadcasting rights valuations and diminish royalty income for the Fund.

There can be no assurance that audiences for media, sports, and live entertainment content across different geographies and revenue streams will remain constant or grow. Given the volatile and hit-or-miss nature of entertainment projects, the performance of the SME Investments is subject to significant risk and uncertainty, potentially impacting returns in the event of audience disinterest, changing trends, or broader economic downturns affecting the industry.

***Media and Broadcasting Shifts.*** The media landscape is undergoing significant structural changes, driven by stresses on legacy media companies and regional sports networks ("RSN"), as well as ongoing consolidation among major media players. This evolving environment presents substantial risks to the Fund's SME Investments, particularly those that rely on revenue from media rights agreements. The financial instability of key partners in the RSN space, challenges faced by traditional broadcast and cable networks, and potential failures of consolidation efforts could lead to unpredictable disruptions in media rights deals, potentially affecting both pricing and availability. Furthermore, the uncertain regulatory landscape and shifts in consumer preferences towards direct-to-consumer streaming services may amplify the instability in media contracts. As such, there is a risk that anticipated revenues from media rights may not materialize or may be subject to unfavorable renegotiation, which could negatively impact the Fund's performance.

***Technological Disruption and Uncertain Impact***. The rapid evolution of technology in the SME industry presents a significant risk to the Fund. Traditional distribution channels are being disrupted by the proliferation of digital streaming platforms and the shift towards direct-to-consumer ("DTC") models. These technological changes have introduced new competitors and altered the economics of content distribution, with established players struggling to adapt and new entrants competing aggressively for market share. The success of investments in these digital initiatives is highly uncertain—there is no guarantee that these digital streaming platforms or DTC strategies will achieve profitability or that they will capture a sustainable share of the evolving media landscape. Moreover, shifts in consumer preferences, increased competition, and rapid technological changes could result in certain platforms failing altogether, leading to losses on related investments. The ultimate beneficiaries of this technological disruption remain unclear, and the Fund's direct or indirect investments in these areas may not perform as expected, potentially leading to underperformance or capital loss.

***Risk of Tax Law Changes.*** Changes to tax laws may negatively impact the valuation and profitability of sports franchise investments. Current tax benefits, such as goodwill amortization, deductions for player salaries and stadium expenses, and pass-through tax structures, enhance cash flow and valuations. However, legislative or regulatory changes—such as limiting goodwill amortization, restricting deductions, or increasing capital gains taxes—could reduce profitability, lower franchise valuations, and extend investment holding periods. Any such changes could materially impact the Fund's returns and investment strategy, and we cannot predict the likelihood or timing of future tax law revisions.

***Risks Related to Investing in the Entertainment Industry***. Entertainment companies may be impacted by high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry, and entertainment products may face a risk of rapid obsolescence. Entertainment companies are subject to risks that include cyclicality of revenues and earnings, changing tastes and topical interests, and decreases in the discretionary income of their targeted consumers. Sales of content through physical formats and traditional content delivery services may be displaced by new content delivery mechanisms, such as streaming technology, and it is possible that such new content delivery mechanisms may themselves become obsolete over time. The entertainment industry is regulated, and changes to rules regarding advertising and the content produced by entertainment companies can increase overall production and distribution costs. Companies in the entertainment industry have at times faced increased regulatory pressure which has delayed or prohibited the release of entertainment content.

***Risk of Future Global Pandemics***. The Fund faces significant risks related to global pandemics, which can severely impact the SME group of industries. Pandemics can lead to widespread cancellations and postponements of sports games, concerts, and other live events, resulting in substantial revenue losses for these industries. The inability to hold live events not only affects ticket sales and on-site revenue but also disrupts associated media rights and sponsorship deals. Additionally, prolonged periods of event cancellations can erode consumer confidence and alter long-term consumption patterns, potentially leading to decreased future demand. While we strive to mitigate these risks through strategic diversification and flexible investment approaches, the inherent uncertainty and potential for significant operational disruptions due to global pandemics remain a material risk factor for the Fund.

***Royalties.*** The Portfolio Funds may make portfolio investments in royalties related to SME. Intellectual property laws are important in underpinning the value and potential revenue of such investments. Such laws vary across sectors, and there can be no guarantee that such laws will not be changed, amended or rescinded in a way that negatively affects the portfolio investments of the Portfolio Funds. In the entertainment sector, the protection and duration of copyrights are essential. Copyrights are generally valid for the life of the creator plus an additional 50 to 70 years, depending on the jurisdiction. As these protections near expiration, the content transitions to the public domain, and its ability to generate revenue ceases. Changes in legislation that modify copyright duration or enforcement can significantly impact a Portfolio Fund's financial outcomes with respect to such investments. In addition, investments by Portfolio Funds in brand royalties depend on the strength of trademarks and patents, which secure exclusive market rights for distinctive names, logos, designs, and innovations. Vulnerabilities arise if these intellectual property rights are infringed upon, used without authorization, legally challenged, or invalidated in court. These incidents not only threaten revenue but also lead to expensive legal defenses necessary to maintain the intellectual property rights. Further, royalty investments are substantially reliant on licensing agreements. These agreements may grant the Portfolio Fund or its portfolio investments the right to receive royalty payments from brand owners, creators, or operators in exchange for the authorized use of specific intellectual properties. The continuity and profitability of these income streams hinge significantly on the durability and enforceability of such licensing agreements. There is an inherent risk that during renegotiation phases, these contracts may not be renewed under terms as favorable as the original, or they might be terminated prematurely. Such occurrences can disrupt or reduce the future royalty payments expected by the Portfolio Fund making such investments.

***Acquisition of Equity In Existing Royalty Companies***. Investing in equity of existing royalty companies exposes the Portfolio Funds to inherent risks associated with equity ownership. These risks may include exposure to stock market volatility, which can significantly affect the value of the equity regardless of the target company's performance. Additionally, a Portfolio Fund assumes company-specific operational risks, which encompass potential challenges related to the royalty company's operational efficiency, competitive position, and overall financial health. The Portfolio Funds' investments are also subject to the quality of the relevant target royalty company's management and their strategic decisions, which can impact the company's profitability and the Portfolio Fund's expected returns. Such exposure to the managerial decisions and performance of the royalty company means that the success of such investments by the Portfolio Fund will be affected by the royalty company's governance and strategic direction.

***Regulatory and Copyright Issues***. The SME industry is subject to a complex and evolving regulatory environment, encompassing varied copyright, legal, and distribution laws across different jurisdictions. Companies in this sector must navigate diverse intellectual property ("IP") regulations that protect copyrights, trademarks, and patents, which may differ significantly by region. Changes or inconsistencies in IP laws, challenges in enforcing rights, or disputes over copyright infringement can create substantial legal risks and potential liabilities. Additionally, compliance with diverse content distribution regulations in various countries can be burdensome and costly, potentially limiting the scope of content delivery or resulting in penalties. These regulatory complexities could adversely impact the Fund.

**Certain Additional Risks Relating to Investments In Portfolio Funds**

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

***Portfolio Funds are Not Registered***. The Fund is registered as an investment company under the 1940 Act. The 1940 Act is designed to afford various protections to investors in pooled investment vehicles. For example, the 1940 Act imposes limits on the amount of leverage that a registered investment company can assume, restricts layering of costs and fees, restricts transactions with affiliated persons and requires that the investment company's operations be supervised by a board of managers, a majority of whose members are independent of management. However, most of the Portfolio Funds in which the Fund invests are not subject to the provisions of the 1940 Act. Many Underlying Managers may not be registered as investment advisers under the Advisers Act. As an investor in the Portfolio Funds managed by Underlying Managers that are not registered as investment advisers, the Fund will not have the benefit of certain of the protections of the Advisers Act.

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

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

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

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

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

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

An Underlying Manager's information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time. Even if the Adviser elects to cause the Fund to sell its interests in such a Portfolio Fund, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Underlying Manager's valuations of such interests could remain subject to such fraud or error, and the Valuation Designee may determine to discount the value of the interests or value them at zero. Shareholders should be aware that situations involving uncertainties as to the valuations by Underlying Managers could have a material adverse effect on the Fund if the Underlying Manager's, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Prospective investors who are unwilling to assume such risks should not make an investment in the Fund.

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

Each Portfolio Fund generally will be subject to a performance-based fee or allocation irrespective of the performance of other Portfolio Funds and the Fund generally. Accordingly, an Underlying Manager to a Portfolio Fund with positive performance may receive performance-based compensation from the Portfolio Fund, and thus indirectly from the Fund and its shareholders, even if the overall performance of the Fund 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 such performance-based compensation.

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

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

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

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

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

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

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

**Risks Specific to Secondary Investments**

***General Risks of Secondary Investments***. The overall performance of the Fund's secondary investments depends in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. The market for investments in secondary investments is inefficient and highly illiquid, and no efficient market is expected to develop during the term of the Fund. Moreover, the market for investments in secondary investments has been evolving and is likely to continue to evolve, covering a broader spectrum of investments beyond traditional private equity secondary investments, including those with similarly underwritten risk and return profiles. The Fund expects to make investments on an opportunistic basis primarily but not exclusively from existing investors in the Portfolio Funds. In particular, the Fund expects to target purchases of interests in the Portfolio Funds from institutional and other investors, who may be less motivated to sell interests in the Portfolio Funds during periods when the performance of such Portfolio Funds is volatile. Also, because the market may evolve, the Fund may require expertise from the Adviser that may not be evidenced by the Adviser's past track record of performance as much as it is for traditional private equity investments. There can be no assurance that the Fund will be successful in consummating the types of transactions contemplated, that it will otherwise be able to identify sufficient secondary investment opportunities or other opportunities consistent with its investment objectives, that it will acquire sufficient secondary investments or other investments on attractive terms, or that it will otherwise be successful in implementing its investment objectives or avoiding losses (up to and including the loss of the entire amount invested). Further, although the Adviser has identified successful investments in the past, there can be no assurance that it will continue to do so. The Adviser may not be able to execute its investment objectives or generate returns to the Fund's investors commensurate with the risks of investing in the types of transactions described in this Prospectus. An investment in the Fund should only be considered by persons who can afford a loss of their entire investment. Past performance of investments and investment entities associated with the Adviser is not necessarily indicative of future results, and there can be no assurance that the Fund will attain performance that is comparable to investment performance achieved by the Adviser for its other clients included in the performance record.

Certain secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to secondary investments may be greater than those relating to primary investments. The Portfolio Funds or the interests that the Adviser may consider for investment may have been formed or organized to meet the specific regulatory, tax or ERISA objectives of the original investors, which may not correspond to the objectives of the Fund. Accordingly, investment by the Fund may not be permitted, may be otherwise restricted or may be inefficient from a tax perspective to one or more categories of investors in the Fund. The Adviser may seek to structure any investment to address any applicable regulatory, tax or ERISA limitations, but may not be successful in doing so.

***Non-Traditional Secondary Investments; Joint Investments; Other Investments***. The Fund may invest with third-parties and otherwise through joint ventures, structured transactions and similar arrangements, and may invest in "synthetic secondaries" or other non-traditional secondary investments such as fund recapitalizations, as well as other assets. These investments may be designed to share risk in the underlying investments with third-parties or may involve the Fund taking on greater risk generally with an expected greater return or reducing risk with a corresponding reduction in control or in the expected rate of return. These arrangements may expose the Fund to additional risks, including risks associated with counterparties and risks associated with the lack of registered title to the investments in the Portfolio Funds, in addition to the normal risks associated with the Portfolio Funds, their managers and portfolio companies. In addition, the Fund may make other investments with risk and return profiles that the Adviser determines to be similar to those of traditional secondary investments. These investments may be outside the core expertise of the Adviser and may involve different risks to those of traditional secondary investments.

***Restrictions on Transfers of Secondary Interests***. The secondary interests in which the Fund may invest are highly illiquid, long-term in nature and typically subject to significant restrictions on transfer, including a requirement for approval of the transfer by the general partner or the investment manager of the Portfolio Fund, and often rights of first refusal in favor of other investors. Completion of the transfer is often time-consuming and relatively difficult as compared to a transfer of other securities.

Although the Adviser believes that the Fund will be viewed by the general partners or investment managers as an attractive investor, there can be no assurance that the Fund will be successful in closing on acquisitions of secondary interests, even in situations where it has signed a binding contract to acquire the investments. For example, a general partner or investment manager may expect a secondary buyer to commit on a primary basis to a new fund it is sponsoring as a condition to its consent to the secondary transfer, and the Fund may not be able or willing to close on such a "stapled secondary" transaction as a result of such condition. In addition, as part of the transfer of an interest in a Portfolio Fund, the Fund may assume the obligations of the seller as owner of the interest, including the obligation to return distributions previously received by the seller in respect of investments made by the Portfolio Fund prior to such transfer, including investments that are not owned by the Portfolio Fund at the time of such transfer. The Fund may or may not be indemnified by the seller against these obligations, but if the Fund is not so indemnified or if it is unable to recover on the indemnity, the Fund will suffer the economic loss.

***Competition for Investments by Secondary Funds***. The activity of identifying and completing attractive investments for the Fund is highly competitive and involves a high degree of uncertainty. The Fund will be competing for investments with other secondary investment vehicles, as well as financial institutions and other investors. In recent years, an increasing number of secondary investment funds and other capital pools targeted for investment in the secondary sector have been formed, and additional capital may be directed at this sector in the future. Many of the Fund's competitors may have greater resources or different return criteria than the Fund, and may have greater access to investment opportunities or may make greater use of leverage, any of which may afford them a competitive advantage over the Fund in terms of ability to complete investments. In addition, recent years have seen an increase in the sales of secondary portfolios conducted by a limited auction process, which generally increases competition from prospective buyers. There can be no assurance that the Fund will be able to identify and complete an adequate number of investments that satisfy its target return, or that it will be able to invest fully its committed capital.

***Limitations in Secondary Investments***. Generally, the Fund will not be acquiring interests in Portfolio Funds directly from the issuers thereof and will not have the opportunity to negotiate the terms of the interests being purchased or any special rights or privileges. In some limited cases, the Fund may be presented with investment opportunities on an "all or nothing" basis. Certain of the Portfolio Funds in a prospective portfolio may be less attractive than others. In such cases, it may not be possible for the Fund to exclude from such purchases those investments which the Adviser considers (for commercial, tax, legal or other reasons) less attractive. The Portfolio Funds or the interests that the Adviser may consider for investment may have been formed or organized to meet the specific regulatory, tax or ERISA objectives of the original investors, which may not correspond to the objectives of the Fund. Accordingly, investment by the Fund may not be permitted, may be otherwise restricted or may be inefficient from a tax perspective to one or more categories of investors in the Fund. The Adviser may seek to structure any investment to address any applicable regulatory, tax or ERISA limitations, but may not be successful in doing so. As a result, different investors in the Fund may experience different risk profiles, amounts and timing of contributions and distributions and returns on their investment in the Fund. Where the Fund acquires a Portfolio Fund interest as a secondary investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Portfolio Fund and, subsequently, that Portfolio Fund recalls any portion of such distributions, the Fund (as the purchaser of the interest to which such distributions are attributable) may be obligated to pay an amount equivalent to such distributions to such Portfolio Fund. While the Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Portfolio Fund, there can be no assurance that the Fund would have such right or prevail in any such claim.

***Risks Relating to Secondary Investments Involving Syndicates***. The Fund may acquire secondary investments as a member of a purchasing syndicate, in which case the Fund may be exposed to additional risks including (among other things): (i) counterparty risk or the risk that a syndicate member will not perform its contractual obligations, (ii) reputation risk or the risk that the Fund may suffer damage to its reputation), (iii) breach of confidentiality by a syndicate member and (iv) execution risk or the risk of financial loss if a transaction is not executed appropriately.

**PRINCIPAL CONFLICTS OF INTEREST**

***Affiliates of the Fund and the Adviser engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund or its Investments. In the future, there may arise instances where the interests of such affiliates conflict with the interests of the Fund or its Investments. Investors could lose money by investing in the Fund. By itself, the Fund does not constitute a balanced investment program. Before investing, prospective investors should consider carefully the following conflicts of interest. There may be additional conflicts of interest that the Fund does not currently foresee or consider material. Prospective investors are encouraged to consult with their legal or tax advisers before investing in the Fund.***

***Possible Competition Between Portfolio Funds and Between the Fund and the Portfolio Funds***. The Portfolio Funds trade independently of each other and may pursue investment strategies that "compete" with each other for execution or that cause the Fund to participate in positions that offset each other (in which case the Fund would bear its pro rata share of commissions and fees without the potential for a profit). Also, the Fund's investments in any particular Portfolio Fund could increase the level of competition for the same trades that other Portfolio Funds might otherwise make, including the priorities of order entry. Furthermore, the Underlying Managers may manage other funds and/or accounts (including other accounts in which such Underlying Managers may have an interest) which, together with funds and/or accounts already being managed, could increase the level of competition for the same investments the relevant Portfolio Fund might otherwise make, including the priorities of order entry. This could make it difficult or impossible to take or liquidate a position in a particular investment at a price indicated by an Underlying Manager's strategy.

***Potential Conflicts of Interest Related to the Adviser's Business.*** The Adviser is a wholly owned subsidiary of Capital Integration Systems LLC ("CAIS"). There are financial institutions that own interests in CAIS. These financial institutions may also be general partners, investment advisors, sponsors, issuers, or an equivalent, or an affiliated entity, to certain strategies, underlying funds, or investment vehicles into which the Adviser will invest, thus raising potential conflicts of interest. In addition, CAIS operates and maintains an online, password protected platform with respect to which CAIS, and/or an affiliate thereof, is compensated by general partners, investment advisors, sponsors, issuers, or an equivalent, or an affiliated entity, in connection with the facilitation of investments via such online platform.

The Adviser or its affiliates provide or may provide investment advisory and other services to various entities. The Adviser and certain of its investment professionals and other principals may also carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the other accounts advised by the Adviser and its affiliates, "Other Accounts"). The Fund has no interest in these activities. As a result of the foregoing, the Adviser and the investment professionals who, on behalf of the Adviser, will manage the Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. Such persons will devote only so much of their time as in their judgment is necessary and appropriate.

There also may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund, or vice versa.

Additionally, the other clients of the Adviser or its affiliates may, subject to applicable law, hold securities, loans or other instruments of an issuer in a different class or a different part of the capital structure than securities, loans or other instruments of such issuer held by the Fund. As a result, another client may pursue or enforce rights or activities or vote on certain matters, or refrain from pursuing or enforcing rights or activities or voting on certain matters, on behalf of its own account, which could have an adverse effect on the Fund. Conversely, the Adviser may determine not to pursue or enforce rights or activities available to the Fund that might be unfavorable to such other client or may determine not to vote on certain matters, on behalf of the Fund, in a manner that might be unfavorable to such other client, including by abstaining from the relevant vote or voting in line with other similarly situated investors.

Certain persons that provide advisory related services to the Adviser and the Fund may also provide services to the Adviser's affiliates or Other Clients. This raises potential conflicts of interest because such persons may knowingly, or unknowingly, be more willing, or incentivized, to allocate more of their time, attention and labor to such affiliates or Other Clients. In addition, such persons may knowingly, or unknowingly, make decisions related to the Adviser and/or the Fund that are influenced by the services they provide to the Adviser's affiliates.

***Allocation of Investment Opportunities Risk***. The Adviser will use its reasonable efforts in connection with the purposes and objectives of the Fund and will devote so much of its time and effort to the affairs of the Fund as may, in its judgment, be necessary to accomplish the purposes of the Fund. However, under the terms of the Investment Advisory Agreement, the Adviser, its affiliates, and their respective members, officers, employees, principals, agents and affiliates (the "Affiliated Parties") may conduct any other business, including any business within the securities industry, whether or not such business is in competition with the Fund. Without limiting the generality of the foregoing, the Affiliated Parties may act as general partner, investment adviser or investment manager for others, may manage funds, separate accounts or capital for others, may have, make and maintain investments in their own name or through other entities and may serve as an officer, director, consultant, partner or stockholder of one or more investment funds, partnerships, securities firms or advisory firms. These other entities or accounts may have investment objectives or may implement investment strategies similar or different to those of the Fund. As a result of the foregoing, the Affiliated Parties may have conflicts of interest in allocating their time and activity between the Fund and other entities. Moreover, if the Fund and other entities or accounts are deemed to be "affiliates" as defined under the 1940 Act, the Fund may be subject to the prohibitions and restrictions relating to transactions between investment companies and their affiliates, which may impose restrictions on the size of positions or the type of investments that the Fund could make. The Fund will not be entitled to any of the profits from these other activities. For the avoidance of doubt, nothing herein alters any obligations, duties, rights or agreements that any Affiliated Party may have to the Adviser itself.

***Other Activities of the Fund Parties*.** The Fund, the Adviser, the Administrator, the Transfer Agent, the Custodian, the Distributor, one or more Underlying Managers and such Underlying Managers' respective affiliates, and their respective directors, members, officers and employees (collectively, the "Fund Parties") will not be precluded from engaging directly or indirectly in any other business or other activity, including, but not limited to, exercising investment advisory and management responsibility and buying, selling or otherwise dealing with securities for their own accounts, for the accounts of family members, for the accounts of other funds and for the accounts of individual and institutional clients. One or more of the Fund Parties will be permitted to perform, among other things, investment advisory and management services for accounts other than the Fund and to give advice and take action in the performance of their duties to those accounts, which may differ from the timing and nature of action taken with respect to the Fund or the Portfolio Funds. Neither any shareholder, by reason of its investment in the Fund, nor the Fund will have any rights of first refusal, co-investment or other rights in respect of the investments of other accounts associated with a Fund Party or in any fees, profits or other income earned or otherwise derived therefrom. No shareholder will, by reason of its investment in the Fund, have any right to participate in any manner in any profits or income earned or derived by or accruing to any of the Fund Parties from the conduct of any business other than the business of the Fund and its Portfolio Funds, as applicable, or from any transaction in securities effected by any account associated with a Fund Party other than that of the Fund or its Portfolio Funds, as applicable.

One or more of the Fund Parties may invest in and have other relationships with the Portfolio Funds or the Underlying Managers, each of which may give rise to potential conflicts. One or more Fund Parties may, for example, enter into transactions as principal with any of the Portfolio Funds, including derivative transactions, or perform routine broker dealer transactions. Other relationships may include, but are not limited to, providing seed capital to an Underlying Manager to establish a Portfolio Fund, lending transactions in which the affiliate provides financing, serving as placement agent or prime broker, providing administrative services and providing general financial advisory services to a Portfolio Fund. Accordingly, the Adviser may face a conflict of interest in evaluating investments in Portfolio Funds and sales of investments in a Portfolio Fund (e.g., a sale of the Fund's investment in Portfolio Fund could adversely impact the business relationships between such Fund Party and such Portfolio Fund or its Underlying Manager). In addition, situations may arise in which one or more Fund Parties believes that, to protect its own commercial interests, it may be necessary to take action with respect to a Portfolio Fund that may be detrimental to such Portfolio Fund and therefore be inadvertently detrimental to the Fund which invests in such Portfolio Fund. One or more Fund Parties may keep any profits, commissions and fees accruing to it in connection with its activities for itself and other clients, including such Portfolio Funds and such Underlying Managers, and the Management Fee payable by the Fund will not be reduced thereby.

***Valuation of NAV and Portfolio Investment.*** In accordance with the 1940 Act, assets that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. The Board will appoint the Adviser as the Fund's valuation designee for purposes of Rule 2a-5. If market prices for assets held by the Fund are not readily available, the valuation designee will determine fair value as the amount the Fund could reasonably expect to receive in the Fund's investment if such asset were sold at the time of valuation, based on information reasonably available at the time the valuation is made and that the valuation designee reasonably believes to be reliable. The Board may also utilize the services of a third-party valuation firm, which may participate in the valuations of portfolio investments, including investments for which no market quotations are readily available. The participation of the Adviser in the valuation process could result in a conflict of interest, since the Adviser's Management Fee is based on the Fund's assets.

The Adviser will be entitled to accept the estimates of third parties (including Underlying Managers of the Portfolio Funds) in calculating the value of the Fund's investment in a Portfolio Fund. Any such net asset value calculations will remain subject to the review and approval of the Adviser. The Underlying Manager will generally calculate the value of its Portfolio Fund's investments. The Underlying Manager will have a conflict of interest in making such valuations because the valuations directly affect the net asset value of such Portfolio Fund and, accordingly, will affect the amount of any asset based fee, and may affect the amount of any carried interest payable to such Underlying Manager.

***Fee Arrangements.*** The Fund pays the Adviser a Management Fee at an annual rate of 0.95% payable quarterly in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter (including any assets in respect of Shares that will be repurchased by the Fund as of the end of the quarter). The Management Fee may create an incentive for the Adviser to make investments that are riskier or more speculative than those that might have been made in the absence of such a fee.

The Adviser or its affiliates may compensate, from its own resources, an affiliate of the Adviser, third-party securities dealers, other industry professionals and any affiliates thereof in connection with the distribution of Shares in the Fund or for their ongoing servicing of Shares acquired by their clients. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall NAV of the Fund, or a fee determined in some other method by negotiation between the Adviser and/or its affiliates and such Financial Intermediaries. Financial Intermediaries may also charge investors, at the Financial Intermediaries' discretion, a fee based on the purchase price of Fund Shares purchased by the investor. As a result of the various payments that Financial Intermediaries may receive from investors and the Adviser and/or its affiliates, the amount of compensation that a Financial Intermediary may receive in connection with the sale of Shares in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a Financial Intermediary to recommend the Fund over another investment product.

***Financial Intermediaries***. Financial Intermediaries may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, portfolio companies or investment vehicles sponsored or managed by the Adviser may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to a Financial Intermediary. As such, certain conflicts of interest may exist between such persons and a Financial Intermediary. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Financial Intermediaries may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund. Such entities may compete with the Fund for investment opportunities and may invest directly in such investment opportunities. Financial Intermediaries that invest in a portfolio company may do so on terms that are more favorable than those of the Fund.

Financial Intermediaries that act as selling agents (each a "Selling Agent") for the Fund also may act as distributor for a company in which the Fund invests and may receive compensation in connection with such activities. Such compensation would be in addition to the placement fees described above. Financial Intermediaries may pay all or a portion of the fees paid to it to certain of their affiliates, including, without limitation, financial advisors whose clients purchase Shares of the Fund. Such fee arrangements may create an incentive for a Financial Intermediary to encourage investment in the Fund, independent of a prospective shareholder's objectives.

A Financial Intermediary may provide financing, investment banking services or other services to third parties and receive fees therefore in connection with transactions in which such third parties have interests which may conflict with those of the Fund. A Financial Intermediary may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund or a portfolio company. A Financial Intermediary may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund, or a portfolio company. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or adviser, sub-adviser, distributor, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, record keeper, shareholder servicer, interfund lending servicer, Fund accountant, transaction (e.g., a swap) counterparty and/or lender.

In addition, issuers of securities held by the Fund may have publicly or privately traded securities in which a Financial Intermediary is an investor or makes a market. The trading activities of Financial Intermediaries generally will be carried out without reference to positions held by the Fund and may have an effect on the value of the positions so held, or may result in a Financial Intermediary having an interest in the issuer adverse to the Fund. No Financial Intermediary is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund has an interest.

A Financial Intermediary may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund, including with respect to fees and the right to receive information.

***Core Independent Managers***. Because the Fund intends to allocate a significant percentage of its assets to investment vehicles managed by the Core Independent Managers, conflicts of interest may arise as a consequence of investment management and other financial advisory services in which the Adviser, the Core Independent Managers and their affiliates are engaged. Each of the Core Independent Managers provides investment advisory services to, and/or engages in other financial arrangements with, investment vehicles in addition to those in which the Fund may invest, and their respective investment professionals may also provide investment and financial services for their proprietary accounts as well. Accordingly, each of the Core Independent Managers may have financial interests that diverge from those of the investment vehicles in which the Fund may invest, and conflicts of interest may arise in terms of their allocation of investment opportunities as well as their professional time between such managed investment vehicles and other clients and personal accounts.

An entity affiliated with Eldridge owns a minority non-controlling share in CAIS, the Adviser's parent company, and holds two out of nine seats on the board of directors of CAIS. Although Eldridge holds an indirect minority ownership stake in CAIS, this does not result in Eldridge assuming any fiduciary duties toward CAIS, the Adviser or its clients. Eldridge's ownership interest in CAIS creates a conflict of interest in connection with the Fund's investment strategy to invest in Eldridge-sponsored funds, in respect of which the Fund will pay the management fees and/or other incentive compensation to Eldridge.

From time to time, CAIS may enter into operational services agreements with Eldridge to provide operational services to various investment vehicles sponsored by Eldridge unrelated to the Fund. In addition, CAIS or its affiliates may have other business relationships and/or other financial arrangements unrelated to the Fund with the Core Independent Managers or their affiliates that may present conflicts of interest.

***Diverse Shareholder Group***. Shareholders of the Fund are expected to be based in a wide variety of jurisdictions and take a wide variety of forms. Accordingly, they may have conflicting regulatory, legal, investment, tax and other interests with respect to their investments in the Fund, with respect to the interests of investors in other investment vehicles managed or advised by the Adviser that may participate in the same investments as the Fund and/or with other investors in the Portfolio Funds in which the Fund invests. In addition, shareholders of the Fund may be shareholders in Portfolio Funds in which the Fund has made or is considering to make an investment. Conflicts may arise in such circumstances regardless of whether the shareholder chooses to sell its shares in the Portfolio Fund, as the Adviser will consider the interests of the Fund and not such shareholder in its individual capacity as an investor in such Portfolio Fund. Additionally, to the extent such a shareholder chooses to sell its interest in such Portfolio Fund, it may not effectively gain the liquidity it sought from the Portfolio Fund as a result of its indirect interest through the Fund in the restructured Portfolio Fund. The conflicting interests of individual shareholder with respect to other shareholders and relative to investors in other investment vehicles and/or other investors in the Portfolio Funds in which the Fund invests may relate to or arise from, among other things, the nature of investments made by the Fund and such other partnerships, the structuring or the acquisition of investments and the timing of disposition of investments, internal investment policies of the Adviser and its affiliates and their target risk/return profiles.

As a consequence, conflicts of interest may arise in connection with the decisions made by the Adviser, including with respect to the nature or structuring of investments, that may be more beneficial for one investor than for another investor, especially with respect to investors' individual tax situations. In addition, the Fund may make investments which may have a negative impact on related investments made by the shareholders in separate transactions. In selecting and structuring investments appropriate for the Fund, the Adviser will consider the investment and tax objectives of the Fund (and those of investors in other investment vehicles managed or advised by the Adviser) as a whole, not the investment, tax or other objectives of any shareholder individually.

**LIMITS OF RISK DISCLOSURES**

The above discussions of the various risks and conflicts of interest associated with the Fund and the Shares are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund; however, all principal risks associated with investing in the Fund are disclosed. Prospective investors should read this entire Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not described in this Prospectus. The Fund will update this Prospectus to account for any material changes in the risks involved with an investment in the Fund.

**MANAGEMENT OF THE FUND**

**General**

The business of the Fund is managed under the direction of the Fund's Board, including supervision of the duties performed by the Adviser. The Board is currently composed of three Trustees of the Fund ("Trustees"), each of whom are not "interested persons" of the Fund (as that term is defined by Section 2(a)(19) of the 1940 Act) (the "Independent Trustees"). The Trustees meet periodically throughout the year to discuss and consider matters concerning the Fund and to oversee the Fund's activities, including its investment performance, compliance program and risks associated with its activities. The names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the Statement of Additional Information.

The Trustees authorize the Fund to enter into service agreements with the Adviser and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Fund. Shareholders are not intended to be third-party beneficiaries of such service agreements.

**Investment Adviser**

CAIS Advisors LLC, a limited liability company formed under the laws of the State of Delaware, serves as the Fund's Adviser. The Adviser is registered with the SEC as an investment adviser under the Advisers Act. The Adviser is located at 527 Madison Avenue, 12th Floor, New York, NY 10022.

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). The Adviser provides the Fund with ongoing investment guidance, policy direction and monitoring of the Fund, subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund: buys, retains and sells the Fund's portfolio investments; selects brokers or dealers to execute transactions; provides investment research; maintains or causes to be maintained all required books, records, and reports and other information required for the proper operation of the Fund; and furnishes all other services required in connection with management of the Fund.

The Adviser may employ research services and service providers to assist in the Adviser's market analysis and investment selection. The Adviser may engage one or more third-party consultants to conduct due diligence on certain primary and secondary investments and co-investments to be made by the Fund, including without limitation, the investment vehicles managed by the Underlying Managers, including the Core Independent Managers; provided that the Adviser will have sole discretion with respect to the Fund's portfolio and will make the final determination as to whether the Fund will make any investment, and no consultant will have any discretion whatsoever, nor will it make any such determination.

The Investment Advisory Agreement was approved by the Board on September 24, 2025 and by the initial shareholder of the Fund on September 29, 2025. After an initial term of two years, the Investment Advisory Agreement will continue in effect from year to year so long as such continuance is approved annually by the Board or by vote of a majority of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by a majority of the Independent Trustees. The Investment Advisory Agreement is terminable without penalty, on 60 days' prior written notice: by the Board; by vote of a majority of the outstanding voting securities of the Fund; or by the Adviser. The Investment Advisory Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

**Management Fee**

In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a management fee (the "Management Fee"), at an annual rate of 0.95% payable quarterly in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter (including any assets in respect of Shares that will be repurchased by the Fund as of the end of the quarter). The Management Fee is separate from the asset-based fees and incentive fees in respect of investments, which are paid directly by the Portfolio Funds to the Underlying Managers and are indirectly borne by Fund shareholders. The Management Fee is due and payable in arrears within thirty calendar days after the end of the quarter. Base management fees for any partial quarter are prorated based on the number of days in the quarter.

The Investment Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence in the performance of its duties or reckless disregard of its obligations and duties under the Investment Advisory Agreement, the Adviser is not liable for any loss the Fund sustains for any investment, adoption of any investment policy, or the purchase, sale or retention of any security.

A discussion regarding the Board's basis for approving the Investment Advisory Agreement will be included in the Fund's annual report to shareholders for the fiscal year ending March 31, 2026.

**Portfolio Managers**

The members of the portfolio management team (the "Portfolio Managers") who are primarily responsible for the day-to-day management of the Fund's portfolio are as follows:

**Neil Blundell** serves as the Chief Investment Officer of the Adviser, overseeing the firm's investment management division. He also serves as the Head of Investments at CAIS responsible for CAIS' product platform and is a member of the firm's executive committee.

Neil has spent over 25 years at the intersection of alternative investments, financial services, and technology. He most recently worked at Invesco as the Global Head of Client Solutions and Alternatives for the Investment Solutions team, where he led the development and management of over $95 billion in customized multi-asset investment strategies spanning both traditional and alternative solutions. Prior to Invesco, Neil enjoyed 10+ years of tenure at BlackRock, holding multiple Managing Director positions including Alternatives Platform Head and Head of Hedge Fund Investment Strategies. Earlier in his career, Neil worked at MSCI Barra, Credit Suisse First Boston, and Moody's Investor Service.

Neil has a BA from the University of Michigan and earned an MBA from the University of Miami. He holds Series 7 and 63 registrations.

Mr. Blundell has been a Portfolio Manager of the Fund since 2025.

**Sarah Jiang** is a Managing Director and Portfolio Manager at the Adviser. She is responsible for asset allocation, portfolio construction, and liquidity management of the Adviser's funds, ensuring that investment strategies align with client objectives and market dynamics. Sarah has over 17 years of experience in portfolio management, as well as risk and liquidity management, across both public and private market strategies. She most recently served as a Managing Director within Blackstone's Credit and Insurance division, where she held multiple roles in product development and liquidity management for the firm's credit strategies. Prior to Blackstone, Sarah spent over a decade at AQR, where she was a Managing Director and Portfolio Manager, overseeing several of AQR's liquid multi-asset alternative funds and later leading product development for the firm's tax-aware strategies.

Sarah graduated from the Management & Technology program at the University of Pennsylvania and received both a BS in Economics and BS in Engineering. She has also been published in the Journal of Portfolio Management.

Ms. Jiang has been a Portfolio Manager of the Fund since 2025.

**Please see the Statement of Additional Information for additional information about other accounts managed by the Portfolio Manager, the Portfolio Manager's compensation, and the Portfolio Manager's ownership of shares of the Fund.**

**Administrator, Transfer Agent, and Custodian**

Ultimus Fund Solutions, LLC located at 225 Pictoria Drive, Cincinnati, OH 45246 serves as the Administrator and Transfer Agent of the Fund.

UMB Bank, N.A., located at 1010 Grand Boulevard, Kansas City, MO 64106 serves as the Custodian of the assets of the Fund. The Custodian performs custodial and fund accounting services as well as sub-administrative services on behalf of the Fund.

The Administrator and Custodian will receive customary fees paid out of Fund assets based upon the nature and extent of the services performed by the Administrator and Custodian for the Fund. In addition, the Administrator and Custodian are each entitled to be reimbursed by the Fund for their respective reasonable out-of-pocket expenses properly incurred in carrying out their duties as such and for the charges of any correspondents. Further, the Administrator and Custodian will be entitled to indemnification by the Fund for any and all losses, damages, claims, costs, actions, liabilities, suits, proceedings or expenses which may arise in connection with their services to the Fund.

**FUND EXPENSES**

The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund, including travel and other expenses related to the selection and monitoring of Underlying Managers. As described below, however, the Fund bears all other expenses related to its investment program. Additionally, such expenses are outlined in the Investment Advisory Agreement and Administration Agreement. The Adviser and/or Administrator also provides, or arranges at its expense, for certain management and administrative services to be provided to the Fund. Among those services are: providing office space and other support services, maintaining and preserving certain records, preparing and filing various materials with state and U.S. federal regulators, providing legal and regulatory advice in connection with administrative functions and reviewing and arranging for payment of the Fund's expenses.

Expenses borne by the Fund (and thus indirectly by shareholders) include:

● any non-investment related interest expense;

● calculating NAV (including the cost and expenses of any independent third-party valuation firm);

● all expenses related to its investment program, all costs and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the Fund's investments, including enforcing the Fund's rights, transfer taxes and premiums, taxes withheld on non-U.S. dividends, fees for data and software providers, research expenses, professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts) and, if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

● the organization of the Fund, including the organization of any feeder fund;

● direct and indirect expenses, incurred by the Adviser, or members of its investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund's rights including, (a) travel, entertainment, lodging and meal expenses, (b) origination fees, syndication fees, research costs, due diligence costs, bank service fees and (c) fees and expenses related to the organization or maintenance of any intermediate entity used to acquire, hold or dispose of any portfolio company or otherwise facilitating the Fund's investment activities;

● fees and expenses incurred by the Adviser (and its affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Fund and the Adviser and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring investments and portfolio companies on an ongoing basis;

● any and all fees, costs and expenses incurred in connection with the Fund's incurrence of leverage and indebtedness, including borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal or interest on borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the Fund's account and in making, carrying, funding and/or otherwise resolving investment guarantees);

● offerings, sales, and repurchases of the Shares and other securities;

● fees and expenses payable under any Distribution Agreements entered into by the Fund, if any;

● Distribution and Servicing Fees, if any;

● investment advisory fees payable under the Investment Advisory Agreement;

● administration fees and expenses, if any, payable under the Administration Agreement;

● fees and expenses based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including any allocable portion of the compensation of the Fund's chief executive officer, chief compliance officer, chief financial officer, chief administrative officer, chief legal officer, chief operating officer and their respective staff, as applicable;

● costs incurred in connection with investor relations and Board relations;

● any applicable administrative agent fees or loan arranging fees incurred with respect to the Fund's portfolio investments by the Adviser, the Administrator, the sub-administrator, if any, or an affiliate thereof;

● any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the benefit of the Fund (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, order management and portfolio management systems, general ledger or portfolio accounting systems and other similar systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees and expenses);

● transfer agent, dividend agent and custodial fees and expenses;

● federal and state registration fees, including notice filing fees;

● federal, state and local taxes;

● fees and expenses of Independent Trustees including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisers retained by, or at the discretion or for the benefit of, the Independent Trustees;

● costs of preparing and filing reports or other documents required by the SEC, Financial Industry Regulatory Authority, Inc., U.S. Commodity Futures Trading Commission, or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Fund's activities and/or other regulatory filings, notices or disclosures of the Adviser, any sub-adviser and their respective affiliates relating to the Fund and its activities;

● costs of any reports, proxy statements or other notices to shareholders, including printing costs;

● fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums;

● direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal costs;

● proxy voting expenses;

● all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Board to or on account of holders of the securities of the Fund, including in connection with the DRIP or the share repurchase program;

● costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's assets for tax or other purposes;

● to the extent permitted by the 1940 Act or any exemptive relief obtained thereunder, allocable fees and expenses associated with marketing efforts on behalf of the Fund;

● all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund; and

● any extraordinary expenses (as defined below), including indemnification expenses as provided for in the Fund's organizational documents.

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

"Extraordinary expenses" are 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 similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for a meeting of shareholders.

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

Pursuant to the Expense Limitation Agreement, the Adviser has contractually agreed to waive fees and/or pay or reimburse certain operating and other expenses of the Fund so that the total annual operating expenses of the Fund, excluding Excluded Expenses (as defined below), in respect of each class of shares of the Fund, do not exceed an amount equal to 0.75% of the average quarterly net assets of the class on an annualized basis (the "Expense Cap"). For a period not to exceed three years from the date on which the Adviser waived the fee or reimbursed the expense, the Adviser may recoup waived fees, reimbursed expenses or directly paid expenses if (i) at the time of repayment, the annual operating expenses of such share class have fallen below the Expense Cap and (ii) the repayment does not cause the annual operating expenses of such share class in the quarter the reimbursement is made (after given effect to such repayment) to rise to a level that exceeds the Expense Cap in place at the time the fees were waived and/or the expenses were reimbursed, or the Expense Cap in place at the time the Fund repays the Adviser, whichever is lower. In addition, the Adviser has contractually agreed to reimburse a portion of Class S's total expenses (other than Excluded Expenses) equal to: (i) 0.10% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $150,000,000 but less than $250,000,000; (ii) 0.15% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $250,000,000 but less than $500,000,000; and (iii) 0.20% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $500,000,000. The Adviser may not recoup expenses reimbursed pursuant to the expense reimbursement agreement for Class S. These contractual arrangements will remain in effect until at least the one year anniversary of the effective date of the Fund's registration statement, unless earlier terminated by the Fund's Board of Trustees.

"Excluded Expenses" is defined to include: (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of any private investment vehicles and co-investments in portfolio companies in which any Portfolio Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Portfolio Fund associated with the acquisition and disposition by such Portfolio Fund of primary interests, secondary interests, co-investments, ETF investments and other investments; (c) interest payments incurred by any Portfolio Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Portfolio Fund; (e) taxes of any Portfolio Fund; and (f) extraordinary expenses of any Portfolio Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (ii) the investment management fee payable to the Adviser pursuant to the Investment Advisory Agreement; (iii) interest expense and any other expenses incurred in connection with any borrowings by the Fund (including any credit facility); (iv) distribution and servicing fees payable pursuant to a Distribution and Servicing Plan adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act in respect of any class of shares of the Fund; (v) acquired fund fees and expenses; (vi) taxes; and (vii) extraordinary expenses.

**DETERMINATION OF NET ASSET VALUE**

The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, determined as of the close of business on the last business day of each calendar quarter, each date that a Share is offered or repurchased and at such other times as the Board shall determine (each, a "Determination Date"). Because of differing class fees and expenses, the per Share NAV of the classes will vary over time.

The NAV of the Fund's Shares is determined as of the Determination Date, as of the close of regular trading on the NYSE (normally, 4:00 p.m., Eastern time). Each Share is offered at the NAV next calculated after receipt of the purchase in good order, plus any applicable sales load. The price of the Shares increases or decreases according to the NAV of the Shares. In computing the Fund's NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available. Because public market quotations are not typically readily available for most of the Fund's investments, such investments are valued at fair value as determined pursuant to procedures and methodologies approved by the Board.

The Board has appointed the Adviser as the Fund's valuation designee for purposes of Rule 2a-5. The Adviser will oversee the valuation of the Fund's investments on behalf of the Fund. The Board has approved valuation procedures for the Fund (the "Valuation Procedures").

The Adviser will value the Fund's investments, when necessary, at fair value. The Adviser will be entitled to accept the estimates of third parties (including Underlying Managers of the Portfolio Funds) in calculating the value of the Fund's investment in a Portfolio Fund. Any such NAV calculations will remain subject to the review and approval of the Adviser. The Underlying Manager will generally calculate the value of its Portfolio Fund's investments. The Underlying Manager will have a conflict of interest in making such valuations because the valuations directly affect the NAV of such Portfolio Fund and, accordingly, will affect the amount of any asset based fee, and may affect the amount of any carried interest payable to such Underlying Manager.

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

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

Neither the Board nor the Adviser will be able to confirm independently the accuracy of valuations provided by any Underlying Manager (which are unaudited, except at the respective Portfolio Fund's year-end). Additionally, Underlying Managers will typically provide the Adviser with only estimated net asset values or other valuation information on a quarterly basis, and the information provided by certain Portfolio Funds will typically be as of a date that is several months old by the time the Fund strikes its NAV. For this reason, the Fund may apply one or more adjustments to the valuations received from a Portfolio Fund in accordance with the Valuation Procedures, which would include adjustments for cash flows received from or distributed to the Portfolio Fund sponsor after the reference date of the most recently reported Portfolio Fund NAV, specifically, (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the NAV as reported by the Portfolio Fund. In addition to reflecting the Portfolio Fund net asset value inclusive of cash flows since the reference date, the Adviser may also adjust for any changes in market prices for public securities held by the

Portfolio Fund and may also apply a market adjustment to reflect the estimated change in fair value of the Portfolio Fund's non-public unrealized investments from the date of the last reported Portfolio Fund NAV to the date as of which the Fund is reporting its NAV. There can be no assurance that these adjustments will improve the accuracy of these valuations. Any data provided by a Portfolio Fund will be subject to revision through the end of such Portfolio Fund's respective annual audit. The Fund will use the latest information available from each Portfolio Fund at the time of each subscription or redemption transaction and, in certain cases, a change to a Portfolio Fund's NAV relating to prior periods as a result of an annual audit may differ materially from the information used in those prior period subscription or redemption transactions. Because of this, the Fund's NAV for financial reporting purposes may differ from the NAV used to process subscription and repurchase transactions as of the same date.

To the extent the Fund holds securities or other instruments that are not investments in Portfolio Funds or direct private markets investments, the Fund will generally value such assets as described below. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on the primary exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, or deemed unreliable for a security, or if a security's value may have been materially affected by events occurring after the close of a securities market on which the security principally trades, but before the Fund calculates its NAV, securities will be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask prices. In this respect, the Adviser participates in the valuation process by preparing the fair valuation for any such securities as per approved procedures and pursuant to a fair value process developed in coordination with the Administrator. The Adviser's process is tested and subject to ongoing and periodic monitoring by the Adviser and the Administrator.

In cases where a fair valuation of securities is applied, the Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security. This fair value may also vary from valuations determined by other funds using their own fair valuation procedures. The fair value prices can differ from market prices when they become available or when a price becomes available.

The Fund and the Adviser may use independent pricing services to assist in calculating the value of the Fund's securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Fund. In computing the NAV, the Fund values foreign securities held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its Shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Adviser's fair value pricing guidelines.

As a result of investments by the Fund or other investment vehicles accessed by the Fund, if any, in foreign securities or other instruments denominated in currencies other than the U.S. dollar, the NAV of the Fund's Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of these instruments denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase or tender Shares.

The Adviser and its affiliates act as investment advisers to other clients that may invest in securities for which no public market price exists. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, since the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration.

Expenses of the Fund, including the Management Fee, are accrued on a quarterly basis and taken into account for the purpose of determining the Fund's NAV.

The Fund's investments in Portfolio Funds will be priced at fair value in the absence of readily available market quotations, according to the Fund's valuation procedures and methodologies. In addition, a significant portion of a Portfolio Fund's investments will likely be priced at fair value by the Portfolio Fund in accordance with its own valuation procedures and methodologies. One or both of these fair value determinations may prove to be inaccurate. Incorrect valuations of private investments, including investments in Portfolio Funds, could have an adverse effect on the Fund's NAV and shareholder transactions involving the Shares. See "Principal Risk Factors—Certain Additional Risks Relating to Investments in Portfolio Funds—Valuation of the Fund's Interests in Portfolio Funds."

Prospective investors should be aware that there can be no assurance that the valuation of interests in Portfolio Funds as determined under the procedures described above will in all cases be accurate to the extent that the Fund and the Adviser do not generally have access to all necessary financial and other information relating to the Portfolio Funds to determine independently the NAV of the Fund's interests in those Portfolio Funds. Prospective investors should also be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV if the judgments of the Adviser or the Underlying Managers regarding appropriate valuations should prove incorrect.

**PLAN OF DISTRIBUTION**

Ultimus Fund Distributors, LLC, located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, serves as the distributor of the Fund's shares on a best-efforts basis, subject to various conditions and pursuant to a distribution agreement (the "Distribution Agreement"). Neither the Distributor nor any other party is obligated to purchase any Shares from the Fund. There is no minimum aggregate number of Shares required to be purchased. Pursuant to the Distribution Agreement, the Distributor pays its own costs and expenses connected with the offering of Shares. The Distribution Agreement also provides that the Fund will indemnify the Distributor and its affiliates and certain other persons against certain liabilities.

The Distribution Agreement was approved by the Board on September 24, 2025. After the initial term of two years, the Distribution Agreement will continue in effect with respect to the Fund for successive one-year periods, provided each such continuance is specifically approved by a majority of the entire Board cast in person at a meeting called for that purpose or by a majority of the outstanding voting securities of the Fund and, in either case, by a majority of the Independent Trustees.

The Distributor may enter into selected dealer agreements with various brokers and dealers and their agents that have agreed to participate in the distribution of the Shares ("Financial Intermediaries"). Such Financial Intermediaries may impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions set forth in this Prospectus. See "Purchase of Shares."

The Adviser or its affiliates may pay additional compensation out of its own resources (*i.e.*, not Fund assets) to an affiliate of the Adviser, third-party securities dealers, other industry professionals and any affiliates thereof in connection with the sale of Shares or for their ongoing servicing of Shares acquired by their clients. The additional compensation may differ among Financial Intermediaries in amount or in the amount of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Shares held by shareholders introduced by the Financial Intermediary, or determined in some other manner. Payments may be one-time payments or may be ongoing payments. As a result of the various payments that Financial Intermediaries may receive from the Adviser or its affiliates, the amount of compensation that a Financial Intermediary may receive in connection with the sale of Shares may be greater than the compensation it may receive for the distribution of other investment products. The receipt of the additional compensation by a Financial Intermediary may create actual or potential conflicts of interests between an investor and its Financial Intermediary who is recommending the Fund over other potential investments.

The Distributor has not and will not make any recommendation regarding, and will not monitor, any investment and will not present an investment strategy or product to an investor or a prospective investor that is a retail customer. A retail customer is any natural person, or the legal representative of such person, who receives a recommendation of any securities transaction or investment strategy involving securities from a broker-dealer and uses the recommendation primarily for personal, family, or household purposes. Furthermore, the Distributor does not collect the information necessary to determine, and the Distributor does not engage in a determination regarding, whether an investment in the strategy or product is in the best interests of, or is suitable for, any prospective investor. You should exercise your own judgment and consult with your own investment professional to determine whether it is advisable for you to invest in Shares of the Fund. Please note that the Distributor will not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to purchasing the Shares, contact your own investment professional.

The Distributor will not sell Shares directly to retail customers (as defined above) or have a relationship with you (including if you exit a relationship with a participating Financial Intermediary), and you should consult with your participating Financial Intermediary or your investment professional as to the suitability to you of an investment in the Shares. Before making your investment decision, please consult with your investment professional regarding your account type and the classes of common stock you may be eligible to purchase.

**Distribution and Servicing Plan**

The Fund has adopted a Distribution and Servicing Plan for its Class D Shares to pay to the Distributor a Distribution and Servicing Fee to compensate Financial Intermediaries for providing ongoing services in respect of shareholders who own such Shares. These activities are related to administration and servicing of Class D accounts. The Distribution and Servicing Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1, as required by its exemptive relief, permitting the Fund to, among other things, issue multiple classes of Shares.

Under the Distribution Plan, Class D Shares pay a Distribution and Servicing Fee to the Distributor at an annual rate of 0.25% based on the net assets of the Fund attributable to such class (*i.e.*, a proportionate share of the Fund's aggregate net assets). The Distribution and Servicing Fee is paid out of the relevant class's assets and decreases the net profits or increases the net losses of the Fund solely with respect to such class. Because the Distribution and Servicing Fee is paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of a shareholder's investment and may cost the shareholder more than paying other types of sales charges, if applicable.

Class I Shares and Class S Shares are not subject to any Distribution and Servicing Fee and do not bear any expenses associated therewith.

**PURCHASE OF SHARES**

**How to Purchase Shares**

Shares may only be purchased through Financial Intermediaries. Financial Intermediaries may have different investment minimum requirements than those outlined in this Prospectus. Additionally, Financial Intermediaries may aggregate several customer accounts to accumulate the requisite initial investment minimum. Please consult your Financial Intermediary for their account policies.

The Shares will be offered in a continuous offering. Shares will generally be offered for purchase on the first business day of each calendar quarter, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. For purposes of this Prospectus, a "Business Day" means any day other than a Saturday, Sunday or any other day on which banks in New York are required by law to be closed. Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. An investor who misses the acceptance date will have the acceptance of its investment in the Fund delayed until the following quarter. Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be payable in United States dollars.

Each initial or subsequent purchase of Shares will be payable in one installment which will generally be due three business days prior to the date of the proposed acceptance of the purchase set by the Fund, which is expected to be the last business day of each calendar quarter, where funds are remitted by wire transfer.

Each prospective investor in the Fund will be required to certify that it is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act. The criteria for qualifying as an "accredited investor" are set forth in the subscription agreement that must be completed by each prospective investor. Investors who meet such qualifications are referred to in this Prospectus as "Eligible Investors." Existing shareholders who request to purchase additional Shares (other than in connection with the DRIP) will be required to qualify as "Eligible Investors".

A prospective investor is required to review, complete, and execute a subscription document. The subscription document is designed to provide the Fund with important information about the prospective investor. A prospective investor must submit a completed subscription document at least five business days before the acceptance date. The Fund reserves the right to accept or reject, in its sole discretion, any request to purchase Shares at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned promptly to the prospective investor without the deduction of any fees or expenses. Prospective investors whose purchases are rejected by the Fund will receive a pro rata share of any interest earned on the amounts placed in escrow prior to acceptance, if applicable. Although the Fund may, in its sole discretion, elect to accept a subscription prior to receipt of cleared funds, a prospective investor will not become a shareholder until cleared funds have been received. In the event that cleared funds and/or a properly completed subscription document are not received from a prospective investor prior to the cut-off dates pertaining to a particular offering, the Fund may hold the relevant funds and subscription document for processing in the next offering.

Funds received from prospective investors will be placed in an account with the Fund's transfer agent. The balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Any interest earned with respect to such account will be paid to the Fund and allocated pro rata among shareholders.

Prospective investors whose subscriptions to purchase Shares are accepted by the Fund will become shareholders by being admitted as shareholders. An existing shareholder generally may subscribe for additional Shares by completing an additional subscription agreement by the acceptance date and funding such amount by the deadline.

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

**Purchase Terms**

The Fund will offer three classes of Shares: Class D shares, Class I Shares and Class S Shares. The Fund reserves the right to not sell a particular Share class.

**Share Class Considerations**

When selecting a share class, you should consider the following:

● which share classes are available to you;

● how much you intend to invest;

● how long you expect to own the shares; and

● total costs and expenses associated with a particular share class.

Each investor's financial considerations are different. You should speak with your financial adviser to help you decide which share class is best for you. Not all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase.

**Class D Shares**

Class D Shares are sold at the prevailing net asset value per Class D Share. Class D Shares are subject to a quarterly Distribution and Servicing Fee at an annual rate of up to 0.25% of the aggregate net asset value of Class D Shares. Class D Shares are not subject to a sales load. The initial minimum purchase amount is $25,000 in Class D Shares with a minimum subsequent investment of $10,000.

Eligibility to receive a Distribution and Servicing Fee is conditioned on a Financial Intermediary providing the following ongoing services with respect to the Class D Shares: assistance with recordkeeping, answering investor inquiries regarding the Fund, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable Financial Intermediary is not eligible to receive a Distribution and Servicing Fee due to failure to provide these services, the Distribution and Servicing Fees that the broker would have otherwise been eligible to receive will be waived. The Distribution and Servicing Fees are ongoing fees that are not paid at the time of purchase.

**Class I Shares**

Class I Shares are sold at the prevailing net asset value per Class I Share. Financial Intermediaries may not charge you transaction-based fees when you buy Class I Shares. Class I Shares are not subject to a Distribution and Servicing Fee. Class I Shares are available for purchase only through certain Financial Intermediaries. Because the Class I shares of the Fund are sold at the prevailing NAV per Class I Share without an upfront sales charge, the entire amount of your purchase is invested immediately. The initial minimum purchase amount is $1,000,000 in Class I Shares with a minimum subsequent investment of $10,000. The Adviser may waive the investment minimums for Class I Shares.

**Class S Shares**

Class S Shares are available for purchase only through certain participating financial intermediaries who charge such clients a fee for advisory, investment, consulting or similar services. The initial minimum purchase amount is $1,000,000 in Class S Shares with a minimum subsequent investment of $10,000. The Adviser may waive the investment minimums for Class S Shares.

**REPURCHASES AND TRANSFER OF SHARES**

**Determination of Tender Offer Amount**

The Fund may offer to repurchase shares pursuant to written tenders by shareholders. The Adviser intends to recommend to the Board, subject to the Board's discretion, that the Fund offer to repurchase shares from shareholders on a semi-annual basis in an amount generally not to exceed 5% of the Fund's net asset value. The Adviser currently expects to recommend to the Board that the Fund conducts its first tender offer following the third full quarter of Fund operations (or such earlier or later date as the Board may determine). The Fund intends to comply with an exemption under Financial Industry Regulatory Authority Rule 5110 that requires the Fund to make at least two tender offers per calendar year. However, the Fund is not required to conduct tender offers on a semi-annual basis or at all and may be less likely to conduct tenders during periods of exceptional market conditions.

In determining whether the Fund should offer to repurchase Shares, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business, and economic factors. No shareholder has the right to require the Fund to redeem their shares.

Subject to the considerations described above, the aggregate value of Shares to be repurchased at any time will be determined by the Board in its sole discretion, and such amount may be stated as a percentage of the value of the Fund's outstanding Shares. Therefore, the Fund may determine not to conduct a tender offer at a time that the Fund normally conducts a tender offer. The Fund may also elect to repurchase less than the full amount that a shareholder requests to be repurchased. If a tender offer is oversubscribed by shareholders who tender Shares, the Fund may extend the tender offer, repurchase a *pro rata* portion of the Shares tendered, or take any other action permitted by applicable law. The Fund may cause the repurchase of a shareholder's Shares if, among other reasons, the Fund determines that such repurchase would be in the interest of the Fund.

In certain circumstances the Board may determine not to conduct a tender offer, or to conduct a tender offer of less than 5% of the Fund's net assets. In particular (but without limiting the wide discretion of the Board), during periods of financial market stress, the Board may determine that some or all of the Fund's investments cannot be liquidated at their fair value, making a determination not to conduct tender offers more likely.

**Repurchase of Shares**

If the Board determines that the Fund will conduct a tender offer to repurchase Shares, written notice will be provided to shareholders that describes the commencement date of the tender offer, specifies the date on which repurchase requests must be received by the Fund, and will contain other terms and information that shareholders should consider in deciding whether and how to participate in such repurchase opportunity.

The Fund generally expects to repurchase its Shares with cash, although it reserves the ability to issue payment for the repurchase of Shares through a distribution of portfolio securities. The Fund does not generally expect to distribute securities as payment for repurchased Shares except in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund or the shareholders, or if the Fund has received distributions and/or proceeds from its investments in the form of securities that are transferable to shareholders. Securities which are distributed in kind in connection with a repurchase of Shares may be illiquid. Any in-kind distribution of securities will be valued in accordance with the Fund's valuation procedures and will be distributed to all tendering shareholders on a proportional basis.

Each shareholder whose Shares have been accepted for repurchase will continue to be a shareholder of the Fund until the valuation date for the tender offer (and thereafter if the shareholder retains Shares following such repurchase) and may exercise its voting rights with respect to the repurchased Shares until the valuation date for the tender offer. Moreover, the account maintained in respect of a shareholder whose Shares have been accepted for repurchase will be adjusted for the net profits or net losses of the Fund through the valuation date, and such shareholder's account will not be adjusted for the amount withdrawn, as a result of the repurchase, prior to the valuation date.

Payments in cash for repurchased Shares may require the Fund to liquidate certain Fund investments earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund's portfolio turnover. The Fund also may need to maintain higher levels of cash or borrow money to pay repurchase requests in cash. Such a practice could increase the Fund's operating expenses and impact the ability of the Fund to achieve its investment objective.

Following the commencement of an offer to repurchase Shares, subject to conditions specified in the offer provided to shareholder, the Fund may suspend, postpone or terminate such offer upon the determination of a majority of the Board, including a majority of the Independent Trustees; provided that such conditions are objectively verifiable and outside the control of the Fund or its agents or affiliates. Shareholders have the right to withdraw their written tenders after the expiration of 40 business days from the commencement of the offer, if not yet accepted by the Fund for payment.

The Board has discretion to hold back a portion of the amount due to tendering shareholders, which will not exceed 5% of the total amount due to such shareholders. The second and final payment for the balance due will be paid no later than thirty calendar days after the completion of the annual audit of the Fund's financial statements for the fiscal year in which the applicable repurchase is effected, with such balance being subject to adjustment as a result of the Fund's annual audit or as a result of any other corrections to the Fund's net asset value as of the valuation date for the tender offer.

A 2.00% Early Repurchase Fee may be charged by the Fund with respect to any repurchase of Shares from a shareholder at any time prior to the day immediately preceding the one-year anniversary of the shareholder's purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a "first in - first out" basis. Therefore, Shares repurchased will be deemed to have been taken from the earliest purchase of Shares by such shareholder (adjusted for subsequent net profits and net losses) until all such Shares have been repurchased, and then from each subsequent purchase of Shares by such shareholder (adjusted for subsequent net profits and net losses) until such Shares are repurchased. An Early Repurchase Fee payable by a shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interest of the Fund.

Other than the Early Repurchase Fee, the Fund does not presently intend to impose any charges on the repurchase of Shares.

A shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $10,000. Such minimum ownership requirement may be waived by the Board, in its sole discretion. If such requirement is not waived by the Board, the Fund may redeem all of the shareholder's Shares. To the extent a shareholder seeks to tender all of the Shares they own and the Fund repurchases less than the full amount of Shares that the shareholder requests to have repurchased, the shareholder may maintain a balance of Shares of less than $10,000 following such Share repurchase.

In the event that the Adviser or any of its affiliates holds Shares in its capacity as a shareholder, such Shares may be tendered for repurchase in connection with any tender offer made by the Fund, without notice to the other shareholders.

The repurchase of Shares is subject to regulatory requirements imposed by the SEC. The Fund's repurchase procedures are intended to comply with such requirements. However, in the event that the Board determines that modification of the repurchase procedures described above is required or appropriate, the Board will adopt revised repurchase procedures as necessary to ensure the Fund's compliance with applicable regulations or as the Board in its sole discretion deems appropriate.

**Transfer Restrictions**

Shares may be transferred only:

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

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

In subscribing for Shares, a shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, each other shareholder and any of their affiliates 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 those persons may become subject by reason of, or arising from, any transfer made by that shareholder in violation of these provisions or any misrepresentation made by that shareholder or a substituted shareholder in connection with any such transfer.

**DISTRIBUTIONS AND DIVIDEND REINVESTMENT PLAN**

The Fund intends to qualify annually as a RIC under the Code and intends to distribute at least 90% of its investment company taxable income to its shareholders. For any distribution, the Fund will calculate each shareholder's specific distribution amount for the period using record and declaration dates. From time to time, the Fund may also pay special interim distributions in the form of cash or Shares at the discretion of the Board.

The Fund cannot guarantee that it will make distributions. The Fund may finance its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including fund investments), dividends or other distributions paid to the Fund on account of preferred and common equity investments by the Fund in Portfolio Funds and/or Co-Investments and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds it may use from available sources to make distributions. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which you would otherwise be entitled.

Each year a statement on IRS Form 1099-DIV (or successor form), identifying the character (e.g., as ordinary dividend income, qualified dividend income or long-term capital gain) of the distributions, will be mailed to shareholders. The Fund's distributions may exceed its earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. As a result, a portion of the distributions the Fund makes may represent a return of capital for U.S. federal tax purposes. A return of capital generally is a return of your investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the offering, including any fees payable to the Adviser. See "U.S. Federal Income Tax Matters" for more information. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

Shareholders will automatically have all distributions reinvested in Shares issued by the Fund in accordance with the Fund's dividend reinvestment plan unless an election is made to receive cash.

Each shareholder whose Shares are registered in its own name will automatically be a participant under the dividend reinvestment plan established by the Fund (the "DRIP"). Pursuant to the DRIP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund held by such shareholder. The Fund expects to coordinate distribution payment dates so that the same net asset value that is used for the quarterly closing date immediately preceding such distribution payment date will be used to calculate the purchase net asset value for purchasers under the DRIP. Shares issued pursuant to the DRIP will have the same voting rights as Shares acquired by subscription to the Fund.

A shareholder who does not wish to have distributions automatically reinvested may terminate participation in the DRIP at any time by written instructions to that effect to the Administrator. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by the Administrator 30 days prior to the record date of the distribution or the shareholder will receive such distribution in Shares through the DRIP. Under the DRIP, distributions to shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a distribution, the Administrator, on the shareholder's behalf, will receive additional authorized Shares either newly issued or repurchased from shareholders by the Fund and held as treasury stock. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's net asset value per Share for the relevant class of Shares.

The Administrator will maintain all shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records. The Administrator will hold Shares in the account of the shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those Shares purchased pursuant to the DRIP.

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

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

The automatic reinvestment of dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. The Fund may elect to make non-cash distributions to shareholders. Such distributions are not subject to the DRIP, and all shareholders, regardless of whether or not they are participants in the DRIP, will receive such distributions in additional Shares of the Fund.

The Fund reserves the right to amend or terminate the DRIP. There is no direct service charge to participants with regard to purchases under the DRIP; however, the Fund reserves the right to amend the DRIP to include a service charge payable by the participants.

All correspondence concerning the DRIP should be directed to the Fund c/o Ultimus Fund Solutions, LLC, Via Regular Mail: P.O. Box 4607, Cincinnati, Ohio 45246 or Via Overnight Mail: 225 Pictoria Dr., Suite 450, Cincinnati, OH 45246. Certain transactions can be performed by calling the toll-free number 844-241-8667.

**DESCRIPTION OF CAPITAL STRUCTURE AND SHARES**

The Fund is a newly organized statutory trust established under the laws of the State of Delaware on September 22, 2025.

The Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") provides that the Trustees of the Fund may authorize separate classes of shares of beneficial interest. The Trustees have authorized an unlimited number of shares.

The Fund and the Adviser have received exemptive relief from the SEC to permit the Fund to issue multiple classes of shares with different sales loads and ongoing shareholder servicing and/or distribution fees. Shares of each class of the Fund represent an equal pro rata interest in the Fund and, generally, have identical voting, distribution, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (i) each class has a different designation; (ii) each class of Shares bears any class-specific expenses; and (iii) each class will have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class, and will have exclusive voting rights on any matter submitted to shareholders that relates solely to that class. The estimated fees and expenses for each class of Shares are set forth in "Summary of Fees and Expenses."

Any additional offerings of classes of Shares will require approval by the Board. Any additional offering of classes of Shares will also be subject to the requirements of the 1940 Act, which provides that such Shares may not be issued at a price below the then-current net asset value, except in connection with an offering to existing holders of Shares or with the consent of a majority of the Fund's common shareholders.

The following table shows the amounts of the Fund's shares that have been authorized and are outstanding as of October 1, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount Authorized** | **Amount Outstanding** | **Amount Outstanding** |
| Class D Shares | Unlimited |  | 3334 |
| Class I Shares | Unlimited |  | 3333 |
| Class S Shares | Unlimited |  | 3333 |

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**ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST**

**Shares of Beneficial Interest**

The Declaration of Trust authorizes the Fund's issuance of an unlimited number of shares of beneficial interest. There is currently no market for the Shares, and it is not expected that a market for the Shares will develop in the foreseeable future. Pursuant to the Declaration of Trust and as permitted by Delaware law, shareholders are entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit under the General Corporation Law of the State of Delaware, as amended (the "DGCL") and therefore generally will not be personally liable for debts or obligations of the Fund.

**Shares**

Under the terms of the Declaration of Trust, all shares, when consideration for shares is received by the Fund, will be fully paid and nonassessable. Distributions may be paid to shareholders if, as and when authorized and declared by the Board. Shares will have no preference, preemptive, appraisal, conversion, exchange or redemption rights. The Declaration of Trust provides that the Board shall have the power to repurchase Shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each share will be entitled to receive, according to its respective rights, a pro rata portion of the Fund's assets available for distribution for the applicable class, subject to any preferential rights of holders of the Fund's outstanding preferred shares, if any. Each whole share will be entitled to one vote as to any matter on which it is entitled to vote and each fractional share will be entitled to a proportionate fractional vote. Shareholders shall be entitled to vote on all matters on which a vote of shareholders is required by the 1940 Act, the Declaration of Trust or a resolution of the Board. There will be no cumulative voting in the election or removal of Trustees. Under the Declaration of Trust, the Fund is not required to hold annual meetings of shareholders. The Fund only expects to hold shareholder meetings to the extent required by the 1940 Act or pursuant to special meetings called by the Board.

**Preferred Shares and Other Securities**

The Declaration of Trust provides that the Board may, subject to the Fund's investment policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than common shares of beneficial interest (including preferred shares, debt securities or other senior securities), by action of the Board without the approval of shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit.

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

**Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses**

Pursuant to the Declaration of Trust, Trustees and officers of the Fund will not be subject in such capacity to any personal liability to the Fund or shareholders, unless the liability arises from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee's or officer's duty.

Except as otherwise provided in the Declaration of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities and expenses (including reasonable attorneys' fees relating to the defense or disposition of any action, suit or proceeding with which such person is involved or threatened), while and with respect to acting in the capacity of a Trustee or officer of the Fund. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of his or her position. The Fund will provide indemnification to Trustees and officers prior to a final determination regarding entitlement to indemnification as described in the Declaration of Trust.

The Fund has entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Adviser is not liable for any error of judgment or mistake of law or for any loss the Fund suffers.

Pursuant to the Declaration of Trust, the Fund will advance the expenses of defending any action for which indemnification is sought if the Fund receives a written undertaking by the indemnitee which provides that the indemnitee will reimburse the Fund unless it is subsequently determined that the indemnitee is entitled to such indemnification.

**Number of Trustees; Appointment of Trustees; Vacancies; Removal**

The Declaration of Trust provides that the number of Trustees shall be no less than one and no more than fifteen, as determined in writing by a majority of the Trustees then in office. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal. Subject to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the appointment of such persons by a majority of the Trustees then in office. Each Trustee shall hold office until his or her successor shall have been appointed pursuant to the Declaration of Trust. To the extent that the 1940 Act requires that Trustees be elected by shareholders, any such Trustees will be elected by a plurality of all shares voted at a meeting of shareholders at which a quorum is present.

The Declaration of Trust provides that any Trustee may be removed (provided that after the removal the aggregate number of Trustees is not less than the minimum required by the Declaration of Trust) with or without cause by an action adopted by the majority of the then Trustees.

**Action by Shareholders**

The Declaration of Trust provides that shareholder action can be taken only at a meeting of shareholders or by unanimous written consent of shareholders in lieu of a meeting. Subject to the 1940 Act, the Declaration of Trust or a resolution of the Board specifying a greater or lesser vote requirement, the affirmative vote of a majority of shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter shall be the act of the shareholders with respect to any matter submitted to a vote of the shareholders.

**Amendment of Declaration of Trust and Bylaws**

Subject to the provisions of the 1940 Act, pursuant to the Declaration of Trust, the Board may amend the Declaration of Trust without any vote of shareholders. Pursuant to the Declaration of Trust and bylaws, the Board has the exclusive power to amend or repeal the bylaws or adopt new bylaws at any time.

**No Appraisal Rights**

In certain extraordinary transactions, some jurisdictions provide the right to dissenting shareholders to demand and receive the fair value of their shares, subject to certain procedures and requirements set forth in such statute. Those rights are commonly referred to as appraisal rights. The Declaration of Trust provides that Shares shall not entitle shareholders to appraisal rights.

**Conflict with Applicable Laws and Regulations**

The Declaration of Trust provides that if and to the extent that any provision of the Declaration of Trust conflicts with any provision of the 1940 Act, the provisions under the Code applicable to the Fund as a RIC or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or affect the validity of any action taken or omitted to be taken prior to such determination.

**Exclusive Delaware Jurisdiction**

Under the Declaration of Trust, any claims related to the Fund, except claims brought under the federal securities laws, must 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, unless the Fund, in its sole discretion, consents in writing to an alternative forum. As a result of this exclusive jurisdiction provision, shareholders may be required to bring suit in an inconvenient and less favorable jurisdiction. Further, under this provision, those bound by the Declaration of Trust, including shareholders of the Fund, waive any and all rights to trial by jury.

**Anti-Takeover Provisions**

State law, the Fund's governing documents and bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Fund or the removal of the Fund's trustees. These measures may have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board, increasing the expenses of the Fund, and depriving the shareholders of an opportunity to sell their shares at a premium over prevailing market prices, if any, by discouraging a third party from seeking to obtain control of the Fund.

**U.S. FEDERAL INCOME TAX MATTERS**

This section summarizes some of the U.S. federal income tax consequences to U.S. persons of investing in the Fund; the consequences under other tax laws and to non-U.S. shareholders may differ. Shareholders should consult their tax advisors as to the possible application of federal, state, local or non-U.S. income tax laws. This summary is based on the Code, U.S. Treasury regulations, and other applicable authority, all as of the date of this prospectus. Please see the Statement of Additional Information for additional information regarding the tax aspects of investing in the Fund.

**Taxation of the Fund**

*Taxation of RICs in General*

The Fund intends to elect to be treated, and intends to qualify annually, as a RIC. As a RIC, the Fund generally will not have to pay corporate-level U.S. federal income taxes on any income that it distributes to stockholders from its tax earnings and profits.

*Gross Income and Asset Tests*

To qualify as a RIC in any tax year, the Fund must, among other things, satisfy both an income composition test and an asset composition test. The Fund will qualify as a RIC if (i) at least 90% of the Fund's gross income for such tax year consists of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of stock, securities or foreign currencies, other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and net income derived from interests in "qualified publicly-traded partnerships" (such income, "Qualifying RIC Income") and (ii) each of the Fund's holdings are diversified so that, at the end of each quarter of such tax year, (a) at least 50% of the value of each of the Fund's total assets is represented by cash and cash equivalents, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested (x) in securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more "qualified publicly-traded partnerships" (the "Asset Diversification Tests").

The Fund's share of income derived from a partnership other than a "qualified publicly-traded partnership" will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A "qualified publicly-traded partnership" is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if (i) interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (ii) less than 90% of its gross income for the relevant tax year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that are not directly related to the RIC's principal business of investing in stock or securities (or options and futures with respect to stock or securities).

For purposes of testing whether the Fund satisfies the Asset Diversification Tests, the Fund generally is treated as owning a pro rata share of the underlying assets of a partnership that is not a "qualified publicly-traded partnerships." However, the rules are not entirely clear on certain aspects of a fund investing through partnerships, including certain dedicated feeder vehicles, and the Fund's investing through dedicated feeder vehicles could adversely affect the Fund's ability to meet the Asset Diversification Tests.

*Annual Distribution Requirements*

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

As a RIC, the Fund would be subject to a nondeductible 4% U.S. federal excise tax on certain undistributed amounts in respect of each calendar year, referred to herein as the "4% U.S. federal excise tax". In order to avoid the 4% U.S. federal excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (i) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains on which it has been subject to U.S. federal income tax. However, any distribution declared by the Fund in October, November or December of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for U.S. federal income tax purposes as if it had been paid on December 31 of the calendar year in which the distribution was declared. The Funds intends generally to endeavor each year to avoid the imposition of the 4% U.S. federal excise tax, but there can be no assurance in this regard.

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

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

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

*Taxation of Investments*

Certain of the Fund's investments are expected to be subject to special U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gains into higher-taxed short-term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (iv) adversely affect when a purchase or sale of stock or securities is deemed to occur, (v) adversely alter the intended characterization of certain complex financial transactions, (vi) cause the Fund to recognize income or gain without a corresponding receipt of cash and (vii) produce income that will not constitute Qualifying RIC Income. The application of these rules could cause the Fund to be subject to U.S. federal income tax or the 4% U.S. federal excise tax and, under certain circumstances, could affect the Fund's status as a RIC.

The Fund may form one or more subsidiaries ("Blocker Subsidiaries") in one or more jurisdictions to hold interests in certain of its portfolio companies to permit the Fund to continue to meet the qualification for taxation as a RIC. Entities such as Blocker Subsidiaries are typically organized as corporations or as limited liability companies or partnerships that elect to be taxed as corporations for U.S. federal income tax purposes and hold certain investments in pass-through tax entities (such as partnership interests or limited liability company interests) the gross revenue from which would be "bad income" for purposes of RIC qualification. The Fund may not invest more than 25% of its total assets in the shares of a Blocker Subsidiary. A U.S. Blocker Subsidiary will be subject to federal corporate income tax (as well as applicable state and local tax), and a non-U.S. Blocker Subsidiary may be subject to entity-level tax in the jurisdictions where it is formed, organized, or operates. A Blocker Subsidiary's distributions of its after-tax earnings to the Fund will be "good income" for RIC qualification purposes, and will be treated as qualified dividend income (for non-corporate stockholders) and as eligible for the dividends received deduction (for corporate stockholders), or as returns of capital.

*Investments in Non-U.S. Corporations*

The Fund may invest in one or more non-U.S. corporations treated as "passive foreign investment companies" for U.S. federal income tax purposes ("PFICs"). In general, a non-U.S. corporation will be treated as a PFIC for any taxable year if at least (i) 75% of its gross income is classified as "passive income" or (ii) 50% of the average quarterly value of its assets produce or are held for the production of passive income. Passive income includes, among other things, dividends, interest and rental income not treated as earned in connection with the active conduct of a trade or business.

A U.S. Taxable Investor could be subject to adverse tax rules with respect to its share of (i) "excess distributions" from a PFIC and (ii) any gain from a sale or other disposition by the Fund of an interest in a PFIC. Excess distributions are distributions received in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or the U.S. shareholder's holding period with respect to the PFIC shares. Under these tax rules, (i) the excess distribution or gain will be allocated ratably over the U.S. shareholder's holding period with respect to the PFIC shares; (ii) the amount allocated to the current taxable year will be treated as ordinary income; and (iii) the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year and an interest charge (at the rate generally applicable to underpayments of tax due in such year) will be imposed on the resulting tax attributable to each such year.

A U.S. Taxable Investor will be subject to different rules than those described above if a timely Qualified Electing Fund ("QEF") election is made with respect to a PFIC. Generally, a QEF election is made with the filing of a U.S. shareholder's U.S. federal income tax return for the first taxable year that it is treated as holding the PFIC's shares. If a domestic partnership (such as the Fund) holds an interest in a PFIC, then such domestic partnership must make the QEF election rather than the U.S. Taxable Investors. If the Fund timely makes a QEF election, the U.S. Taxable Investor generally will be required in each taxable year to include in gross income (i) its share of the PFIC's ordinary earnings as ordinary income, and (ii) its share of the PFIC's net capital gain as long term capital gain, in each case, regardless of whether such amounts are distributed by the PFIC. A U.S. Taxable Investor's tax basis with respect to the PFIC shares (and in its interest in the Fund through which it holds an interest in the PFIC) will be increased to reflect such QEF inclusions, and subsequent distributions are not again subject to U.S. federal income tax (although non-taxable distributions will reduce the U.S. Taxable Investor's tax basis with respect to the PFIC shares (and in its interest in the Fund through which it holds an interest in the PFIC)).

The ability of the Fund to make a QEF election with respect to a PFIC directly or indirectly held by the Fund will depend on the Fund's ability to obtain annual information from the PFIC as to its ordinary income and net capital gain, computed in accordance with U.S. federal income tax principles. No assurances can be given that the Fund will be able to obtain the information necessary to make a QEF election with respect to any PFIC held by the Fund. A U.S. Taxable Investor that owns directly, indirectly or by attribution 10% or more of the interests (by vote or value) in a non-U.S. corporation may be subject to the Controlled Foreign Corporation ("CFC") rules rather than the PFIC rules. If applicable, the CFC rules could require a U.S. Taxable Investor to recognize material amounts of income for U.S. federal income tax purposes, regardless of whether the Fund receives distributions from the CFC.

U.S. Taxable Investors are strongly urged to consult with their tax advisors with respect to the PFIC and/or CFC rules before investing in the Fund.

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

If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in its investment company taxable income regardless of whether it receives any actual distributions from such CFC, and such income will be taken into account for purposes of the Fund's annual distribution requirement and the 4% U.S. federal excise tax. If the Fund acquires a 10% or lesser interest in a CFC that is also treated as a PFIC, the Fund will be required to treat the foreign corporation as a PFIC for U.S. federal income tax purposes.

*Foreign Taxes*

Income received by the Fund from sources outside the United States may be subject to withholding and other taxes imposed by such countries, thereby reducing income available to the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Fund generally intends to conduct its investment activities to minimize the impact of foreign taxation, but there is no guarantee that the Fund will be successful in this regard.

**Taxation of U.S. Investors**

*Distributions*

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

Distributions made by the Fund to a corporate stockholder will qualify for the dividends-received deduction only to the extent that the distributions consist of qualifying dividends received by the Fund. In addition, any such dividends-received deduction will be disallowed or reduced if the corporate stockholder fails to satisfy certain requirements, including a holding period requirement, with respect to its stock.

Distributions of "qualified dividend income" to an individual or other non-corporate stockholder will be treated as "qualified dividend income" to such stockholder and will be taxed at long-term capital gain rates, provided the stockholder satisfies the applicable holding period and other requirements. "Qualified dividend income" generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria.

To the extent the Fund elects under the applicable provisions of the Code to retain its net capital gains, stockholders will be treated as having received, for U.S. federal income tax purposes, the Fund's undistributed capital gains as well as a corresponding credit or refund, as the case may be, for taxes paid by the Fund on such retained capital gains. A stockholder will increase its adjusted tax basis in stock by the difference between its allocable stock of such retained capital gain and its stock of the tax paid by the Fund.

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

Distributions paid by the Fund generally will be treated as received by a stockholder at the time the distribution is made. However, the Fund may, under certain circumstances, elect to treat a distribution that is paid during the following tax year as if it had been paid during the tax year in question. If the Fund makes such an election, the stockholder will still be treated as receiving the distribution in the tax year in which the distribution is made. However, any distribution declared by the Fund in October, November or December of any calendar year, payable to stockholder of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for U.S. federal income tax purposes as if it had been received by stockholders on December 31 of the calendar year in which the distribution was declared.

The IRS currently requires that a RIC that has two or more classes of stock allocate to each class proportionate amounts of each type of its income (such as ordinary income, capital gains and dividends qualifying for the dividends-received deduction) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if the Fund issues preferred stocks, the Fund intends to allocate capital gain distributions and distributions qualifying for the dividends-received deduction, if any, between its stock and preferred stock in proportion to the total distributions paid to each class with respect to such tax year.

Stockholders will be notified annually, as promptly as practicable after the end of each calendar year, as to the U.S. federal income tax status of distributions and stockholders receiving distributions in the form of additional stock will receive a report as to the NAV of such stock.

*Sale or Exchange of Stock*

A stockholder holding stock as capital assets generally will recognize capital gain or loss on the sale or other disposition of such stock. The amount of the gain or loss will be equal to the difference between the amount received for stock and the stockholder's adjusted tax basis in the relevant stock. Such gain or loss generally will be a long-term capital gain or loss if the stockholder has held such stock for more than one year. Otherwise, the gain or loss will be classified as short-term capital gain or loss. However, losses realized by a stockholder on the sale or exchange of stock held for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital gains received (or deemed received, as discussed above) with respect to such stock. In addition, no loss will be allowed on a sale or other disposition of stock if the stockholder acquires (including through reinvestment of distributions or otherwise) stock, or enters into a contract or option to acquire stock, within 30 days before or after any disposition of such stock at a loss. In such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss. Under current law, net capital gains recognized by non-corporate Stockholders are generally subject to U.S. federal income tax at lower rates than the rates applicable to ordinary income.

The repurchase or transfer of stocks may result in a taxable gain or loss to the tendering stockholder. Different tax consequences may apply for tendering and non-tendering stockholders in connection with a tender offer. For example, if a stockholder does not tender all of his or her stock, such repurchase may not be treated as an exchange for U.S. federal income tax purposes and may result in deemed distributions to non-tendering stockholders. On the other hand, stockholders who tender all of their stock (including stock deemed owned by stockholders under constructive ownership rules) will be treated as having sold their stock and generally will realize a capital gain or loss.

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

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of stock) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income"(in the case of an estate or trust) exceeds certain threshold amounts. U.S. persons that are individuals, estates or trusts are urged to consult their tax advisors regarding the applicability of this tax to their income and gains in respect of their investment in the Fund.

The Fund (or if a U.S. Investor holds stocks through an intermediary, such intermediary) will send to each of its U.S. Investors a notice reporting the amounts includible in such U.S. Investor's taxable income for such year as ordinary income and as long-term capital gain. In addition, the U.S. federal income tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Investor's particular situation.

Under Treasury Regulations, if a stockholder recognizes losses with respect to stock of $2 million or more for an individual stockholder or $10 million or more for a corporate stockholder, the stockholder must file with the IRS a disclosure statement on IRS Form 8886. Direct stockholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, stockholders of a RIC are not expected. Future guidance may extend the exception from this reporting requirement to stockholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Stockholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Reporting of adjusted cost basis information is required for covered securities, which generally include stock of a RIC, to the IRS and to taxpayers. The Fund has chosen the First -In, First-Out (FIFO) method as its default tax lot identification method for all shareholders. The Fund will use this method to report the sale of covered shares on a shareholder's Consolidated Form 1099 if the shareholder does not select a specific tax lot identification method. Subject to certain limitations, a shareholder may choose a method other than the Fund's default method at the time of purchase or upon the repurchase of Fund shares. Stockholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

*Backup Withholding and Information Reporting*

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

**Other Taxes**

The Fund may be subject to state and local taxes in various jurisdictions, including those in which it or it transact business, owns property or resides. In those states or localities, entity-level tax treatment and the treatment of distributions made to stockholders under those jurisdictions' tax laws may differ from the treatment under the Code. Accordingly, an investment in the stock of the Fund may have tax consequences for stockholders that are different from those of a direct investment in the Fund's portfolio investments. Stockholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Legislative or Other Actions Affecting RICs**

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. No assurance can be given as to whether, when, or in what form, U.S. federal income tax laws applicable to the Fund or stockholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of U.S. federal income tax laws could adversely affect an investment in the stock of the Fund.

**Certain ERISA Considerations**

Persons who are fiduciaries with respect to an employee benefit plan or other arrangement subject to ERISA (an "ERISA Plan"), and persons who are fiduciaries with respect to an IRA or Keogh Plan, which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the Code (together with ERISA Plans, "Benefit Plans"), should consider, among other things, the matters described below before determining whether to invest in a Fund.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, regulations of the U.S. Department of Labor (the "DOL") provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the income tax consequences of the investment and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach.

Because the Fund is registered as an investment company under the 1940 Act, the Fund's underlying assets should not be considered to be "plan assets" of the Benefit Plans investing in the Fund for purposes of ERISA's or the Code's fiduciary responsibility and prohibited transaction rules.

A Benefit Plan which proposes to invest in the Fund will be required to represent that it, and any fiduciaries responsible for such Benefit Plan's investments, are aware of and understand the Fund's investment objective, policies and strategies, that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Benefit Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and the Code, as applicable.

Certain prospective Benefit Plans may currently maintain relationships with the Adviser or one or more Underlying Managers or their affiliates. Each of such persons may be deemed to be a fiduciary of or other party in interest or disqualified person of any Benefit Plan to which it provides investment management, investment advisory or other services. ERISA and Section 4975 of the Code prohibit the use of Benefit Plan assets for the benefit of a party in interest or disqualified person (as those terms are defined in ERISA and Section 4975 of the Code, respectively) and also prohibit a Benefit Plan fiduciary from using its position to cause such Benefit 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. Benefit Plans should consult with their own counsel and other advisors to determine if participation in the Fund is a transaction that is prohibited by ERISA or the Code or is otherwise inappropriate. Fiduciaries of Benefit Plans 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 such fiduciaries are duly authorized to make such investment decision 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.

Employee benefit plans which are not subject to ERISA may be subject to other rules governing such plans. Fiduciaries of non-ERISA Plans, whether or not subject to Section 4975 of the Code should consult with their own counsel and other advisors regarding such matters.

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 in this SAI and the prospectus is general and may be affected by future publication of regulations and rulings. Benefit Plans should consult their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Interests.

THE FUND'S SALE OF SHARES TO ANY PLAN IS IN NO RESPECT A REPRESENTATION OR WARRANTY BY THE FUND, THE ADVISER OR ANY OF ITS AFFILIATES, OR BY ANY OTHER PERSON ASSOCIATED WITH THE SALE OF THE SHARES, THAT SUCH INVESTMENT BY ANY PLAN MEETS ALL RELEVANT LEGAL REQUIREMENTS APPLICABLE TO PLANS GENERALLY OR TO ANY PARTICULAR PLAN, OR THAT SUCH INVESTMENT IS OTHERWISE APPROPRIATE FOR PLANS GENERALLY OR FOR ANY PARTICULAR PLAN.

**CUSTODIAN**

UMB Bank, N.A. serves as the Fund's custodian.

**ADMINISTRATOR AND TRANSFER AGENT**

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, provides administration, fund accounting and transfer agency services to the Fund.

**LEGAL MATTERS**

Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, New York 10019, serves as counsel for the Fund.

Certain legal matters in connection with the Shares have been passed upon for the Fund by Richards, Layton & Finger, P.A., One Rodney Square, 920 North King Street, Wilmington, Delaware 19801.

**FISCAL YEAR; REPORTS TO SHAREHOLDERS**

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

The Fund will provide shareholders with an audited annual report and an unaudited semi-annual report within 60 days after the close of the reporting period for which the report is being made, or as otherwise required by 1940 Act.

**HOUSEHOLDING**

In an effort to decrease costs, the Fund intends to reduce the number of duplicate annual and semi-annual reports by sending only one copy of each to those addresses shared by two or more accounts and to shareholders reasonably believed to be from the same family or household. Once implemented, a shareholder must call 844-241-8667 to discontinue householding and request individual copies of these documents. Once the Fund receives notice to stop householding, individual copies will be sent beginning thirty days after receiving your request. This policy does not apply to account statements.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Ernst & Young LLP serves as the independent registered public accounting firm for the Fund and will provide audit services, tax and other audit related services to the Fund.

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND PRIVACY NOTICE**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**PRIVACY NOTICE** | &nbsp;&nbsp;**PRIVACY NOTICE** | &nbsp;&nbsp;**PRIVACY NOTICE** | &nbsp;&nbsp;**PRIVACY NOTICE** | &nbsp;&nbsp;**PRIVACY NOTICE** | &nbsp;&nbsp;**PRIVACY NOTICE** |
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES CAIS Sports, Media and Entertainment FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES CAIS Sports, Media and Entertainment FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES CAIS Sports, Media and Entertainment FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES CAIS Sports, Media and Entertainment FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES CAIS Sports, Media and Entertainment FUND DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  |  | &nbsp;&nbsp;■ | &nbsp;&nbsp;Social Security number | &nbsp;&nbsp;■ | &nbsp;&nbsp; Purchase History |
|  |  | &nbsp;&nbsp;■ | &nbsp;&nbsp;Assets | &nbsp;&nbsp;■ | &nbsp;&nbsp;Account Balances |
|  |  | &nbsp;&nbsp;■ | &nbsp;&nbsp;Retirement Assets | &nbsp;&nbsp;■ | &nbsp;&nbsp;Account Transactions |
|  |  | &nbsp;&nbsp;■ | &nbsp;&nbsp;Transaction History | &nbsp;&nbsp;■ | &nbsp;&nbsp;Wire Transfer Instructions |
|  |  | &nbsp;&nbsp;■ | &nbsp;&nbsp;Checking Account Information | &nbsp;&nbsp;Checking Account Information | &nbsp;&nbsp;Checking Account Information |
|  | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does CAIS<br> Sports, Media<br> and Entertainment<br> Fund share?** | &nbsp;&nbsp;**Can you limit<br> this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes –**<br> to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –**<br> information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1- (XXX) XXX-XXXX |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp; CAIS Sports, Media and Entertainment Fund |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does CAIS Sports, Media and Entertainment Fund protect my personal information?** | &nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** | &nbsp;&nbsp; We collect your personal information, for example, when you |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** | &nbsp;&nbsp;Open an account |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** |  |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** | &nbsp;&nbsp;Provide account information |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** |  |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** | &nbsp;&nbsp;Give us your contact information |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** |  |
| &nbsp;&nbsp; **How does CAIS Sports, Media and Entertainment Fund collect my personal information?** | &nbsp;&nbsp;Make deposits or withdrawals from your account |
|  | &nbsp;&nbsp;Make a wire transfer |
|  | &nbsp;&nbsp;Tell us where to send the money |
|  | &nbsp;&nbsp;Tells us who receives the money |
|  | &nbsp;&nbsp;Show your government-issued ID |
|  | &nbsp;&nbsp;Show your driver's license |
|  | &nbsp;&nbsp;We also collect your personal information from other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Sharing for affiliates' everyday business purposes – information about your creditworthiness |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Affiliates from using your information to market to you |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Sharing for non-affiliates to market to you |
|  | &nbsp;&nbsp;State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;*CAIS Sports, Media and Entertainment Fund does not share with our affiliates.* |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies |
|  | &nbsp;&nbsp;*CAIS Sports, Media and Entertainment Fund does not share with non-affiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
|  | &nbsp;&nbsp;*CAIS Sports, Media and Entertainment Fund does not jointly market.* |

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**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**Class D Shares**

**Class I Shares**

**Class S Shares**

**PROSPECTUS**

**[●], 2025**

**Investment Adviser**

CAIS Advisors LLC

**All dealers that buy, sell or trade the Shares, whether or not participating in this offering, may be required to deliver a prospectus when acting on behalf of the Fund.**

**You should rely only on the information contained in or incorporated by reference into this Prospectus. The Fund has not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer of these securities in any jurisdiction where the offer is not permitted.**

**The information in this Statement of Additional Information is not complete and may be changed. The Fund 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 it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion, dated October 8, 2025**

**CAIS Sports, Media and Entertainment Fund**

**Statement of Additional Information**

[●], 2025

**Class D Shares**

**Class I Shares**

**Class S Shares**

CAIS Sports, Media and Entertainment Fund (the "Fund") is a non-diversified, closed-end management investment company with no operating history. This Statement of Additional Information ("SAI") is not a prospectus. This SAI should be read in conjunction with the prospectus (the "Prospectus") of the Fund dated [●], 2025, as it may be supplemented from time to time. The Prospectus is hereby incorporated by reference into (legally made a part of) this SAI. Capitalized terms used but not defined in this SAI have the meanings given to them in the Prospectus. This SAI does not include all information that a prospective investor should consider before purchasing the Fund's securities.

You should obtain and read the Prospectus and any related Prospectus supplement prior to purchasing any of the Fund's securities. A copy of the Prospectus may be obtained without charge by calling the Fund toll-free at 844-241-8667 or by visiting http://www.caisadvisors.com/sme. **The Fund will provide to each person, including any beneficial owner, to whom the Prospectus or SAI is delivered, a copy of any or all information that has been incorporated by reference into the Prospectus or SAI but not delivered with the prospectus or SAI.** Information on the website is not incorporated herein by reference. The Fund's filings with the SEC also are available to the public on the SEC's Internet web site at https://*www.sec.gov*. Copies of these filings may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>.

References to the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the U.S. Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [ADDITIONAL INVESTMENT POLICIES](#sai_001) | 1 |
| [MANAGEMENT OF THE FUND](#sai_002) | 4 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#sai_003) | 9 |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#sai_004) | 10 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#sai_005) | 12 |
| [ERISA AND CERTAIN OTHER CONSIDERATIONS](#sai_006) | 13 |
| [FINANCIAL STATEMENTS](#sai_007) | 14 |
| [APPENDIX A FINANCIAL STATEMENTS](#sai_008) | A-1 |
| [APPENDIX B CAIS ADVISORS LLC PROXY VOTING](#sai_009) | B-1 |

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i

**ADDITIONAL INVESTMENT POLICIES**

The investment objective and the principal investment strategies of CAIS Sports, Media and Entertainment Fund (the "Fund"), as well as the principal risks associated with such investment strategies, are set forth in the Prospectus. The following disclosure supplements the disclosure set forth under the captions "Investment Objective, Policies and Strategies" and "Risk Factors" in the Prospectus and does not, by itself, present a complete or accurate explanation of the matters discussed. Prospective investors also should refer to "Investment Objective, Policies and Strategies" and "Risk Factors" in the Prospectus for a complete presentation of the matters disclosed 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 1940 Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the Shareholders of the Fund, duly called, (i) of 67% or more of the Shares represented at such meeting, if the holders of more than 50% of the outstanding Shares are present in person or represented by proxy or (ii) of more than 50% of the outstanding Shares, whichever is less. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action.

The Fund may not:

● Issue senior securities, except to the extent permitted by the 1940 Act or as otherwise permitted by the SEC.

● Borrow money, except to the extent permitted by the 1940 Act or as otherwise permitted by the SEC.

● Underwrite securities of other issuers, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.

● Make loans, except to the extent permitted by the 1940 Act or as otherwise permitted by the SEC.

● Purchase, hold or sell real estate, except to the extent permitted by the 1940 Act or as otherwise permitted by the SEC.

● Invest in commodities or commodity contracts, except to the extent permitted by the 1940 Act or as otherwise permitted by the SEC.

● Concentrate its investments in a particular industry or group of industries, as that term is used in the 1940 Act, except to the extent permitted by the 1940 Act or as otherwise permitted by the SEC and except that the Fund will be concentrated in one or more industries within the SME group of industries.

With respect to these investment restrictions and other policies described in this SAI or the Prospectus (except a Fund's policy on senior securities and borrowings set forth above), 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. The Fund's investment policies and restrictions do not apply to the activities and transactions of Portfolio Funds in which assets of the Fund are invested.

The following descriptions of the 1940 Act may assist investors in understanding the above policies and restrictions.

**<u>Borrowing</u>**. The 1940 Act restricts an investment company from borrowing in excess of one third of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the 1940 Act restrictions. In accordance with Rule 18f-4 under the 1940 Act, to the extent the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivatives transactions" and comply with Rule 18f-4 under the 1940 Act with respect to such transactions. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

**<u>Commodities</u>**. The 1940 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 extent to which the Fund can invest in commodities or contracts related to commodities is set out in the investment strategies and policies described in the Prospectus and this SAI.

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

**<u>Real Estate</u>**. The 1940 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 may invest in real estate or interests in real estate, securities that are secured by or represent interests in real estate (e.g. mortgage loans evidenced by notes or other writings defined to be a type of security), mortgage-related securities, investment funds that invest in real estate through entities that may qualify as Real Estate Investment Trusts ("REITs"), or in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including REITs). 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 1940 Act generally prohibits funds from issuing senior securities, although it does provide allowances for certain borrowings, firm commitment and standby commitment agreements. In addition, Rule 18f-4 under the 1940 Act permits the Fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the Fund complies with the applicable conditions of Rule 18f-4.

**<u>Underwriting</u>**. Under the 1940 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 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

**Non-Fundamental Policies**

**The Fund may change its investment objective, policies, restrictions, strategies, and techniques.**

Except as otherwise indicated, the Fund may change its investment objective and any of its policies, restrictions, strategies, and techniques without shareholder approval. The Fund's investment objective and investment strategies are not fundamental policies of the Fund and may be changed by the Board of the Fund without the vote of a majority (as defined by the 1940 Act) of the Fund's outstanding Shares.

The Fund's policy to invest, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in SME Investments (as defined in the Prospectus) is non-fundamental and may be changed by the Board, upon 60 days' prior written notice to Shareholders.

**MANAGEMENT OF THE FUND**

The Board of Trustees of the Fund (the "Board" and each a "Trustee") has overall responsibility to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund's business. The business of the Fund is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Fund's By-laws (the "Governing Documents"), each as amended from time to time, which have been filed with the SEC and are available upon request.

The Board consists of three individuals, each of whom are not deemed to be "interested persons" (as defined under the 1940 Act) of the Fund ("Independent Trustees"). The Board elects the officers of the Fund, who serve at the discretion of the Board. As set forth in the Fund's Governing Documents, each Trustee's term of office shall continue until his or her death, resignation or removal. The address of each Trustee is care of the Secretary of the Fund at 527 Madison Avenue, 12th Floor, New York, NY 10022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position(s) held<br> with the Fund** | **Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee\*** | **Other Directorships<br> Held by Trustee During<br> Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Richard Arney | Trustee | Since 2025 | Member, Unison Midgard REIT LLC, since 2024; Director, Human Interest Advisors LLC (retirement provider), since 2023; Director, Aziel Ventures Ltd and Volden Ltd (real estate), since 2020; Consultant, Second Street LLC (real estate), since 2019; Director Accial Capital Management, Inc. (consumer lending), since 2019; Board Member, Theorem Prime Plus Yield Fund Master LP and Theorem Main Master Fund LP, since 2019; Director, Park Cities Specialty GP LLC, since 2019; Director, The Bitwise 10 Index Offshore Fund, LTD, since 2018. | 1 |  |
| Joseph Carrier | Trustee | Since 2025 | Senior Vice President, Franklin Resources, Inc., from 2020 to 2022; Senior Managing Director, Legg Mason, Inc., from 2008 to 2020. | 1 | Trustee, CREF Funds (since 2023); Director, Franklin Templeton Investments Ireland (since 2022) |
| Kevin Mirabile | Trustee | Since 2025 | Professor, Fordham University, since 2011. | 1 | Trustee, Fiera Capital Funds (2018–2023) |

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\* "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

**Officers**

Certain biographical and other information relating to the officers of the Fund is set forth below, including their ages, addresses, positions held, lengths of time served and their principal business occupations during the past five years. The address of each officer is care of the Secretary of the Fund at 527 Madison Avenue, 12th Floor, New York, NY 10022.

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| | | | |
|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position held**<br> **with Fund** | **Length of<br> Time Served** | **Principal Occupation During Past 5 Years** |
| **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** |
| Neil Blundell<br> 1976 | President and Chief Executive Officer | Since 2025 | Chief Investment Officer, CAIS Advisors LLC (since June 2024), Managing Director – Head of Investments CAIS (August 2023 – July 2025), Global Head of Client Solutions and Alternatives, Invesco Investment Solutions (June 2017 – June 2023). |
| Terrence McCarthy<br> 1983 | Chief Financial Officer | Since 2025 | Managing Director, Chief Financial Officer, CAIS Advisors LLC (since November 2024), Director, Fund Management CAIS (September 2022 – November 2024), Vice President, Global Head of Fund Administration Fiera Capital Inc. (March 2021 – September 2022), Vice President, Product Strategy and Head of Fund Administration (April 2019 – March 2021). |
| Kent Barnes<br> 1968 | Secretary | Since 2025 | Vice President and Senior Management Counsel, Ultimus Fund Solutions, LLC (since November 2023); Vice President, U.S. Bancorp Fund Services, LLC (November 2018 to November 2023). |
| William Kimme<br> 1962 | Chief Compliance Officer | Since 2025 | Vice President and Senior Compliance Officer of Northern Lights Compliance Services, LLC (since 2011). |
| Patrick Sivak<br> 1998 | Anti-Money Laundering Officer | Since 2025 | Compliance Analyst, Ultimus Fund Solutions (since May 2025). |

---

**Trustee Qualifications**

The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of this SAI, that each Trustee should serve as a Trustee of the Fund.

*Richard Arney* currently serves as an independent director for domestic (Delaware) and offshore (Cayman and BVI) investment funds. As a board member, he has maintained proper fiduciary and compliance oversight of over $2B in assets while providing guidance on corporate strategy, distribution, and product management. He has successfully overseen large-scale investment fund launches, restructurings and operational changes, often with significant regulatory scrutiny. Prior to his current role, Rick served on the Corporate Governance and Responsible Investment Committee of BlackRock, setting board governance and proxy voting standards for BlackRock's multi-trillion-dollar holdings and platform of investment products. Rick also served as BlackRock's Global Head of Alternatives Distribution and led BlackRock's hedge fund product strategy, repositioning the firm's hedge fund platform (27 funds, ~$20B AUM) with new alternative mutual fund launches, fund mergers and liquidations. Finally, Rick served as Head of Investment Strategy for the Global Market Strategies Group, which managed BlackRock's largest ($10B AUM) hedge fund. Rick has published business and economics research in the Wall Street Journal, Stanford Journal of Economics, and Institutional Investor. He has an Economics BA with honors from Stanford, an MBA from Harvard, and is a Fulbright Scholar.

*Joseph Carrier* is a seasoned asset management executive with over 40 years of experience in enterprise risk management, treasury, investment operations, internal audit, and regulatory oversight. He most recently served as Senior Vice President of Enterprise Risk Management at Franklin Resources, Inc. (2020–2022), following a 12-year tenure as Senior Managing Director, Chief Risk Officer, and Chief Audit Executive at Legg Mason, Inc. (2008–2020). Earlier in his career, Mr. Carrier held senior roles at T. Rowe Price, including Treasurer and Principal Financial Officer of the T. Rowe Price Mutual Funds and Vice President, Division Head of Investment Operations. He also served as Chairman of the U.S. Asset Management Practice at Coopers & Lybrand LLP (now PricewaterhouseCoopers LLP) and as Assistant Chief Accountant in the Division of Investment Management at the U.S. Securities and Exchange Commission. Mr. Carrier currently serves on the boards of the Franklin Templeton Irish Funds, the College Retirement Equities Fund (CREF), the Cal Ripken, Sr. Foundation, and the University of Maryland Medical Center. He holds a B.A. in Accounting from Loyola University Maryland and is recognized as a Financial Expert and thought leader in the investment management industry.

*Kevin Mirabile* is a Clinical Professor of Finance at Fordham University. He teaches courses on the principles of finance, investment analysis, derivatives, alternative investing and personal financial planning. He is also the Director of the Alternative Investment Program at the Gabelli School of Business. Prior to becoming an academic, he held several senior executive positions at Morgan Stanley, Barclays Capital and Larch Lane Advisors in securities lending, repo, prime brokerage, futures and options, banking, sales and trading and asset management. He has also served as an independent mutual fund director, an independent wealth management firm advisor and as a consultant providing financial literacy training for Fortune 500 company employees. He is the author of several articles and books on hedge funds and alternative investments and has been quoted in the media and financial press on topics related to market infrastructure, investments and risk. His most recent book, published by Anthem Press, is titled "Exotic Alternative Investments – Stand Alone Characteristics, Unique Risks and Portfolio Effects". He is also the winner of several awards for teaching excellence, including Poets and Quants Top 50 Best Undergraduate Business School Professors in the U.S for 2021. Mr. Mirabile received his B.S. in Accounting from S.U.N.Y Albany in 1983, M.S. in Banking and Finance from Boston University in 2008 and doctorate in Finance and Economics from PACE University in 2013. He is also a C.P.A. and member of the A.I.C.P.A.

The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

**Board Leadership Structure**

Richard Arney, an Independent Trustee, is the Chair of the Board. Under the Fund's Governing Documents, the Chair of the Board is responsible for (a) presiding at board meetings, (b) calling special meetings on an as-needed basis, (c) execution and administration of Fund policies including (i) setting the agendas for board meetings and (ii) providing information to board members in advance of each board meeting and between board meetings. The Fund believes that its Chair, the chair of the Audit Committee, the chair of the Nominating and Governance Committee, and, as an entity, the full Board, provide effective leadership that is in the best interests of the Fund and each shareholder.

**Board's Role in Risk Oversight**

The Board performs its risk oversight function primarily through (i) its standing committees, which report to the entire Board and are comprised solely of Independent Trustees, and (ii) active monitoring of the chief compliance officer and the Fund's compliance policies and procedures. Oversight of other risks is delegated to the committees.

Oversight of the Fund's investment activities extends to oversight of the risk management processes employed by the Adviser as part of its oversight of day-to-day management of the Fund's investment activities. The Board anticipates reviewing risk management processes at both regular and special board meetings throughout the year, consulting with appropriate representatives of the Adviser as necessary and periodically requesting the production of risk management reports or presentations. The goal of the Board's risk oversight function is to ensure that the risks associated with the Fund's investment activities are accurately identified, thoroughly investigated and responsibly addressed. Investors should note, however, that the Board's oversight function cannot eliminate all risks or ensure that particular events do not adversely affect the value of investments.

The role of the Board in risk oversight is effective and appropriate given the extensive regulation to which the Fund is already subject.

**Board Committees**

The Board has established two standing committees: the Audit Committee and the Nominating and Governance Committee.

***Audit Committee***

The Board has an Audit Committee that consists of all the Independent Trustees. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Fund's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Fund's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Fund's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. Joseph Carrier serves as the chair of the Audit Committee. The Board has determined that Joseph Carrier qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. The Audit Committee operates pursuant to an Audit Committee Charter.

***Nominating and Governance Committee***

The Board has a Nominating and Governance Committee that consists of all the Independent Trustees. The Nominating and Governance Committee assists the Board in adopting fund governance practices and meeting certain fund governance standards. The Nominating and Governance Committee operates pursuant to a Nominating and Governance Committee Charter. The Nominating and Governance Committee is responsible for seeking and reviewing nominee candidates for consideration as Independent Trustees as is from time to time considered necessary or appropriate. The Nominating and Governance Committee reviews all nominations of potential trustees made by Fund management and by Fund shareholders, which includes all information relating to the recommended nominees that is required to be disclosed in solicitations or proxy statements for the election of directors, including without limitation the biographical information and the qualifications of the proposed nominees. Nomination submissions must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Nominating and Governance Committee. The Nominating and Governance Committee meets to consider nominees as is necessary or appropriate. The Nominating and Governance Committee is also responsible for reviewing and setting Independent Trustee compensation from time to time when considered necessary or appropriate. Kevin Mirabile serves as the chair of the Nominating and Governance Committee.

**Trustee Ownership of Securities**

The following table indicates the dollar range of equity securities that each Trustee beneficially owned in the Fund as of date of this SAI.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Fund\*** | **Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Fund Complex** |
| Richard Arney | None | None |
| Joseph Carrier | None | None |
| Kevin Mirabile | None | None |

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\* As of the date of this SAI, the Fund is newly-offered and none of the Trustees or officers of the Fund, as a group, owned any Shares of the Fund.

As of the date of this SAI, none of the Independent Trustees (or their immediate family members) own beneficially or of record 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.

**Compensation of Trustees**

Independent Trustees are entitled to receive annual cash retainer fees in the amount of $15,000 per year and $1,500 per each special meeting of the Board or a committee. The chair of the Board receives an additional $2,500 each year, and the chair of each of the Audit Committee and the Nominating and Governance Committee receives an additional $2,500 each year. None of the executive officers, with the exception of the Chief Compliance Officer, receive compensation from the Fund. The Fund reimburses each of the trustees for all reasonable and authorized business expenses in accordance with the Fund's policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and each committee meeting not held concurrently with a board meeting.

The Fund does not have a bonus, profit sharing, pension or retirement plan.

**Codes of Ethics**

Each of the Fund, the Adviser and the Fund's Distributor has adopted a code of ethics (each, a "Code of Ethics") under Rule 17j-1 of the 1940 Act. Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by covered personnel in their personal accounts. The Codes of Ethics permit covered personnel, subject to certain restrictions, to invest in securities, including securities that may be purchased or held by the Fund. Covered personnel may engage in personal securities transactions, subject to certain restrictions, and are required to report their personal securities transactions for monitoring purposes. The Code of Ethics for the Adviser is included as exhibits to the registration statement of which the Statement of Additional Information is incorporated. In addition, the Code of Ethics of the Adviser is available on the EDGAR database on the SEC's website at http://www.sec.gov. Shareholders may also obtain copies of the Code of Ethics of the Adviser, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**Proxy Voting Policies**

Investments in the Portfolio Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Fund may receive notices or proposals from the Portfolio Funds seeking the consent of or voting by holders ("proxies"). The Board has delegated any voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. Under these policies, the Adviser will vote proxies, amendments, consents or resolutions related to Fund securities in the best interests of the Fund and its Shareholders. The Adviser's proxy voting procedures are included in Appendix A of this SAI. Information regarding how the Adviser voted proxies related to the Fund's portfolio holdings during the 12-month period ending June 30 will be available, without charge, upon request by calling 844-241-8667, at the Fund's website at www.caisadvisors.com/sme and on the SEC's website at www.sec.gov.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

Shareholders who beneficially own more than 25% of the outstanding voting securities of the Fund may be deemed to be a "control person" of the Fund for purposes of the 1940 Act. As of October 1, 2025, the Fund had not commenced investment operations and the only Shares of the Fund were owned by the Adviser.

**INVESTMENT ADVISORY AND OTHER SERVICES**

**The Adviser**

CAIS Advisors, LLC, located at 527 Madison Avenue, 12th Floor, New York, NY 10022, serves as the Fund's investment adviser. The Adviser is a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is a wholly owned subsidiary of Capital Integration Systems LLC ("CAIS"). CAIS operates the CAIS Platform, a business-to-business, proprietary, password protected, alternative investment platform, made available exclusively to financial entities and financial professionals (e.g., registered investment advisers, certain family offices, bank & trust companies) that meet the threshold requirements of FINRA Rule 4512(c), as well as broker-dealers. The CAIS Platform is not made available or marketed to retail investors. Through the CAIS Platform, financial entities and financial professionals, primarily derived from the independent wealth management community, gain access to information, education, and third-party due diligence materials regarding a select of range of alternative investment products, primarily managed by third-party asset managers.

An entity affiliated with Eldridge, a Core Independent Manager, owns a minority non-controlling interest in CAIS, and holds two out of nine of the seats on the board of directors of CAIS.

Under the general supervision of the Board, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will furnish continuously an investment program with respect to the Fund, and will determine which securities should be purchased, sold or exchanged. In addition, the Adviser will supervise and provide oversight of the Fund's service providers. The Adviser will furnish to the Fund office facilities, equipment and personnel for servicing the management of the Fund. The Adviser will compensate all Adviser personnel who provide services to the Fund.

In consideration for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation under the Investment Advisory Agreement a management fee computed at the annual rate of 0.95% of the daily net assets. The Adviser may employ research services and service providers to assist in the Adviser's market analysis and investment selection.

The Investment Advisory Agreement was approved by the Board on September 24, 2025 and by the initial shareholder of the Fund on September 29, 2025, for an initial two-year term. The Investment Advisory Agreement will continue in effect from year to year thereafter so long as such continuance is approved annually by the Board or by vote of a majority of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by a majority of the Independent Trustees. The Investment Advisory Agreement is terminable without penalty, on 60 days' prior written notice: by the Board; by vote of a majority of the outstanding voting securities of the Fund; or by the Adviser. The Investment Advisory Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

**Portfolio Managers**

Neil Blundell and Sarah Jiang are the Fund's portfolio managers and are responsible for the day-to-day investment management of the Fund.

***Compensation of the Portfolio Managers***

The Adviser's philosophy on compensation is to provide senior professionals incentives that are tied to both short-term and long-term performance of the Adviser. All investment professionals are salaried. Further, all investment professionals are eligible for a short-term incentive bonus each year that is discretionary and based upon the professional's performance, as well as the performance of the business. For his or her services to the Fund, each portfolio manager receives a salary, a discretionary bonus, and other benefits that include certain retirement benefits from the Adviser or its affiliates. Each portfolio manager may also be eligible for certain short-term and long-term incentives.

***Other Accounts Managed***

The following table shows information regarding accounts (other than the Fund) managed by each named portfolio manager as of September 30, 2025.

Neil Blundell

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| | | | | |
|:---|:---|:---|:---|:---|
| **Other Accounts By Type** | **Total Number of<br> Accounts by<br> Account Type** | **Total Assets By<br> Account Type** | **Number of<br> Accounts by<br> Type Subject to a<br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $80331737 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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Sarah Jiang

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| | | | | |
|:---|:---|:---|:---|:---|
| **Other Accounts By Type** | **Total Number of<br> Accounts by<br> Account Type** | **Total Assets By<br> Account Type** | **Number of<br> Accounts by<br> Type Subject to a<br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $80331737 | 0 | $0 |
| Other Accounts | 1 | $74624889 | 0 | $0 |

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***Securities Ownership***

As of September 30, 2025, the portfolio manager owned the following amounts in the Fund:

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity<br> Securities Owned** |
| Neil Blundell | None |
| Sarah Jiang | None |

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**Conflicts of Interest**

The Adviser and portfolio managers may manage multiple accounts for multiple clients. In addition to the Fund, these other accounts may include separate accounts, other registered funds and private funds. The Adviser manages potential conflicts between these accounts through allocation policies and procedures, internal review processes, and oversight by Trustees and independent third parties. The Adviser has developed trade allocation policies and procedures to ensure that no one client, regardless of type, is intentionally favored at the expense of another. Allocation policies are designed to address potential conflicts in situations where two or more funds or accounts participate in investment decisions involving the same securities.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Since the Fund intends to generally acquire and dispose of its investments in privately negotiated transactions, it expects to infrequently use brokers in the normal course of its business. Subject to policies established by the Board, the Adviser will be responsible for the execution of the publicly-traded securities portion of the Fund's portfolio transactions, if any, and the allocation of brokerage commissions. The Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. While the Adviser will generally seek reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Adviser may select a broker based partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.

**ERISA AND CERTAIN OTHER CONSIDERATIONS**

Persons who are fiduciaries with respect to an employee benefit plan or other arrangement subject to ERISA (an "ERISA Plan"), and persons who are fiduciaries with respect to an IRA or Keogh Plan, which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the Code (together with ERISA Plans, "Benefit Plans"), should consider, among other things, the matters described below before determining whether to invest in a Fund.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, regulations of the U.S. Department of Labor (the "DOL") provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the income tax consequences of the investment and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach.

Because the Fund is registered as an investment company under the 1940 Act, the Fund's underlying assets should not be considered to be "plan assets" of the Benefit Plans investing in the Fund for purposes of ERISA's or the Code's fiduciary responsibility and prohibited transaction rules.

A Benefit Plan which proposes to invest in the Fund will be required to represent that it, and any fiduciaries responsible for such Benefit Plan's investments, are aware of and understand the Fund's investment objective, policies and strategies, that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Benefit Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and the Code, as applicable.

Certain prospective Benefit Plans may currently maintain relationships with the Adviser or one or more Underlying Managers or their affiliates. Each of such persons may be deemed to be a fiduciary of or other party in interest or disqualified person of any Benefit Plan to which it provides investment management, investment advisory or other services. ERISA and Section 4975 of the Code prohibit the use of Benefit Plan assets for the benefit of a party in interest or disqualified person (as those terms are defined in ERISA and Section 4975 of the Code, respectively) and also prohibit a Benefit Plan fiduciary from using its position to cause such Benefit 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. Benefit Plans should consult with their own counsel and other advisors to determine if participation in the Fund is a transaction that is prohibited by ERISA or the Code or is otherwise inappropriate. Fiduciaries of Benefit Plans 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 such fiduciaries are duly authorized to make such investment decision 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.

Employee benefit plans which are not subject to ERISA may be subject to other rules governing such plans. Fiduciaries of non-ERISA Plans, whether or not subject to Section 4975 of the Code should consult with their own counsel and other advisors regarding such matters.

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 in this SAI and the prospectus is general and may be affected by future publication of regulations and rulings. Benefit Plans should consult their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Interests.

**FINANCIAL STATEMENTS**

Appendix A to this SAI provides financial information regarding the Fund. The Fund's financial statements have been audited by Ernst & Young LLP.

**APPENDIX A**

**CAIS Sports, Media and Entertainment Fund**

**Financial Statements**

September 30, 2025

**CAIS Sports, Media and Entertainment Fund**

**Index to Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| Audited Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#f_001) | A-3 |
| &nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#f_002) | A-4 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#f_003) | A-5 |
| &nbsp;&nbsp;&nbsp;[Notes to the Financial Statements](#f_004) | A-6 |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of

CAIS Sports, Media and Entertainment Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of CAIS Sports, Media and Entertainment Fund (the "Fund") as of September 30, 2025 and the related statement of operations for the period September 24, 2025 (inception) through September 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at September 30, 2025 and the results of its operations for the period September 24, 2025 (inception) through September 30, 2025 in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. 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 audits 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 statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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 statements. 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 statements. We believe that our audit provides a reasonable basis for our opinion.

![](fin_001.jpg)

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

New York, New York

October 8, 2025

**CAIS Sports, Media and Entertainment Fund** 

**Statement of Assets and Liabilities**

**September 30, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Cash | $100000 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 362201 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 488504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $950705 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Accrued offering costs (See Note 2) | 362201 |
| &nbsp;&nbsp;&nbsp;Accrued organizational expenses | 488504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $850705 |
| **Commitments and Contingencies (See Note 2)** |  |
| **Net assets** | $100000 |
| Net Assets consist of: |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $100000 |
| **Class D Shares:** |  |
| Shares of beneficial interest outstanding (Unlimited number of shares authorized) | 3334 |
| Net asset value price per share | $10.00 |
| **Class I Shares:** |  |
| Shares of beneficial interest outstanding (Unlimited number of shares authorized) | 3333 |
| Net asset value price per share | $10.00 |
| **Class S Shares:** |  |
| Shares of beneficial interest outstanding (Unlimited number of shares authorized) | 3333 |
| Net asset value price per share | $10.00 |

---

The accompanying notes are an integral part of the financial statements.

**CAIS Sports, Media and Entertainment Fund**

**Statement of Operations**

**For the Period from September 24, 2025 (inception) through September 30, 2025**

---

| | |
|:---|:---|
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;**Organizational expenses** | $488504 |
| &nbsp;&nbsp;&nbsp;Less: Reimbursement from Adviser | (488504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $**-** |

---

The accompanying notes are an integral part of the financial statements.

**CAIS Sports, Media and Entertainment Fund**

**Notes to Financial Statements**

**September 30, 2025**

**1. Organization**

CAIS Sports, Media and Entertainment Fund (the "Fund") intends to file for registration under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware statutory trust on September 22, 2025. At an organizational board meeting held on September 24, 2025, the Fund appointed the Board of Trustees, and the Board of Trustees approved the appointment of the Adviser (as defined below), which is deemed to be the inception date. The Fund did not have any operations as of September 30, 2025, other than those relating to organizational matters, funding of seed capital, and registration of its shares under applicable securities laws.

The Fund intends to engage in a continuous offering of shares of beneficial interest of the Fund consisting of Class D Shares, Class I Shares and Class S Shares. The Fund is authorized as a Delaware statutory trust to issue an unlimited number of shares. The initial net asset value ("NAV") per share for Class D Shares, Class I Shares and Class S Shares is $10.00 per share. The minimum initial investment in the Fund is $25,000 for Class D Shares and $1,000,000 for Class I Shares and Class S Shares, subject to waiver or reduction with respect to certain investors or categories of investors in the sole discretion of the Adviser (as defined below).

The Fund's investment adviser is CAIS Advisors LLC (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Pursuant to the investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Adviser will be responsible for all investment management decisions, including, without limitation, the timing and amount of allocations to or away from the Portfolio Funds (as defined below). 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's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective is not fundamental and may be changed at the discretion of the Board without shareholder approval. The Fund will notify shareholders at least 60 days prior to any change in the investment objective.

Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in private or publicly traded investments in the sports, media and/or entertainment ("SME") industries (the "SME Investments"). The Fund intends to invest in SME Investments both directly and indirectly by investing in private investment vehicles that focus on SME Investments ("Portfolio Funds").

Companies, businesses and investments in the "sports" industry include, but are not limited to, sports franchises, sports leagues, sports content creation and/or distribution platforms, sports-related media rights, sports merchandise or equipment, sports-related gaming or betting platforms (including fantasy sports and prediction markets), sporting tournaments and major events, sports-related facilities and/or adjacent real estate ownership or operations, sports and health technology, sports data and analytics platforms, eSports organizations, college athletics, name-, image-, and likeness-related businesses, youth or amateur sports platforms, athlete-driven media ventures, athlete representation or sponsorship monetization platforms, and firms supporting the sports ecosystem through marketing, sponsorship, consulting, advisory, and/or technology services. Companies, businesses and investments in the "media and entertainment" industry include, but are not limited to, movie and/or television studios, streaming platforms, video or mobile game developers or publishing, music platforms (including labels, rights holders, and/or production companies), digital media, social media, publishing platforms, celebrity- or influencer-led media ventures, entertainment intellectual property and content libraries, talent representation or management, ticketing and fan engagement platforms, live entertainment and/or event businesses, leisure facilities or experience-based venues, casinos and/or gaming, advertising and brand marketing platforms, and broadcast, cable, and satellite networks or distribution platforms. The Fund will be concentrated (i.e., more than 25% of the value of the Fund's assets will be invested) in one or more industries within the SME group of industries.

**CAIS Sports, Media and Entertainment Fund**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Private SME Investments include private equity investments (both control and non-control equity investments) in SME-related businesses, and private credit investments, such as direct lending to, and mezzanine debt and distressed debt issued by, SME-related businesses or secured by SME-related assets. Publicly traded SME Investments include publicly listed equities and fixed-income securities, such as corporate bonds and corporate loans, issued by SME companies. Investments may span varying credit qualities and maturities, including investment-grade and non-investment-grade securities.

Non-investment-grade securities are commonly referred to as "junk" or "high yield" securities. An investment is non-investment-grade if rated below Baa by Moody's Investors Services, Inc. or equivalently rated by Standard & Poor's Corporation.

The Fund plans to initially allocate a significant percentage of its assets to investment vehicles managed by Arctos Partners, LP or its affiliates and Eldridge Capital Management, LLC or its affiliates.

In determining whether a particular investment constitutes an SME Investment, the Adviser first considers how the investment is classified by one or more widely accepted third-party industry classification systems. If the investment does not fall within a sports, media, and/or entertainment industry, the Adviser may consider the investment to be an SME Investment if over 50% of the issuer's revenue is related to an SME industry. The Adviser considers a private investment vehicle that focuses on SME Investments to be an SME Investment if at least 80% of its net assets are invested in, or are anticipated to be invested in, SME Investments.

For liquidity management purposes or during periods of market volatility, the Fund may hold cash or invest in cash equivalents – including money market funds, U.S. Treasury securities, and other short-term, high-quality investments – and corporate bonds with short- to intermediate-term maturities (together with SME Investments, the "Investments"). The Fund may gain exposure to Investments directly through individual issuers or indirectly through private investment vehicles, exchange-traded funds ("ETFs"), closed-end funds, mutual funds, real estate investment funds and business development companies and similar investment vehicles.

The Fund is generally geography-agnostic, but expects its investments to be primarily based in North America and Europe.

A Statement of Changes in Net Assets and Financial Highlights are not disclosed within the financial statements as the Fund has not commenced operations as of the date of these financial statements.

**2. Summary of Significant Accounting Policies**

*Basis of Accounting and Presentation*

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies". All financial information is presented in U.S. dollars, the functional currency of the Fund. The following is a summary of significant accounting policies used in preparing the financial statements.

*Use of Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates.

**CAIS Sports, Media and Entertainment Fund**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

*Cash*

Cash includes cash held or deposited in bank accounts. The Fund deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash is not restricted.

*Offering and Organizational Costs*

Organizational costs include expenses relating to the formation and incorporation of the Fund, which generally include legal fees and other professional expenses. Offering costs include expenses of preparation, review and filing with the SEC the Fund's registration statement, the costs of preparation and review of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the Prospectus, and/or marketing materials, and the amounts of associated filing fees and legal fees associated with the offering. Organizational costs are charged to expenses as incurred. All organizational costs as of September 30, 2025, have been waived by the Adviser. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into expense over a 12-month period using the straight-line method.

As of September 30, 2025, the Fund incurred $488,504 in organizational costs and had $362,201 in offering costs. As of September 30, 2025, a substantial amount of the organizational and offering costs incurred by the Fund are billed by third parties to and paid by the Advisor and its affiliates and are therefore allocated by the Adviser to the Fund. Such expenses paid by the Adviser are subject to recoupment by the Adviser for the next three years under the Expense Limitation Agreement, subject to the Expense Cap (defined below) and the other terms of the Expense Limitation Agreement described below.

*Income Taxes*

The Fund intends to operate so as to qualify to be taxed as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for federal income tax purposes. The Fund has adopted September 30th as its fiscal tax year-end. Requirements to qualify as a RIC include certain quarterly compliance requirements, and by distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or excise tax is necessary.

The Fund accounts for income taxes in conformity with ASC Topic 740 – Income Taxes ("ASC 740"). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. There were no material uncertain income tax positions, interest, or penalties as of September 30, 2025.

*Commitments, Contingencies and Indemnification* 

The Fund indemnifies its officers, trustees and managers for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund which cannot be predicted with any certainty. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**CAIS Sports, Media and Entertainment Fund**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

**3. Investment Adviser and Other Agreements**

Under the terms of the Investment Advisory Agreement, the Adviser maintains overall responsibility for the oversight and management of the Fund's business and activities. The Investment Advisory Agreement has an initial term of two years and continues in effect from year to year if its continuation is approved annually by the Board. The Board, or the Fund's shareholders, may terminate the Investment Advisory Agreement on 60 days' prior written notice to the Adviser. The Investment Advisory Agreement terminates automatically upon its assignment. In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a management fee (the "Management Fee"), at an annual rate of 0.95% payable quarterly in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter (including any assets in respect of Shares that will be repurchased by the Fund as of the end of the quarter). The Management Fee is separate from the asset-based fees and incentive fees in respect of Investments, which are paid directly by the Portfolio Funds to the underlying managers and are indirectly borne by the Shareholders of the Fund. The Management Fee is due and payable in arrears within thirty calendar days after the end of the quarter. Base management fees for any partial quarter are prorated based on the number of days in the quarter.

As of September 30, 2025, no management fees had been incurred by or paid to the Adviser by the Fund.

Due from Adviser represents organizational costs to be reimbursed to the Fund from the Adviser.

Pursuant to an expense limitation and reimbursement agreement (the "Expense Limitation Agreement"), the Adviser has contractually agreed to waive fees and/or pay or reimburse certain operating and other expenses of the Fund so that the total annual operating expenses of the Fund, excluding excluded expenses, in respect of each class of shares of the Fund, do not exceed an amount equal to 0.75% of the average quarterly net assets of the class on an annualized basis (the "Expense Cap"). For a period not to exceed three years from the date on which the Adviser waived the fee or reimbursed the expense, the Adviser may recoup waived fees, reimbursed expenses or directly paid expenses if (i) at the time of repayment, the annual operating expenses of such share class have fallen below the Expense Cap and (ii) the repayment does not cause the annual operating expenses of such share class in the quarter the reimbursement is made (after given effect to such repayment) to rise to a level that exceeds the Expense Cap in place at the time the fees were waived and/or the expenses were reimbursed, or the Expense Cap in place at the time the Fund repays the Adviser, whichever is lower. For the avoidance of doubt, the expenses covered by the foregoing provision include, without limitation, the Fund's organizational and initial offering costs. In addition, the Adviser has contractually agreed to reimburse a portion of Class S's total expenses (other than Excluded Expenses) equal to: (i) 0.10% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $150,000,000 but less than $250,000,000; (ii) 0.15% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $250,000,000 but less than $500,000,000; and (iii) 0.20% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $500,000,000. The Adviser may not recoup expenses reimbursed pursuant to the expense reimbursement agreement for Class S. These contractual arrangements will remain in effect until at least the one year anniversary of the effective date of the Fund's registration statement, unless earlier terminated by the Fund's Board.

Ultimus Fund Distributors, LLC (the "Distributor") serves as the Fund's distributor. The Distributor acts as an agent for the Fund and the distributor of its shares. The Distributor may enter into selected dealer agreements with various brokers and dealers and their agents that have agreed to participate in the distribution of shares. Additionally, the Distributor is authorized to retain other service providers to provide ongoing investor services and account maintenance services to shareholders. The Fund will pay a quarterly fee to the Distributor out of the net assets of Class D Shares for shareholder servicing at an annual rate of 0.25% of the aggregate net asset value of Class D Shares, determined and accrued as of the last business day of each calendar quarter (before any repurchases of Shares). The Fund will not pay any fee to the Distributor with respect to the distribution of Class I Shares and Class S Shares.

The Fund has retained Ultimus Fund Solutions, LLC (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. Ultimus Fund Solutions, LLC also serves as the Fund's transfer agent.

UMB Bank, N.A., 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. sub-custodians.

**CAIS Sports, Media and Entertainment Fund**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

**4. Capital Share Transactions**

To provide a limited degree of liquidity to shareholders, at the sole discretion of the Board, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by shareholders. Tender offers will be made periodically on terms determined by the Board. The Adviser intends to recommend to the Board, subject to the Board's discretion, that the Fund offer to repurchase Shares from shareholders on a semi-annual basis in an amount generally not to exceed 5% of the Fund's NAV. No shareholder has the right to require the Fund to redeem his, her or its shares.

As of September 30, 2025, the only capital share transactions have been for the contribution of seed capital for Class D, Class I and Class S Shares by the Adviser. The total contributions for Class D, Class I and Class S Shares are $33,334, $33,333 and $33,333, respectively.

**5. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of the financial statements and has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**APPENDIX B**

**CAIS ADVISORS LLC PROXY VOTING POLICY**

Rule 206(4)-6 of the Advisers Act makes it a fraudulent, deceptive, or manipulative act, practice or course of business within the meaning of Section 206(4) of the Act for an investment adviser to exercise voting authority with respect to client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients, (ii) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

In accordance with its fiduciary duty to clients and Rule 206(4)-6 of the Investment Advisors Act, CAIS Advisors has adopted and implemented written policies and procedures governing the voting of client securities. All proxies that CAIS Advisors receives will be treated in accordance with these policies and procedures.

CAIS Advisors will reach its voting decisions independently, after appropriate investigation. It does not generally intend to delegate its decision making or to rely on the recommendations of any third party, although it may take such recommendations into consideration. When CAIS Advisors determines a proxy may have an impact on a fund holding, CAIS Advisors will vote on those matters on a case-by-case basis in a manner that CAIS Advisors believes is in the best interests of the applicable fund holdings.

CAIS Advisors considers the reputation, experience, and competence of a company's management and board of directors when it evaluates a prospective investment. In general, CAIS Advisors votes in favor of routine corporate matters, such as the re-approval of an auditor or a change of a legal entity's name. CAIS Advisors also generally vote in favor of compensation practices and other measures that are in-line with industry norms, that allow companies to attract and retain key Supervised Persons and directors, that reward long-term performance, and that align the interests of management and shareholders

With respect to voting proxies, it is CAIS Advisors' policy to:

● stay apprised of developments that affect the securities in which the Funds invest;

● carefully review matters submitted to a Fund for a vote as a holder of fund interests or operating company securities; and

● vote on those matters on a case-by-case basis in a manner that the Investment Manager believes is in the best interests of the applicable Fund.

With respect to ETFs, CAIS Advisors proxy voting will be done by mirror voting.

<u>Conflicts of Interest</u>

CAIS Advisors will identify any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of CAIS Advisors with the issuer of each security to determine if CAIS Advisors or any of its employees has any financial, business or personal relationship with the issuer.

<u>Recordkeeping</u>

CAIS Advisors, in accordance with SEC recordkeeping rules, shall maintain for a period of at least five (5) years from the end of the fiscal year voted: a record of each proxy statement received regarding client securities, records of votes cast on behalf of clients, records of client requests for proxy voting information, a copy of any written response and all documents prepared by CAIS Advisors regarding votes cast in contradiction to the pre-determined benchmark proxy voting guidelines, and all proxy voting policies and procedures and any amendments.

In the event proxy voting is required, CAIS Advisors will elect to vote or not to vote proxies received in a manner consistent with the best interests of the Fund and shareholders. CAIS Advisors will present to the Board, at least annually, CAIS Advisors' Proxy Policies and a record of each proxy voted or not voted by CAIS Advisors on behalf of the Fund, including a report on the resolution of all proxies identified by CAIS Advisors involving a conflict of interest.

To the extent that CAIS Advisors is required to file Form 13F (e.g. exercising investment discretion over $100 million or more in Section 13(f) securities), the Adviser understands that it has an obligation to report its proxy votes at public stockholder meetings on Form N-PX. The Form N-PX should be filed with the SEC each year by August 31, with information pertaining to the previous 12-month period running from July 1 to June 30.

**PART C**

**OTHER INFORMATION**

**Item 25. Financial Statements And Exhibits**

(1) Financial Statements

---

| | |
|:---|:---|
| Part A: | Not applicable as the Fund has not commenced operations. |
| Part B: | Statement of Assets and Liabilities. Financial statements indicating that the Registrant has met the net worth requirements of Section 14(a) of the Investment Company Act of 1940 are included in Part B of this Registrant Statement. |

---

(2) Exhibits

---

| | |
|:---|:---|
| (a)(1) | [Certificate of Trust dated September 22, 2025, is filed herewith.](caissports_exa1.htm) |
| (a)(2) | [Amended and Restated Agreement and Declaration of Trust is filed herewith.](caissports_exa2.htm) |
| (b) | [By-Laws of the Registrant are filed herewith.](caissports_exb.htm) |
| (c) | Not applicable. |
| (d) | [Multiple Class Plan Pursuant to Rule 18f-3 is filed herewith.](caissports_exd.htm) |
| (e) | [Dividend Reinvestment Plan is filed herewith.](caissports_exe.htm) |
| (f) | Not applicable. |
| (g) | [Investment Advisory Agreement is filed herewith.](caissports_exg.htm) |
| (h) | [Distribution Agreement is filed herewith.](caissports_exh.htm) |
| (i) | Not applicable. |
| (j) | [Custodian Agreement is filed herewith](caissports_exj.htm). |
| (k)(1) | [Master Services Agreement for Fund Administration, Fund Accounting, and Transfer Agency Services is filed herewith.](caissports_exk1.htm) |
| (2) | [Expense Reimbursement Agreement (Class S Shares) is filed herewith.](caissports_exk2.htm) |
| (3) | [Expense Limitation and Reimbursement Agreement is filed herewith.](caissports_exk3.htm) |
| (4) | [Trademark Agreement is filed herewith.](caissports_exk4.htm) |
| (5) | [Distribution and Shareholder Servicing Plan is filed herewith.](caissports_exk5.htm) |
| (l) | [Opinion and Consent of Counsel is filed herewith.](caissports_exl.htm) |
| (m) | Not applicable. |
| (n) | [Independent Registered Public Accounting Firm Consent is filed herewith.](caissports_exn.htm) |
| (o) | Not applicable. |
| (p) | [Initial Capital Agreement is filed herewith.](caissports_exp.htm) |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of the Registrant is filed herewith.](caissports_exr1.htm) |
| (r)(2) | [Code of Ethics of the Adviser is filed herewith.](caissports_exr2.htm) |
| (r)(3) | [Code of Ethics of the Distributor is filed herewith.](caissports_exr3.htm) |
| (s) | [Filing Fee Table is filed herewith.](caissports_exs.htm) |
| (t) | [Power of Attorney is filed herewith.](caissports_ext.htm) |

---

**Item 26. Marketing Arrangements**

See the Distribution Agreement, which is filed as Exhibit (h) to this Registration Statement.

**Item 27. Other Expenses Of Issuance And Distribution**

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this registration statement:

---

| | |
|:---|:---|
| SEC Registration Fees | $138100 |
| Blue Sky Expenses | $43066 |
| Legal Fees and Expenses | $637159 |
| Printing Expenses | $2946 |
| Accounting Fees | $20000 |
| Miscellaneous | $52500 |
| Total | $893771 |

---

**Item 28. Persons Controlled By Or Under Common Control With The Registrant**

The Registrant does not control any other person. 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 CAIS Advisors LLC, the Registrant's investment adviser and, therefore, deemed to be under common control with one or more funds deemed to be controlled by the Adviser or its affiliates. Information regarding the ownership of CAIS Advisors LLC is set forth in its Form ADV as filed with the SEC (File No. 801-130768).

**Item 29. Number Of Holders Of Shares**

Set forth below is the number of holders of securities of the Registrant as of October 1, 2025:

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of<br> Record Holders** | **Number of<br> Record Holders** |
| Shares of Beneficial Interest, Class D |  | 1 |
| Shares of Beneficial Interest, Class I |  | 1 |
| Shares of Beneficial Interest, Class S |  | 1 |

---

**Item 30. Indemnification**

Reference is made to Article V, Section 5.2 of the Registrant's Amended and Restated Declaration of Trust. The Registrant, its trustees and officers are insured against certain expenses in connection with the defense of claims, demands, actions, suits, or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, 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 of 1933 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 trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, 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 of 1933 and will be governed by the final adjudication of such issue.

**Item 31. Business And Other Connections Of Investment Adviser**

A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each managing director, executive officer or partner of the 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, partner or trustee, is set out in the Prospectus in the section entitled "Management of the Fund" and in the Statement of Additional Information in the section captioned "Management of the Fund." The information required by this Item 31 with respect to each director, officer or partner of the Adviser is incorporated by reference to its Form ADV filed with the SEC pursuant to the Investment Advisers Act of 1940, as amended.

**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, as amended (the "1940 Act"), and the rules thereunder are maintained by the Registrant's custodian, UMB Bank, N.A., the Registrant's administrator and transfer agent, Ultimus Fund Solutions, LLC, and the Registrant's investment adviser, CAIS Advisors LLC.

UMB Bank, N.A.

1010 Grand Boulevard

Kansas City, Missouri 64106

Ultimus Fund Solutions, LLC

225 Pictoria Drive

Cincinnati, Ohio 45246

CAIS Advisors LLC

527 Madison Avenue, 12<sup>th</sup> Floor

New York, New York 10022

**Item 33. Management Services**

Not Applicable

**Item 34. Undertakings**

(1) Not Applicable.

(2) Not Applicable.

(3) Registrant undertakes:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) of the Securities Act if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&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;

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]: (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 (B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

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

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

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

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

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

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

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

(4) Not Applicable.

(5) Not Applicable.

(6) Not Applicable.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 8th day of October, 2025.

---

| | |
|:---|:---|
| **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** | **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** |
| By: | /s/ Neil Blundell |
|  | Neil Blundell |
|  | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on the 8th day of October, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Neil Blundell<br> Neil Blundell | /s/ Neil Blundell<br> Neil Blundell | President and Chief Executive Officer |
| /s/ Terrence McCarthy<br> Terrence McCarthy | /s/ Terrence McCarthy<br> Terrence McCarthy | Chief Financial Officer |
| Richard Arney\*<br> Richard Arney | Richard Arney\*<br> Richard Arney | Trustee |
| Joseph Carrier\*<br> Joseph Carrier | Joseph Carrier\*<br> Joseph Carrier | Trustee |
| Kevin Mirabile\*<br> Kevin Mirabile | Kevin Mirabile\*<br> Kevin Mirabile | Trustee |
| \*By: | /s/ Terrence McCarthy |  |
|  | Terrence McCarthy, Attorney-in-fact |  |

---

\* Pursuant to Power of Attorney filed herewith.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (a)(1) | [Certificate of Trust](caissports_exa1.htm) |
| (a)(2) | [Amended and Restated Agreement and Declaration of Trust](caissports_exa2.htm) |
| (b) | [By-Laws of the Registrant](caissports_exb.htm) |
| (d) | [Multiple Class Plan Pursuant to Rule 18f-3](caissports_exd.htm) |
| (e) | [Dividend Reinvestment Plan](caissports_exe.htm) |
| (g) | [Investment Advisory Agreement](caissports_exg.htm) |
| (h) | [Distribution Agreement](caissports_exh.htm) |
| (j) | [Custodian Agreement](caissports_exj.htm) |
| (k)(1) | [Master Services Agreement for Fund Administration, Fund Accounting, and Transfer Agency Services](caissports_exk1.htm) |
| (k)(2) | [Expense Reimbursement Agreement (Class S Shares)](caissports_exk2.htm) |
| (k)(3) | [Expense Limitation and Reimbursement Agreement](caissports_exk3.htm) |
| (k)(4) | [Trademark Agreement](caissports_exk4.htm) |
| (k)(5) | [Distribution and Shareholder Servicing Plan](caissports_exk5.htm) |
| (l) | [Opinion and Consent of Counsel](caissports_exl.htm) |
| (n) | [Independent Registered Public Accounting Firm Consent](caissports_exn.htm) |
| (p) | [Initial Capital Agreement](caissports_exp.htm) |
| (r)(1) | [Code of Ethics of the Registrant](caissports_exr1.htm) |
| (r)(2) | [Code of Ethics of the Adviser](caissports_exr2.htm) |
| (r)(3) | [Code of Ethics of the Distributor](caissports_exr3.htm) |
| (s) | [Filing Fee Exhibit](caissports_exs.htm) |
| (t) | [Power of Attorney](caissports_ext.htm) |

---

## Exhibit 99.2

***Exhibit (a)(1)***

**STATE OF DELAWARE**

**CERTIFICATE OF TRUST**

This Certificate of Trust is filed in accordance with the provisions of the Delaware Statutory Trust Act (Title 12 of the Delaware Code Section 3801 <u>et seq</u>.) and sets forth the following:

<u>FIRST</u>: The name of the statutory trust is CAIS Sports, Media and Entertainment Fund.

<u>SECOND</u>: The name and address of the Registered Agent in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801.

<u>THIRD</u>: The statutory trust is or will become prior to or within 180 days following the first issuance of beneficial interests, a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. §§80a-l <u>et seq</u>.).

---

| | |
|:---|:---|
| By: | /s/ Christopher Crawford |
| Name: | Christopher Crawford |

---

## Exhibit 99.2

***Exhibit (a)(2)***

**CAIS Sports, Media and entertainment FUND**

**AMENDED AND RESTATED DECLARATION OF TRUST**

**Dated as of September 24, 2025**

**table Of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | THE TRUST | 1 |
| 1.1. | Name | 1 |
| 1.2. | Trust Purpose | 1 |
| 1.3. | Definitions | 2 |
| ARTICLE II | TRUSTEES | 3 |
| 2.1. | Number | 3 |
| 2.2. | Term and Election | 4 |
| 2.3. | Resignation and Removal | 4 |
| 2.4. | Vacancies | 4 |
| 2.5. | Meetings | 5 |
| 2.6. | Trustee Action by Written Consent | 5 |
| 2.7. | Officers | 5 |
| 2.8. | Chairman | 6 |
| ARTICLE III | POWERS AND DUTIES OF TRUSTEES | 6 |
| 3.1. | General | 6 |
| 3.2. | Investments | 6 |
| 3.3. | Legal Title | 6 |
| 3.4. | Issuance and Repurchase of Shares | 7 |
| 3.5. | Borrow Money or Utilize Leverage | 7 |
| 3.6. | Delegation; Committees | 7 |
| 3.7. | Collection and Payment | 8 |
| 3.8. | Expenses | 8 |
| 3.9. | Bylaws | 8 |
| 3.10. | Miscellaneous Powers | 8 |
| 3.11. | Further Powers | 9 |
| 3.12. | Sole Discretion; Good Faith | 9 |
| ARTICLE IV | ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 9 |
| 4.1. | Advisory and Management Arrangements | 9 |
| 4.2. | Distribution Arrangements | 9 |
| 4.3. | Parties to Contract | 10 |
| ARTICLE V | LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 10 |
| 5.1. | No Personal Liability of Shareholders, Trustees, etc. | 10 |
| 5.2. | Mandatory Indemnification | 10 |
| 5.3. | No Bond Required of Trustees | 12 |
| 5.4. | No Duty of Investigation; No Notice in Trust Instruments, etc. | 12 |
| 5.5. | Reliance on Experts, etc. | 12 |

---

i

---

| | | |
|:---|:---|:---|
| ARTICLE VI | SHARES OF BENEFICIAL INTEREST | 12.0 |
| 6.1. | Beneficial Interest | 12.0 |
| 6.2. | Other Securities | 13.0 |
| 6.3. | Rights of Shareholders | 13.0 |
| 6.4. | Exchange Privilege | 13.0 |
| 6.5. | Trust Only | 13.0 |
| 6.6. | Issuance of Shares | 13.0 |
| 6.7. | Register of Shares | 14.0 |
| 6.8. | Transfer Agent and Registrar | 14.0 |
| 6.9. | Transfer of Shares | 14.0 |
| 6.10. | Notices | 15.0 |
| 6.11. | Derivative Actions | 15.0 |
| ARTICLE VII | DETERMINATION OF NET ASSET VALUE | 15.0 |
| 7.1. | Net Asset Value | 15.0 |
| 7.2. | Distributions to Shareholders | 16.0 |
| 7.3. | Power to Modify Foregoing Procedures | 16.0 |
| ARTICLE VIII | CUSTODIANS | 16.0 |
| 8.1. | Appointment and Duties | 16.0 |
| 8.2. | Central Certificate System | 17.0 |
| ARTICLE IX | REPURCHASES OF SHARES | 17.0 |
| 9.1. | Repurchase of Shares | 17.0 |
| 9.2. | Price | 18.0 |
| 9.3. | Repurchase by Agreement | 18.0 |
| 9.4. | Involuntary Redemption | 18.0 |
| 9.5. | Disclosure of Holding | 18.0 |
| ARTICLE X | SHAREHOLDERS | 18.0 |
| 10.1. | Meetings of Shareholders | 18.0 |
| 10.2. | Voting | 19.0 |
| 10.3. | Notice of Meeting and Record Date | 19.0 |
| 10.4. | Quorum and Required Vote | 19.0 |
| 10.5. | Proxies, etc. | 20.0 |
| 10.6. | Reserved | 20.0 |
| 10.7. | Inspection of Records | 20.0 |
| 10.8. | Shareholder Action by Written Consent | 20.0 |
| 10.9. | Delivery by Electronic Transmission or Otherwise | 20.0 |
| ARTICLE XI | DURATION; TERMINATION OF TRUST; AMENDMENT; ETC. | 21.0 |
| 11.1. | Duration | 21.0 |
| 11.2. | Termination | 21.0 |
| 11.3. | Amendment Procedure | 22.0 |
| 11.4. | Subsidiaries | 22.0 |
| 11.5. | Merger, Consolidation and Sale of Assets | 22.0 |
| 11.6. | Conversion to Other Business Entities | 22.0 |
| 11.7. | Incorporation | 23.0 |

---

ii

---

| | | |
|:---|:---|:---|
| ARTICLE XII | MISCELLANEOUS | 23.0 |
| 12.1. | Filing | 23.0 |
| 12.2. | Resident Agent | 23.0 |
| 12.3. | Governing Law | 24.0 |
| 12.4. | Exclusive Delaware Jurisdiction | 24.0 |
| 12.5. | Counterparts | 25.0 |
| 12.6. | Reliance by Third Parties | 25.0 |
| 12.7. | General Direct Actions | 25.0 |
| 12.8. | Waiver of Jury Trial | 26.0 |
| 12.9. | Conversion | 26.0 |
| 12.10. | Provisions in Conflict with Law or Regulation | 26.0 |
| 12.11. | Section Headings; Interpretation | 27.0 |

---

iii

**<u>CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND</u>**

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

AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") of CAIS Sports, Media and Entertainment Fund (the "Trust"), made as of the 24th day of September, 2025, by the Trustees hereunder, and by the Shareholders as hereinafter provided.

WHEREAS, the Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, the Trust is authorized to issue an unlimited number of its Shares all in accordance with the provisions hereinafter set forth;

WHEREAS, the initial Declaration of Trust was entered into as of September 22, 2025 (the "Original Declaration");

WHEREAS, this Declaration amends and restates in its entirety the Original Declaration;

WHEREAS, each Trustee has agreed to manage all property coming into his or her hands as a Trustee of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws shall constitute the governing instrument of the Trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustee hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the Shareholders from time to time of Shares as hereinafter set forth.

Article I<br><u>THE TRUST</u>

1.1. <u>Name</u>. This Trust shall be known as the "CAIS Sports, Media and Entertainment Fund" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

1.2. <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of a closed-end management investment company registered under the 1940 Act. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a closed-end management investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Act, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

1.3. <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms "<u>Affiliated Person</u>," "<u>Assignment</u>," "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Bylaws</u>" shall mean the Bylaws of the Trust, as amended from time to time by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Commission</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Continuing Trustees</u>" shall mean trustees who either (i) have been members of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Trust's operations, if less than 36 months) or (ii) were nominated to serve as members of the Board of Trustees by a majority of the Continuing Trustees then serving as members of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Declaration</u>" shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Delaware Statutory Trust Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Exchange Act</u>" refers to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Fiscal Year</u>" means each period commencing on April 1<sup>st</sup> of each year and ending on March 31<sup>st</sup> of the following year (or on the date of a final distribution made in accordance with Section 11.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>General Direct Action</u>" shall mean an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim sounds in contract, tort, fraud or otherwise or is based on common law, statutory, equitable, legal or other grounds) where the harm alleged falls upon all Shareholders or all Shareholders of a series or class (and not an individual harm only to the Shareholder or Shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their holdings of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Ma</u>j<u>ority Shareholder Vote</u>" shall mean "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust voted on any matter to be voted on by the Shareholders with all shares entitled to vote voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Registration Statement</u>" shall mean the registration statement of the Trust on Form N-2 as in effect from time to time and any amendments and supplements thereto which at any time have been filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Trust</u>" shall mean the statutory trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Trustees</u>" shall mean the signatories to this Declaration, so long as he or she shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

Article II<br><u>TRUSTEES</u>

2.1. <u>Number</u>. As of the date hereof, the number of Trustees shall be three (3) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than one (1) and no more than fifteen (15). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office.

2.2. <u>Term and Election</u>. The term of office of a Trustee shall continue until death, resignation or removal of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee so appointed shall hold office for the remainder of the full term of the trusteeship in which such vacancy occurred and shall hold office until his or her successor shall have been duly elected and qualified.

2.3. <u>Resignation and Removal</u>. Any of the Trustees may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the other Trustees or the Chairman (if any), the Chief Executive Officer, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) with or without cause, and only by action taken by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" as defined in the 1940 Act a majority of the remaining Trustees that are not "interested persons" as defined in the 1940 Act) or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal.

2.5. <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, or the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees, or members of a committee, as the case may be, may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees, or a majority of the members of a committee.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting except as otherwise may be provided by law.

2.6. <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if a majority of the Trustees, or members of a committee, as the case may be, consent to the action in writing or by electronic transmission and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

2.7. <u>Officers</u>. The Trustees may elect a Chief Executive Officer, a Secretary, a Chief Financial Officer and a Chief Compliance Officer and may also elect such other officers or assistant officers as may be elected or authorized by the Trustees. The powers and duties of any officer of the Trust shall be as determined by the Board of Trustees from time to time. Officers shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. Except as to the duties and liabilities with regards to matters arising under the Securities Act of 1933, as amended, the Exchange Act, and the 1940 Act (collectively, the "federal securities laws"), all officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control.

2.8. <u>Chairman</u>. The Trustees may designate a Chairman and a Vice Chairman of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time.

Article III<br><u>POWERS AND DUTIES OF TRUSTEES</u>

3.1. <u>General</u>. The Trustees shall manage or direct the management of the Trust Property and the business of the Trust with such powers of delegation as may be permitted by this Declaration. Except as to the duties and liabilities with regards to matters arising under the federal securities laws, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

3.2. <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any Person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

3.3. <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust as a separate legal entity under the Delaware Statutory Trust Act, provided that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees with suitable reference to their trustee status, or in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of a custodian or sub-custodian or a nominee or nominees or otherwise. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. To the extent title to the Trust Property has been vested in the Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death of a Trustee, such Trustee shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

3.4. <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to cause the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust whether capital or surplus or otherwise. Subject to the further provisions of this Article III, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any class of Shares of the Trust (each, a "Class") to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

3.5. <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation.

3.6. <u>Delegation; Committees</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

3.7. <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

3.8. <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

3.9. <u>Bylaws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal Bylaws without shareholder vote for the conduct of the business of the Trust.

3.10. <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, the Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept on behalf of the Trust; and (i) adopt a seal of Trust, even though the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

3.11. <u>Further Powers</u>. The Trustees shall have the 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, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, 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 Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.

3.12. <u>Sole Discretion; Good Faith</u>. Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision, except as to the duties and liabilities with regards to matters arising under the federal securities laws: (i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

Article IV<br><u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

4.1. <u>Advisory and Management Arrangements</u>. Subject to compliance with the 1940 Act and the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

4.2. <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

4.3. <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees 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 voidable by reason of the existence of any such relationship, 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 reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, 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 4.3.

Article V<br><u>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</u>

5.1. <u>No Personal Liability of Shareholders, Trustees, etc</u>. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

5.2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Declaration, the Trust hereby agrees to indemnify and hold harmless each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any and all, losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed, claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position. Notwithstanding the foregoing, with respect to any claim, demand, action, suit or other proceeding (or part thereof) commenced by any indemnitee, indemnification shall be mandatory only if the commencement of such claim, demand, action, suit or other proceeding (or part thereof) by such indemnitee was authorized by a majority of the Trustees in their sole discretion or was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, and without requiring a preliminary determination of the ultimate entitlement to indemnification, the Trust shall make advance payments (which shall be unsecured and interest free) in connection with expenses (including legal fees and expenses) incurred by any indemnitee in appearing at, participating in or defending any claim, demand, action, suit or proceeding with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking by the indemnitee to repay the Trust such amounts if it ultimately shall be determined that the indemnitee is not entitled to indemnification as authorized by this Section 5.2. The Trust shall have no obligation to advance any amounts in connection with any claim, demand, action, suit or other proceeding (or part thereof) commenced by an indemnitee unless such commencement was (1) authorized by a majority of the Trustees in their sole discretion or (2) instituted by the indemnitee to enforce his or her rights to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude or restrict any other right (including any right of indemnification or advancement) which any indemnitee or any other person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

5.3. <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

5.4. <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

5.5. <u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.

Article VI<br><u>SHARES OF BENEFICIAL INTEREST</u>

6.1. <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

6.2. <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. The Trustees are also authorized to take such actions and retain such any person as they see fit to offer and sell such securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

6.3. <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or, assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, redemption or conversion rights.

6.4. <u>Exchange Privilege</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Classes.

6.5. <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

6.6. <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

6.7. <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefrom and rules and regulations as to their use.

6.8. <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

6.9. <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable 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 hereof and neither the Trustees 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. 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 or (2) under certain limited circumstances, with the consent of the Trustees or their delegate (which may be withheld in the Trustees' or their delegate's sole and absolute discretion). Each Shareholder will indemnify and hold harmless the Trust, the Trustees and any Affiliated Person of the Trust or the Trustees 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 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, insolvency or adjudicated incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

6.10. <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

6.11. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) 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 advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 6.11 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

Article VII<br><u>DETERMINATION OF NET ASSET VALUE</u>

7.1. <u>Net Asset Value</u>. The net asset value of each outstanding Share shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Registration Statement or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Registration Statement or as may otherwise be determined by the Trustees.

7.2. <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any Class, or any series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any Class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any Class of shares or series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, additional Shares of any Class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 7.2 may be among the Shareholders of record of the applicable Class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

7.3. <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Exchange Act, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

Article VIII<br><u>CUSTODIANS</u>

8.1. <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

8.2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Exchange Act, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular Class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

Article IX<br><u>REPURCHASES OF SHARES</u>

9.1. <u>Repurchase of Shares</u>. Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Registration Statement.

9.2. <u>Price</u>. Shares may be repurchased at their net asset value or at such other price as is in compliance with the 1940 Act or any exemption therefrom, which may be reduced by any sales charge, withdrawal charge, or any other form of charge authorized by the Trustees. With respect to Shares, net asset value shall be determined as set forth in Article VII hereof as of such time as the Trustees shall have theretofore prescribed by resolution. Payment for Shares repurchased shall be made in cash or in property out of the assets of the Trust to the Shareholder of record at such time and in the manner, not inconsistent with the 1940 Act or other applicable laws.

9.3. <u>Repurchase by Agreement</u>. The Trust may repurchase Shares directly, or through a distributor or another agent designated for the purpose, by agreement with the owner thereof, or an agent designated by such owner, at a price not exceeding the net asset value per share determined as set forth in Article VII hereof as of the time specified in the Registration Statement of the Trust at the time in effect.

9.4. <u>Involuntary Redemption</u>. If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Shares or other securities of the Trust or any series or class thereof has or may become concentrated in any Person to an extent which would disqualify the Trust as a regulated investment company under the Code or would cause the Trust to be treated as a personal holding company under the Code, then the Trustees shall have the power by lot or other means deemed equitable by them to (i) call for redemption a number of Shares sufficient in the opinion of the Trustees to (A) maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification or (B) avoid or to continue to avoid the treatment of the Trust as a personal holding company under the Code, and (ii) refuse to transfer or issue Shares to any Person whose acquisition of the Shares in question would in the opinion of the Trustees result in such disqualification or treatment. The Trustees shall have the power to redeem Shares in any Shareholder's account at a redemption price determined in accordance with Section VII if at any time the total number of Shares held in such account is fewer than an established minimum selected by the Trustees, in which event the Shareholder shall be notified that the number of Shares in the account is fewer than the minimum and shall be allowed a period, fixed by the Trustees, in which to avoid such redemption by increasing the account to at least the established minimum.

9.5. <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Article X<br><u>SHAREHOLDERS</u>

10.1. <u>Meetings of Shareholders</u>. The Trust will not hold annual Shareholder meetings unless required by the 1940 Act. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate or may be held virtually. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered and waiver of notice shall occur according to the provisions of the Trust's Bylaws. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration.

10.2. <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, the removal of Trustees pursuant to Section 2.3 or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more Classes or series of shares shall require approval by the required vote of all the affected Classes and series of shares voting together as a single Class; provided, however, that as to any matter with respect to which a separate vote of any Class or series of shares is required by the 1940 Act, such requirement as to a separate vote by that Class or series of shares shall apply in addition to a vote of all the affected Classes and series voting together as a single Class. Shareholders of a particular Class or series of shares shall not be entitled to vote on any matter that affects only one or more other Classes or series of shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees.

10.3. <u>Notice of Meeting and Record Date</u>. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered, and waiver of notice shall occur according to the provisions of the Trust's Bylaws, including via electronic transmission to a Shareholder at his or her address as it is registered with the Trust. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. For purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chairman, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

10.4. <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided from time to time in the Bylaws, the presence in person or by proxy of Shares entitled to cast one-third (33 1/3%) of the votes entitled to be cast shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of Shareholders of such class or series with respect to such matter. Notwithstanding the foregoing, Trustees shall be elected by the affirmative vote of a plurality of the Shares voted at a meeting of the Shareholders to the extent Shareholders are entitled to vote to elect Trustees.

10.5. <u>Proxies, etc</u>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

10.6. <u>Reserved</u>.

10.7. <u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted stockholders of a corporation formed under the Delaware General Corporation Law. This section is intended to replace any rights to inspect to the books and records of the Trust granted to beneficial owners under the Delaware Statutory Trust Act.

10.8. <u>Shareholder Action by Written Consent</u>. The Trustees may, but shall not be required, to permit any action required or permitted to be taken at any meeting of the Shareholders to be taken without a meeting, without a prior notice and without a vote if the consent, setting forth the action to be taken is given in writing or by electronic transmission by the Shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders entitled to vote thereon were present and voted.

10.9. <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

Article XI<br><u>DURATION; TERMINATION OF TRUST; AMENDMENT; ETC</u>.

11.1. <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

11.2. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved only upon approval of not less than a majority of the Trustees. Upon the dissolution 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;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&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 Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&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) After paying or adequately providing for the payment of all claims and obligations of the Trust in accordance with Section 3808 of the Delaware Statutory Trust Act, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

11.3. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the 1940 Act and of the provisions of this Declaration, the Trustees reserve the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration, of any outstanding Shares. Such an amendment shall be authorized by a vote of the Shareholders pursuant to Section 10.4 if it would limit the right of a Shareholder to vote or amend this Section 11.3 or if Shareholder authorization is required by the 1940 Act.

11.4. <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell convey, and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

11.5. <u>Merger, Consolidation and Sale of Assets</u>. Pursuant to an agreement of merger or consolidation, the Trust, may, by act of a majority of the Trustees, without the vote or consent of the Shareholders, merge or consolidate with or into one or more business trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state of the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration that would otherwise require the approval of such Shareholders. In accordance with Section 3815(f) of the Delaware Statutory Trust Act, an agreement of merger or consolidation may effect any amendment to this Declaration or the By-Laws or effect the adoption of a new declaration of trust or bylaws of the Trust if the Trust is the surviving or resulting business trust. Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the Delaware Statutory Trust Act.

11.7. <u>Incorporation</u>. Notwithstanding anything else contained herein, the Trustees may, without prior Shareholder approval, (i) cause to be organized or assist in organizing under the laws of any jurisdiction a corporation or corporations or any other trust, partnership, association or other organization to take over all or less than all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and may sell, convey and transfer Trust Property to any such corporation, trust, partnership, association or other organization in exchange for the shares or securities thereof or otherwise, and may lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, partnership, association or other organization, or any corporation, partnership, trust, association or other organization in which the Trust holds or is about to acquire shares or any other interest or (ii) cause the Trust to incorporate under the laws of the State of Delaware.

Article XII<br><u>MISCELLANEOUS</u>

12.1. <u>Filing</u>. This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or Secretary of the Trust stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

12.2. <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be The Corporation Trust Company. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

12.3. <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 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 Delaware Statutory Trust 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 Declaration. 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 Delaware Statutory Trust 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.

12.4. <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Act, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall 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 agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) 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, (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. Notwithstanding anything to the contrary in this Section 12.4, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

12.5. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

12.6. <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

12.7. <u>General Direct Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by Delaware law, the Shareholders' right to bring a General Direct Action against the Trust and/or its Trustees is eliminated, except for a General Direct Action to enforce an individual Shareholder right to vote or a General Direct Action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Delaware Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then Section 12.7(b) shall apply. Notwithstanding the foregoing, however, no provision of this Section 12.7 shall apply to any claims arising under the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Shareholder may maintain a General Direct Action unless holders of at least ten percent (10%) of the outstanding Shares or, if less than all outstanding series or classes are alleged to have been harmed in connection with the General Direct Action, 10% of the Shares in the respective series, class or classes alleged to have been harmed, join in the bringing of such action. In addition, a Shareholder may bring a General Direct Action only if the following conditions are met:

&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 Shareholder or Shareholders have obtained authorization from the Trustees to bring such General Direct Action unless an effort to cause the Trustees to authorize 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, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); 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;(ii) unless a demand is not required under clause (i) 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 advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to authorize such action.

12.8. <u>Waiver of Jury Trial</u>. IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW

12.9. <u>Conversion</u>. Notwithstanding any other provisions of this Declaration or the By-Laws, a favorable vote of not less than seventy-five percent (75%) of the Shares of the Trust entitled to vote on the matter, each affected series or class outstanding, voting as separate series or classes, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) entitled to vote on the matter shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

12.10. <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration 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, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination. For the avoidance of doubt, no provision of this Declaration modifying, restricting or eliminating duties and liabilities of Trustees shall apply to or in any way limit the duties and liabilities of Trustees with respect to matters arising under the U.S. federal securities laws, including, without limitation, the 1940 Act, to the extent any such provision is in conflict with the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration 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 provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

12.11. <u>Section Headings; Interpretation</u>. Section headings in this Declaration are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. References in this Declaration to "this Declaration" shall be deemed to refer to this Declaration as from time to time amended, and all expressions such as "hereof", "herein" and "hereunder" shall be deemed to refer to this Declaration as from time to time amended and not exclusively to the article or section in which such words appear.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

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| | |
|:---|:---|
| By: | /s/ Richard Arney |
|  | Richard Arney |
|  | Trustee |
| By: | /s/ Joseph Carrier |
|  | Joseph Carrier |
|  | Trustee |
| By: | /s/ Kevin Mirabile |
|  | Kevin Mirabile |
|  | Trustee |

---

[*Signature Page to CAIS Sports, Media and Entertainment Fund's Amended and Restated Declaration of Trust*]

## Exhibit 99.2

***Exhibit (b)***

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**(a Delaware Statutory Trust)**

**BYLAWS**

**Dated as of September 24, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| ARTICLE I SHAREHOLDER MEETINGS | ARTICLE I SHAREHOLDER MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;1.1. | Chairman | 1 |
| &nbsp;&nbsp;&nbsp;1.2. | Proxies; Voting | 1 |
| &nbsp;&nbsp;&nbsp;1.3. | Notice of Meeting and Fixing Record Dates | 1 |
| &nbsp;&nbsp;&nbsp;1.4. | Inspectors of Election | 2 |
| &nbsp;&nbsp;&nbsp;1.5. | Records at Shareholder Meetings | 2 |
| &nbsp;&nbsp;&nbsp;1.6. | Postponement, Adjournment and Change of Place of Meetings | 2 |
| &nbsp;&nbsp;&nbsp;1.7. | Meetings by Remote Communication | 3 |
| ARTICLE II TRUSTEES | ARTICLE II TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;2.1. | Annual and Regular Meetings | 3 |
| &nbsp;&nbsp;&nbsp;2.3. | Chairman; Records | 3 |
| ARTICLE III OFFICERS | ARTICLE III OFFICERS | 4 |
| &nbsp;&nbsp;&nbsp;3.1. | Officers of the Trust | 4 |
| &nbsp;&nbsp;&nbsp;3.2. | Election and Tenure | 4 |
| &nbsp;&nbsp;&nbsp;3.3. | Removal and Resignation of Officers | 4 |
| &nbsp;&nbsp;&nbsp;3.4. | Bonds and Surety | 4 |
| &nbsp;&nbsp;&nbsp;3.5. | Chief Executive Officer | 4 |
| &nbsp;&nbsp;&nbsp;3.6. | Secretary | 5 |
| &nbsp;&nbsp;&nbsp;3.7. | Chief Financial Officer | 5 |
| &nbsp;&nbsp;&nbsp;3.8. | Chief Compliance Officer | 5 |
| &nbsp;&nbsp;&nbsp;3.9. | Other Officers and Duties | 5 |
| ARTICLE IV MISCELLANEOUS | ARTICLE IV MISCELLANEOUS | 6 |
| &nbsp;&nbsp;&nbsp;4.1. | Depositories | 6 |
| &nbsp;&nbsp;&nbsp;4.2. | Signatures | 6 |
| &nbsp;&nbsp;&nbsp;4.3. | Seal | 6 |
| ARTICLE V SHARE TRANSFERS | ARTICLE V SHARE TRANSFERS | 6 |
| &nbsp;&nbsp;&nbsp;5.1. | Transfer Agents, Registrars and the Like | 6 |
| &nbsp;&nbsp;&nbsp;5.2. | Transfer of Shares | 6 |
| &nbsp;&nbsp;&nbsp;5.3. | Registered Shareholders | 6 |
| ARTICLE VI EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES | ARTICLE VI EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES | 7 |
| &nbsp;&nbsp;&nbsp;6.1. | Execution of Instruments | 7 |
| &nbsp;&nbsp;&nbsp;6.2. | Voting of Securities | 7 |
| ARTICLE VII AMENDMENT OF BYLAWS | ARTICLE VII AMENDMENT OF BYLAWS | 7 |
| &nbsp;&nbsp;&nbsp;7.1. | Amendment and Repeal of Bylaws | 7 |
| ARTICLE VIII FISCAL YEAR; ACCOUNTANTS | ARTICLE VIII FISCAL YEAR; ACCOUNTANTS | 7 |
| &nbsp;&nbsp;&nbsp;8.1. | Fiscal Year | 7 |
| &nbsp;&nbsp;&nbsp;8.2. | Accountants | 7 |

---

i

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**<u>BYLAWS</u>**

These Bylaws are made and adopted pursuant to Section 3.9 of the Amended and Restated Declaration of Trust of CAIS Sports, Media and Entertainment Fund (the "Trust"), dated as of September 24, 2025, as amended from time to time (the "Declaration"). All words and terms capitalized in these Bylaws shall have the meaning or meanings set forth for such words or terms in the Declaration.

**ARTICLE I**<br>**<u>SHAREHOLDER MEETINGS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Chairman</u>. The Chairman of the Board of Trustees, if any, shall act as chairman at all meetings of the shareholders of the Trust ("Shareholders"); in the Chairman's absence, the Trustee or Trustees present at each meeting may elect a temporary chairman for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Proxies; Voting</u>. Shareholders may vote either in person or by duly executed proxy and each full share of beneficial interest of the Trust ("Share") represented at the meeting shall have one vote and each fractional Share shall be entitled to a vote of such fraction, all as provided in Article X of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Notice of Meeting and Fixing Record Dates</u>. Notice of all meetings of Shareholders, stating the time, place (including that the meeting will be held by remote communication, as applicable) and purposes of the meeting, shall be sent or otherwise given to each Shareholder of record entitled to vote thereat at its registered address, not less than ten (10) nor more than one hundred and twenty (120) days before the date of the meeting. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing of notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date. Notice of any meeting of Shareholders shall be deemed waived by any Shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the person acting as chairman at any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of the Shares present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chairman. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting and the voting power of each Share, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the person acting as chairman of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to stockholders of a Delaware business corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Postponement, Adjournment and Change of Place of Meetings</u>. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may, in its sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such meeting (including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed or changed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Section 1.3. Any Shareholders' meeting may be adjourned by the chairman of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chairman of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chairman of the meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole discretion of such Trustees, chairman, officers or authorized persons and announced at the meeting. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chairman of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Meetings by Remote Communication</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust.

**ARTICLE II**<br>**<u>TRUSTEES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Annual and Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, the Chief Executive Officer, the Secretary or any two or more Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Except as may be required by applicable law, neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Special Meetings</u>. Special meetings of the Trustees shall be held whenever called by the Chairman of the Board of Trustees of the Trust, the Chief Executive Officer (or, in the absence or disability of the Chief Executive Officer, by any other officer designated by the Trustees), the Chief Financial Officer, the Secretary or two or more Trustees, at the time and place (i) within or without the State of Delaware or (ii) virtually in a manner consistent with applicable law, as specified in the respective notices or waivers of notice of such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Chairman; Records</u>. The Chairman, if any, shall act as chairman at all meetings of the Trustees; in the absence of a Chairman, the Trustees present shall elect one Trustee to act as chairman of the meeting. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the Secretary or such other person as the Board of Trustees or Secretary may from time to time designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Compensation</u>. Each Trustee may receive such remuneration for their services as shall be fixed from time to time by resolution of the Trustees.

**ARTICLE III**<br>**<u>OFFICERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Officers of the Trust</u>. The officers of the Trust shall consist of a Chief Executive Officer, a Secretary, a Chief Financial Officer and a Chief Compliance Officer and may also include such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same person, except that the same person may not be both Chief Executive Officer and Secretary. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Chief Executive Officer, Secretary, Chief Financial Officer and Chief Compliance Officer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Removal and Resignation of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chairman, if any, Chief Executive Officer or Secretary, and such resignation shall take effect immediately upon receipt by the Chairman, if any, Chief Executive Officer or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Chief Executive Officer</u>. The Chief Executive Officer shall be a principal executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer of a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the Chief Executive Officer, an officer designated by the Trustees shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction of the Trustees, and of the Chief Executive Officer, each officer designated by the Trustees shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Chief Financial Officer</u>. The Chief Financial Officer shall be a principal financial officer of the Trust. Except as otherwise directed by the Trustees, the Chief Financial Officer shall be responsible for the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise, under the supervision of the Trustees and the Chief Executive Officer, all powers and duties normally incident to the office in a Delaware business corporation. The Chief Financial Officer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Chief Financial Officer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Chief Financial Officer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Chief Financial Officer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Chief Financial Officer's possession, shall be subject at all times to the inspection and control of the Trustees. The Chief Financial Officer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any class of securities of the Trust on behalf of such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Chief Compliance Officer</u>. The Trustees shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of and reporting to the Board of Trustees, shall be responsible for the oversight of the Trust's compliance with the Federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Trustees, including a majority of the trustees who are not Interested Persons of the Trust. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as the Trustees may assign to him or her from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer.

**ARTICLE IV**<br>**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Depositories</u>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or these Bylaws or as the Trustees may provide from time to time by resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

**ARTICLE V**<br>**<u>SHARE TRANSFERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Transfer of Shares</u>. The Shares shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

**ARTICLE VI**

**<u>EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Execution of Instruments</u>. All deeds, documents, transfers, contracts, agreements, requisitions, orders, promissory notes, assignments, endorsements, checks and drafts for the payment of money by the Trust, and any other instruments requiring execution either in the name of the Trust or the names of the Trustees or otherwise may be signed by the Chairman, the Chief Executive Officer, the Secretary, the Chief Financial Officer or as the Trustees may otherwise, from time to time, authorize, provided that instructions in connection with the execution of portfolio securities transactions may be signed by one such person. Any such authorization may be general or confined to specific instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Voting of Securities</u>. Unless otherwise ordered by the Trustees, the Chairman, the Chief Executive Officer shall have full power and authority on behalf of the Trustees to attend and to act and to vote, or in the name of the Trustees to execute proxies to vote, at any meeting of stockholders of any company in which the Trust may hold stock. At any such meeting such person shall possess and may exercise (in person or by proxy) any and all rights, powers and privileges incident to the ownership of such stock. The Trustees may by resolution from time to time confer like powers upon any other person or persons.

**ARTICLE VII**<br>**<u>AMENDMENT OF BYLAWS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Amendment and Repeal of Bylaws</u>. In accordance with Section 3.9 of the Declaration, the Trustees shall have the exclusive power to amend or repeal these Bylaws or adopt new Bylaws at any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration. No provision of these Bylaws shall be given effect to the extent inconsistent with the requirements of the 1940 Act.

**ARTICLE VIII**

**<u>FISCAL YEAR; ACCOUNTANTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Fiscal Year</u>. The fiscal year of the Trust shall be established, re-established or changed from time-to-time by resolution of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Accountants</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 shall employ a public accountant or a firm of independent public accountants as their accountant to examine the accounts of the Trust and to sign and certify at least annually financial statements filed by the Trust. The accountant's certificates and reports shall be addressed both to the Trustees and to the Shareholders.

&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) Any vacancy occurring due to the death or resignation of the accountant may be filled at a meeting called for the purpose by the vote, cast in person, of a majority of those Trustees who are not Interested Persons of the Trust.

## Exhibit 99.2

***Exhibit (d)***

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**MULTIPLE CLASS PLAN ADOPTED PURSUANT TO RULE 18f-3**

September 24, 2025

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

WHEREAS, the Fund has received from the U.S. Securities and Exchange Commission (the "**SEC**") an exemptive order that permits the Fund to offer multiple classes of shares (the "**Order**");

WHEREAS, reliance on the Order requires the Fund to comply with the provisions of Rule 18f-3 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, Rule 18f-3 requires that a board of directors of an investment company desiring to offer multiple classes of shares pursuant to said Rule adopt a plan setting forth the differences among the classes with respect to shareholder services, distribution arrangements, expense allocations and any related conversion features or exchange privileges; and

WHEREAS, the Board of Trustees of the Fund (the "**Board**", and each member, a "**Trustee**"), including a majority of the Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund (the "**Independent Trustees**"), seeks to adopt voluntarily a plan pursuant to Rule 18f-3 (the "**Plan**"), so that the Fund may issue multiple classes of shares of beneficial interest ("**Shares**") in compliance with the Order.

NOW THEREFORE, the Fund hereby adopts the Plan on the following terms and conditions:

**A**. **<u>Class Designation; General Description of Classes</u>**

The Fund will offer three (3) classes of Shares: Class D Shares, Class I Shares and Class S Shares. In general, Shares of each class shall be identical except for different expense variables (which will result in different yields or total returns for each class), certain related rights and certain shareholder services.

In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Distribution and Servicing Plan (the "**12b-1 Plan**") under which Class D Shares are subject to a distribution and servicing fee. A general description of the fees applicable to each class of Shares is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Class D Shares</u>**. Class D Shares are not subject to a sales load; *provided*, *however*, if such Class D Shares are purchased through certain brokers-dealers and their agents that have agreed to participate in the distribution of the Shares (the "**Financial Intermediaries**"), those Financial Intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine. Under the 12b-1 Plan, Class D Shares are subject to a quarterly distribution and servicing fee at an annual rate of up to 0.25% of the aggregate net asset value of Class D Shares, to be calculated and accrued as of the last business day of each calendar quarter (before any repurchases of shares of Class D Shares). Class D Shares require a minimum initial investment of $25,000 and a minimum additional investment of $10,000, except as described in the Fund's then-current registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Class I Shares</u>**. Class I Shares are not subject to a sales load or a distribution and servicing fee. Class I Shares are purchased only through certain Financial Intermediaries, *however*, Financial Intermediaries may not directly charge Shareholders of Class I Shares any transaction-based fees, including upfront placement fees or brokerage commissions. Class I Shares require a minimum initial investment of $1,000,000 and a minimum additional investment of $10,000, except as described in the Fund's then-current registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Class S Shares</u>**. Class S Shares are not subject to a sales load or a distribution and servicing fee; *provided*, *however*, Class S Shares are purchased only through certain participating Financial Intermediaries who charge such clients a fee for advisory, investment, consulting or similar services, including upfront placement fees or brokerage commissions, in such amount as they may determine. Class S Shares require a minimum initial investment of $1,000,000 and a minimum additional investment of $10,000, except as described in the Fund's then-current registration statement.

The ability of the Fund to waive or adjust the minimum initial and subsequent investments shall be disclosed by the Fund in its then-current registration statement.

A 2.00% early repurchase fee payable to the Fund will be charged with respect to any repurchase of a shareholder's Class D, Class I or Class S Shares at any time prior to the day immediately preceding the one-year anniversary of the shareholder's acquisition of such Class D, Class I or Class S Shares, respectively, on a "first in-first out" basis. An early repurchase fee payable by a shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against any investor, including for repurchase requests:

● arising from the death or qualified disability of a shareholder;

● submitted by discretionary model portfolio management programs (and similar arrangements);

● from feeder funds (or similar vehicles) primarily created to hold the Shares, which are offered to non-U.S persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations;

● in the event that a shareholder's Shares are repurchased because the shareholder has failed to maintain a $10,000 minimum account balance; and

● as otherwise described in the Fund's then-current registration statement.

To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee, it will do so consistently with the requirements of Rule 22d-1 under the 1940 Act, and the Fund's waiver of, scheduled variation in, or elimination of, the early repurchase fee will apply uniformly to all shareholders regardless of Share class.

**B. <u>Expense Allocation of Each Class</u>**

Class-specific expenses of the Fund shall be allocated to the specific class of Shares of the Fund. Non-class specific expenses shall be allocated in accordance with Rule 18f-3 and any related guidance from the SEC or its staff. All expenses incurred by the Fund will be allocated, as provided for herein, among its classes of Shares based on the respective net assets of the Fund attributable to each such class. The value of the Fund's net assets attributable to each class of Shares shall be computed in the manner specified in the Fund's then-current registration statement for the computation of the Fund's net asset value.

In addition to different expenses associated with the 12b-1 Plan, each class of Shares may pay a different amount of the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. administrative and/or accounting or similar fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. legal, printing and postage expenses related to preparing and distributing to current
 shareholders of a specific class materials such as shareholder reports, prospectuses
 and proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blue Sky fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SEC registration fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. expenses of administrative personnel and services required to support the shareholders
 of a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. trustees' fees incurred as a result of issues relating to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. auditor's fees, litigation expenses, and other legal fees and expenses relating to a specific
 class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. transfer agent fees and shareholder servicing expenses identified as being attributable
 to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. account expenses relating solely to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. expenses incurred in connection with any shareholder meetings as a result of issues
 relating to a specific class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. any such other expenses (not including advisory or custodial fees or other expenses
 related to the management of the Fund's assets) actually incurred in a different amount by a class or related to a class's receipt of services of a different kind or to a different degree than another class,
 including reimbursement for any expense support provided to such class.

**C. <u>Waivers and Reimbursements</u>**

Fees and expenses may be waived or reimbursed by the Adviser or its affiliates, or any other service provider to the Fund. Such waiver or reimbursement may be applicable to some or all of the classes and may be in different amounts for one or more classes.

**D. <u>Income, Gains and Losses</u>**

Income, realized gains and losses and unrealized appreciation and depreciation shall be allocated to each class on the basis of the net asset value of that class in relation to the net asset value of the Fund, in each case in accordance with U.S. Generally Accepted Accounting Principles.

**E. <u>Class Designation</u>**

Subject to approval by the Board, the Fund may alter the nomenclature for the designations of one or more of its classes of Shares.

**F. <u>Conversion Features; Exchange Privileges</u>**

Shares of one class may be exchanged, including at the shareholder's option, for Shares of another class of the Fund (an "**intra-Fund exchange**"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in and subject to the terms and conditions (including the imposition or waiver of any sales load or repurchase fee) set forth in the Fund's then-current registration statement, provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange. Assuming the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange and the Fund has received proper instruction from the financial intermediary to effect such intra-Fund exchange and consents to such intra-Fund exchange, a Financial Intermediary may, in its discretion, determine to exchange a shareholder's Shares at such shareholder's request.

**G. <u>Additional Information</u>**

This Plan is qualified by and subject to the terms of the then-current registration statement for the applicable classes; *provided*, *however*, *that* none of the terms set forth in any such registration statement shall be inconsistent with the terms of the classes contained in this Plan. Nothing in this Plan shall be deemed to require the Fund to take action contrary to the Declaration of Trust or the Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of the responsibility for and control of the conduct of the affairs of the Fund.

**H. <u>Effective Date; Amendments</u>**

This Plan shall become effective at such time as specified by the Board. This Plan may be terminated or amended at any time with respect to the Fund or a class of Shares thereof by a vote of a majority of the Board, including a majority of the Independent Trustees.

## Exhibit 99.2

***Exhibit (e)***

 ****

**DIVIDEND REINVESTMENT PLAN**<br>**OF**<br>**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "***Fund***"), hereby adopts the following plan (the "***Plan***") with respect to cash dividend distributions declared by its Board of Trustees on the Company's shares of beneficial interest (the "***Shares***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Unless a shareholder specifically elects to receive cash pursuant to paragraph 4 below, all cash dividend distributions hereafter declared by the Fund's Board of Trustees, net of any applicable U.S. withholding tax, shall be reinvested by the Fund in the same class of Shares held by such shareholder in whole and fractional Shares on behalf of each shareholder, and no action shall be required on such shareholder's part to receive such Shares. If participating in the Plan, a shareholder is required to include all of the Shares owned by such shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Such cash dividend distributions shall be payable on such date or dates (each, a "  ***Payment Date***") as may be fixed from time to time by the Board of Trustees to shareholders of record at the close of business on the record date(s) established by the Board of Trustees for the cash dividend distributions involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund intends to use Shares either newly issued, including fractions, or repurchased from shareholders by the Fund and held as treasury stock to implement the Plan. The number of Shares to be issued to a shareholder that has not elected to receive its dividends in cash in accordance with paragraph 4 below (each, a "  ***Participant***") shall be determined by dividing the total dollar amount of the distribution payable to such Participant by the net asset value per share of the Fund's Shares as of the valuation date fixed by the Board of Trustees for such dividend (such date, the "  ***Valuation Date*** ," and such net asset value, the "  ***Reference NAV*** "). Distributions on fractional Shares will be credited to each Participant's account to three decimal places.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A shareholder may elect to receive any portion of its cash dividend distributions in cash. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid to the shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). To exercise this option, such shareholder shall notify the Fund and the Fund's transfer agent, Ultimus Fund Solutions, LLC (the "  ***Administrator*** "), in writing at CAIS Sports, Media and Entertainment Fund, c/o Ultimus Fund Solutions LLC, Via Regular Mail: P.O. Box 4607, Cincinnati, Ohio 45246 or Via Overnight Mail: 225 Pictoria Dr., Suite 450, Cincinnati, OH 45246. Such notice must be received by the Administrator at least thirty (30) days prior to the record date of the distribution (or the date the distribution is declared, if different from the record date) or the shareholder will receive such distribution in Shares through the Plan. Such election shall remain in effect until the shareholder shall notify the Administrator in writing of such shareholder's desire to change its election, which notice shall be delivered to the Administrator no later than the record date fixed by the Board of Trustees for the first distribution for which such shareholder wishes its new election to take effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shares issued pursuant to the Plan in connection with any cash dividend shall be issued to each Participant (i) in the event that the applicable Reference NAV has been approved by the Fund's Board of Trustees (or a committee thereof) prior to the Payment Date of such cash dividend, on the Payment Date or (ii) otherwise, promptly upon the date such approval has been provided by the Fund's Board of Trustees. All Shares issued pursuant to the Plan shall be issued in non-certificated form and shall be credited to such Participant on the books and records of the Fund. Shares issued pursuant to the Plan will have the same voting rights as the Shares acquired by subscription to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In the case of shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the Plan, the Administrator will administer the Plan on the basis of the number of Shares certified from time to time by the record shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Administrator will maintain all shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records. The Administrator will hold Shares in the account of the shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those Shares purchased pursuant to the Plan. The Administrator will distribute all proxy solicitation materials, if any, to participating shareholders. Each Participant, nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Administrator will confirm to each Participant each issuance of shares made to such Participant pursuant to the Plan as soon as practicable following the date of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Administrative fees, if any, associated with the Plan will be paid by the Fund. There will be no direct expenses to Participants for the administration of the Plan. There is no direct service charge to Participants with regards to purchases under the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The automatic reinvestment of dividends will not relieve Participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Plan may be terminated by the Fund upon notice in writing mailed to each Participant at least thirty (30) days prior to the effectiveness of such termination. The Fund may suspend the Plan at any time without notice to the participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. These terms and conditions may be amended or supplemented by the Fund at any time 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 mailing to each participant appropriate written notice at least thirty (30) days prior to the effective date thereof. The amendment shall be deemed to be accepted by each participant unless, prior to the effective date thereof, the Administrator receives notice of the termination of the Participant's account under the Plan. Any such amendment or supplement may include an appointment by the Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Fund, with full power and authority to perform all or any of the acts to be performed by the Administrator as agreed to by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by its negligence, bad faith or willful misconduct of the Administrator or its employees. Neither the Fund nor the Administrator will be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws. Notwithstanding the foregoing, liability under applicable U.S. federal securities laws cannot be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. These terms and conditions shall be governed by the laws of the State of Delaware, without regard to the conflicts of law principles thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

## Exhibit 99.2

***Exhibit (g)***

**INVESTMENT ADVISORY AGREEMENT** <br>**BETWEEN**<br>**CAIS Sports, Media and Entertainment Fund**<br>**AND**<br>**CAIS Advisors LLC**

This Investment Advisory Agreement, dated as of September 29, 2025 (this "<u>Agreement</u>"), is made between CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "<u>Fund</u>"), and CAIS Advisors LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Fund is a newly formed statutory trust that intends to operate as a continuously offered, closed-end management investment company registered under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>1940 Act</u>");

WHEREAS, the Fund intends to file a registration statement on Form N-2 with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") (as amended from time to time, the "<u>Registration Statement</u>") under the 1940 Act and the Securities Act of 1933, as amended, to register its shares of beneficial interest (the "<u>Shares</u>") for issuance in a public offering (the "<u>Offering</u>");

WHEREAS, the Fund desires to retain the Adviser to provide investment advisory services to the Fund in the manner and on the terms and conditions hereinafter set forth;

WHEREAS, the Adviser is willing to provide investment advisory services to the Fund in the manner and on the terms and conditions hereinafter set forth; and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>Advisers Act</u>").

NOW, THEREFORE, in consideration of the covenants and mutual promises hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Fund and the Adviser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>General</u>**.

The Adviser agrees, as more fully set forth herein, to act as investment adviser to the Fund with respect to the investment of the Fund's assets and to supervise and arrange for the day-to-day operations of the Fund and the purchase, management and sale of assets comprising the investment portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Duties and Obligations of the Adviser with Respect to Investment of Assets of the Fund</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to supervision of the Fund's board of trustees (the "<u>Board</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund. The Fund hereby delegates to the Adviser the management of the Fund including the management of the day-to-day operations of the Fund. The Adviser hereby agrees with the Fund to act as the investment manager of the Fund, to accept and carry out operational and investment management responsibilities and duties on behalf of the Fund, and to be responsible for portfolio and risk management and operation of the Fund in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the composition of the portfolio of the Fund, the nature and timing of the
 changes therein and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify, evaluate and negotiate the structure of the investments made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) execute, close, service and monitor the investments that the Fund makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine the securities and other assets that the Fund will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) perform due diligence on prospective portfolio investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide the Fund with such other investment advisory, research and related services
 as the Fund may, from time to time, reasonably require for the investment of its funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to the Fund's policies and procedures, manage the capital structure of the Fund, including, but
 not limited to, asset and liability management and liquidity maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the services of its own staff, the Adviser shall have the authority to arrange for and coordinate the services of other professionals and consultants (including, without limitation, any affiliate of the Adviser) to assist it in providing services to the Fund. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Fund through one or more subsidiaries or special purpose vehicles ("<u>SPVs</u>"), the Adviser shall have authority to create or arrange for the creation of such subsidiaries or SPVs and to make such investments through such subsidiaries or SPVs (in accordance with the 1940 Act). Nothing contained herein shall be construed to restrict the Fund's right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the performance of its duties under this Agreement, the Adviser shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Fund; (ii) any other applicable provision of law; (iii) the provisions of the Fund's Declaration of Trust and the Fund's Bylaws, as such documents may be amended from time to time; (iv) the investment objective, policies and restrictions applicable to the Fund as set forth in the reports and/or Registration Statement that the Fund files with the SEC, as they may be amended from time to time; and (v) any policies and determinations of the Board that are provided in writing to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser may engage one or more sub-advisers (each, a "<u>Sub-Adviser</u>") (including, without limitation, any affiliate) that are registered under the Advisers Act to perform investment advisory or investment management services for the Fund, all as shall be set forth in a written contract (each, a "<u>Sub-Advisory Agreement</u>") to which the Adviser and Sub-Adviser shall be parties. Any such Sub-Advisory Agreement shall be subject to approval by the vote of a majority of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Adviser, any Sub-Adviser, or of the Fund (each, an "<u>Independent Trustee</u>"), cast in person at a meeting called for the purpose of voting on such approval and, to the extent required by the 1940 Act, by the vote of a majority of the outstanding voting securities of the Fund and otherwise consistent with the terms of the 1940 Act. The Adviser and not the Fund shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Fund to pay directly to any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses payable to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall maintain all books and records with respect to the Fund's securities transactions required by Rule 31a-1 under the 1940 Act (other than those records being maintained by the administrator to the Fund (the "<u>Administrator</u>") under the administration agreement to be entered into by and between the Fund and the Administrator concurrent herewith (the "<u>Administration Agreement</u>"), or by the Fund's custodian or transfer agent) and preserve such records for the periods prescribed therefor by Rule 31a-2 under the 1940 Act. The Adviser shall have the right to retain copies, or originals of such records to the extent required by applicable law, subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall establish and maintain written policies and procedures for proxy voting in compliance with current applicable rules and regulations. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with such proxy voting policies and procedures, as such proxy voting policies and procedures may be amended from time to time. The Adviser shall provide the Fund, or its designee, a copy of such policies and procedures and establish a process for the timely distribution of the Adviser's voting record with respect to the Fund's securities and other information necessary for the Fund to complete periodic filings required by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser is hereby authorized, on behalf of the Fund and at the direction of the Board pursuant to delegated authority, to possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, the Fund's investments and other property and funds held or owned by the Fund, including voting and providing consents and waivers with respect to the Fund's investments and exercising and enforcing rights with respect to any claims relating to the Fund's investments and other property and funds, including with respect to litigation, bankruptcy or other reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser will provide to the Board such periodic and special reports as it may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection herewith, the Adviser agrees to maintain such a staff within its organization as is necessary and appropriate to furnish the above services to the Fund. The expenses incurred by the Adviser and its officers, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Fund. For avoidance of doubt, unless the Adviser elects to bear or waive any of the following costs (in its sole and absolute discretion), the Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-investment related interest expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) calculating the Fund's net asset value and expenses incurred by the Adviser or any Sub-Adviser in conjunction with the valuation services (including the cost and expenses of any third-party
 valuation firms) requested by the Adviser or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all expenses related to its investment program, including, but not limited to, expenses
 borne indirectly through the Fund's investments in subsidiaries or SPVs, all costs and expenses directly related to
 portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the Fund's investments, including its investments in subsidiaries or SPVs (whether or not consummated),
 and enforcing the Fund's rights in respect of such investments, transfer taxes and premiums, taxes withheld
 on non-U.S. dividends, fees for data and software providers, research expenses, professional
 fees (including, without limitation, the fees and expenses of consultants, attorneys
 and experts) and, if applicable, brokerage commissions, interest and commitment fees
 on loans and debit balances, borrowing charges on securities sold short, dividends
 on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the organization of the Fund, including the organization of any feeder fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) direct and indirect expenses, incurred by the Adviser, or members of its investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing
 due diligence on prospective portfolio companies, including such expenses related
 to potential investments that were not consummated, and, if necessary, enforcing the
 Fund's rights including, (a) travel, entertainment, lodging and meal expenses, (b) origination
 fees, syndication fees, research costs, due diligence costs, bank service fees and
 (c) fees and expenses related to the organization or maintenance of any intermediate
 entity used to acquire, hold or dispose of any portfolio company or otherwise facilitating
 the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses incurred by the Adviser (and its affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring
 financial and legal affairs for the Fund and the Adviser and in conducting research and due diligence on prospective investments and equity
 sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring investments and portfolio companies on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any and all fees, costs and expenses incurred in connection with the Fund's incurrence of leverage or other indebtedness, including, but not limited to, borrowings,
 dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin
 financing and derivatives and swaps, and including any principal or interest on the
 Fund's borrowings and indebtedness (including, without limitation, any fees, costs, and
 expenses incurred in obtaining lines of credit, loan commitments, and letters of credit
 for the Fund's account and in making, carrying, funding and/or otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) offerings, sales, and repurchases of the Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fees and expenses payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) fees and expenses payable under any distribution agreements entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) distribution and servicing fees payable pursuant to Rule 12b-1 under the 1940 Act, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) administration fees and expenses, if any, payable under the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) fees and expenses based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including any allocable portion of the compensation of the Fund's chief executive officer, chief compliance officer, chief financial officer, chief
 administrative officer, chief legal officer, chief operating officer and their respective staffs, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) costs incurred in connection with investor relations and Board relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any applicable administrative agent fees or loan arranging fees incurred with respect
 to the Fund's portfolio investments by the Adviser, the Administrator, the sub-administrator, if any, or an affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any and all fees, costs and expenses incurred in implementing or maintaining third-party
 or proprietary software tools, programs or other technology for the Fund's benefit (including, without limitation, any and all fees, costs and expenses of
 any investment, books and records, portfolio compliance and reporting systems, order management and portfolio management systems, general ledger or portfolio accounting systems and other similar systems and services, including without limitation, consultant, software licensing,
 data management and recovery services fees and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, including notice filing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fees and expenses of Independent Trustees including reasonable travel, entertainment,
 lodging and meal expenses, and any legal counsel or other advisors retained by, or
 at the discretion or for the benefit of, the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) costs of preparing and filing reports or other documents required by the SEC, Financial
 Industry Regulatory Authority, Inc., U.S. Commodity Futures Trading Commission, or
 other regulators, and all fees, costs and expenses related to compliance-related matters
 (such as developing and implementing specific policies and procedures in order to
 comply with certain regulatory requirements) and regulatory filings related to the
 Fund's activities and/or other regulatory filings, notices or disclosures of the Adviser, any Sub-Adviser and their respective affiliates relating to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of any reports, proxy statements or other notices to shareholders, including
 printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) fidelity bond, trustees and officers/errors and omissions liability insurance, and
 any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) direct costs and expenses of administration, including printing, mailing, long distance
 telephone, copying, secretarial and other staff, independent auditors, tax preparers
 and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all expenses relating to payments of dividends or interest or distributions in cash
 or any other form made or caused to be made by the Board to or on account of holders
 of the securities of the Fund, including in connection with the distribution reinvestment
 plan or the share repurchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) costs incurred in connection with the formation or maintenance of entities or vehicles
 to hold the Fund's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to the extent permitted by the 1940 Act or any exemptive relief obtained thereunder,
 allocable fees and expenses associated with marketing efforts on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) all costs and expenses incurred as a result of dissolution, winding-up and termination
 of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) any extraordinary expenses, or those 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 similar proceeding, indemnification expenses,
 and expenses in connection with holding and/or soliciting proxies for a meeting of
 shareholders, including indemnification expenses as provided for in the Fund's organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in Section (3)(a)(xiii), above, during the term of this Agreement, the Adviser shall bear all compensation expenses (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries of any officers or trustees of the Fund who are affiliated persons (as defined in the 1940 Act) of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Services Not Exclusive</u>**.

Nothing in this Agreement shall prevent the Adviser or any officer, employee or other affiliate thereof from acting as investment adviser for any other person, firm or corporation, whether or not the investment objectives or policies of any such other person, firm, or corporation are similar to those of the Fund, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Adviser or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidentiality</u>**.

The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including all "nonpublic personal information," as defined under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1138), shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party, except that such confidential information may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set forth herein. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is requested by or required to be disclosed to any governmental or regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Best Execution; Research Services</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a broker or dealer is required to effectuate a transaction on behalf of the Fund, the Adviser will engage one as described below. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. It is acknowledged that although the Adviser will generally seek reasonably competitive trade execution costs, the Fund may not necessarily pay the lowest spread or commission available.

Consistent with this obligation, and subject to applicable legal requirements, the Adviser may select brokers partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge, provided that the Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Compensation of the Adviser</u>**.

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a management fee as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services provided by the Adviser under this Agreement, the Fund will pay the Adviser a management fee (the "<u>Management Fee</u>") as indicated on **<u>Exhibit A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee for the period from the effective date of this Agreement to the end of the quarter (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar quarter) or month (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar month), during which such effective date occurs will be prorated according to the proportion that such period bears to the full quarterly or monthly period, as applicable. Upon any termination of this Agreement before the end of a quarter or month, the Management Fee for such part of that quarter or month, will be prorated according to the proportion that such period bears to the full quarterly or monthly period, as applicable, and will be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of determining fees payable to the Adviser under this Section 7, the value of the Fund's assets will be computed at the times and in the manner specified in the Registration Statement, and on days on which the value of Fund assets are not so determined, the asset value computation to be used will be as determined on the immediately preceding day on which the value of Fund assets were determined. Furthermore, fees payable to the Adviser under this Section 7 will be earned and attributed to each class of the Shares based on the net asset value and net profits of the Fund attributable to each such class of Shares and in accordance with U.S. Generally Accepted Accounting Principles applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Representations and Warranties</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall provide full and prompt disclosure to the Fund regarding itself and its partners, officers, directors, shareholders, employees, affiliates or any person who controls any of the foregoing, including, but not limited to, information regarding any change in control of the Adviser or any change in its personnel that could affect the services provided by the Adviser to the Fund hereunder, information regarding any material adverse change in the condition (financial or otherwise) of the Adviser or any person who controls the Adviser, information regarding the results of any examination conducted by the SEC or any other state or federal governmental agency or authority or any self-regulatory organization relating directly or indirectly to the services performed by the Adviser hereunder with respect to the Fund, and, upon request, other information that the Board reasonably deems necessary or desirable to enable the Trustees to monitor the performance of the Adviser and information that is required, in the reasonable judgment of the Trustees and upon prior written request, to be disclosed in any filings required by any governmental agency or by any applicable law, regulation, rule or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Adviser. The Adviser (and its officers, directors, managers, partners, agents, trustees, advisors, consultants, employees, controlling persons, members and any other person or entity affiliated with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (including any Sub-Adviser)) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against any and all damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud, willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Duration and Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date written above. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of Independent Trustees, in accordance with the requirements of the 1940 Act or any exemptive relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 7 through the date of termination or expiration, and Section 9 shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Amendment</u>**.

This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Fund's Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Entire Agreement; Governing Law</u>**.

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Miscellaneous</u>**.

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. 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. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Counterparts</u>**.

This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute this Agreement as of the day and year first written above.

---

| | |
|:---|:---|
| CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND | CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND |
| By: | /s/ Terrence McCarthy |
| Name: | Terrence McCarthy |
| Title: | Chief Financial Officer |
| CAIS ADVISORS LLC | CAIS ADVISORS LLC |
| By: | /s/ Michael Richman |
| Name: | Michael Richman |
| Title: | Chief Legal Officer |

---

**<u>EXHIBIT A</u>**

<u>Management Fee</u>

In consideration of the advisory services provided by the Adviser, the Fund will pay the Adviser a Management Fee at an annual rate of 0.95% payable quarterly (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar quarter) or monthly (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar month), in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter or month (including any assets in respect of Shares that will be repurchased as of the end of the quarter or month), as applicable. The Management Fee is due and payable in arrears within thirty calendar days after the end of the quarter or month, as applicable. Base management fees for any partial quarter or month are prorated based on the number of days in the quarter or month, as applicable.

## Exhibit 99.2

***Exhibit (h)***

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (this "**Agreement**"), dated September 29, 2025, is made by and among **CAIS Sports, Media and Entertainment Fund**, a Delaware statutory trust (the "**Fund**"), **CAIS Advisors LLC**, a Delaware limited liability company (the "**Advisor**"), and **Ultimus Fund Distributors, LLC**, a limited liability company organized under the laws of the state of Ohio ("**Distributor**").

**<u>Background</u>**

The Fund is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and it desires that Distributor act as the Fund's principal underwriter and distribute its shares of beneficial interest (the "**Shares**"). Distributor is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Applicable Law** 

For the duties and responsibilities under this Agreement, each party is currently abiding, and will continue to abide in all material respects, by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the U.S. Securities and Exchange Commission ("**SEC**") and its authorized regulatory agencies and organizations, including the Financial Industry Regulatory Authority, Inc. ("**FINRA**"); and all other self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law**").

**2.** **Appointment of Distributor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** The Fund retains Distributor to act as its principal underwriter/distributor for the distribution of the Shares in the United States and to perform the distribution services as set forth below (collectively, the "**Services**") in connection therewith. Distributor accepts such engagement to perform the Services. Notwithstanding any other provision hereof, the Fund may terminate, suspend, or withdraw the offering of Shares whenever, in its sole discretion, it deems such action to be desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** Distributor does not agree to sell any specific number of Shares. Distributor, as agent for the Fund, undertakes to sell Shares on a reasonable efforts basis only against orders therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** The Fund reserves the right to issue any Shares at any time directly to existing holders of Shares ()"**Shareholders**") or to other persons at not less than the public offering price (as defined below) and to issue Shares in exchange for substantially all the assets of any corporation or trust or for the shares of any corporation or trust.

**3.** **Distribution Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** Distributor will have the right, as agent for the Fund and with the prior consent of the Fund, to enter into dealer agreements with responsible investment dealers, and to sell Shares to such investment dealers against orders therefor at the public offering price (as defined below) stated in the Fund's effective Registration Statement on Form N-2 under the 1940 Act and the Securities Act of 1933, as amended (the "**Securities Act** "), including the then-current prospectus and statement of additional information (the "**Registration Statement** "). Upon receipt of an order to purchase Shares from a dealer with whom Distributor has a dealer agreement, Distributor will promptly cause such order to be filled by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Distributor will also have the right, as agent for the Fund, to sell such Shares to the public against orders therefor at the public offering price (as defined below) and in accordance with the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** The "**public offering price**" for the Shares of the Fund shall be the net asset value ()"**NAV**") of the Shares then in effect, plus any applicable sales charge determined in the manner set forth in the Registration Statement or as permitted by the 1940 Act and the rules and regulations promulgated by the SEC or other applicable regulatory agency or self-regulatory organization under the oversight of the SEC. In no event shall any applicable sales charge exceed the maximum sales charge permitted by the Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** The NAV of the Shares of the Fund shall be determined in the manner provided in the Registration Statement, and when determined shall be applicable to transactions as provided for in the Registration Statement. The NAV of the Shares shall be calculated by the Fund or by another entity on behalf of the Fund. Distributor shall have no duty to inquire into or liability for the accuracy of the NAV per Share as calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.*** Upon receipt of purchase instructions, Distributor will transmit such instructions to the Fund or its transfer agent for the issuance and registration of the Shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.6.*** Distributor, as agent of and for the account of the Fund, may repurchase the Shares at such prices and upon such terms and conditions as shall be specified in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.7.*** Distributor shall maintain membership with the National Securities Clearing Corporation ()"**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;***3.8.*** Distributor will review all proposed advertising materials and sales literature for compliance with Applicable Law and shall file such materials with appropriate regulators as required by current laws and regulations. Distributor agrees to furnish the Fund with any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.9.*** Distributor shall prepare or cause to be prepared reports for the Board of Trustees (the "**Board**") of the Fund regarding its activities under this Agreement as reasonably requested by the Board.

**4.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Distributor shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 2 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** In the performance of its obligations under this Agreement, Distributor will pay only the costs incurred in qualifying as a broker or dealer under state and federal laws and in establishing and maintaining its relationships with the dealers selling the Shares. All other costs in connection with the offering of the Shares will be paid by the Fund or its service providers in accordance with agreements between them as permitted by Applicable Law. These costs include, but are not limited to, distribution fees, shareholder servicing fees, set-up costs, or other fees or compensation paid to the dealers or others selling or servicing the Shares, licensing fees, filing fees (including to FINRA), travel expenses, and such other expenses as may be incurred by Distributor on behalf of the Fund.

**5.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** The Fund or the Advisor shall pay for the Services to be provided by Distributor under this Agreement in accordance with, and in the manner set forth in, the fee letter attached to this Agreement ()"**Fee Letter** "), which may be amended from time to time. The Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** If this Agreement becomes effective subsequent to the first day of a month or terminates before the last day of a month, Distributor's compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the Fee Letter. The Fund or the Advisor shall promptly pay Distributor's compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** In the event that the SEC, FINRA, or any other regulator or self-regulatory authority adopts regulations and requirements relating to the payment of fees to underwriters or which would result in any material increases in costs to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and provide for additional compensation for Distributor as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** In the event that any fees are disputed, the Fund or the Advisor shall, on or before the due date, pay all undisputed amounts due hereunder and notify Distributor in writing of any disputed fees which it is disputing in good faith. If parties reach an agreement regarding the disputed fees, the agreed-upon amount shall be due on or before the later of (i) thirty (30) calendar days after the dispute notice is provided or (ii) ten (10) business days after the resolution of the dispute, unless otherwise mutually agreed upon.

**6.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Distributor shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by Applicable Law.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 3 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor agrees that all such books, records, and other data (except computer programs and procedures) developed to perform the Services (collectively, "**Client Records**") shall be the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Distributor agrees to provide the Client Records of the Fund upon reasonable request, and to make such books and records available for inspection by the Fund or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Distributor agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the electronic or other medium in which such material is then maintained by Distributor as soon as practicable after any termination of this Agreement. Unless otherwise required by Applicable Law, Distributor shall promptly turn over to the Fund, or, upon the written request of the Fund, destroy the Client Records maintained by Distributor pursuant to this Agreement. If Distributor is required by Applicable Law to maintain any Client Records, it will provide the Fund with copies as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.*** Distributor agrees to keep confidential all Client Records, except when requested to divulge such information by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.4.*** If Distributor is requested or required to divulge such information by duly constituted authorities or court process, Distributor shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may seek an appropriate protective order. If a protective order or other remedy is not obtained, then Distributor will furnish only that portion of the Client Records that Ultimus is advised by reasonable opinion of outside counsel is legally required and will exercise its reasonable efforts to assist the Fund in its efforts to obtain a protective order and/or other reliable assurance that confidential treatment will be accorded to the Client Records that are disclosed

**7.** **Effective Date** 

This Agreement shall become effective as of the date first written above (the "**Agreement Effective Date**").

**8.** **Subcontracting** 

Distributor may, at its expense and solely with the express written consent of the Fund which is not to be unreasonable withheld or delayed, subcontract with any entity or person concerning the provision of the Services; provided, however, that Distributor shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and Distributor shall be responsible, to the extent provided in Section 11, for all acts of a subcontractor.

**9.** **Term; Amendments; Successor Investment Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 9, for a period of two (2) years from the Agreement Effective Date (the "**Initial Term** ").

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 4 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Agreement shall renew for successive one (1) year periods (a "**Renewal Term**") subject to annual approval of such continuance by the Board, including the approval of a majority of the trustees of the Fund who are not interested persons, as that term is defined in the 1940 Act (the "**Independent Trustees** "), of the Fund or of Distributor by vote cast in accordance with the 1940 Act or any exemptive relief therefrom at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Assignment.* This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment, as that term is defined in the 1940 Act, by Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Termination.* Either the Fund or Distributor may at any time terminate this Agreement on sixty (60) days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Final Payment*  *.*** Any unpaid compensation or reimbursement of expenses is due to Distributor within 30 calendar days of the termination date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Transition.* Upon termination of this Agreement, Distributor will cooperate with any reasonable request of the Fund to effect a prompt transition to a new underwriter selected by the Fund. Distributor shall be entitled to collect from the Fund and/or the Advisor, in addition to the compensation described in the applicable Fee Letter, the amount of all of Distributor's cash disbursements reasonably made for services in connection with Distributor's activities in effecting such termination, including, without limitation, the delivery to the Fund or its designees the Fund's property, records, instruments, and documents. Any such fee shall be based on actual costs incurred and mutually agreed upon in advance by both parties. Ultimus shall provide a detailed written estimate of expected costs for the Fund's review and approval prior to incurring any transition-related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.***  ***Amendments.*** This Agreement may be amended only by written agreement or amendment executed by the parties and if required under the 1940 Act, upon approval by the Board, including the approval of a majority of the Independent Trustees by vote cast in accordance with the 1940 Act and any exemptive relief therefrom at a meeting called for the purpose of voting on such approval.

**10.** **Intentionally omitted.** 

**11.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising directly or indirectly out of such party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise directly or indirectly out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 5 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any instruction, notice, or other instrument that Distributor reasonably believes to be genuine and to have been signed or presented by a duly authorized representative 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) any default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever caused by events beyond Distributor's reasonable control; 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) any error, action or omission by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Distributor may apply to the Fund at any time for instructions and may consult with counsel for the Fund, counsel for the Fund's Independent Trustees, and with accountants and other experts with respect to any matter arising in connection with Distributor's duties or the Services. Distributor shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the reasonable opinion of the Fund's counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A copy of the Fund's Agreement and Declaration of Trust ()"**Declaration of Trust**") is on file with the Secretary of the state in which the Fund is organized, and notice is hereby given that this instrument is executed on behalf of the Fund and not the Fund's trustees individually and that the obligations of this instrument are not binding upon any of the trustees, officers, or Shareholders individually, and that such obligations are binding only upon the assets and property of the Fund, and Distributor shall look only to the assets of the Fund for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Distributor shall not be held to have notice of any change of authority of any officer, agent, representative, or employee of the Fund, the Advisor, or any of the Fund's other service providers, until receipt of written notice from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The Board has and retains primary responsibility for oversight of all compliance matters relating to the Fund, including, but not limited to, compliance with the 1940 Act and the USA PATRIOT Act of 2001. Distributor's monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 6 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To the maximum extent permitted by law, the Fund agrees to limit Distributor's liability for the Fund's Losses (as defined below) to an amount that shall not exceed three (3) times the total compensation payable to Distributor under this Agreement during the most recent rolling 12-month period, except to the extent that any such Losses are attributable to Distributor's own fraud, willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties hereunder. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Distributor or the Fund be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Distributor was advised of the possibility thereof. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its trustees or directors, officers, employees, and other agents (collectively, the "**Indemnitees** "), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising directly or indirectly out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities hereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Upon the assertion of a claim for which any party may be required to indemnify another party, the party seeking indemnification shall promptly notify the other party(ies) of such assertion, and shall keep the other party(ies) advised with respect to all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in the defense of such claim or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the indemnifying party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.4.***  ***Dealer Agreement Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor acknowledges and agrees that certain dealers 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 Distributor's standard dealer agreement (the "**Standard Dealer Agreement** ").

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 7 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* To the extent that Distributor is requested or required by the Fund to enter into any Non- Standard Dealer Agreement, 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) the Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement which are beyond the duties and obligations of the Distributor in the Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor 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. The Fund shall have the ability to review and approve any Non-Standard Dealer Agreement subject to this Section 11.4.B. prior to execution by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.5.*** The provisions of this Section 11 shall survive termination of this Agreement.

**12.** **Force Majeure** 

No party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, or (unless such failures are within such party's reasonable control) failure of the mails, transportation, communication, or power supply.

**13.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Joint Representations.*** Each party represents and warrants, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* It is duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* To the extent required by Applicable Law, it is duly registered with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* It has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities contemplated by this Agreement.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 8 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* This Agreement constitutes a legal obligation of the party, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* Whenever, in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, and such violation has resulted, or could reasonably be expected to result, in a material adverse effect on the Fund or its operations, it shall promptly notify the other parties of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Representations of the Fund.*** The Fund represents and warrants, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* (1) The Board has authorized the issuance of an unlimited number of Shares under the terms of its Declaration of Trust, (2) no Shares will be offered to the public until the Registration Statement under the Securities Act and the 1940 Act has been declared or becomes effective, and (3) the Shares are validly authorized and, when issued in accordance with the Registration Statement, will be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* It shall direct the Advisor, prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, to cooperate with Distributor and to provide it with such information, documents, and advice relating to the Fund as appropriate or requested by Distributor, in order to enable Distributor to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* To the knowledge of the Fund, the Fund's Declaration of Trust, Bylaws, Registration Statement and any advertising materials and sales literature prepared by the Fund or its agent are and will remain, in all material respects, true and accurate at all times during the term of this Agreement in conformance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Any officer of the Fund who is not affiliated with Distributor shall be considered an individual who is authorized to provide Distributor with instructions and requests on behalf of the Fund (an "**Authorized Person**") (unless such authority is limited in a writing from the Fund and received by Distributor) 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 Distributor the names of the Authorized Persons from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* 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, distributions and sale of the Shares in accordance with the terms of the Registration Statement 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.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 9 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* The Fund shall not file any amendment to the Registration Statement that amends any provision therein pertaining 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, 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;***13.3.***  ***Representation of the Distributor.*** The Distributor represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: (i) it is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member in good standing of FINRA; (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; (iii) with respect to the services provided under this Agreement, 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 and 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; (iv) the various procedures and systems Distributor has implemented with regard to safeguarding from loss or damage attributable to fire, theft, or any other cause the records and other data of the Fund and Distributor's records, data, equipment facilities, and other property used in the performance of its obligations hereunder, are adequate and that Distributor will make such changes therein as are required for the secure performance of its obligations hereunder. The Distributor will notify the Fund promptly, to the extent permitted by applicable law, if any of the foregoing representations cease to be materially accurate at any time during the term of this Agreement, and any failure to provide such notice to the Fund will itself constitute a breach of the Distributor's representations, warranties or covenants contained in this Agreement.

**14.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other parties with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 10 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***Notice of Claims.*** As it relates to the Services provided under this Agreement, each party shall notify the other parties of any material claims against the notifying party under such insurance, whether or not the party is covered by insurance, and, if requested by the non-notifying party, the notifying party shall aggregate and disclose all outstanding claims against the notifying party.

**15.** **Information Provided By The Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date or as soon as practicable thereafter, upon request, the Fund will furnish or cause to be furnished to Distributor the following, provided that any information contained in public filings or otherwise publicly available shall be deemed to have been furnished to the Distributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* copies of the Declaration of Trust and any amendments thereto, certified by the proper official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* a copy of the Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* resolutions of the Board covering the approval of this Agreement, authorization of a specified officer of the Fund to execute and deliver this Agreement and authorization for specified officers of the Fund to instruct Distributor thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* a list of all the officers of the Fund, except to the extent such officers are affiliated with the Distributor, together with specimen signatures of those officers who are authorized to instruct Distributor in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* the Fund's most recent audited financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* the Fund's Registration Statement and all amendments thereto filed with the SEC pursuant to the Securities Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* contact information for the Fund's service providers, including but not limited to, the Fund's administrator, custodian, transfer agent, independent accountants, legal counsel and chief compliance officer, except to the extent such service providers are affiliated with Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*H.* a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*I.* any material correspondence or other communication by the SEC, FINRA, any government or self-regulatory organization or its staff relating to the Fund, including any related to examinations of the Fund, requests by the SEC for amendments to the Registration Statement or any advertising or sales literature.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 11 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will furnish to Distributor any amendments to the items listed in Section 15.1 and promptly provide notice of the following, provided that any information contained in public filings or otherwise publicly available shall be deemed to have been furnished to the Distributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* any material correspondence or other communication by the SEC, FINRA, any government or self-regulatory organization or its staff related to examinations of the Fund and any requests by the SEC for amendments to the Registration Statement pertaining to Distributor, the distribution of the Shares or the applicable sales loads or public offering price or any advertising or sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* if the Fund determines to suspend the sale of Shares at any time in response to conditions in the securities markets, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* the commencement of any litigation or proceedings against the Fund or any of its officers or trustees in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.3.***  ***Filings.*** The Fund shall provide Distributor with draft Registration Statements prior to the filing of each Registration Statement or amendment thereto. In addition, upon request, the Fund shall forward copies of or links to any SEC filings, including Registration Statements, to Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.4.***  ***Advertising.*** The Fund represents that it will not use or authorize the use of any advertising or sales material unless and until such materials have been approved and authorized for use by the Distributor.

**16.** **Compliance with Law and Rules of FINRA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.*** The Fund assumes full responsibility for the preparation and contents of each prospectus included in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.*** Distributor will require each dealer with whom Distributor has a dealer agreement to conform to the applicable provisions hereof and the Registration Statement with respect to the public offering price of the Shares, and neither Distributor nor any such dealer shall withhold the placing of purchase orders so as to make a profit thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.*** Distributor agrees to furnish to the Fund sufficient copies of any agreements, plans or other materials it intends to use in connection with any sales of Shares in reasonably adequate time for the Fund to file and clear them with the proper authorities before they are put in use, and not to use them until so filed and cleared. At the request of the Fund, Distributor will assume responsibility for the review and clearance of all advertisements and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.*** Distributor, at its own expense, will qualify as dealer or broker, or otherwise, under all Applicable Law required in order that the Shares may be sold in such states as may be mutually agreed upon by the parties.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 12 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.5.*** Distributor shall not make or permit any representative, broker, or dealer to make, in connection with any sale or solicitation of a sale of the Shares, any representations concerning the Shares except those contained in the then current Registration Statement covering the Shares and in printed information approved by the Fund as information supplemental to such Registration Statement. Copies of the then effective Registration Statement and any such printed supplemental information will be supplied by the Fund to Distributor in reasonable quantities upon request.

**17.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that any party discloses (a "**Disclosing Party**") to another party (a "**Receiving Party** "), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to itself, clients or Shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* any information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* any unpublished information concerning research activities and plans, customers, clients, Shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* any unpublished financial information, including information concerning revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Fund. "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the "**GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.3.***  ***Treatment of Confidential Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party agrees that at all times during and after the term of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 13 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Each party agrees 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) The Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential Information solely for the purposes 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;(2) Without limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable care used for its own confidential and proprietary information to avoid disclosure or use of Confidential Information under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Receiving Party may disclose or provide access only to its responsible employees or agents who have a need to know and are under adequate confidentiality agreements or arrangements, and the Receiving Party or its employees may make copies of Confidential Information only to the extent reasonably necessary to carry out the obligations under this Agreement; 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) The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.4.***  ***Severability.*** This provision and the obligations under this Section 17 shall survive termination of this Agreement.

**18.** **Press Release** 

Within the first 60 days of the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Distributor; provided that Distributor must obtain the Fund's prior written consent prior to publication of such release, which consent may be reasonably denied by the Fund.

**19.** **Non-Exclusivity** 

The services of Distributor rendered to the Fund are not deemed to be exclusive. Except to the extent necessary to perform Distributor's obligations under this Agreement, nothing herein shall be deemed to limit Distributor's right, or the right of any of Distributor's managers, officers, or employees (who also may be a trustee, officer or employee of the Fund), or persons who are otherwise affiliated persons of the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person, provided that any and all such persons do not share any confidential information of the Fund with any third party (except as necessary to provide the Services on a need to know basis, provided that any such third party is bound by the same confidentiality as Distributor, and Distributor agrees to indemnify the Fund for any loss suffered in the event that such third party breaches its obligation of confidentiality, unless the Fund has requested the sharing of such confidential information) and do not use any confidential information of the Fund in connection with the rendering of any services to any other person or entity. Nothing in this Agreement shall prevent Distributor or any affiliated person (as defined in the 1940 Act) of Distributor from acting as distributor for any other person, firm or corporation (including other investment companies) or in any way limit or restrict Distributor or any such affiliated person from buying, selling or trading any securities for its or their own account or for the accounts of others from whom it or they may be acting; provided, however, that Distributor expressly represents that it will undertake no activities which, in its reasonable judgment, will adversely affect the performance of its obligations to the Fund under this Agreement.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 14 of 18

**20.** **Arbitration** 

In the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties, the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA. The parties further agree that any contract, agreement or understanding between a party and its designees shall contain a provision binding the designee to the terms of this Arbitration provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.*** Arbitration will be held in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA, except (a) in the event that FINRA is unwilling to accept jurisdiction of the matter, such arbitration will be held in accordance with the rules and regulations of the American Arbitration Association under the Commercial Arbitration Procedures then in effect, and (b) in the event that a non-party to this Agreement brings an arbitration relating to or arising out of this Agreement, then the entire dispute shall be arbitrated in whichever arbitration forum such arbitration is brought, and the parties and their designees agree to submit to the jurisdiction of such arbitration forum. In the event that (x) a non-party initiates a judicial proceeding relating to, or arising out of, this Agreement, and (y) such claim cannot be compelled to arbitration, and (z) a party or its designee asserts a claim against another party or its designee in connection with such proceeding, then the entire dispute shall be litigated in that court, and the parties and their designees agree to submit to the jurisdiction of the court in that judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.*** If the arbitration is brought by a party, the number of arbitrators will be three (3), and they will be selected in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA, or the American Arbitration Association under the Commercial Arbitration Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall be attorneys specializing in securities law. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16, to the exclusion of state laws inconsistent therewith, and judgment upon the award may be entered in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.3.*** The parties and their respective designees will each bear their own expenses, including legal and expert fees, if any, with respect to the arbitration. The arbitrator will designate the party and/or designee to bear the costs of the arbitration forum and arbitrator's fees or the respective amounts of such costs to be borne by each party and/or their designees. Any costs or fees, including attorneys fees, involved in enforcing the award shall be fully assessed against and paid by the party and/or designee resisting or preventing enforcement of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.4.*** Nothing in this Section 20 will prevent the parties from resorting to judicial proceedings or otherwise for injunctive relief to prevent or limit irreparable harm or injury to such a party.

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 15 of 18

**21.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***If to the Fund or Advisor:*** 

CAIS Sports, Media and Entertainment Fund

527 Madison Avenue, 12<sup>th</sup> Floor

New York, NY 10022

E-mail: legal@caisadvisors.com

with a copy to:

Clifford Chance US LLP

Attn: Clifford Cone

Two Manhattan West

375 9<sup>th</sup> Avenue

New York, NY 10001

E-mail: clifford.cone@cliffordchance.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***If to Distributor:*** 

Ultimus Fund Distributors, LLC

Attn: General Counsel

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022

Facsimile: (513) 587-3437

E-mail: <u>legal@ultimusfundsolutions.com</u>

**22.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1.***  ***Incorporation by Reference.*** This Agreement and its schedules, exhibits, and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any schedule, exhibit or other appendices hereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of New York and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the state of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.4.***  ***Questions of Interpretation.*** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act, reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such determination, 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 provisions held to be illegal or invalid.

*Signatures are located on the next page.*

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 17 of 18

The parties duly executed this Agreement as of September 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **CAIS Sports, Media and Entertainment Fund** | **CAIS Sports, Media and Entertainment Fund** | **Ultimus Fund Distributors, LLC** | **Ultimus Fund Distributors, LLC** |
| By: | /s/ Terrence McCarthy | By: | /s/ Kevin Guerette |
| Name: | Terrence McCarthy | Name: | Kevin Guerette |
| Title: | Chief Financial Officer | Title: | President |
| **CAIS Advisors LLC** | **CAIS Advisors LLC** |  |  |
| By: | /s/ Terrence McCarthy |  |  |
| Name: | Terrence McCarthy |  |  |
| Title: | Chief Financial Officer |  |  |

---

Ultimus Distribution AgreementCAIS Sports, Media and Entertainment Fund, September 29, 2025 Page 18 of 18

## Exhibit 99.2

***Exhibit (j)***

 ****

**CUSTODY AGREEMENT**

**Dated September 25, 2025**

**Between**

**UMB BANK, N.A.**

**and**

**CAIS Sports, Media and Entertainment Fund**

**CUSTODY AGREEMENT**

This agreement made as of the date first set forth above between UMB Bank, n.a., a national banking association with its principal place of business located in Kansas City, Missouri (hereinafter "Custodian") and CAIS Sports, Media and Entertainment Fund , a Delaware statutory trust (the "Fund").

**WITNESSETH**:

**WHEREAS,** the Fund is registered as a closed-end tender offer fund under the Investment Company Act of 1940, as amended ("the 1940 Act"); and

**WHEREAS**, the Fund desires to appoint Custodian as its custodian for the custody of Assets (as hereinafter defined) owned by such Fund, which Assets are to be held in such accounts as such Fund may establish from time to time; and

**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 hereto, intending to be legally bound, mutually covenant and agree as follows:

1. **<u>APPOINTMENT OF CUSTODIAN</u>**.

The Fund hereby appoints the Custodian as custodian of Assets belonging to the Fund which have been or may be from time to time delivered to and accepted by the Custodian. Custodian accepts such appointment as a custodian and agrees to perform the duties and responsibilities of Custodian as set forth herein on the conditions set forth herein. For purposes of this Agreement, the term "Assets" shall include Securities, Underlying Shares, monies, and other property held by the Custodian for the benefit of the Fund. "Security" or "Securities" shall mean stocks, bonds, rights, warrants, certificates, instruments, obligations and all other negotiable or non-negotiable paper commonly known as Securities which have been or may from time to time be delivered to and accepted by the Custodian. The term "Securities", as used in this Agreement, shall not include Underlying Shares. "Underlying Share or "Underlying Shares" shall mean uncertificated shares of, or other interests in, other investment funds, accounts or vehicles, including, but not limited to, private funds and registered funds.

2. **<u>INSTRUCTIONS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "Instruction," as used herein, shall mean a request, direction, instruction or certification initiated by a Fund and conforming to the terms of this paragraph. An Instruction may be transmitted to the Custodian by any of the following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a writing manually signed on behalf of a Fund by an Authorized Person (as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a telephonic or other oral communication from a person the Custodian reasonably believes to be an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a facsimile transmission that the Custodian reasonably believes has been signed or otherwise originated by an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a communication effected through the internet or web-based functionality (including without limitation, emails, data files and other communications) on behalf of a Fund ("Electronic Communication"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other means reasonably acceptable to both parties.

Upon request, Instructions in the form of oral communications shall be confirmed by the Fund by either a writing (as set forth in (i) above), a facsimile (as set forth in (iii) above), or an Electronic Communication (as set forth in (iv) above), but the lack of such confirmation shall in no way affect any action taken by the Custodian in reliance upon such oral Instructions prior to the Custodian's receipt of such confirmation. The Fund authorizes the Custodian to record any and all telephonic or other oral Instructions communicated to the Custodian. The parties acknowledge and agree that, with respect to Instructions transmitted by facsimile, the Custodian cannot verify that the signature of an Authorized Person has been properly affixed and, with respect to Instructions transmitted by an Electronic Communication, the Custodian cannot verify that the Electronic Communication has been initiated by an Authorized Person; accordingly, the Custodian shall have no liability as a result of actions taken in reliance on unauthorized facsimile or Electronic Communication Instructions the Custodian reasonably believes to have been initiated by an Authorized Person.. The Custodian recommends that any Instructions transmitted by a 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) "Special Instructions," as used herein, shall mean Instructions countersigned or confirmed in writing by the Treasurer or any other officer of a 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 the Custodian at the address and/or telephone, facsimile transmission or email address agreed upon from time to time by the Custodian and the Fund.

&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 the Custodian reasonably determines that an Instruction is unclear or incomplete, the Custodian may notify a Fund of such determination, in which case the Fund shall be responsible for delivering to the Custodian an amended Instruction. The Custodian shall have no obligation to take any action until the Fund re-delivers to the Custodian an Instruction that is clear and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall be responsible for delivering to the Custodian 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. The Custodian shall have no liability if a Fund delivers Instructions or Special Instructions to the Custodian after any reasonable deadline established by the Custodian and communicated to, and receipt of such communication confirmed by, the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) By providing Instructions to acquire or hold Foreign Assets (as defined in Rule 17f-5(a)(2) under the 1940 Act), the Fund shall be deemed to have confirmed to the Custodian that the Fund has (i) considered and accepted responsibility for all Sovereign Risks and Country Risks (as hereinafter defined) associated with investing in a particular country or jurisdiction, and (ii) made all determinations and provided to shareholders and other investors all disclosures required of registered investment companies by the 1940 Act. The term "Foreign Assets", as used herein, shall mean 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 a Fund's transactions in those Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges that where Instructions or Special Instructions require the Custodian to prepare and submit forms, letters or other writings to third parties on behalf of the Fund, including but not limited to subscription agreements (or any document, however titled, that performs the same function as a subscription agreement, which shall be defined herein as a "Subscription Agreement"), redemption requests, stock transfers and exchanges of cash for Underlying Shares ("Writings"), the Custodian will prepare but not submit such Writings unless and until all required information necessary to complete a Writing has been submitted by an Authorized Person. The Fund agrees to make reasonably available Authorized Persons during normal business hours to work with the Custodian and its affiliates to complete such Writings. The Fund acknowledges that the Custodian shall not be liable for its obligations with respect to Writings if such failure results from any delay, error, unavailability or inaccuracy in an Instruction or Special Instruction provided by the Fund or an Authorized Person.

Without limiting the foregoing, the parties agree that the accuracy and completeness of all information provided in a Subscription Agreement, investor questionnaire or other similar document for an Underlying Share is the sole responsibility of the Fund, and not the Custodian or its affiliates, regardless of whether the Custodian or its affiliates assist in the completion of the Subscription Agreement, investor questionnaire or similar document. In the event that the investment fund rejects a Subscription Agreement, the Fund will be solely responsible for completing a new Subscription Agreement for the Underlying Share.

By providing an Instruction or Special Instruction to complete a Subscription Agreement or other such Writing, the Fund certifies that it has read the relevant offering documents and the Subscription Agreement or other Writing required to be submitted to invest in the foregoing investment. As between the Fund and Custodian, the Fund takes full responsibility for any representations in Subscription Agreements or to any other person or entity regarding the Fund's qualifications to invest in underlying funds, the Fund's status under any anti-money laundering or similar statutes, the Fund's financial status or condition, or any other information relating to the Fund and hereby represents that any such representations are accurate and complete. Representations regarding such matters in any Subscription Agreement or similar document are representations of the Fund and not of the Custodian.

3. **<u>DELIVERY OF CORPORATE DOCUMENTS</u>**.

Each of the parties to this Agreement represents that its execution does not violate any of the provisions of its respective charter, articles of incorporation, partnership agreement, declaration of trust, articles of association or bylaws, that all required corporate or organizational action to authorize the execution and delivery of this Agreement has been taken, and that the person signing this Agreement is authorized to bind such party (and, in the case of a Fund, that the person signing this Agreement is authorized to bind the Fund)..

The Fund agrees to provide the Custodian, upon reasonable request, documentation regarding the Fund, including, by way of example: certificates of incorporation or trust, by-laws, resolutions, registration statements, W-9s and other tax-related documentation, compliance policies and procedures and other compliance documents, etc.

In addition, the Fund has delivered or will promptly deliver to the Custodian, copies of the Resolution(s) of its Board of Directors or Trustees and all amendments or supplements thereto, properly certified or authenticated, designating certain officers or employees of each such Fund who will have continuing authority to certify to the Custodian: (a) 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 (b) the names, titles and signatures of those persons authorized to countersign or confirm Special Instructions on behalf of the Fund (in both cases collectively, the "Authorized Persons" and individually, an "Authorized Person"). Such Resolutions and certificates may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until delivery to the Custodian of a similar Resolution or certificate to the contrary; provided, however, that the Custodian may rely upon any written designation furnished by the Treasurer or other officer of the Fund designating persons authorized to countersign or confirm Special Instructions (as provided in Section 2(b)). Upon delivery of a certificate which deletes or does not include the name(s) of a person previously authorized to give Instructions or to countersign or confirm Special Instructions, such person shall no longer be considered an Authorized Person authorized to give Instructions or to countersign or confirm Special Instructions. Unless the certificate specifically requires that the approval of anyone else will first have been obtained, the 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 received by the Custodian from a Fund will be deemed to authorize or permit any director, trustee, officer, employee, or agent of such Fund to withdraw any of the Assets of such Fund upon the mere receipt of such authorization, Special Instructions or Instructions from such director, trustee, officer, employee or agent.

The Fund further agrees to promptly provide the Custodian with Subscription Agreements for completion and any other applicable documentation for the Fund's investment in any underlying investment companies. Such investments will only be Securities, and therefore Assets of the Fund, upon receipt by the 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, Special Subcustodian or Eligible Securities Depository appointed pursuant to Sections 5(b), (c), or (f) of this Agreement, the Custodian shall have and perform the powers and duties hereinafter set forth in this Section 4. For purposes of this Section 4 all references to powers and duties of the "Custodian" shall also refer to any Domestic Subcustodian appointed pursuant to Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Safekeeping</u>.

The Custodian will keep safely the Assets of the Fund which are delivered to and accepted by it from time to time. The Custodian shall notify a Fund if it is unwilling or unable to accept custody of any asset of such Fund. The Custodian shall not be responsible for any property of a Fund held by a Fund and not delivered to the Custodian or for any pre-existing faults or defects in Assets that are delivered to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Manner of Holding Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Custodian shall at all times hold Securities of the Fund either: (i) by physical possession of the share certificates, completed Subscription Agreements, or other instruments representing such Securities, in registered or bearer form; in the vault of the Custodian, Domestic Subcustodian, a Special Custodian, depository or agent of the Custodian; or in an account maintained by

the Custodian or agent at a Securities System (as hereinafter defined); or (ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The 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 the Custodian or its nominee, for whose actions the Fund and Custodian, respectively, shall be fully responsible. Upon the receipt of Instructions, the 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, the Custodian will register all such portfolio Securities in the name of the Custodian's authorized nominee. All such Securities shall be held in an account of the Custodian containing only assets of the Fund or only assets held by the Custodian for the benefit of customers, provided that the records of the Custodian shall indicate at all times the Fund or other customer for which such Securities are held in such accounts and the respective interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Custodian may deposit and/or maintain domestic Securities owned by a 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 ("SEC") 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, the 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 shall be referred to in this Agreement as a "Securities System", and all such Securities Systems shall be listed on the attached Appendix A. 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;(i) Solely with the prior written consent of the Fund, the 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;(ii) Securities held in a Securities System shall be subject to any agreements or rules effective between the Securities System and the Custodian or a Subcustodian, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Securities deposited or maintained in a Securities System shall be held in an account ("Account") of the Custodian or a Subcustodian in the Securities System that includes only assets held by the 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;(iv) The books and records of the 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;(v) The Custodian shall pay for Securities purchased for the account of a Fund upon (a) receipt of advice from the Securities System that such Securities have been transferred to the Account of the Custodian in accordance with the rules of the Securities System, and (b) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of such Fund. The Custodian shall transfer Securities sold for the account of a Fund upon (a) receipt of advice from the Securities System that payment for such Securities has been transferred to the Account of the Custodian in accordance with the rules of the Securities System, and (b) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of such Fund. Copies of all advices from

the Securities System relating to transfers of Securities for the account of a Fund shall be maintained for such Fund by the Custodian. Such copies may be maintained by the Custodian in electronic form. The Custodian shall make available to the Fund or its agent on the next business day, by Electronic Communication, facsimile, or other means reasonably acceptable to both parties, daily transaction activity that shall include each day's transactions for the account of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Custodian shall, if requested by a Fund pursuant to Instructions, provide the Fund with reports obtained by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Underlying Shares.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The provisions of this Section 4(c) shall govern the custody of the Underlying Shares and, to the extent there is a conflict between such provisions and the provisions of any other section of this Agreement with respect to Underlying Shares, the terms of this Section 4(c) shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Underlying Shares are beneficially owned by the Fund and not the Custodian and shall be deposited and/or held in an account or accounts maintained by a transfer agent, registrar, recordkeeper, general partner, corporate secretary, 3<sup>rd</sup> party fund administrator or other relevant third party (each a "Transfer Agent") pursuant to Instructions to the Custodian. The Custodian has no liability for the payment for any obligations or liabilities related to the Underlying Shares. The Fund and the Custodian agree that the Custodian's only responsibilities in connection with Underlying Shares shall be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon receipt of a confirmation or statement from a Transfer Agent that such Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of the Fund, the Custodian shall (A) mark such holdings on its books and records and (B) identify by book-entry that the relevant Underlying Shares are being held by the Custodian as custodian for the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (ii) In accordance with Instructions, the Custodian shall (A) complete the applicable purchase application (ie: subscription document) and pay out monies from Fund Assets for the purchase of Underlying Shares for the account of the Fund and (B) record such purchase on the books and records of the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In accordance with Instructions, the Custodian shall (A) transfer Underlying Shares redeemed for the account of the Fund in accordance with such Instructions and (B) record such transfer on the books and records of the Custodian and, upon receipt of related proceeds, record the related payment for the account of the Fund on said books and records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Custodian will not be deemed to have received any distribution or other asset of the Fund until that distribution or other asset of the Fund has in fact been received by the Custodian at the address and in the manner directed in the applicable Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Free Delivery of Assets</u>.

Notwithstanding any other provision of this Agreement and except as provided in Section 3 hereof, the Custodian, upon receipt of Special Instructions, will undertake to make free delivery of Assets, provided such Assets are on hand and available, in connection with a Fund's transactions and to transfer

such Assets to such broker, dealer, Subcustodian, bank, agent, Securities System or otherwise as specified in such Special Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Exchange of Securities</u>.

Upon receipt of Instructions, the Custodian will exchange Securities held by it for a 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, the Custodian is authorized to exchange Securities held by it in temporary form for Securities in definitive form, to surrender Securities for transfer into a name or nominee name as permitted in Section 4(b)(2), to effect an exchange of shares in a stock split or when the par value of the stock is changed, to sell any fractional shares, and, upon receiving payment therefor, to surrender bonds or other Securities held by it at maturity or call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Purchases of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Securities Purchases</u>. In accordance with Instructions, the Custodian shall, with respect to a purchase of Securities, pay for such Securities out of monies held for a 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 the Custodian has received Special Instructions to the contrary, such payment will be made only upon delivery of such Securities to the Custodian, a clearing corporation of a national securities exchange of which the Custodian is a member, or a Securities System in accordance with the provisions of Section 4(b)(3) hereof. Notwithstanding the foregoing, (i) in connection with a repurchase agreement, the 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 the Custodian, provided that the 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; (ii) 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) hereof, the Custodian may make payment therefor before receipt of an advice of transaction; and (iii) the Custodian may make payment for Securities or other Assets prior to delivery thereof in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Security or other Asset, including, but not limited to, Securities and other 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, the Custodian shall, if applicable, complete the applicable purchase application (ie: subscription document) and pay for and receive other Assets for the account of a Fund as provided in Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, the 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 the 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

the Custodian with a clearing corporation of a national securities exchange of which the Custodian is a member; or (c) credit to the Account of the Custodian with a Securities System, in accordance with the provisions of Section 4(b)(3) hereof. Notwithstanding the foregoing, the Custodian may deliver Securities and other 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 Security or other 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 the Custodian of a receipt for such Securities, provided that the 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 the Custodian shall not be responsible for the selection of or the failure or inability to perform of such broker or its clearing agent or for 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, the Custodian shall receive payment for and deliver other Assets for the account of a Fund as provided in Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, the Custodian shall: (a) receive and retain Instructions or other documents, to the extent they are provided to the Custodian, evidencing the purchase or writing of the option by a 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 Securities, cash or other Assets in accordance with any notices or other communications evidencing the expiration, termination or exercise of such options which are furnished to the Custodian by the Options Clearing Corporation (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.

&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), the 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 such Fund's Instructions, the Custodian shall: (a) receive and retain Instructions or other documents, if any, evidencing the writing of the option; (b) deposit and maintain in a segregated account, Securities (either physically or by book-entry in a Securities System), cash and/or other Assets; and (c) pay, release and/or transfer such Securities, cash or other 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 the 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 appropriate 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Segregated Accounts</u>.

Upon receipt of Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be transferred Assets of such Fund, including Securities maintained by the Custodian in a Securities System pursuant to

Paragraph (b)(3) of this Section 4, said account or accounts to be maintained (i) for the purposes set forth in Sections 4(h) and 4(n); and (ii) for the purpose of compliance by the Fund with the procedures required by SEC Investment Company Act Release Number 10666 or any subsequent release or releases relating to the maintenance of segregated accounts by registered investment companies, or (iii) for such other purposes as may be set forth, from time to time, in Special Instructions. The Custodian shall not be responsible for the determination of the type or amount of Assets to be held in any segregated account referred to in this paragraph, or for compliance by the Fund with required procedures noted in (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Depositary Receipts</u>.

Upon receipt of Instructions, the 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 (hereinafter referred to, collectively, as "ADRs"), 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 the Custodian or a nominee of the Custodian, for delivery in accordance with such instructions.

Upon receipt of Instructions, the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Corporate Actions, Put Bonds, Called Bonds, Etc.</u>

Upon receipt of Instructions, the Custodian shall: (a) 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 Securities, cash or other Assets, if any, acquired as a result of such actions are to be delivered to the Custodian; and (b) deposit Securities upon invitations for tenders thereof, provided that the consideration for such Securities is to be paid or delivered to the Custodian, or the tendered Securities are to be returned to the Custodian.

Unless otherwise directed to the contrary in Instructions, the Custodian shall comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions, or similar rights of security ownership of which the Custodian receives notice through data services or publications to which it normally subscribes, and shall promptly notify the Fund of such action.

The Fund agrees that if it gives an Instruction for the performance of an act on the last permissible date of a period established by the Custodian or any optional offer or on the last permissible date for the performance of such act, the Fund shall hold the Custodian harmless from any adverse consequences in connection with acting upon or failing to act upon such Instructions.

If a Fund wishes to receive periodic corporate action notices of exchanges, calls, tenders, redemptions and other similar notices pertaining to Securities and to provide Instructions with respect to such Securities via the internet, the Custodian and such Fund may enter into a Supplement to this Agreement whereby the Fund will be able to participate in the Custodian's Electronic Corporate Action Notification Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Interest Bearing Deposits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of Instructions directing the Custodian to purchase interest bearing fixed-term certificates of deposit or call deposits (hereinafter referred to, collectively, as "Interest Bearing Deposits") for the account of a Fund, the Custodian shall purchase such Interest Bearing Deposits with such banks or trust companies, including the Custodian, any Subcustodian or any subsidiary or affiliate of the Custodian (hereinafter referred to as "Banking Institutions"), 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 the 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 the Custodian or in the name of the Custodian for its customers generally. The responsibilities of the Custodian to a Fund for Interest Bearing Deposits issued by the 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, (a) the Custodian shall be responsible for the collection of income and the transmission of cash to and from such accounts; and (b) the Custodian shall have no duty with respect to the selection of the Banking Institution or for the failure of such Banking Institution to pay upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Foreign Exchange Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Fund may appoint the Custodian as its agent in the execution of all currency exchange transactions. If requested, the Custodian agrees to 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, the 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 a Fund with such currency brokers or Banking Institutions as the Fund may determine and direct pursuant to Instructions. If, in its Instructions, a Fund does not direct the Custodian to utilize a particular currency broker or Banking Institution, the 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 the Custodian as agent for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund accepts full responsibility for its use of third party foreign exchange brokers and for execution of said foreign exchange contracts and understands that the Fund 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. The Custodian shall have no responsibility or liability with respect to the selection of the currency brokers or Banking Institutions with which the Fund deals or the performance or non-performance of such brokers or Banking Institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, upon receipt of Instructions the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 from a Fund, the 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 such 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 the 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, the Custodian will pay, but only 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, the Custodian, on the receipt of Instructions, shall 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, the Custodian will release securities to a securities lending agent appointed by the Fund and designated in such Instructions. The Custodian shall act upon Instructions from the Fund and/or such agent in order to effect securities lending transactions on behalf of the Fund. For its services in facilitating a Fund's securities lending activities through such agent, the Custodian may receive from the agent a portion of the agent's securities lending revenue or a fee directly from the Fund. The 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 negligence or willful misconduct on the part of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Stock Dividends, Rights, Etc.</u>

The Custodian shall receive and collect all stock dividends, rights, and other items of like nature and, upon receipt of Instructions, take action with respect to the same as directed in such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Routine Dealings</u>.

The 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 from time to time by Instructions from any particular Fund. The 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 under this Agreement, provided that all such payments shall be accounted for to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Collections</u>.

The Custodian shall (a) collect amounts due and payable to the Fund with respect to Securities and other Assets; (b) promptly credit to the account of the Fund all income and other payments relating to Securities and other Assets held by the Custodian hereunder upon Custodian's receipt of such income or payments or as otherwise agreed in writing by the Custodian and any particular Fund; (c) promptly endorse and deliver any instruments required to effect such collection; and (d) 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 Securities and other Assets, or in connection with the transfer of such Securities or other Assets; provided, however, that with respect to Securities registered in so-called street name, or physical Securities with variable interest rates, the Custodian shall use its best efforts to collect amounts due and payable to the Fund. The Custodian shall not be responsible for the collection of amounts due and payable with respect to Securities or other Assets that are in default.

Any advance credit of cash or Securities or other Assets expected to be received shall be subject to actual collection and may, when the Custodian determines collection unlikely, be reversed by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Dividends, Distributions and Redemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To enable the Fund to pay dividends or other distributions to shareholders of the Fund and to make payment to shareholders who have requested repurchase or redemption of their shares of the Fund (collectively, the "Shares"), the Custodian shall release cash or Securities insofar as available. In the case of cash, the 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, the Custodian shall, upon the receipt of Special Instructions, make such transfer to any entity or account designated by the Fund in such Special Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Proceeds from Shares Sold</u>.

The Custodian shall receive funds representing cash payments received for shares issued or sold from time to time by the Fund, and shall credit such funds to the account of that the Fund. The Custodian shall notify the Fund of Custodian's receipt of cash in payment for shares issued by the Fund by electronic mail or in such other manner as the Fund and the Custodian shall agree. Upon receipt of Instructions, the Custodian shall: (a) deliver all federal funds received by the Custodian in payment for shares as may be set forth in such Instructions and at a time agreed upon between the Custodian and the Fund; and (b) make federal funds available to a Fund as of specified times agreed upon from time to time by the Fund and the Custodian, in the amount of checks received in payment for shares which are deposited to the accounts of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Proxies and Notices; Compliance with the Shareholder Communications Act of 1985</u>.

The Custodian shall deliver or cause to be delivered to the Fund, or its designated agent or proxy service provider, all forms of proxies, all notices of meetings, and any other notices or announcements affecting or relating to Securities or Underlying Shares owned by theFund that are received by the Custodian and, upon receipt of Instructions, the 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, the Custodian shall not vote upon any such Securities or Underlying Shares, or execute any proxy to vote thereon, or give any consent or take any other action with respect thereto.

The 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 any the Fund unless a particular Fund directs the Custodian otherwise pursuant to Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Books and Records</u>.

The Custodian shall maintain such records relating to its activities under this Agreement as are required to be maintained by Rule 31a-1 under the 1940 Act and to preserve them for the periods prescribed in Rule 31a-2 under the 1940 Act. These records shall be open for inspection by duly authorized officers, employees or agents (including independent public accountants) of the Fund during normal business hours of the Custodian.

The Custodian shall provide accountings relating to its activities under this Agreement as shall be agreed upon by the Fund and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Opinion of Fund's Independent Certified Public Accountants</u>.

The 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 the

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Reports by Independent Certified Public Accountants</u>.

At the request of a Fund, the Custodian shall deliver to the Fund a written report, which may be in electronic form, prepared by the Custodian's independent certified public accountants with respect to the services provided by the Custodian under this Agreement, including, without limitation, the Custodian's accounting system, internal accounting control, financial strength and procedures for safeguarding cash, Securities and other Assets, including cash, Securities and other Assets deposited and/or maintained in a Securities System or with a Subcustodian. 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 the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Bills and Other Disbursements</u>.

Upon receipt of Instructions, the Custodian shall pay, or cause to be paid, all bills, statements, or other obligations of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Sweep or Automated Cash Management.</u>

Upon receipt of Instructions, the Custodian shall invest any otherwise uninvested cash of any Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by the Custodian from time to time (each, a "Sweep Vehicle"), in accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian shall invest uninvested cash of the Fund in the Sweep Vehicle(s) previously chosen by the applicable Fund. If no Sweep Vehicle has been selected by a Fund, the Custodian, at its discretion, shall invest some or all of the balance in various Sweep Vehicles. A fee may be charged or a spread may be received by the Custodian for investing the Fund's otherwise uninvested cash in the available Sweep Vehicles.

The Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle by or on behalf of any Fund under the terms of this section will cause any Fund to exceed any limitations under any applicable law on ownership of shares of another investment fund or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Fund's prospectus. The Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including attorney's fees) suffered or incurred by the Custodian as a result of a violation by theFund of the limitations on ownership of shares of another investment fund or any other Sweep Vehicle.

5. **<u>SUBCUSTODIANS</u>**.

From time to time, in accordance with the relevant provisions of this Agreement and solely with the express prior written consent of the Fund,, (i) the Custodian may appoint one or more Domestic Subcustodians, Foreign Subcustodians, Special Subcustodians or Interim Subcustodians (each as hereinafter defined) to act on behalf of the Fund; and (ii) the Custodian may be directed, pursuant to an agreement between the Fund and the Custodian ("Delegation Agreement"), to appoint a Domestic Subcustodian to perform the duties of the Foreign Custody Manager (as such term is defined in Rule 17f-5 under the 1940 Act) ("Approved Foreign Custody Manager") for the Fund so long as such Domestic Subcustodian is so eligible under the 1940 Act. Such Delegation Agreement shall provide that the appointment of any Domestic Subcustodian as the Approved Foreign Custody Manager must be governed by a written agreement between the

Custodian and the Domestic Subcustodian, which provides for compliance with Rule 17f-5. The Approved Foreign Custody Manager, solely with the express prior written consent of the Fund, may then appoint a Foreign Subcustodian or Interim Subcustodian in accordance with this Section 5. For purposes of this Agreement, all Domestic Subcustodians, Special Subcustodians, Foreign Subcustodians and Interim Subcustodians shall be referred to collectively as "Subcustodians."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Domestic Subcustodians</u>.

The Custodian may, at any time and from time to time, solely with the express prior written consent of the Fund, appoint any bank as defined in Section 2(a)(5) of the 1940 Act or any trust company or other entity, any of which meets the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act for the Custodian on behalf of the Fund as a subcustodian for purposes of holding Assets of such Fund(s) and performing other functions of the Custodian within the United States (a "Domestic Subcustodian"). The Fund shall approve in writing the appointment of the proposed Domestic Subcustodian; and the Custodian's appointment of any such Domestic Subcustodian shall not be effective without such prior written approval of the Fund(s). Each such duly approved Domestic Subcustodian shall be reflected on Appendix A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Foreign Subcustodians</u>.

(1) Foreign Subcustodians. The Approved Foreign Custody Manager may, solely with the express prior written consent of the Fund, appoint any entity meeting the requirements of an Eligible Foreign Custodian, as such term is defined in Rule 17f-5(a)(1) under the 1940 Act, and which term shall also include a bank that qualifies to serve as a custodian of assets of investment companies under Section 17(f) of the 1940 Act or by SEC order is exempt therefrom (each a "Foreign Subcustodian" in the context of either a subcustodian or a sub-subcustodian), provided that the Approved Foreign Custody Manager's appointments of such Foreign Subcustodians shall at all times be governed by an agreement that complies with Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, in the event that the Approved Foreign Custody Manager determines that it will not provide delegation services (i) in a country in which a Fund has directed that the Fund invest in a security or other Asset or (ii) with respect to a specific Foreign Subcustodian which the Fund has directed be used, the Custodian shall, or shall cause the Approved Foreign Custody Manager to, promptly notify the Fund in writing by facsimile transmission, Electronic Communication, or otherwise of the unavailability of the approved Foreign Custody Manager's delegation services in such country. The Custodian and the Approved Foreign Custody Manager (or Domestic Subcustodian) as applicable, shall be entitled to rely on and shall have no liability or responsibility for following such direction from the Fund as a Special Instruction and shall have no duties or liabilities under this Agreement save those that it may undertake specifically in writing with respect to each particular instance. Upon the receipt of such Special Instructions, the Custodian may, in it absolute discretion, designate, or cause the Approved Foreign Custody Manager to designate, an entity (defined herein as "Interim Subcustodian") designated by the Fund in such Special Instructions, to hold such security or other Asset. In such event, the Fund represents and warrants that it has made a determination that the arrangement with such Interim Subcustodian satisfies the requirements of the 1940 Act and the rules and regulations thereunder (including Rule 17f-5, if applicable). It is further understood that where the Approved Foreign Custody Manager and the Custodian do not agree to provide fully to the Fund the services under this Agreement and the Delegation Agreement with respect to a

particular country or specific Foreign Subcustodian, the Fund may delegate such services to another delegate pursuant to Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Special Subcustodians</u>.

Upon receipt of Special Instructions, the Custodian shall, on behalf of a Fund, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act for the Custodian on behalf of the Fund as a subcustodian for purposes of: (i) effecting third-party repurchase transactions with banks, brokers, dealers or other entities through the use of a common custodian or subcustodian; (ii) providing depository and clearing agency services with respect to certain variable rate demand note Securities, (iii) providing depository and clearing agency services with respect to dollar denominated Securities; and (iv) effecting any other transactions designated by the Fund in such Special Instructions. Each such designated subcustodian (hereinafter referred to as a "Special Subcustodian") shall be listed on Appendix A attached hereto, as it may be amended from time to time. In connection with the appointment of any Special Subcustodian, the Custodian may enter into a subcustodian agreement with the Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination of a Subcustodian</u>.

The Custodian may, at any time in its discretion upon notification to the appropriate Fund(s), terminate any Subcustodian of the Fund in accordance with the termination provisions under the applicable subcustodian agreement, and upon the receipt of Special Instructions, the Custodian shall terminate any Subcustodian in accordance with the termination provisions under the applicable subcustodian agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Information Regarding Foreign Subcustodians</u>.

Upon request of a Fund, the Custodian shall deliver, or cause any Approved Foreign Custody Manager to deliver, to the Fund a letter or list stating: (i) the identity of each Foreign Subcustodian then acting on behalf of the Custodian; (ii) the Eligible Securities Depositories (as defined in Section 5(f)) in each foreign market through which each Foreign Subcustodian is then holding cash, securities and other Assets of the Fund; and (iii) such other information as may be requested by the Fund to ensure compliance with rules and regulations under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Eligible Securities Depositories</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Custodian or the Domestic Subcustodian may place and maintain the Fund's Foreign Assets with an Eligible Securities Depository (as defined in Rule 17f-7, which term shall include any other securities depository for which the SEC by exemptive order has permitted registered investment companies to maintain their assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon the request of the Fund, the Custodian shall direct the Domestic Subcustodian to provide to the Fund (including the Fund's board of directors or trustees) and/or the Fund's adviser or other agent an analysis of the custody risks associated with maintaining the Fund's Foreign Assets with such Eligible Securities Depository utilized directly or indirectly by the Custodian or the Domestic Subcustodian as of the date hereof (or, in the case of an Eligible Securities Depository not so utilized as of the date hereof, prior to the placement of the Fund's Foreign Assets at such depository) and at which any Foreign Assets of the Fund are held or are expected to be held. The Custodian shall direct the Domestic Subcustodian to monitor the custody risks associated with maintaining the Fund's Foreign Assets at each such Eligible Securities Depository on a continuing

basis and shall promptly notify the Fund or its adviser of any material changes in such risks through the Approved Foreign Custody Manager's letter, market alerts or other periodic correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Custodian shall direct the Domestic Subcustodian to determine the eligibility under Rule 17f-7 of each foreign securities depository before maintaining the Fund's Foreign Assets therewith and shall promptly advise the Fund if any Eligible Securities Depository ceases to be so eligible. Notwithstanding Subsection 17(c) hereof, Eligible Securities Depositories may, subject to Rule 17f-7, be added to or deleted from such list from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Withdrawal of Assets. If an arrangement with an Eligible Securities Depository no longer meets the requirements of Rule 17f-7, the Custodian shall direct the Domestic Subcustodian to withdraw the Fund's Foreign Assets from such depository as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Standard of Care. In fulfilling its responsibilities under this Section 5(f), the Custodian will exercise reasonable care, prudence and diligence.

6. **<u>STANDARD OF CARE</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Standard of Care</u>.

The Custodian shall exercise no less than the industry standard level of care in discharging its duties hereunder. The Custodian shall be liable to the Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such Fund resulting from the negligence or willful misconduct of the Custodian; provided, however, in no event shall the Custodian be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Actions Prohibited by Applicable Law, Etc.</u>

In no event shall the Custodian incur liability hereunder if the Custodian or any Subcustodian or Securities System, or any Subcustodian, Eligible Securities Depository utilized by any such Subcustodian, or any nominee of the Custodian or any Subcustodian (individually, a "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: (i) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or of any foreign country, or political subdivision thereof or of any court of competent jurisdiction (and neither the Custodian nor any other Person shall be obligated to take any action contrary thereto); or (ii) any "Force Majeure," which for purposes of this Agreement, shall mean any circumstance or event which is beyond the reasonable control of the Custodian, a Subcustodian or any agent of the Custodian or a Subcustodian and which adversely affects the performance by the Custodian of its obligations hereunder, by the Subcustodian of its obligations under its subcustodian agreement or by any other agent of the Custodian or the Subcustodian, unless in each case, such delay or nonperformance is caused by the negligence or willful misconduct of the Custodian. Such Force Majeure events may include any event caused by, arising out of or involving (a) an act of God, (b) accident, fire, water damage or explosion, (c) 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, (d) any interruption of the power supply or other utility service, (e) any strike or other work stoppage, whether partial or total, (f) any delay or disruption resulting from or reflecting the occurrence of any Sovereign Risk (as defined below), (g) 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, (h) 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 (i) any other cause similarly beyond the reasonable control of the Custodian.

Subject to the Custodian's general standard of care set forth in Subsection 6(a) hereof and the requirements of Section 17(f) of the 1940 Act and Rules 17f-5 and 17f-7 thereunder, the Custodian shall not 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 (i) "Sovereign Risk," which for the purpose of this Agreement shall mean, in respect of any jurisdiction, including but not limited to the United States of America, where investments are acquired or held under this Agreement, (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 that is not directly related to the economic or financial conditions of the Eligible Foreign Custodian, except as otherwise provided in this Agreement or the Delegation Agreement, or (ii) "Country Risk," which for the purpose of this Agreement shall mean, 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 (unrelated to the Approved Foreign Custody Manager's duties imposed by Rule 17f-5(c) under the 1940 Act or to the duties imposed on the Custodian by Rule 17f-7 under the 1940 Act), (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such investments are transacted and held, (e) the acts, omissions and operation of any Eligible Securities Depository, it being understood that this provision shall not excuse the Custodian's performance under the express terms of this Agreement, (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 a Fund's Foreign Assets held in custody pursuant to the terms of this Agreement; provided, however, that, in compliance with Rule 17f-5, neither Sovereign Risk nor Country Risk shall include the custody risk of a particular Eligible Foreign Custodian of a Fund's Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Liability for Past Records</u>.

Neither the Custodian nor any Domestic Subcustodian shall have any liability in respect of any loss, damage or expense suffered by a Fund, insofar as such loss, damage or expense arises from the performance of the Custodian or any Domestic Subcustodian in reliance upon records that were maintained for the Fund by entities other than the Custodian or any Domestic Subcustodian prior to the Custodian's employment hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Advice of Counsel</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian and all Domestic Subcustodians shall be entitled to receive and act upon advice of counsel of its own choosing on all matters. The 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;(e) <u>Advice of the Fund and Others</u>.

The 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, and neither the 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;(f) <u>Information Services.</u>

The Custodian may rely upon information received from issuers of Securities or other Assets or agents of such issuers, information received from Subcustodians or depositories, information from data reporting services that provide detail on corporate actions and other securities information, and other commercially reasonable industry sources; and, provided the Custodian has acted in accordance with the standard of care set forth in Section 6(a), the Custodian 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;(g) <u>Instructions Appearing to be Genuine</u>.

The Custodian and all Domestic Subcustodians shall be fully protected and indemnified in acting as a custodian hereunder upon any Resolutions of the Board of Directors or Trustees, Instructions, Special Instructions, advice, notice, request, consent, certificate, instrument or paper reasonably appearing to it to be genuine and to have been properly executed and shall, 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 such Fund authorized to countersign or confirm Special Instructions. The Custodian shall be entitled to rely upon any Instructions or Special Instructions from an Authorized Person (or from a person reasonably believed by the Custodian to be an Authorized Person). The Custodian shall be further entitled to assume that any Instructions or Special Instructions are not in any way inconsistent with the provisions of a Fund's Organizational Documents, Offering Memorandum or any other agreement governing a Fund's operations. The Custodian shall have no duty to inquire into or investigate the validity, accuracy or content of any Instruction or Special Instruction. The Custodian shall have no liability for any losses, damages or expenses incurred by a 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;(h) <u>No Investment Advice.</u>

The Custodian shall have no duty to assess the risks inherent in Securities or other Assets or to provide investment advice, accounting or other valuation services regarding any such Securities or other Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exceptions from Liability</u>.

Without limiting the generality of any other provisions hereof, neither the 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;(i) the validity of the issue of any Securities purchased by or for any Fund, the legality of the purchase thereof or evidence of ownership required to be received by any 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;(ii) the legality of the sale, transfer or movement of any Securities by or for any 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;(iii) any other expenditures, encumbrances of Securities, borrowings or similar actions with respect to any Fund's 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 Declaration of Trust, Partnership Agreement, Articles of Incorporation or By-Laws or votes or proceedings of the shareholders, trustees, partners or directors of the Fund, or the Fund's currently effective Registration Statement on file with the SEC.

7. **<u>LIABILITY OF THE CUSTODIAN FOR ACTIONS OF OTHERS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Domestic Subcustodians</u>

Except as provided in Section 7(d), the 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 the Custodian itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liability for Acts and Omissions of Foreign Subcustodians</u>.

The 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 Subcustodianonly to the extent that, under the terms set forth in the subcustodian agreement between the 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 the 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;&nbsp;&nbsp;&nbsp;&nbsp; (c) <u>Securities Systems, Interim Subcustodians, Special Subcustodians, Eligible Securities Depositories.</u>

The 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 Eligible Securities Depository unless such loss, damage or expense is caused by, or results from, the negligence or willful misconduct of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Failure of Third Parties.</u>

The 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 any (i) issuer of any Securities or Underlying Shares or of any agent of such issuer; (ii) any counterparty with respect to any Security or other Asset, including any issuer of any option, futures, derivatives or commodities contract; (iii) investment adviser or other agent of the Fund; or (iv) any broker, bank, trust company or any other person with whom the Custodian may deal (other than any of such entities acting as a Subcustodian, Securities System or Eligible Securities Depository, for whose actions the liability of the Custodian is set out elsewhere in this Agreement); or (v) any agent or depository (including but not limited to a securities lending agent or precious metals depository) with whom the 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 negligence or willful misconduct of the Custodian or the Custodian's breach of the terms of any contract between the Fund and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer Agents</u>.

The 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 negligence or willful misconduct of the Custodian.

8. **<u>INDEMNIFICATION</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification by Fund</u>.

Subject to the limitations set forth in this Agreement, the Fund agrees to indemnify and hold harmless the Custodian and its nominees from all losses, damages and expenses (including attorneys' fees) suffered or incurred by the Custodian or its nominee caused by or arising from actions taken by the Custodian, its employees or agents in the performance of its duties and obligations under this Agreement, including, but not limited to, any indemnification obligations undertaken by the Custodian under any relevant subcustodian agreement; provided, however, that such indemnity shall not apply to the extent the Custodian is liable under Sections 6 or 7 hereof.

If the Fund requires the Custodian to take any action with respect to Securities, Underlying Shares or other Assets, which action involves the payment of money or which may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund being liable for the payment of money or incurring liability of some other form, the Fund, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

The Fund agrees to indemnify and hold harmless the Custodian for any action the Custodian takes or does not take in reliance upon directions, Instructions or Special Instructions, including but not limited to Instructions or Special Instructions to prepare, sign and submit Subscription Agreements or other Writings on behalf of the Manager or the Fund, except for such action or inaction resulting from the Custodian's negligence or willful misconduct or if the Custodian follows an Instruction or Written Instruction expressly forbidden by this Agreement. Each Fund agrees to indemnify and hold harmless the Custodian for any claim against the Custodian arising out of the investment by the Fund in an underlying fund for which Subscription Agreements are prepared, signed or submitted by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by Custodian</u>.

Subject to the limitations set forth in this Agreement, the Custodian agrees to 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 negligence or willful misconduct of the Custodian.

9. **<u>ADVANCES</u>.**

In the event that the Custodian or any Subcustodian, Securities System, or Eligible Securities Depository acting either directly or indirectly under agreement with the Custodian (each of which for purposes of this Section 9 shall be referred to as "Custodian"), makes any payment or transfer of funds on behalf of any Fund as to which there would be, at the close of business on the date of such payment or

transfer, insufficient funds held by the Custodian on behalf of the Fund, the Custodian may, in its discretion without further Instructions, provide an advance ("Advance") 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 the 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 the 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 behalf of which the Advance was made on demand by Custodian, unless otherwise agreed by the Fund and the Custodian, and shall accrue interest from the date of the Advance to the date of payment by the Fund to the Custodian at a rate determined from time to time by the Custodian. It is understood that any transaction in respect of which the Custodian shall have made an Advance, including but not limited to a foreign exchange contract or transaction in respect of which the 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 the Custodian for its own account and risk. The Custodian and the Fund acknowledge that the purpose of Advances is to finance temporarily 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. The Custodian shall promptly notify the Fund of any Advance. Such notification may be communicated by telephone, Electronic Communication or facsimile transmission or in such other manner as the Custodian may choose. Nothing herein shall be deemed to create an obligation on the part of the Custodian to advance monies to the Fund. In addition, each Fund hereby agrees that they will promptly execute any documentation the Custodian reasonably believes is required under Regulation U with respect to any Advances made pursuant to this Section.

10. **<u>SECURITY INTEREST</u>.**

To secure the due and prompt payment of all Advances, together with any taxes, charges, fees, expenses, assessments, obligations, claims or liabilities incurred by the Custodian in connection with its or their performance of any duties under this Agreement (collectively, "Liabilities"), except for any Liabilities arising from or the Custodian's negligence or willful misconduct, the Fund grants to the Custodian a security interest in all of the Fund's Securities and other Assets now or hereafter in the possession of the Custodian and all proceeds thereof (collectively, the "Collateral"). A Fund shall promptly reimburse the Custodian for any and all such Liabilities. In the event that a Fund fails to satisfy any of the Liabilities as and when due and payable, the Custodian shall have in respect of the Collateral, in addition to all other rights and remedies arising hereunder or under local law, the rights and remedies of a secured party under the Uniform Commercial Code. Without prejudice to the Custodian's rights under applicable law, the Custodian shall be entitled, with seven (7) days' advance notice to a 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 the Custodian deems reasonable, and all costs and expenses (including reasonable attorney's fees) incurred by the Custodian in connection with the sale, set-off or other disposition of such Collateral.

11. **<u>COMPENSATION</u>**.

The Fund will pay to the Custodian such compensation as is set forth on Schedule A hereto, or as otherwise agreed to in writing by the Custodian and each such Fund from time to time. In addition, the Fund shall reimburse the Custodian for all out-of-pocket expenses incurred by the Custodian in connection with this Agreement, but excluding salaries and usual overhead expenses. For out-of-pocket expenses exceeding $1,500 per expense or $10,000 per annum (excluding taxes), Custodian shall obtain

approval from the Fund in advance of incurring such expenses. Such compensation, and expenses shall be billed to the Fund and paid in cash to the Custodian.

12. **<u>POWERS OF ATTORNEY</u>**.

Upon request, the Fund shall deliver to the Custodian such proxies, powers of attorney or other instruments as may be reasonable and necessary or desirable in connection with the performance by the Custodian or any Subcustodian of their respective obligations under this Agreement or any applicable subcustodian agreement.

13. **<u>TAX LAWS</u>.**

The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on a Fund or on the Custodian as custodian for the Fund by the tax law of any country or of any state or political subdivision thereof. The Fund agrees to indemnify the 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 the Custodian as custodian of a Fund.

14. **<u>TERM AND ASSIGNMENT</u>**.

This Agreement shall continue in effect with respect to theFund for a two-year period beginning on the date of this Agreement (the "Initial Term"). Thereafter, if not terminated as provided herein, the Agreement shall continue automatically in effect for successive annual periods (each a "Renewal Term").

In the event this Agreement is terminated by the Fund prior to the end of the Initial Term of any subsequent Renewal Term, the Fund shall be obligated to pay the Custodian the remaining balance of the fees payable to the Custodian under this Agreement through the end of the Initial Term or Renewal Term, as applicable. Either party may terminate this Agreement at the end of the Initial Term or at the end of any successive Renewal Term (the "Termination Date") by giving the other party a written notice not less than ninety (90) days' prior to the end of the respective term. Upon termination of this Agreement, the Fund shall pay to the Custodian such fees as may be due the Custodian hereunder as well as its reimbursable disbursements, costs and expenses paid or incurred. Upon termination of this Agreement, the 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, then to the Fund or as otherwise designated by the Fund by Special Instructions. Upon such delivery, the Custodian shall have no further obligations or liabilities under this Agreement except as to the final resolution of matters relating to activity occurring prior to the effective date of termination. In the event that for any reason Securities or other Assets remain in the possession of the Custodian after the date such termination shall take effect, the Custodian shall be entitled to compensation at the same rates as agreed to by the Custodian and the Fund during the term of this Agreement as set forth in Section 11.

This Agreement may not be assigned by the Custodian or any Fund without the respective consent of the other.

15. **<u>ADDITIONAL FUNDS</u>**.

[RESERVED]

16. **<u>NOTICES</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As to the Fund, notices, requests, instructions and other writings delivered to 527 Madison Avenue New York, NY 10022, postage prepaid, or to such other address as the Fund may have designated to the Custodian in writing, shall be deemed to have been properly delivered or given to the Fund.

Notices, requests, instructions and other writings delivered to the Custodian at its office at 928 Grand Blvd., 10th Floor, Attn: Amy Small, Kansas City, Missouri 64106, postage prepaid, or to such other addresses as the Custodian may have designated to the Fund in writing, shall be deemed to have been properly delivered or given to the Custodian hereunder; provided, however, that procedures for the delivery of Instructions and Special Instructions shall be governed by Section 2(c) hereof.

17. **<u>CONFIDENTIALITY.</u>**

The parties agree that all Information, books and records provided by the Custodian or the Fund to each other in connection with this Agreement, and all information provided by either 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 under this Agreement 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 available to the general public other than as a result of a breach of this Agreement, or that is required to be disclosed by or to any entity having regulatory authority over a party hereto or any auditor of a party hereto or that is required to be disclosed as a result of a subpoena or other judicial process, or otherwise by applicable laws.

18. **<u>ANTI-MONEY LAUNDERING COMPLIANCE.</u>**

The Fund represents and warrants that it has established and maintain policies and procedures designed to meet the requirements imposed by the USA PATRIOT Act, including policies and procedures designed to detect and prevent money laundering, including those required by the USA PATRIOT Act. The Fund agrees to provide to the Custodian, from time to time upon the request of the Custodian, certifications regarding its compliance with the USA PATRIOT Act and other anti-money laundering laws. The Fund acknowledges that, because the Custodian will not have information regarding the shareholders of the Fund, the Fund will assume responsibility for customer identification and verification and other CIP requirements in regard to such shareholders.

19. **<u>MISCELLANEOUS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is executed and delivered in the State of Delaware and shall be governed by the laws of such state.

&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 hereto.

&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 writing, properly executed by both parties hereto; provided, however, Appendix A may be amended from time to time 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;(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;(e) This Agreement shall be effective as of the date of execution hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) 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;(h) Entire Agreement. This Agreement and the Delegation Agreement (if applicable), as amended from time to time, constitute the entire understanding and agreement of the parties thereto with respect to the subject matter therein and accordingly, supersedes as of the effective date of this Agreement any custodian agreement heretofore in effect between the Fund and the Custodian.

(i) The rights and obligations contained in Sections 6, 7, 8, 9, 10, 11 and 17 of this Agreement shall continue, notwithstanding the termination of this Agreement, in order to fulfill the intention of the parties as described in such Sections.

**[Signature page to follow.]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Custody Agreement to be executed by their respective duly authorized officers.

---

| |
|:---|
| **CAIS Sports, Media and Entertainment Fund** |
| <br> By:/s/ Terrence McCarthy |
| <br> Name: Terrence McCarthy |
| <br> Title: CFO |
| <br> Date: 09/25/2025 |
| <br> **UMB BANK, N.A.** |
| <br> By:/s/ Amy Small |
| <br> Name: Amy Small |
| <br> Title: Executive Vice President |
| <br> Date: 10/7/2025 |

---

## Exhibit 99.2

***Exhibit (k)(1)***

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this "**Agreement**"), dated September 29, 2025, is between **CAIS Sports, Media and Entertainment Fund** (the "**Fund**"), a Delaware statutory trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Fund is a closed-end management investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and it desires that Ultimus perform certain services. Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Fund retains Ultimus to provide the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;☒ Fund Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;☒ Fund Administration Addendum

&nbsp;&nbsp;&nbsp;&nbsp;☒ Transfer Agent and Shareholder Servicing Addendum

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement. Ultimus shall also pay all compensation of any officers of the Fund who are affiliated persons of Ultimus, except when such person is serving as the Fund's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The Fund assumes and shall pay or cause to be paid all other expenses of the Fund not otherwise allocated under this Section 2, including, without limitation, all expenses specified in the Fund's operating agreement.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The Fund shall pay for the Services to be provided by Ultimus under this Agreement in accordance with, and in the manner set forth in, the fee letter attached to each addendum (each a "**Fee Letter** "), which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter. If this Agreement terminates before the last day of a month, Ultimus' compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter. The Fund shall promptly pay Ultimus' compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In the event that the U.S. Securities and Exchange Commission (the "**SEC** "), Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other regulator or self-regulatory authority adopts regulations and requirements relating to the payment of fees to service providers or which would result in any material increases in costs to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and provide for additional compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In the event that any fees are disputed, the Fund shall, on or before the due date, pay all undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. If parties reach an agreement regarding the disputed fees, the agreed-upon amount shall be due on or before the later of (i) thirty (30) calendar days after the dispute notice is provided or (ii) ten (10) business days after the resolution of the dispute, unless otherwise mutually agreed upon.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Fund agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** All freight and other delivery charges incurred by Ultimus in delivering materials on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** If requested by the Fund, the cost of obtaining secondary security market quotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** The cost of storing hard copies of records and materials (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** All fees and expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** Any expenses Ultimus shall incur at the direction of an officer of the Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Fund for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** A reasonable allocation of the costs associated with the preparation of Ultimus' Service Organization Control 1 Reports ()"**SOC 1 Reports** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** A reasonable allocation of the cost of GainsKeeper<sup>®</sup> software, used by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and

CAIS Sports, Media and Entertainment FundUltimus Master Services AgreementSeptember 29, 2025 Page 2 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement, provided that any such additional out-of-pocket expenses in excess of $500 (individually) shall require pre-approval of the Fund.

Notwithstanding anything contained herein and for the avoidance of doubt, travel and lodging expenses incurred by employees of Ultimus in connection with attendance at meetings of the Fund's Board (the "**Board**"), or otherwise incurred by such employees in connection with the provision of services to the Fund, shall solely be reimbursed by the Fund to the extent that such expenses have been expressly approved in writing by the Fund in advance of being incurred.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus agrees that all such books, records, and other data (except computer programs and procedures) developed to perform the Services (collectively, "**Client Records**") shall be the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus agrees to provide the Client Records to the Fund, at the expense of the Fund, upon reasonable request, and to make such books and records available for inspection by the Fund or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the electronic or other medium in which such material is then maintained by Ultimus as soon as practicable after any termination of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Fund or, upon the written request of the Fund, destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the Fund with copies as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus agrees to keep confidential all Client Records, except when requested to divulge such information by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If Ultimus is requested or required to divulge such information by duly constituted authorities or court process, Ultimus shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may seek, at the expense of the Fund, an appropriate protective order. If a protective order or other remedy is not obtained, then Ultimus will furnish only that portion of the Client Records that Ultimus is advised by reasonable opinion of outside counsel is legally required and will exercise its reasonable efforts to assist the Fund in its efforts to obtain a protective order and/or other reliable assurance that confidential treatment will be accorded to the Client Records that are disclosed

CAIS Sports, Media and Entertainment FundUltimus Master Services AgreementSeptember 29, 2025 Page 3 of 16

**6.** **Subcontracting** 

Ultimus may, at its expense and solely with the express written consent of the Fund which is not to be unreasonable withheld or delayed, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This Agreement shall become effective as of the date first above written (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each Addendum shall become effective as of the date first written in the Addendum.

**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 8, for a period of three (3) years from the date first above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement shall renew for successive one-year periods (each a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate this Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause**" shall mean:

&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 material breach of this Agreement by the Non-Terminating Party that has not been cured or remedied within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

&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) Non-Terminating Party's willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Non-Terminating Party takes a position regarding compliance with Federal Securities Laws that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days' prior written notice of such disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

CAIS Sports, Media and Entertainment FundUltimus Master Services AgreementSeptember 29, 2025 Page 4 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a final and unappealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the authorization or commencement of, or involvement by way of pleading, answer, consent, or acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) liquidation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Fund demands services that are beyond the scope of this Agreement and/or the Fund's investment strategy, structure, holdings, or other aspects of the Fund's operations deviate in any material respect from those Ultimus understood to exist during the initial due diligence and onboarding stage, such that Ultimus is (or will be) required to employ resources, whether in the form of additional man hours, investment or otherwise, beyond what was originally anticipated by Ultimus (collectively, the "**Out-of-Scope Services** "), and the parties cannot agree on appropriate terms relating to such Out-of-Scope Services, Ultimus may terminate this Agreement upon not less than 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party may terminate this Agreement at the end of the Initial Term or a Renewal Term by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination of this Agreement in whole or in part other than termination under Section 8.3.A-C is deemed an "**Early Termination.**" Upon the occurrence of an Early Termination at the election of the Fund, the Fund shall be subject to an "**Early Termination Fee**" equal to the pro rated fee amount due to Ultimus through the end of the then-current term as calculated in the applicable Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment*  *.*** Any unpaid compensation, reimbursement of expenses, or Early Termination Fee is due to Ultimus within 30 calendar days of the termination date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

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**9.** **Intentionally Omitted.** 

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising out of such party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any oral, written, or electric instruction, notice, request, record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of the Fund (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the Fund for certain purposes);

&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) using valuation information provided by the Fund's approved third-party pricing service(s) or the investment adviser(s) to the Fund for the purpose of valuing the Fund's portfolio holdings;

&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 error, action or omission by the Fund or other past or current service provider of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any failure to properly register the Fund's shares in accordance with the Securities Act or any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus may apply to the Fund at any time for instructions and may, with the Fund's written permission consult with counsel for the Fund, counsel for the Fund's independent Board members, and with accountants and other experts with respect to any matter arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the reasonable opinion of the Fund's counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A copy of the Fund's formation document is on file with the Secretary of State (or equivalent authority) of the state in which the Fund is organized, and notice is hereby given that this instrument is executed on behalf of the Fund and not the Directors or Trustees (as applicable) of the Fund individually and that the obligations of this instrument are not binding upon any of the Directors, Trustees, officers or shareholders individually but are binding only upon the assets and property of the Fund, and Ultimus shall look only to the assets of the Fund for the satisfaction of such obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus shall not be held to have notice of any change of authority of any officer, agent, representative or employee of the Fund, the Fund's investment adviser or any of the Fund's other service providers until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The Board has and retains primary responsibility for oversight of all compliance matters relating to the Fund, including, but not limited to, compliance with the Investment Company Act, the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations of the Fund relating to the portfolio investments as set forth in the prospectus and statement of additional information. Ultimus' monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To the maximum extent permitted by law, the Fund agrees to limit Ultimus' liability for the Fund's Losses (as defined below) to an amount that shall not exceed the total compensation received by Ultimus under this Agreement during the most recent rolling 36-month period or the actual time period this Agreement has been in effect if less than 36 months, except to the extent that any such Losses are attributable to Ultimus' fraud, willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties hereunder. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall either party be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties (including, without limitation, any investment adviser to the Fund) for use in delivering Ultimus' Services to the Fund. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its trustees, directors, managers, officers, employees, and other agents (collectively, the "**Indemnitees**" and each an "**Indemnitee** "), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Upon the assertion of a claim for which either party may be required to indemnify the other, the Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* The Indemnifying Party shall have the option to participate with the Indemnitee in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in no case confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee except with the Indemnifying Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It is a corporation, limited liability company, partnership, trust, or other entity duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the extent required by Applicable Law (defined below), it is duly registered with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For the duties and responsibilities under this Agreement, it is currently and will continue to abide in all material respects by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This Agreement constitutes a legal obligation of the party, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever, in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, and such violation has resulted, or could reasonably be expected to result, in a material adverse effect on the Fund or its operations, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Fund.*** The Fund represents and warrants, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It shall direct its investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, for the Fund to cooperate with Ultimus and to provide it with such information, data, documents, and advice relating to the Fund as appropriate or requested by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the Fund or the investment adviser(s) or any other service provider to the Fund is/are unable to supply Ultimus with all of the information necessary for Ultimus to perform the Services, Ultimus will not be able to fully perform the Services and will not be responsible for such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the knowledge of the Fund, the Fund's organizational documents, registration statement and prospectus are and will remain, in all material respects, true and accurate at all times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each of the employees of Ultimus that serves or has served at any time as an officer of the Fund, including the CCO, President, Treasurer, Secretary or the AML Compliance Officer, shall be covered by the Fund's Directors & Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions of the Fund's formation document and Bylaws regarding indemnification of its officers. Upon request, the Fund shall provide Ultimus with proof of current coverage, including a copy of the Policy, and shall notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Any officer of the Fund who is not affiliated with Ultimus shall be considered an individual who is authorized to provide Ultimus with instructions and requests on behalf of the Fund (an "**Authorized Person**") (unless such authority is limited in a writing from the Fund and received by Ultimus) 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 Ultimus the names of the Authorized Persons from time to time.

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**13.** **Insurance & Business Continuity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Business Continuity Plan.*** At all times in connection with its actual or required performance of the Services hereunder, Ultimus shall
 maintain a Business Continuity Plan (the "Plan") and implement such Plan in the event of any unplanned interruption of
 the Services.

**14.** **Information Provided by the Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Information Provided by the Fund.*** Upon request, the Fund will furnish or cause to be furnished to Ultimus the following, including any amendments thereto, provided that any information contained in public filings or otherwise publicly available shall be deemed to have been furnished to Ultimus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies of the Fund's formation document and of any amendments thereto, certified by the proper official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* resolutions of the Board covering the approval of this Agreement, authorization of a specified officer of the Fund to execute and deliver this Agreement and authorization for specified officers of the Fund to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a list of all the officers of the Fund, except to the extent such officers are affiliated with Ultimus, together with specimen signatures of those officers who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the Fund's registration statement and all amendments thereto filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the Fund's notification of registration under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the Fund's current prospectus and statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an accurate, current list of shareholders of the Fund showing each shareholder's address of record, number of shares owned and whether such shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies of the current plan of distribution adopted by the Fund under Rule 12b-1 under the Investment Company Act, if applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies of the current investment advisory agreement and current investment sub-advisory agreement(s), if applicable, for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies of the current distribution agreement for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact information for the Fund's service providers, including, but not limited to, the Fund's administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance officer, except to the extent such service providers are affiliated with Ultimus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the Investment Company Act.

**15.** **Compliance with Law** 

The Fund assumes full responsibility for the preparation, contents, and distribution of its prospectus and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that either party discloses (a "**Disclosing Party**") to the other party (a "**Receiving Party** "), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to itself, clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any unpublished information concerning research activities and plans, customers, clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any unpublished financial information, including information concerning revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Fund. "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the "**GLB Act** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.***  ***Treatment of Confidential Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each party agrees that at all times during and after the terms of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without limiting the foregoing, the Receiving Party shall apply to any Confidential Information at least the same degree of reasonable care used for its own confidential and proprietary information to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each party further agrees 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) The Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need to know and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, the Receiving Party may release Confidential Information as permitted or required by law (provided that it promptly notify the Disclosing Party of such request(s) so that the Disclosing Party may seek an appropriate protective order) or approved in writing by the Disclosing Party, which approval shall not be unreasonably withheld and may not be withheld where the Receiving Party may be exposed to civil or criminal liability or proceedings for failure to release such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally, Ultimus may provide Confidential Information typically supplied in the investment company industry to companies that track or report price, performance or other information regarding investment companies, so long as such information is anonymized (i.e., the Fund's name is not used in, or provided with, such Confidential Information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Receiving Party shall be responsible for any disclosure of Confidential Information by its employees, agents, contractors, subcontractors, and licensees as if it was its own disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination of this Agreement.

**17.** **Press Release** 

Within the first 60 days following the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Fund's written consent prior to publication of such release, which consent may be unreasonably denied by the Fund.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Fund are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person, provided that any and all such persons do not share any confidential information of the Fund with any third party (except as necessary to provide the Services on a need to know basis, provided that any such third party is bound by the same confidentiality as Ultimus, and Ultimus agrees to indemnify the Fund for any loss suffered in the event that such third party breaches its obligation of confidentiality, unless the Fund has requested the sharing of such confidential information) and do not use any confidential information of the Fund in connection with the rendering of any services to any other person or entity.

**19.** **Arbitration** 

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in New York, New York, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**20.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail overnight delivery, or certified mail at the following address.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.***  ***If to the Fund:*** 

CAIS Sports, Media and Entertainment Fund

527 Madison Avenue, 12<sup>th</sup> Floor

New York, NY 10022

Email: legal@caisadvisors.com

with a copy to:

Clifford Chance US LLP

Attn: Clifford Cone

Two Manhattan West

375 9th Avenue

New York, NY 10001

E-mail: clifford.cone@cliffordchance.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.***  ***If to Ultimus:*** 

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: legal@ultimusfundsolutions.com

**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend, modify, or waive all or part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.***  ***Assignments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall not be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The terms and provisions of this Agreement shall become automatically applicable to any investment company that is the successor to the Fund because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each party may, to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business, provided that that such party provides the other party with at least 90 days' prior written notice.

CAIS Sports, Media and Entertainment FundUltimus Master Services AgreementSeptember 29, 2025 Page 14 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of New York and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the state of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

CAIS Sports, Media and Entertainment FundUltimus Master Services AgreementSeptember 29, 2025 Page 15 of 16

The parties duly executed this Agreement as of September 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **CAIS Sports, Media and Entertainment Fund** | **CAIS Sports, Media and Entertainment Fund** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Terrence McCarthy | By: | /s/ Gary Tenkman |
| Name: | Terrence McCarthy | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

CAIS Sports, Media and Entertainment FundUltimus Master Services AgreementSeptember 29, 2025 Page 16 of 16

**<u>Fund Accounting Addendum</u>**

**for**

**CAIS Sports, Media and Entertainment Fund**

This Fund Accounting Addendum, dated September 29, 2025, is between **CAIS Sports, Media and Entertainment Fund** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated September 29, 2025 by and between the Fund and Ultimus (the "**Agreement**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**<u>Fund Accounting Services</u>**

**1.** **Performance of Accounting Services** 

Ultimus shall perform the following accounting services for the Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate the net asset value per share utilizing prices obtained from the sources described in subsection 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain security prices from independent pricing services, or if such quotes are unavailable and/or have been subject to override by the Fund's investment adviser, then obtain such prices from the Fund's investment adviser or its designee pursuant to the valuation policy approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** periodically verify and reconcile the Fund's cash position with the Funds' custodian, it being understood and agreed that Ultimus will be provided direct, electronic access to such information from the Fund's custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** periodically verify and reconcile the Fund's non-cash assets with the applicable third-party(ies) holding the same, it being understood and agreed that Ultimus will obtain the information needed to perform such verification and reconciliation directly from the applicable third party(ies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** compute, as applicable, the Fund's net income and realized capital gains, dividend payables, dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** accrue income of the Fund based upon income estimates obtained from independent pricing services, or if such income estimates are unavailable, then upon income estimates obtained from the Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record investment trades received in proper form from the Fund or its authorized agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** calculate Fund expenses based on instructions from the Fund's administrator or entity approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** determine the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** provide system generated accounting reports in connection with the Fund's regular annual audit and other audits and examinations by regulatory agencies;

CAIS Sports, Media and Entertainment FundFund Accounting Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** provide daily transmission of trade date valued holdings, to Fund's investment advisor's portfolio management system (Enfusion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** provide such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** prepare and maintain the following records upon receipt of information in proper form from the Fund or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription and repurchase journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) expense accruals; (10) income accruals; (11) securities and monies borrowed or loaned and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide information typically supplied in the investment company industry to companies that track or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide accounting information to the Fund's independent registered public accounting firm for preparation of the Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** cooperate with, and take reasonable actions in the performance of its duties under this Agreement, so that all necessary information is made available to the Fund's independent public accountants in connection with any audit or the preparation of any report requested by the Fund.

**2.** **Accounting Services Related to Odd Lot Pricing** 

If, in addition to those services described under Section 1 [Performance of Accounting Services] of this Fund Accounting Addendum, the Fund or the Fund's investment adviser informs Ultimus that the Fund holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's investment adviser or any sub-adviser to the Fund as part of any odd lot pricing procedures approved by the Board, and the Fund hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

**3.** **Derivatives Risk Management Program Support Services** 

Ultimus may, at the election of the Fund, provide the Fund with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("**Rule 18f-4**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Manage derivatives-specific data, update security master files, and load the Fund's portfolio composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver derivatives exposure and value-at-risk ()"**VaR**") reports generated by the Confluence software to the Fund's investment adviser ()"**Adviser**") and the Fund's Chief Compliance Officer and make available reporting for weekly stress testing and back-testing calculations performed by the Confluence software;

CAIS Sports, Media and Entertainment FundFund Accounting Addendum Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Adviser access to the Confluence software in order that Adviser may calculate derivatives exposure for the Fund and make other derivatives risk management calculations as required by Rule 18f-4 (e.g., VaR calculations, weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Provide the Board access to an independent derivatives expert (a "**Derivatives Expert**") capable of supporting the Board's efforts in effecting compliance oversight as required by Rule 18f-4 and the Fund's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party 18f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

Alternatively, the Fund may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "**18f-4/N-PORT Support Services**") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Fund Accounting Addendum.

**4.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Ultimus may agree (but shall be under no obligation) to provide additional special reports upon the request of the Fund or the Fund's investment adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** Ultimus may agree (but shall be under no obligation) to provide such other similar services with respect to the Fund as may be reasonably requested by the Fund, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services being provided.

***Signatures are located on the next page.***

CAIS Sports, Media and Entertainment FundFund Accounting Addendum Page 3 of 4

The parties duly executed this Fund Accounting Addendum as of September 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **CAIS Sports, Media and Entertainment Fund** | **CAIS Sports, Media and Entertainment Fund** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Terrence McCarthy | By: | /s/ Gary Tenkman |
| Name: | Terrence McCarthy | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

CAIS Sports, Media and Entertainment FundFund Accounting Addendum Page 4 of 4

**<u>Fund Administration Addendum</u>**

**for**

**CAIS Sports, Media and Entertainment Fund**

This Fund Administration Addendum, dated September 29, 2025, is between **CAIS Sports, Media and Entertainment Fund** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated September 29, 2025 by and between the Fund and Ultimus (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

Ultimus shall provide the following Fund Administration Services subject to, and in compliance with the objectives, policies and limitations set forth in the Fund's Registration Statement, the Fund's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Fund's Board:

1. In performing the Services, Ultimus will act as a liaison among the Fund's service providers, including, but not limited to its custodian, transfer agent, fund accountant and dividend disbursing agent, legal counsel, and audit firm;

2. Upon request, assist the Fund in the evaluation and selection of other service providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of Ultimus);

3. Prepare and maintain the Fund's operating expense budget to determine proper expense accruals to be charged to the Fund in order to calculate its net asset value;

4. Prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis as mutually agreed;

5. Prepare authorization for the payment of Fund expenses and pay, from Fund assets, all authorized bills of the Fund;

6. Determine income and capital gains available for distribution and calculate distributions required to meet regulatory, income, and excise tax requirements, to be reviewed by the Fund's independent public accountants;

7. Compute performance data required for inclusion in fund financial reports and disseminate such data to information services covering the investment company industry, for sales literature of the Fund and other appropriate purposes;

8. Provide other information typically supplied in the investment company industry as mutually agreed to companies that track or report price, performance or other information with respect to investment companies;

9. Prepare and coordinate the delivery of semi-annual and annual financial statements;

CAIS Sports, Media and Entertainment FundFund Administration Addendum Page 1 of 4

10. Coordinate the Fund's audits and examinations by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. assisting the Fund's independent public accountants, or, upon approval of the Fund, any regulatory body, in any requested review of the Fund's accounts and records, as mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. providing appropriate financial schedules (as requested by the Fund's independent public accountants or SEC examiners), as mutually agreed upon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. providing office facilities as may be required.

11. Facilitate, register, or prepare applicable notice or other filings as directed by the Fund's investment adviser with respect to, the Shares with the various state and territories of the United States and other securities commissions, provided that all fees for the registration of Shares or for qualifying or continuing the qualification of the Fund shall be paid by the Fund;

12. In consultation with legal counsel to the Fund, the investment adviser, officers of the Fund and other relevant parties, collect, prepare and disseminate digital materials for quarterly meetings of the Board, including agendas and selected financial information as agreed upon by the Fund and Ultimus from time to time; attend and participate in quarterly Board meetings to the extent requested by the Board; and prepare or cause to be prepared minutes of the quarterly meetings of the Board as agreed upon;

13. In consultation with legal counsel for the Fund, facilitate the EDGARIZATION and filing of the Fund's Registration Statement on Form N-2 and amendments thereto; provided that the Fund's legal counsel will be responsible for drafting the Fund's Registration Statement and any  **<u>pre- and post-effective</u>** amendments thereto  **<u>(including the annual update to the Registration Statement)</u>** ;

14. In consultation with legal counsel for the Fund, assist in and monitor the preparation, filing, printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. periodic reports to the Board, shareholders and the SEC, including but not limited to annual reports and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. notices pursuant to Rule 24f-2 (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. reports to the SEC on Forms N-CEN, N-CSR, N-PORT, N-23c-3, Schedule TO, and N-PX (as applicable).

15. Review the Fund's federal, state, and local tax returns as prepared and signed by the Fund's independent public accountants; and

16. Monitor Fund holdings and operations for  **<u>post-trade compliance</u>** with the Prospectus and Statement of Additional Information, SEC statutes, rules, regulations and policies and at the direction of the Fund's independent public accountants and legal counsel, monitor Fund holdings for compliance with IRS taxation limitations and restrictions and applicable Federal Accounting Standards Board rules, statements and interpretations; provide periodic compliance reports to each investment adviser or sub-adviser to the Fund, and assist the Fund, the Adviser and each sub-adviser to the Fund (collectively referred to as "**Advisers**") in preparation of periodic compliance reports to the Fund, as applicable. Post-trade compliance testing will be performed in accordance with testing policies and procedures, which in Ultimus' sole determination, are reasonably designed to comport with industry standard post-trade compliance testing practices. Because such post-trade compliance testing is performed using fund accounting data and data provided by third-party sources, including, without limitation the Adviser, its accuracy is dependent upon the accuracy of such data, and the Fund agrees and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such data. The Fund further agrees and acknowledges that the post-trade compliance testing performed by Ultimus shall not relieve the Fund or the Adviser of their responsibilities with respect to fund portfolio compliance, including on a pre-trade basis, and that Ultimus shall not be held liable for any act or omission of the Fund or the Adviser with respect to fund portfolio compliance. Moreover, and notwithstanding the foregoing, Ultimus' ability and therefor its obligation to perform post-trade compliance testing shall be wholly-dependent upon its timely receipt from third-party sources, including as applicable the Adviser, of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance testing, and, should Ultimus determine it to be necessary, the Adviser shall be required to arrange for Ultimus to have secure look-through access to private fund holdings.

CAIS Sports, Media and Entertainment FundFund Administration Addendum Page 2 of 4

17. Provide individuals reasonably acceptable to the Board to serve as officers of the Fund, including, without limitation, individuals to serve as assistant treasurer and secretary, who will be responsible for the management of certain of the Fund's affairs as determined and under supervision by the Board; depending on the nature and scope of any such officer appointment, Ultimus may be entitled to an additional fee (as set forth in the Fund Administration Fee Letter).

**Special Reports and Services**

1. Ultimus may provide additional special reports upon the request of the Fund's investment adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports being made available.

2. Ultimus may provide such other similar services with respect to the Fund as may be reasonably requested by the Fund, such as assistance with information statements, Proxy Statements or Form N-14, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services being provided.

**Tax Matters**

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

**Legal Representation**

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Fund acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Fund to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Fund's behalf. The Fund acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Fund, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

CAIS Sports, Media and Entertainment FundFund Administration Addendum Page 3 of 4

The parties duly executed this Fund Administration Addendum as of September 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **CAIS Sports, Media and Entertainment Fund** | **CAIS Sports, Media and Entertainment Fund** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Terrence McCarthy | By: | /s/ Gary Tenkman |
| Name: | Terrence McCarthy | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

CAIS Sports, Media and Entertainment FundFund Administration Addendum Page 4 of 4

**<u>Transfer Agent and Shareholder Services Addendum</u>**

**for**

**CAIS Sports, Media and Entertainment Fund**

This Transfer Agent and Shareholder Services Addendum, dated September 29, 2025, is between **CAIS Sports, Media and Entertainment Fund** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated September 29, 2025 by and between the Fund and Ultimus (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Fund with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process shareholder purchase, repurchase, redemption, exchange, and transfer orders in accordance with conditions set forth in the Fund's prospectus applying all applicable redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set up of account information, including address, account designations, dividend and capital gains options, taxpayer identification numbers, banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934, as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue quarterly statements for shareholders, interested parties, broker firms, branch offices and registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act as a service agent and process income dividend and capital gains distributions, including the purchase of new shares, through dividend reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act ()"**FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the total number of shares of the Fund which are authorized, based upon data provided to it by the Fund, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012), as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

CAIS Sports, Media and Entertainment FundTransfer Agent and Shareholder Services Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce, print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms required by federal authorities with respect to distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer and perform all other customary services of a transfer agent, including, but not limited to, answering routine customer inquiries regarding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process all standing instruction orders (Automatic Investment Plans ()"**AIPs**") and Systematic Withdrawal Plan ()"**SWPs** ")) including the debit of shareholder bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Fund with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make information available to shareholder servicing unit and other remote access units regarding trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond as appropriate to all inquiries and communications from shareholders relating to shareholder accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services to the Fund's direct shareholders domiciled in the United States and to operate the Fund's customer identification program for these shareholders, in each case in accordance with the written procedures developed by Ultimus and adopted or approved by the Board and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal and applicable state authorities, including the SEC, and to the Fund's auditors. Applicable state authorities are those governmental agencies located in states in which the Fund is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal Revenue Service ()"**IRS**") forms for shareholder income and capital gains (including the calculation of qualified income), sale of fund shares, distributions from retirement accounts and education savings accounts, fair market value reporting on IRAs, contributions, rollovers and conversions to IRAs and education savings accounts and required minimum distribution notifications and issue tax withholding reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play rules.

CAIS Sports, Media and Entertainment FundTransfer Agent and Shareholder Services Addendum Page 2 of 5

**4.** **Dealer/Load Processing** 

For the Fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track sales and commission statistics by dealer and provide for payment of commissions on direct shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred Sales Charges ()"**CDSCs**") automatically during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain all shareholder records for each account in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** as dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the Fund's custodian of the estimated amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled by reason of any dividend or distribution and in the case of shareholders entitled to receive additional shares of the Fund by reason of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue customer statements on a scheduled cycle, and provide duplicate second and third-party copies if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain account documentation files for each shareholder.

**6.** **uTRANSACT Web Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Provide and maintain an internet portal for shareholders and registered investment advisers to access and perform various online capabilities on their investment accounts with the Fund.

**7.** **PLAID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Provide online bank account verification services using third-party PLAID technology.

CAIS Sports, Media and Entertainment FundTransfer Agent and Shareholder Services Addendum Page 3 of 5

**8.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Ultimus shall perform other services for the Fund that are mutually agreed upon in a writing signed by the parties for mutually agreed fees, if any, and all reimbursable expenses incurred by Ultimus; provided, however that the Fund may retain third parties to perform such other services. These services may include performing internal audit examination; mailing the annual reports of the Fund; preparing an annual list of shareholders; and mailing notices of shareholders' meetings, proxies, and proxy statements.

**9.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** process accounts through Networking and the purchase, repurchase, redemption, transfer and exchange of shares in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's participants, including the Fund), in accordance with, instructions transmitted to and received by Ultimus by transmission from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as hereinafter defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.*** issue instructions to the Fund's custodian for the settlement of transactions between the Fund and NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.*** provide account and transaction information from the affected Fund's records on an appropriate computer system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.*** maintain shareholder accounts through Networking.

**10.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

***Signatures are located on the next page.***

CAIS Sports, Media and Entertainment FundTransfer Agent and Shareholder Services Addendum Page 4 of 5

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of September 29, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **CAIS Sports, Media and Entertainment Fund** | **CAIS Sports, Media and Entertainment Fund** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Terrence McCarthy | By: | /s/ Gary Tenkman |
| Name: | Terrence McCarthy | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

CAIS Sports, Media and Entertainment FundTransfer Agent and Shareholder Services Addendum Page 5 of 5

## Exhibit 99.2

***Exhibit (k)(2)***

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**CLASS S SHARES**

**EXPENSE REIMBURSEMENT AGREEMENT**

This Expense Reimbursement Agreement (the "***Agreement***") is dated as of the 29th day of September, 2025, by and between CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "***Fund***"), and CAIS Advisors LLC, a Delaware limited liability company (the "***Adviser***").

**WHEREAS**, the Fund intends to register as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***");

**WHEREAS**, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated as of September 29, 2025, entered into between the Fund and the Adviser (the "***Investment Advisory Agreement***");

**WHEREAS**, the Fund and the Adviser have agreed to limit the expenses of the Fund on the terms and conditions set forth in the expense limitation and reimbursement agreement, dated as of September 29, 2025 entered into between the Fund and the Adviser (the "***Expense Limitation Agreement***"); and

**WHEREAS**, the Fund's Board of Trustees (the "***Board***") and the Adviser have determined that it is appropriate and in the best interests of the Fund reimburse a portion of certain expenses of the Class S Shares of the Fund and, therefore, have entered into this Agreement in order to reimburse the Fund's Class S expenses as set forth herein.

**NOW, THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

1.  **<u>Reimbursement of Other Expenses</u>** 

The Adviser hereby agrees to reimburse a portion of the total annual Expenses (as defined herein) of Class S Shares of the Fund equal to: (i) 0.10% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $150,000,000 but less than $250,000,000; (ii) 0.15% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $250,000,000 but less than $500,000,000; and (iii) 0.20% of Class S's quarterly net assets if Class S's total net assets are equal to or greater than $500,000,000.

2.  **<u>Definitions</u>** 

For purposes of this Agreement, the term "***Expenses***" with respect to Class S Shares includes all operating and other expenses of the Fund incurred in connection with Class S Shares other than "Excluded Expenses," as such term is defined in the Expense Limitation Agreement.

3.  **<u>Term</u>** 

This Agreement shall become effective upon effectiveness of the Investment Advisory Agreement and shall remain in effect for a one-year term beginning with the effective date of the Fund's registration statement and ending on the one year anniversary thereof, unless sooner terminated as provided in Paragraph 4 of this Agreement, and shall thereafter continue in effect for successive one year periods by the mutual agreement of the Fund and the Adviser.

4.  **<u>Termination</u>** 

This Agreement may be terminated at any time, and without payment of any penalty, by the Board. This agreement may not be terminated by the Adviser without the consent of the Board. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

5.  **<u>Assignment</u>** 

This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

6.  **<u>Severability</u>** 

If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

7.  **<u>Governing Law</u>** 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including, but not limited to, the 1940 Act, the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

[*Remainder of Page Intentionally Blank*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their duly authorized signatories as of the day and year first written above.

---

| | |
|:---|:---|
| **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** | **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** |
| By: | /s/ Terrence McCarthy |
| Name: | Terrence McCarthy |
| Title: | Chief Financial Officer |
| **CAIS ADVISORS LLC** | **CAIS ADVISORS LLC** |
| By: | /s/ Michael Richman |
| Name: | Michael Richman |
| Title: | Chief Legal Officer |

---

## Exhibit 99.2

***Exhibit (k)(3)***

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

This Expense Limitation and Reimbursement Agreement (the "***Agreement***") is dated as of the 29th day of September, 2025, by and between CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "***Fund***"), and CAIS Advisors LLC, a Delaware limited liability company (the "***Adviser***").

**WHEREAS**, the Fund intends to register as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***");

**WHEREAS**, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated as of September 29, 2025, entered into between the Fund and the Adviser (the "***Investment Advisory Agreement***"); and

**WHEREAS**, the Fund's Board of Trustees (the "***Board***") and the Adviser have determined that it is appropriate and in the best interests of the Fund to limit the expenses of the Fund and, therefore, have entered into this Agreement in order to maintain the Fund's expenses as set forth herein.

**NOW, THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

1.  **<u>Limitation on Specified Expenses</u>** 

The Adviser hereby agrees to waive fees and/or pay or reimburse certain operating and other expenses of the Fund so that the total annual operating expenses of the Fund, excluding Excluded Expenses (as defined in Section 2), in respect of each class of shares of the Fund, do not exceed an amount equal to 0.75% of the average quarterly net assets of the class on an annualized basis (the "***Expense Cap***"). For the avoidance of doubt, the expenses covered by the foregoing provision include, without limitation, the Fund's organizational and initial offering costs.

2.  **<u>Definitions</u>** 

For purposes of this Agreement, "***Excluded Expenses***" includes: (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of any private investment vehicles and co-investments in portfolio companies in which any Portfolio Fund (as defined below) invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Portfolio Fund associated with the acquisition and disposition by such Portfolio Fund of primary interests, secondary interests, co-investments, ETF investments and other investments; (c) interest payments incurred by any Portfolio Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Portfolio Fund; (e) taxes of any Portfolio Fund; and (f) extraordinary expenses of any Portfolio Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (ii) the investment management fee payable to the Adviser pursuant to the Investment Advisory Agreement; (iii) interest expense and any other expenses incurred in connection with any borrowings by the Fund (including any credit facility); (iv) distribution and servicing fees payable pursuant to a Distribution and Servicing Plan adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act in respect of any class of shares of the Fund; (v) acquired fund fees and expenses; (vi) taxes; and (vii) Extraordinary Expenses (as defined below).

"***Portfolio Fund***" is defined to include private investment vehicles in which the Fund invests.

"***Extraordinary expenses***" are expenses incurred by the Fund outside of the ordinary course of its business (as determined in the sole discretion of the Adviser), including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for a meeting of shareholders.

3.  **<u>Reimbursement of Fees and Expenses</u>** 

To the extent the Adviser waives fees and/or bears expenses of the Fund pursuant to this Agreement, for a period not to exceed three (3) years from the date on which the Adviser waived the fee or reimbursed the expense, the Adviser may recoup such waived fees, reimbursed expenses or directly paid expenses with respect to each applicable class of shares if (i) at the time of repayment, the annual operating expenses of such share class have fallen below the Expense Cap and (ii) the repayment does not cause the annual operating expenses of such share class in the quarter the reimbursement is made (after given effect to such repayment) to rise to a level that exceeds the Expense Cap in place at the time the fees were waived and/or the expenses were reimbursed, or the Expense Cap in place at the time the Fund repays the Adviser, whichever is lower.

4.  **<u>Term</u>** 

This Agreement shall become effective upon effectiveness of the Investment Advisory Agreement and shall remain in effect for a one-year term beginning with the effective date of the Fund's registration statement and ending on the one year anniversary thereof, unless sooner terminated as provided in Paragraph 5 of this Agreement, and shall thereafter continue in effect for successive one year periods by the mutual agreement of the Fund and the Adviser.

5.  **<u>Termination</u>** 

This Agreement may be terminated at any time, and without payment of any penalty, by the Board. This agreement may not be terminated by the Adviser without the consent of the Board. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

6.  **<u>Assignment</u>** 

This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

7.  **<u>Severability</u>** 

If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

8.  **<u>Governing Law</u>** 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including, but not limited to, the 1940 Act, the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

[*Remainder of Page Intentionally Blank*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their duly authorized signatories as of the day and year first written above.

---

| | |
|:---|:---|
| **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** | **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** |
| By: | /s/ Terrence McCarthy |
| Name: | Terrence McCarthy |
| Title: | Chief Financial Officer |
| **CAIS ADVISORS LLC** | **CAIS ADVISORS LLC** |
| By: | /s/ Michael Richman |
| Name: | Michael Richman |
| Title: | Chief Legal Officer |

---

## Exhibit 99.2

***Exhibit (k)(4)***

**<u>TRADEMARK LICENSE AGREEMENT</u>**

This TRADEMARK LICENSE AGREEMENT (this "***Agreement***") is made and effective as of September 29, 2025 (the "***Effective Date***") by and between Capital Integration Systems LLC, a Delaware corporation (the "***Licensor***"), and CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "***Licensee***") (each a "***party***," and collectively, the "***parties***").

**<u>RECITALS</u>**

WHEREAS, the Licensor is the owner of the trade name "CAIS" (the "***Licensed Mark***") in the United States of America (the "***Territory***");

WHEREAS, the Licensee intends to register as a closed-end management investment company under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "***1940 Act***");

WHEREAS, pursuant to the Investment Advisory Agreement, dated as of September 29, 2025, by and between CAIS Advisors LLC (the "***Adviser***") and the Licensee (the "***Advisory Agreement***"), the Licensee has engaged the Adviser to act as the investment adviser to the Licensee;

WHEREAS, the Adviser is a wholly-owned subsidiary of the Licensor; and

WHEREAS, the Licensee desires to use the Licensed Mark in connection with the operation of its business, and the Licensor is willing to permit the Licensee to use the Licensed Mark, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

Article 1<br><u>LICENSE GRANT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>License</u>. Subject to the terms and conditions of this Agreement, the Licensor hereby grants to the Licensee, and the Licensee hereby accepts from the Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Mark in the Territory solely and exclusively as an element of the Licensee's own company name and in connection with the conduct of its business. Except as provided above, neither the Licensee nor any affiliate, owner, director, officer, employee or agent thereof shall otherwise use the Licensed Mark or any derivative thereof without the prior express written consent of the Licensor in its sole and absolute discretion. All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Licensor's Use</u>. Nothing in this Agreement shall preclude the Licensor, its affiliates or any of their respective successors or assigns from using or permitting other entities to use the Licensed Mark, whether or not such entity directly or indirectly competes or conflicts with the Licensee's business in any manner.

Article 2<br><u>OWNERSHIP</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Ownership</u>. The Licensee acknowledges and agrees that the Licensor is the owner of all right, title and interest in and to the Licensed Mark, and all such right, title and interest shall remain with the Licensor. The Licensee shall not otherwise contest, dispute or challenge the Licensor's right, title and interest in and to the Licensed Mark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Goodwill</u>. All goodwill and reputation generated by the Licensee's use of the Licensed Mark shall inure to the benefit of the Licensor. The Licensee shall not by any act or omission use the Licensed Mark in any manner that disparages or reflects adversely on the Licensor or its business or reputation. Except as expressly provided herein, neither party may use any trademark or Service mark of the other party without that party's prior written consent, which consent shall be given or withheld in that party's sole discretion.

Article 3<br><u>COMPLIANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Quality Control</u>. To preserve the inherent value of the Licensed Mark, the Licensee agrees to use reasonable efforts to ensure that it maintains the quality of the Licensee' s business and the operation thereof equal to the standards prevailing in the operation of the Licensor's and the Licensee's business as of the date of this Agreement. The Licensee further agrees to use the Licensed Mark in accordance with such quality standards as may be reasonably established by the Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by the Licensor and the Licensee from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Compliance with Laws</u>. The Licensee agrees that the business operated by it in connection with the Licensed Mark shall comply in all material respects with all laws, rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising and promotion of the business, and shall notify the Licensor of any action that must be taken by the Licensee to comply with such law, rules, regulations or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Notification of Infringement</u>. Each party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with the Licensed Mark, and (ii) any infringements, imitations or illegal use or misuse of the Licensed Mark in the Territory by any third party or (iii) any claim that Licensee's use of the Licensed Mark infringes the intellectual property rights of any third party in the Territory. Licensor shall have the exclusive right, but not the obligation, to prosecute, defend and/or settle in its sole discretion, all actions, proceedings and claims involving any infringement or claim. Licensee shall cooperate with Licensor in the prosecution, defense or settlement of such actions, proceedings or claims.

Article 4<br><u>REPRESENTATIONS AND WARRANTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Mutual Representations</u>. Each party hereby represents and warrants to the other party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Due Authorization</u>. Such party is duly formed and in good standing as of the Effective Date, and the execution, delivery and performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Execution</u>. This Agreement has been duly executed and delivered by such party and, with due authorization, execution and delivery by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict</u>. Such party's execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision of the organizational documents of such party; (ii) conflict with or violate any law or governmental order applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

Article 5<br><u>TERM AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Term</u>. Unless terminated pursuant to its terms, this Agreement shall remain in effect only for so long as the Adviser, or one of its affiliates, remains the Licensee's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Termination for Cause</u>. If the Licensee fails to cure any breach of Article 3 within thirty (30) days following written notice thereof by the Licensor, the Licensor may terminate the license granted per Section 1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights granted to the Licensee under this Agreement with respect to the Licensed Mark shall cease and the Licensee shall immediately discontinue use of the Licensed Mark.

Article 6<br><u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Assignment</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party; *provided*, *however*, that the Licensor may assign this Agreement to an affiliate without Licensee's consent. No assignment by either party permitted hereunder shall relieve the applicable party of its obligations under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party's rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Independent Contractor</u>. Except as expressly provided or authorized in advance in writing, neither party shall have, or shall represent that it has, any power, right or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Notices</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, electronic transmission (provided that a confirmation email reply is received) or by registered or certified mail (postage prepaid, return receipt requested) to the other party at its principal office as set forth below:

<u>If to the Licensor</u>:

Capital Integration Systems LLC<br>527 Madison Avenue, 12th Floor<br>New York, NY 10022<br>Tel. No.: <br>Attn:

<u>If to the Licensee</u>:

CAIS Sports, Media and Entertainment Fund<br>527 Madison Avenue, 12th Floor<br>New York, NY 10022<br>Tel. No.: <br>Attn:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law principles or rules thereof to the extent such principles would require or permit the application of the laws of another jurisdiction. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Amendment</u>. This Agreement may not be amended or modified except by an instrument in writing signed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>No Waiver</u>. The failure of either party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed in writing by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Headings</u>. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. Any party may deliver an executed copy of this Agreement and of any documents contemplated hereby by facsimile or other electronic transmission to another party and such delivery shall have the same force and effect as any other delivery of a manually signed copy of this Agreement or of such other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Third-Party Beneficiaries</u>. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

[*Signature Page Follows*]

IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective Date by its duly authorized officer.

---

| | |
|:---|:---|
| LICENSOR: | LICENSOR: |
| **CAPITAL INTEGRATION SYSTEMS LLC** | **CAPITAL INTEGRATION SYSTEMS LLC** |
| By: | /s/ Michael Richman |
| Name: | Michael Richman |
| Title: | Authorized Signatory |
| LICENSEE: | LICENSEE: |
| **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** | **CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND** |
| By: | /s/ Terrence McCarthy |
| Name: | Terrence McCarthy |
| Title: | Chief Financial Officer |

---

## Exhibit 99.2

***Exhibit (k)(5)***

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**<br>**DISTRIBUTION AND SERVICING PLAN**

This Distribution and Servicing Plan (the "***Plan***") has been adopted on a voluntary basis in conformity with Rule 12b-1 (the "***Rule***") under the Investment Company Act of 1940, as amended (the "***1940 Act***"), by CAIS Sports, Media, and Entertainment Fund (the "***Fund***") with respect to its classes of shares of beneficial interest (each, a "***Class***") listed on <u>Appendix A</u>, as amended from time to time, subject to the terms and conditions set forth herein.

1. **Distribution and Shareholder Servicing Fee** 

The Fund may pay Ultimus Fund Distributors LLC (the "***Distributor***"), in its capacity as the Distributor of the Fund's shares of common stock, with respect to and at the expense of each Class listed on <u>Appendix A</u>, a distribution and servicing fee (the "***Distribution and Servicing Fee***").

The Distribution and Servicing Fee under the Plan will be used primarily to compensate the Distributor for such services provided in connection with the offering and sale of shares of the applicable Class, for personal services and/or the maintenance of shareholder accounts services provided to shareholders in the related Class, and to reimburse the Distributor for related expenses incurred, including payments by the Distributor to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "***Financial Intermediaries***"), for distribution services and sales support services provided and related expenses incurred by such Financial Intermediaries.

The Distributor may spend such amounts received hereunder as it deems appropriate on the administration and servicing of each Class's shareholder accounts, including, but not limited to: responding to inquiries from shareholders or their representatives requesting information regarding matters such as shareholder account or transaction status, net asset value of Shares, performance, services, plans and options, investment policies, portfolio holdings, and distributions and taxation thereof; and dealing with complaints and correspondence of shareholders; compensating financial intermediaries and their employees who service each Class's shareholder accounts; and paying expenses of such financial intermediaries, including overhead and telephone and other communications expenses.

Payments of the Distribution and Servicing Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class. However, joint distribution or sales support financing with respect to the shares of the Class (which financing may also involve other investment portfolios or companies that are affiliated persons of such a person, or affiliated persons of the Distributor) are permitted in accordance with applicable law. This Plan does not preclude the Distributor or its affiliates from making additional payments outside of the Plan.

2. **Calculation and Payment of Fees** 

The amount of the Distribution and Servicing Fee payable with respect to each Class listed on <u>Appendix A</u> will be calculated at the rate per annum of the aggregate net asset value ("***NAV***") of that Class determined and accrued as of the last business day of each calendar quarter (before any repurchases of shares of that Class), at the applicable annual rates indicated on <u>Appendix A</u>. The Distribution and Servicing Fee, if any, will be calculated and paid separately for each Class.

3. **Approval of Plan** 

The Plan and any related agreements will become effective, as to any Class (including any Class not currently listed on <u>Appendix A</u>), at such time as is specified by the Board of Trustees (the "***Board***") of the Fund, and shall continue in effect for successive periods of one year for so long as such continuance is specifically approved at least annually by votes of a majority of both (a) the Board of the Fund and (b) those Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of this Plan or any agreements related to it (the "***Qualified Trustees***"), cast in person or as otherwise permitted by the U.S. Securities and Exchange Commission (the "***SEC***") or its staff at a meeting or meetings called for the purpose of voting on this Plan and such related agreements; and only if the Trustees who approve the implementation or continuation of the Plan have reached the conclusion required by Rule 12b-1(e) under the 1940 Act.

4. **Continuance of the Plan** 

The Plan will continue in effect with respect to a Class for one year from the date of execution, and from year to year thereafter indefinitely so long as such continuance is specifically approved at least annually by the Board in the manner described in Section 3 above.

5. **Implementation** 

All agreements with any person relating to implementation of this Plan with respect to any Class shall be in writing, and any agreement related to this Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Trustees or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

For the purposes of this Plan, the terms "affirmative vote of a majority of the outstanding shares," "interested person," and "assignment" shall have their respective meanings defined in the 1940 Act, subject to the rules and regulations thereunder and any applicable guidance or interpretation of the SEC or its staff. The term "approve at least annually" will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff.

6. **Termination** 

This Plan may be terminated at any time with respect to the shares of any Class by vote of a majority of the Qualified Trustees, or by a majority vote of the outstanding voting securities of the relevant Class.

7. **Amendments** 

The Plan may not be amended with respect to any Class so as to increase materially the amount of the Distribution and Servicing Fee described in <u>Appendix A</u> with respect to such Class without approval of a majority vote of the outstanding voting securities of such Class, and all material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3(a) above.

8. **Selection of Certain Trustees** 

While the Plan is in effect, the selection and nomination of the Fund's trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund will be at the discretion of the Trustees then in office who are not "interested persons" (as defined in the 1940 Act) of the Fund.

9. **Written Reports** 

While the Plan is in effect, the Board will receive, and the Trustees will review, at least quarterly, written reports complying with the requirements of the Rule, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

10. **Preservation of Materials** 

The Fund will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 9 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of the Plan, agreement or report.

Adopted September 24, 2025

**APPENDIX A**

**DISTRIBUTION AND SERVICING PLAN**

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

---

| | |
|:---|:---|
| **Class** | **Distribution and Servicing Fee** |
| &nbsp;&nbsp;&nbsp;D | 0.25% |
| &nbsp;&nbsp;&nbsp;I |  |
| &nbsp;&nbsp;&nbsp;S |  |

---

## Exhibit 99.2

***Exhibit (l)***

![](exl_001.jpg)

October 8, 2025

CAIS Sports, Media and Entertainment Fund

527 Madison Avenue, 12th Floor

New York, NY 10022

Ladies and Gentlemen:

Re: <u>CAIS Sports, Media and Entertainment Fund</u>

We have acted as special Delaware counsel for CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Trust Agreement (as defined below), except that reference herein to any document shall mean such document as in effect on the date hereof.

We have examined originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the Certificate of Trust of the Trust which was filed with the
 Secretary of State of the State of Delaware (the "Secretary of State") on September 22, 2025 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Declaration of Trust, dated as of September 22, 2025, by the trustee named therein, as amended and restated by the Amended and
Restated Declaration of Trust of the Trust, dated as of September 24, 2025, by the trustees named therein (the "Trust Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The By-laws of the Trust (the "By-laws"), as in effect on the date hereof as approved by the Board of Trustees of the Trust (the
 "Board");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust's Registration Statement on Form N-2, as amended (the "Registration Statement"), including a prospectus
(and the statement of additional information incorporated by reference therein (the "Prospectus"), to be filed with the Securities
and Exchange Commission on October 8, 2025, with respect to the issuance of shares (the "Shares") of beneficial interest in
the Trust;

![](exl_002.jpg)

CAIS Sports, Media and Entertainment Fund

October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certificate of the Secretary of the Trust with respect to certain matters including
 with respect to the Board's approval of the issuance of the Shares, dated on or about the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Certificate of Good Standing for the Trust, dated October 3, 2025, obtained from the Secretary of State.

We have not reviewed any documents other than the foregoing documents for purposes of rendering our opinions as expressed herein. In particular, we have not reviewed any document (other than the foregoing documents) that is referred to in or incorporated by reference into any document reviewed by us. We have assumed that there exists no provision of any such other document that bears upon or is inconsistent with our opinions as expressed herein. We have conducted no independent factual investigation of our own but have relied solely upon the foregoing documents, the statements and information set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.

For purposes of this opinion, we have assumed (i) that the Trust Agreement and the By-laws constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the creation, operation and termination of the Trust, and that the Trust Agreement, the By-laws and the Certificate of Trust are in full force and effect and will not be amended in a manner material to the opinions expressed herein, (ii) except to the extent provided in paragraph 1 below, the due organization, due establishment or due formation, as the case may be, and valid existence in good standing of each party to the documents examined by us under the laws of the jurisdiction governing its organization, establishment or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties (other than the Trust) to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) except to the extent provided in paragraph 2 below, the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each person to whom a Share has been or is to be issued by the Trust (collectively, the "Shareholders") for such Share, in accordance with the Trust Agreement and as contemplated by the Registration Statement, (vii) that the Shares are issued and sold to the Shareholders in accordance with the Trust Agreement and as contemplated by the Registration Statement, and (viii) that any amendment or restatement of any document reviewed by us has been accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time. We have not participated in the preparation of the Registration Statement and assume no responsibility for its contents.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

CAIS Sports, Media and Entertainment Fund

October 8, 2025

Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust has been duly formed and is validly existing in good
standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, <u>et</u>. <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares of the Trust have been duly authorized and, when
issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. We also consent to the use of our name under the heading "Legal Matters" in the Prospectus. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Richards, Layton & Finger, P.A. |

---

JWP/CZD

## Exhibit 99.2

***Exhibit (n)***

**Consent of Independent Registered Public Accounting Firm**

We consent to the references to our firm under the captions "Prospectus Summary - Independent Registered Public Accounting Firm" and "Independent Registered Public Accounting Firm" in the Prospectus and "Financial Statements" in the Statement of Additional Information dated October 8, 2025 and included in this Registration Statement (Form N-2) of CAIS Sports, Media and Entertainment Fund (the "Registration Statement").

We also consent to the use of our report dated October 8, 2025, with respect to the financial statements of CAIS Sports, Media and Entertainment Fund as of September 30, 2025 and for the period from September 24, 2025 (inception) through September 30, 2025, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, New York

October 8, 2025

## Exhibit 99.2

***Exhibit (p)***

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

SUBSCRIPTION AGREEMENT<br>FOR SEED CAPITAL

This Subscription Agreement for Seed Capital (the "<u>Agreement</u>") is made as of the 29th day of September, 2025 between CAIS Advisors LLC ("<u>Investor</u>"), and CAIS Sports, Media and Entertainment Fund (the "<u>Fund</u>"), a Delaware statutory trust.

WHEREAS, the Fund has been formed for the purposes of carrying on business as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Fund wishes to sell to Investor, and Investor wishes to purchase from the Fund, 3,333 Class I shares of beneficial interest of the Fund, at a purchase price of $10.00 per share, 3,333 Class S shares of beneficial interest of the Fund, at a purchase price of $10.00 per share, and 3,334 Class D shares of beneficial interest of the Fund, at a purchase price of $10.00 per share (collectively, the "Shares"); and

WHEREAS, Investor is purchasing the Shares for the purpose of providing the initial capitalization of the Fund as required by Section 14(a)(1) of the 1940 Act in order for the Fund to conduct a public offering of its shares.

NOW, THEREFORE, the parties hereto agree as follows:

1. Simultaneously with the execution of this Agreement, Investor shall tender to the Fund the amount of $100,000 in full payment for the Shares, receipt of which is hereby acknowledged by the Fund;

2. Investor hereby agrees not to sell, hypothecate or otherwise dispose of any of the Shares unless the Shares have been registered under the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), and any applicable state securities laws or, in the opinion of counsel for the Fund, valid exemptions from the registration requirements of the Securities Act and those state laws are available;

3. Investor represents and warrants that it is purchasing the Shares for investment purposes and has no present intention of redeeming or reselling the Shares;

4. Investor represents that it is an "accredited investor" as defined in Regulation D promulgated under the Securities Act;

5. This Agreement and all of its provisions shall be binding upon the legal representatives, heirs, successors and assigns of the parties hereto; and

6. This Agreement is executed on behalf of the Fund by the Fund's officers as officers and not individually and the obligations imposed upon the Fund by this Agreement are not binding upon any of the Fund's Trustees, officers or shareholders individually but are binding only upon the assets and property of the Fund.

*Signature Page Follows*

IN WITNESS WHEREOF, this Agreement has been executed as of the date first set forth above.

---

| | |
|:---|:---|
| CAIS ADVISORS LLC | CAIS ADVISORS LLC |
| By: | /s/ Terrence McCarthy |
| Name: | Terrence McCarthy |
| Title: | Chief Financial Officer |
| CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND | CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND |
| By: | /s/ Terrence McCarthy |
| Name: | Terrence McCarthy |
| Title: | Chief Financial Officer |

---

## Exhibit 99.2

***Exhibit (r)(1)***

**Code of Ethics**

**I.** **Introduction** 

The CAIS Sports, Media and Entertainment Fund (the "Fund") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons and to ensure that they comply with the federal securities laws. To the extent that any such individuals are subject to compliance with the Code of Ethics of a Service Provider, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Service Provider Code, including all certifications, of the applicable Service Provider shall constitute compliance with this Code. Provided such certifications substantially contain the same information as called for in the forms required by this policy. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT** 

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Access Persons may not take advantage of their relationship with the Funds** 

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Fund(s)) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest** 

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Access Persons must comply with all applicable laws** 

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or their designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar
 function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar
 function) of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled
 by or under common control with the Trust or the Advisers) who, in connection with
 his or her regular functions or duties, makes, participates in, or obtains information
 regarding the purchase or sale of Covered Securities by the Funds, or whose functions
 relate to the making of any recommendations with respect to the purchase or sale;
 and

&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the
 Trust or the Advisers who obtains information concerning recommendations made to the
 Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Adviser"** means an investment adviser and/or sub-adviser to a series of the Trust.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, 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. This means that a person should generally consider himself the beneficial owner of any securities in which he has a direct or indirect pecuniary interest. In addition, a person should consider himself the beneficial owner of securities held by his spouse, his minor children, a relative who shares his home, or other persons by reason of any contract, arrangement, understanding or relationship that provides him with sole or shared voting or investment power.

**"Chief Compliance Officer"** means the Service Provider Chief Compliance Officer, or the Fund Chief Compliance Officer of the Trust, as appropriate.

**"Code"** means this Code of Ethics for the Trust.

**"Control"** shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

**"Covered Security"** means any Security, including a Reportable Fund, but does not include (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by unaffiliated open-end mutual Funds.

**"Funds"** means a series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Initial Public Offering"** means an offering of securities registered under Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 of Section 15(d) of the Securities Exchange Act.

**"Investment Personnel"** means (i) any employee of the Fund or the Fund's investment adviser or sub-adviser (or any company in a Control Relationship with the Fund or its 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 and (ii) any natural person who controls the Fund or its investment adviser or sub-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 under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant or Rule 504, Rule 505 or Rule 506 under the Securities Act.

**"Officer"** of an entity includes the entity's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Fund, including the Chief Compliance Officer.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Portfolio Manager"** means an individual who is involved in making the purchase or sale decisions of securities for a Fund.

**"Private Placement"** means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) of the Securities Act of 1933 or pursuant to Rules 504, 505 or 506 under the Securities Act of 1933.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by Investment Personnel, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Reportable Funds" -** means:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any fund for which you serve as an investment adviser as defined
in section 2(a)(20) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(20)) (i.e., in most cases you must be approved by
the fund's board of directors before you can serve); or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any fund whose investment adviser or principal underwriter controls
you, is controlled by you, or is under common control with you. For purposes of this section, control has the same meaning as it does
in section 2(a)(9) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(9)).

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Service Provider"** – collectively, the Fund's Adviser, sub-adviser (if any), administrator, and principal underwriter.

**"Trust"** means the Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security
 in which he or she has, or by reason of such transaction acquires, any direct or indirect
 beneficial ownership and which he or she knows or should have known at the time of
 such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Personnel may not participate in any initial public offering of Covered
 Securities in any account over which they exercise Beneficial Ownership. All Investment Personnel must obtain prior written authorization from the respective CCO or their respective designees prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;C. No Investment Personnel may purchase a Covered Security in which by reason of such
 transaction they acquire Beneficial Ownership in a Private Placement of a Security,
 without prior written authorization of the acquisition by the respective CCO or their
 respective designees;

&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services, other than de
 minimus gifts, from any single person or entity that does business with or on behalf
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;E. Investment Personnel may not serve on the board of directors of a publicly traded
 company without prior authorization from the Fund Chief Compliance Officer or a Service
 Provider CCO as applicable based upon a determination that such service would be consistent
 with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such
 Investment Personnel serving as directors of outside entities from those making investment
 decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Fund Chief Compliance Officer or a Service Provider CCO.

&nbsp;&nbsp;&nbsp;&nbsp;F. Investment Personnel may execute a Personal Securities Transaction involving a Covered
 Security without pre-authorization of the Adviser Chief Compliance Officer or such
 persons who may be designated by the Adviser Chief Compliance Officer from time to
 time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his designee may restrict purchases of Covered Securities
 pursuant to the Adviser's Code of Ethics. All such transaction violations shall be reported to the Fund Chief
 Compliance Officer the following quarter for reporting at the next regularly scheduled
 Fund Board meeting.

&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection with the
 purchase or sale, directly or indirectly, of any Covered Security held or to be acquired
 by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to
 the Trust a material fact necessary in order to make the statements made, in light
 of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate
 as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

**EXEMPTED TRANSACTIONS**

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

● Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

● Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

● Purchase of Securities made as part of automatic dividend reinvestment plans;

● Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company stock or mutual Funds; and

● Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Investment Personnel wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, unless covered under Section B of the Prohibited Actions and Activities section above, must do so in accordance with the appropriate 17j-1 compliant Code of Ethics.. Personal Securities Transactions by the Fund Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorizationfrom the Ultimus Fund Solutions, LLC Chief Compliance Officer or their designee, who shall perform the review and approval functions relating to reports and trading by the Fund Chief Compliance Officer.

Investment Personnel must obtain approval from the applicable Service Provider CCO to comply with their respective 17j-1 Code of Ethics before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or a Limited Offering.

**REPORTING AND MONITORING**

The respective Service Provider Chief Compliance Officer or such person or persons that the Fund Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code or the applicable Service Provider Code. An Access Person of either Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section to their respective Chief Compliance Officers on forms prescribed by the Code of Ethics of such principal underwriter, distributor, Adviser, or Sub-Adviser provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the applicable Service Provider Chief Compliance Officer or their designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member 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 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the applicable Service Provider Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the applicable Service Provider Chief Compliance Officer or their designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the applicable Service Provider Chief Compliance Officer or their designee.

**INITIAL HOLDINGS REPORT**

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees, must submit to the applicable Service Provider's Chief Compliance Officer (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.

**ANNUAL HOLDINGS REPORTS**

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information to the Service Providers Chief Compliance Officer that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

**QUARTERLY TRANSACTION REPORTS**

All Access Persons, except Independent Trustees, shall report to the appropriate Service Provider Chief Compliance Officer or their 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; and

● The name of the broker, dealer, or bank with or through whom the transaction was effected.

● The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 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.

While Independent Trustees are not subject to the foregoing reporting requirements, they are required to report any transaction in a Covered Security, other than one that is a Non-Reportable Security, undertaken by the Independent Trustee or any Immediate Family Member, if the Independent Trustee knew or should have known, in the ordinary course of fulfilling his or her official duties as a Trustee, during a 15-day period immediately preceding or after the transaction date, (i) the Fund purchased or sold such security, or (ii) the Fund, the Adviser, or the Sub-Adviser was considering the purchase or sale of such security (such transaction a "Covered Transaction").

An Access Person of the Fund who is also an Access Person of the Fund's principal underwriter or an Access Person of a Fund's Advisers may submit reports required by this Section to the Service Provider's Chief Compliance Officer on forms prescribed by the Code of Ethics of such principal underwriter, investment adviser, or sub-adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

***ENFORCEMENTS AND PENALTIES***

The Service Provider's Chief Compliance Officer or their designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the Service Provider Chief Compliance Officer is responsible for reporting the transaction to the Fund's Chief Compliance Officer, who is responsible for reporting all such matters to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Fund or Service Provider CCO.

On a quarterly basis at regular meetings of the Board, regular reporting from the Fund Chief Compliance Officer shall include a summary report on Code of Ethics violations, if any.. The report submitted to the board shall:

● Summarize any reported material changes in the Code of Ethics of the Trust or Service Provider;

● Identify any violations identified of this Code or a Services Provider's Code, and any significant remedial action taken; and;

● Any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Code of Ethics of Advisers, Principal Underwriters or Their Affiliates.**

Each Adviser and principal underwriter of the Trust or their affiliates shall:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Submit to the Board of Trustees of the Trust a copy of its Code
of Ethics adopted pursuant to Rule 17j-1 for approval;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Promptly report to the Trust in writing any material amendments
to such Code of Ethics for Board approval;

&nbsp;&nbsp;&nbsp;&nbsp;(3) Promptly furnish to the Trust upon request copies of any reports
made pursuant to such Code by any person who is an Access Person as to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) Shall immediately furnish to the Trust, without request, all
material information regarding any violation of such Code by any person who is an Access Person as to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Periodic report to the Trust CCO

Service Providers must provide a written report to the (Trust)'s CCO no less frequently than annually, covering every Fund (other than a unit investment trust) and its investment advisers and principal underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;(A) Describes any issues arising under the code of ethics or procedures
since the last report to the board of directors, including, but not limited to, information about material violations of the code or
procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;(B) Certifies that the Fund, investment adviser or principal underwriter,
as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**RECORDKEEPING**

The Fund, or Service Provider as appropriate, shall cause the records enumerated in this Recordkeeping Section (a) through (e) below to be maintained as described below and must make these records available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund or Service Provider as appropriate shall maintain:

● a copy of the Code of Ethics adopted by the Fund that is in effect, or at any time within the previous five (5) years was in effect in an easily accessible place;

● a record of any violation of the Code of Ethics, and of any action taken as a result of such violation, in an easily accessible place, for at least five (5) years after the end of the fiscal year in which the violation occurs;

● a copy of each report made by an Access Person as required by this Code of Ethics for at least five (5) years after the end of the fiscal year in which the report is made or the information is provided, the first two (2) years in an easily accessible place;

● a record of all persons, currently or within the past five years, who are or were required to make reports under the Reporting and Monitoring Section of this Code of Ethics, or who are or were responsible for reviewing these reports, in an easily accessible place; and

● a copy of each report required by the Reporting and Monitoring Section of this Code of Ethics, for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place.

The Fund or Service Provider must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities under the Preclearance of Personal Securities Transactions Section of this Code, for at least five years after the end of the fiscal year in which the approval is granted.

**Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Confidentiality. All reports of securities transactions and
any other information filed with the Trust pursuant to this Code shall be treated as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Interpretation of Provisions. The Board may from time to time
adopt such interpretations of this Code as it deems appropriate.

Periodic Review and Reporting. The Chief Compliance Officer shall report to the Board at least annually as to the operation of this Code and shall address in any such report the need (if any) for further changes or modifications to this Code.

**Acknowledgment**

The following acknowledgement will be certified by all independent trustees using the annual trustee questionnaire.

As an Independent Trustee or Access Person as defined in the Code of Ethics of the Trust adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Code"), I hereby certify that I have received a copy of the Code, have reviewed the Code, and have had an opportunity to ask questions. I further certify that I recognize that I am subject to the Code and I will comply with the requirements of the Code and will disclose and report all personal securities holdings and/or transactions required to be disclosed or reported pursuant to the requirements of the Code.

## Exhibit 99.2

***Exhibit (r)(2)***

**CAIS ADVISORS LLC**

CODE OF ETHICS

CONFIDENTIAL

July 2025

This Code of Ethics has been prepared for the sole and exclusive use of CAIS Advisors LLC. All information contained herein is confidential and proprietary and may not be disclosed to anyone or otherwise shared or disseminated in any way, except as otherwise required by law, without the prior written permission of the current Chief Compliance Officer.

**TABLE OF CONTENTS**

**1.**  **Overview**  **3** 

**2.**  **Definitions**  **3** 

**3.**  **Fiduciary Obligations**  **6** 

**4.**  **Material Nonpublic Information ("MNPI")**  **7** 

**5.**  **Disclosure of Conflicts**  **9** 

**6.**  **Disciplinary Actions and Sanctions**  **17** 

**7.**  **Code Notification and Employee Certifications**  **17** 

**8.**  **Recordkeeping and Review**  **17** 

**9.**  **Confidentiality**  **17** 

**1. Overview**

This Code of Ethics ("**Code**") has been prepared to assist members, supervised persons, employees, and officers of CAIS Advisors LLC (the "**Adviser,**" or "**CAIS Advisors**") its applicable affiliates and related entities in complying with applicable securities laws and consistent with sound business practices.

CAIS Advisors has a fiduciary responsibility to our funds and institutional clients (collectively referred to herein as "**Clients**"), as well as underlying fund investors and we must abide by certain other compliance requirements applicable to all investment advisers under the Investment Advisers Act of 1940, as amended ("**Advisers Act**"), including anti-fraud rules and pay-to-play provisions. Furthermore, CAIS is adopting certain "best practices" as described in this Code and CAIS Advisors' Compliance Manual ("**Manual**").

These guidelines are not intended to address every situation. Supervised Persons and Access Persons (each defined below) are expected to obey all securities laws. CAIS Advisors recognizes its need to respond flexibly to dynamic business needs and circumstances. Accordingly, CAIS Advisors reserves the right to revoke, modify, interpret, and apply its guidelines, policies, or procedures, at its sole discretion and without prior notice.

If a Supervised Person acts in a manner contrary to this Code, they could be subject to disciplinary sanctions depending on the evaluation of the circumstances, including termination of employment. The standards of conduct set forth herein are applied fully and fairly without reliance upon technical distinctions to justify questionable conduct. Inadvertent violations of this Code are considered extremely serious and could be grounds for termination of employment. For more information or questions about this Code, please consult the Chief Compliance Officer ("**CCO**").

This Code will be reviewed at least annually to evaluate its adequacy and the effectiveness of its implementation considering the issues arising during the previous year, evolution of CAIS Advisors' business activities, and changes in applicable regulatory requirements.

**FAILURE TO COMPLY WITH THE RULES AND REQUIREMENTS SET FORTH IN THIS CODE OR THE MANUAL CONSTITUTES A BREACH OF A SUPERVISED PERSON'S OBLIGATION TO CONDUCT THEMSELF IN ACCORDANCE WITH CAIS ADVISORS'S POLICIES AND PROCEDURES, AND IN CERTAIN CASES MAY RESULT IN A VIOLATION OF LAW. APPROPRIATE REMEDIAL ACTION BY CAIS ADVISORS MAY INCLUDE, WITHOUT LIMITATION, CENSURE, RESTRICTION ON ACTIVITIES, OR SUSPENSION OR TERMINATION OF EMPLOYMENT AND/OR ASSOCIATION WITH CAIS.**

The CCO performs a key role in CAIS Advisors' overall compliance procedures and has been empowered with full responsibility and authority to develop and enforce appropriate policies and procedures. The CCO is responsible for oversight and implementation of the compliance program and reports directly to CAIS Advisors Management. The CCO may designate qualified employees of CAIS Advisors and/or external resources which include compliance consultants to assist in the implementation and ongoing review of these responsibilities.

**2.** **Definitions**

As used in this Code, the following terms have the following meanings:

**Access Persons:** (1) any director, trustee, or officer of CAIS Advisors; (2) any Supervised Person of CAIS Advisors who in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Reportable Securities (defined below), or whose functions relate to the making of any recommendations with respect to such purchases or sales; (3) any Supervised Person of CAIS Advisors who (a) has access to nonpublic information regarding any Clients' purchase or sale of securities, or portfolio holdings of any Client account; or (b) is involved in making securities recommendations to Clients or has access to such recommendations that are nonpublic; and (4) any other person who the CCO determines to be an Access Person.

**Advisers Act:** the Investment Advisers Act of 1940, as amended.

**Automatic Investment Plan:** any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan (DRP).

**Beneficial Ownership:** generally, having a direct or indirect pecuniary interest in a security and is legally defined to be beneficial ownership as used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934, as amended ("**Exchange Act**"). However, any transactions or holdings reports required under this Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security or securities to which the report relates.

**Chief Compliance Officer ("CCO"):** Michael Collins, so designated by CAIS Advisors. The CCO may designate additional individuals, where appropriate, to operate in the capacity of the CCO as outlined in this Code or in the Manual.

**Client:** CAIS Advisors' funds and investors within those funds; institutional clients that engage with CAIS Advisors, subject to a non-investment advisory agreement, for the development of alternative investment model portfolios. CAIS Advisors also provides investment advisory services for certain assets held by its parent company, Capital Integration Systems LLC.

**Federal Securities Laws:** (1) the Securities Act of 1933, as amended ("**Securities Act**"); (2) Exchange Act; (3) the Sarbanes-Oxley Act of 2002; (4) the Investment Company Act of 1940, as amended, (5) the Advisers Act; (6) Title V of the Gramm-Leach-Bliley Act; (7) any rules adopted by the SEC under the foregoing statutes; (8) the Bank Secrecy Act, as it applies to investment advisers; (9) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury; and (10) Rule 17j-1, under the Investment Company Act of 1940, as amended.

**Fund:** any fund managed by CAIS Advisors.

**Government Entity:** any state or political subdivision of a state, including (1) any agency, authority, or instrumentality of the state or political subdivision; (2) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof; and (3) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity.

**Initial Public Offering or IPO:** an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Exchange Act Sections 13 or 15(d).

**Limited Offering:** an offering that is exempt from registration under Securities Act Sections 4(2) or 4(6) or pursuant to Securities Act Rules 504, 505, or 506. For greater clarity, Limited Offerings of securities issued by any private collective investment vehicle or unregistered fund advised by CAIS Advisors are included within the term "Limited Offering."

**MyComplianceOffice or MCO:** CAIS Advisors' compliance management system used for monitoring and disclosure of compliance activities.

**Purchase or Sale of a Security:** among other things, the writing of an option to purchase or sell a security.

**Private Placement:** A sale of stock, shares, or bonds to a pre-selected limited pool of investors and institutions rather than publicly on the open market.

**Reportable Accounts:** are accounts in which a Supervised Person or a Supervised Person's immediate family member residing in the same household (e.g., spouse, dependent child, stepchild, parent, stepparent, domestic partner, etc.) has the ability to trade "Reportable Securities" as defined in the next section.

Reportable Accounts may include, but are not limited to, the following types of accounts:

● Brokerage accounts;

● Any investment account for which the Supervised Person serves as a trustee, custodian, has power of attorney, or can otherwise exert direct or indirect influence or "control" over the account;

● Accounts that hold mutual funds where CAIS Advisors is the investment adviser or serves as a sub-adviser, or principal underwriter for the fund; and

● Other similar types of accounts.

The following types of accounts would not be considered Reportable Accounts:

● 529 plans;

● The CAIS 401k plan; and

● Accounts that only have the ability to hold open end mutual funds.

**Reportable Security:** any Security as defined in Advisers Act Section 202(a)(18) and Advisers Act Section 2(a)(36) except: (1) direct obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (3) shares issued by money market funds; (4) shares issued by open-end (but not including shares of exchange-traded funds ("**ETF**s"); and (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds.

**Security:** any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, reorganization certificate or subscription, transferable share, shares of ETFs, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

**Supervised Person:** is generally any partner, officer, director, or employee of CAIS Advisors, together with its affiliates, that has involvement in the day-to-day management of CAIS Advisors. Contractors and consultants may, in certain circumstances, be deemed to be Supervised Persons.

**3.** **Fiduciary Obligations**

CAIS Advisors and its employees owe a fiduciary obligation to all Clients of CAIS Advisors. As a fiduciary, CAIS Advisors has an affirmative duty of utmost good faith to act solely in the best interests of its Clients and to make full and fair disclosure of all material facts, especially in situations where CAIS Advisors' or a Supervised Persons' interests may conflict with the interests of a Client.

The CCO is responsible for determining whether a conflict of interest must be disclosed to Clients and/or investors, whether consent for a transaction or outside activity is required and whether any other process should be implemented to address the conflict. In certain instances, disclosure to and consent of a Fund may be facilitated through the Fund's advisory committee or another independent committee to the extent required or otherwise permitted by the applicable Fund's investment management agreement, limited partnership agreement, declaration of trust, prospectus, and/or private placement memorandum (together, the "**Governing Documents**"). Revisions to a Fund's Governing Documents are made (a) as necessary to disclose material changes to the Fund's organization, management, operation, performance, financial condition, or investment strategy; and (b) as otherwise required by law. The Adviser's General Counsel & CCO oversees all such revisions.

**Standards of Business Conduct**

CAIS Advisors values and maintains high standards of ethical conduct, premised on the principles of openness, integrity, honesty, and trust. CAIS Advisors has an obligation to comply with federal securities laws, as it retains a fiduciary obligation to its Clients. We have adopted and implemented policies and procedures to prevent fraudulent, deceptive, and manipulative practices and to ensure compliance with federal securities laws and the fiduciary duties owed to our Clients. As such, all Supervised Persons are expected to meet not only the requirements of the law, but also the ethical ideals of CAIS Advisors.

As fiduciaries, we have affirmative duties of care, honesty, loyalty, and good faith to act in the best interests of our Clients. Our Clients' interests are paramount and come before our personal interests. This means that Supervised Persons must render disinterested advice, protect Client assets (including nonpublic information about a Client or a Client's account) and act always in the best interest of our Clients. We must also strive to identify and avoid conflicts of interest wherever such conflicts may arise.

Supervised Persons of CAIS Advisors must not:

● Take any action which would favor one Client or group of Clients over another in violation of our fiduciary duties and applicable law;

● Employ any device, scheme, or artifice to defraud a Client;

● Make to a Client any untrue statement of a material fact or fail to state to a Client a material fact necessary to make the statements made, in light of the circumstances under which they are made, not misleading;

● Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Client;

● Engage in any manipulative practice with respect to a Client;

● Use their positions, or any investment opportunities presented by virtue of their positions, to personal advantage or to the detriment of a Client; or

● Conduct personal activities in contravention of this Code or the Manual or applicable legal principles or in such a manner as may be inconsistent with the duties owed to Clients as a fiduciary.

To assure compliance with these restrictions and federal securities laws, as defined in this Code, we have adopted, and agreed to be governed by, the provisions and procedures of this Code. However, Supervised Persons are expected to comply not merely with the "letter of the law," but with the spirit of the laws and this Code.

**4.** **Material Nonpublic Information ("MNPI")**

**Background**

Section 204A of the Advisers Act includes a general requirement that all advisers "establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse in violation of the Advisers Act or the Securities Act, or the rules or regulations thereunder, of material, nonpublic information by such investment adviser or any person associated with such investment adviser."

CAIS Advisors has adopted this policy based off the nature of our business to establish appropriate written policies designed to prevent the misuse of MNPI.

Trading securities (including equity and debt securities and derivative instruments), either personally or on behalf of others, while in possession of material, nonpublic information, or improperly communicating that information to others, is referred to as "insider trading." Insider trading is a violation of federal securities statutes and therefore is a prohibited activity by CAIS Advisors and each of its Supervised Persons. CAIS Advisors absolutely forbids insider trading.

Supervised Persons must notify the CCO immediately if there is any reason to believe that a violation of CAIS Advisors' insider trading policy has occurred or may occur.

**Prohibition on Insider Trading**

Buying or selling securities of an issuer, personally or on behalf of others, while in possession of material, nonpublic information is prohibited. **If a Supervised Person has questions regarding the materiality or nonpublic nature of specific information, they should consult the CCO.**

Disclosing or communicating **material, nonpublic information** to any person or entity except persons who need to know the information to perform their responsibilities, or the applicable issuer is prohibited. All such persons are subject to obligations of confidentiality with respect to such information and have agreed to or are otherwise obligated not to buy or sell securities of the applicable issuer while in possession of such information.

**What is Material, Nonpublic Information?**

Information is **material** if there is a "substantial likelihood" that a "reasonable investor" would consider it important in making an investment decision or the disclosure of the information would be "viewed by the reasonable investor as having significantly altered the 'total mix' of information made available."

**Nonpublic information** is information that is not generally available to the investing public. Information is "public" when it has been broadly disseminated to investors in the marketplace.

For purposes of this policy, the term "material information" shall include but not be limited to:

● Material, the use of which by an insider constitutes a violation of Section 10(b) of the Exchange Act and Rule 10(b)5 thereunder;

● Information, which in reasonable and objective contemplation might affect the value of the issuer's stock or securities; or

● Information which, if known, would clearly affect "investment judgment," or which directly bears on the intrinsic value of the issuer's security. Material information need not be limited to information which is translatable into earnings.

**Insider Information Policy**

Illegal "Insider Trading" refers to buying or selling a security in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Such misuse of material nonpublic information constitutes fraud under the securities laws of the United States and many other countries. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.

CAIS Advisors' policy prohibits any employee from acting upon or otherwise misusing material nonpublic or inside information. Any Supervised Person who has reason to believe that he or she has access to material and nonpublic corporate information shall report the acquisition of that information in writing to the CCO.

Keep in mind that CAIS Advisors may be party to non-disclosure agreements, which when signed by a Supervised Person of CAIS Advisors, may be applicable to all Supervised Persons of CAIS Advisors. If you are uncertain whether information is nonpublic or is subject to a non-disclosure agreement, you should contact the CCO.

Insider trading undermines investor confidence in the fairness and integrity of the securities markets. An "insider" would include corporate officers, directors and employees of a company who are aware of significant, confidential corporate developments; friends, business associates, and family members of such officers, directors, and employees; or other persons who misappropriated, and took advantage of, confidential information from their employers.

A purchase or sale of a security of an issuer made on the basis of material nonpublic information about that security or issuer is considered insider trading if the person making the purchase or sale was aware of the material nonpublic information when the person made the purchase or sale.

The penalties for insider trading include a civil penalty to be paid by the person who committed such violation and by the person who, at the time of the violation, directly or indirectly controlled the person who committed such violation. The amount of the penalty shall not exceed three times the profit gain or loss avoided as a result of such unlawful purchase, sale, or communication. Penalties are subject to change at any time.

CAIS Advisors expects that each of its Supervised Persons will obey the law and not trade based on material, nonpublic information. In addition, CAIS Advisors discourages its Supervised Persons from seeking or knowingly obtaining material, nonpublic information.

Supervised Persons are not permitted to buy or sell securities based on insider information; nor are they permitted to recommend securities based upon insider information. CAIS Advisors requires each of its Supervised Persons to sign off on this Code at least annually which includes a statement that the employee will not engage in insider trading. Executed documents are maintained in CAIS Advisors' books and records.

If any Supervised Person receives information which may constitute material, nonpublic information, the Supervised Person should (a) not buy, sell, or recommend said securities, including options or other securities convertible into or exchangeable for such securities, for a personal account or a Client account, (b) discuss promptly such information with the CCO, and (c) not communicate such information to any other person (other than the CCO). If the CCO is unavailable, the Supervised Person should discuss with CAIS Advisors' COO. Under no circumstances should information that may constitute material, nonpublic information be shared with any persons not employed by CAIS Advisors, including family members and friends.

From time to time, an investor may serve as a director, officer, Supervised Person, or a consultant for companies in which CAIS Advisors or an Supervised Person has a securities position. If CAIS Advisors is aware of such a situation, employees should be extremely careful when engaging in conversations with those investors to avoid any communication of material, nonpublic information and should consult with the CCO regarding any such conversations that Supervised Persons believe may require further analysis to ensure that inadvertent violations do not occur and to avoid the appearance of impropriety.

A Supervised Person must inform CAIS Advisors immediately if (a) the Supervised Person becomes aware that any investor serves or is about to serve as a director, officer, Supervised Person, or consultant to any company that issues securities that are publicly traded, or (b) the Supervised Person obtains any material, nonpublic information from such an investor.

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of federal securities laws. Supervised Persons are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between Supervised Persons of CAIS Advisors and other market participants and trading/business counterparties. Supervised Persons should consult with the CCO with questions about the appropriateness of any communications. If there is any question as to whether a contemplated purchase or sale would violate the insider trading rules, the Supervised Person must obtain written permission from the CCO prior to executing the transaction.

**5.** **Disclosure of Conflicts**

Supervised Persons must disclose any relevant potential personal or business conflicts of interest to the CCO. Supervised Persons should avoid any activity which might reflect poorly upon themselves or CAIS Advisors or which would impair their ability to discharge their duties with respect to CAIS Advisors and our Clients. As part of their fiduciary duty, CAIS Advisors requires employees/supervised persons to make full and fair disclosure of any potential or actual conflicts of interest that may impact the best interest of Clients.

**Personal Trading**

CAIS Advisors is adopting the following policy and requirements that shall be applicable to all employees. As a fiduciary to our Clients, CAIS Advisors has created this policy to prevent Supervised Persons from engaging in trading that can create or give the appearance of conflicts of interest with Client accounts. Supervised Persons are prohibited from personally trading in investments that are held in CAIS Advisors' funds.

*Personal Trading Policy*

<u>Personal Trade Preclearance & Preapproval—Required</u>

It is the policy of CAIS Advisors to require its Supervised Persons to preclear transactions in certain securities, and subsequently receive approval from the CCO, or their designee on the Legal and Compliance Team prior to execution of the subject transaction, for the securities held in accounts subject to this Policy (e.g., "preapproval").

Trade preclearance and preapproval is required for the following security types (please note this may not be an exhaustive list; is subject to change):

● Exchange listed and OTC equity securities;

● Corporate bonds;

● Preferred Securities;

● Warrants;

● Options;

● Structured Notes;

● Commercial Paper;

● American Depository Receipts;

● Digital Assets.

Trade approvals remain valid until the close of business on the third business day following approval, at which time the approval expires. The CCO, or their designee, on the Legal and Compliance Department may decline to approve a trade request made by a Supervised Person. It should be noted that an explanation is not required to be provided for a declined trade request.

<u>Personal Trade Preclearance and Preapproval – Not Required</u>

CAIS Advisors does not generally require preclearance and pre-execution approval for transactions in the following security types:

● US Treasury Bills, Notes, T-Bills; Municipals Securities;

● Mutual Funds;

● Exchange Traded Funds ("ETFs").

<u>Short Sales</u>

In general, CAIS Advisors permits its Supervised Persons to engage in short sales of exchange listed equity securities only. Short sales are subject to the preclearance and preapproval requirements of this Personal Trading Policy. Depending upon the facts and circumstances, the CCO may decline a short sale trade request.

<u>Pattern Day Trading Prohibition – 10 Trade Maximum (per week)</u>

It is the policy of CAIS Advisors to prohibit pattern day trading. As such, Supervised Persons are limited to 10 trades per week. In certain limited circumstances, the CCO, or their designee, may provide a Supervised Person with permission to engage in more than 10 trades in a one-week period. The Supervised Person must receive written authorization by the CCO, or their designee, prior to engaging in trading that exceeds the 10-trade per week maximum.

<u>30-Day Holding Period</u>

CAIS Advisors requires its Supervised Persons to hold a securities position for at least 30 calendar days after purchase. In extremely unique instances, such as an exigent circumstance, the CCO, or their designee, may consider providing relief from the 30-day holding period, but only after carefully scrutinizing the facts and circumstances. Relief from the 30-day holding period will be documented

<u>Maintaining a Managed Investment Account</u>

CAIS Advisors requires its Supervised Persons that maintain a managed account(s) to disclose the existence of the account(s), subject to requirements of beneficial ownership as set forth herein. Supervised Persons with a managed account are required to furnish documentation that expressly establishes the managed account relationship.

However, there is also no preclearance requirement for a managed account relationship.

The Adviser considers a managed account to be a portfolio where the securities and transactions are held and made under the discretionary management of a professional third-party money manager, and in which the Supervised Person has no direct or indirect influence or control over any of the investment decisions within the portfolio.

*Initial Public Offering and Limited Offering Restrictions*

Supervised Persons may not acquire any securities issued as part of an Initial Public Offering ("**IPO**"), Limited Offering, or Private Placement, absent prior approval by the CCO or the CCO's designee using MyComplianceOffice. A Supervised Persons seeking participation in an IPO, Limited Offering, or Private Placement must disclose whether, to their knowledge, the investment is being considered for purchase in a Client account. CCO approval will consider, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to such person because of his or her position with CAIS Advisors. Any decision to acquire the issuer's securities on behalf of a Client shall be subject to review by CAIS Advisors authorized persons with no personal interest in the issuer.

Any questions about what constitutes a Limited Offering or Private Placement should be directed to the CCO. Limited Offerings and Private Placement restrictions are meant to include securities related transactions such as the purchase of shares or contribution of capital. Non-security related transactions such as the purchase of a building in a direct real estate deal do not constitute a Limited Offering or Private Placement and need not be disclosed. Supervised Persons are prohibited investing in direct real estate deals if such real estate is an investment in a CAIS Advisors Fund.

*Restricted List*

CAIS Advisors will from time to time maintain a restricted security list which contains securities that employees are prohibited from purchasing or selling. This list will be available to Supervised Persons via MyComplianceOffice. Supervised Persons are not permitted to disclose names on the Restricted List to any non-CAIS person.

*Initial & Annual Securities Transactions Reports*

Each Supervised Person must submit to the CCO a report via MCO (1) within 10 days of becoming a Supervised Person, reflecting the Supervised Person's holdings as of a date not more than 45 days prior to becoming an employee, and (2) annually, on a date selected by the CCO, as of a date not more than 45 days prior to the date the report was submitted.

Holdings reports must contain the following information:

● The title and type of security and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Supervised Person has any direct or indirect Beneficial Ownership;

● The name of any broker, dealer, or bank with which the Supervised Person maintains an account in which any securities are held for the Supervised Person's direct or indirect benefit. (Note that even those accounts which hold only non-Reportable Securities must be included if the Supervised Person could transact Reportable Securities in such account); and

● The date the Supervised Person submits the report.

Brokerage statements containing all required information may be attached to the holdings report form if submitted timely. To the extent that a brokerage statement lacks some of the information otherwise required to be reported, Supervised Persons must submit a holdings report containing the missing information as a supplement to the statement or confirmation.

*Quarterly Securities Transactions Reports*

Within 30 days after the end of each calendar quarter, each Supervised Person must submit a report to the CCO covering all transactions in Reportable Securities via MCO. Supervised Persons must submit a report each quarter, even if no reportable transaction occurred during that quarter. If no reportable transactions occurred, the Supervised Person should indicate this fact in the form.

Transactions reports must contain the following information:

● 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 principal amount of each Reportable Security involved;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the security at which the transaction was effected;

● The name of the account, and broker, dealer, or bank with or through which the transaction was effected; and

● The date the Supervised Person submits the report.

Brokerage account statements or trade confirmations containing all required information may be attached to the form. To the extent that a brokerage statement or confirmation lacks some of the information otherwise required to be reported, the Supervised Person must submit a transactions report containing the missing information as a supplement to the statement or confirmation.

*Exceptions to Reporting Requirements*

Reporting requirements apply to all transactions in Reportable Securities other than transactions with respect to securities held in accounts over which the employee had no direct or indirect influence or control; and transactions effected pursuant to an Automatic Investment Plan or DRP.

Supervised Persons should consult the CCO with any questions about whether either of the exemptions listed above applies. If an employee has given up investment discretion of a personal account to another unaffiliated party, he or she should submit a letter from the broker attesting to this fact to the CCO at the time of such action. The CCO will maintain documentation supporting the assessment that the account is not reportable.

For those specific instances where a Supervised Person has given up investment discretion over an account to a third party, the Supervised Person may be required to certify periodically that the account continues to be non-reportable, considering these factors.

*Prohibition on Self Pre-clearance*

No Supervised Person shall pre-clear their own trades, review their own reports or approve their own exemptions from this Code. The CCO or designee is responsible for conducting a quarterly review of reported transactions. When such actions are to be undertaken with respect to the CCO's personal transactions and reports, an appropriate officer of CAIS Advisors will perform such actions as are required of the CCO by this Code.

*Trustee Arrangements*

Supervised Persons are prohibited from personally managing accounts for unrelated (i.e., non-family member) third parties or serving as a trustee for third parties unless the CCO pre-clears the arrangement and the CCO finds that the arrangement would not harm any Client or would not otherwise trigger a custody situation. The CCO may require the Supervised Person to report transactions for any such account, if approved, and may impose such conditions or restrictions as are warranted under the circumstances.

**Outside Business Activities and Interests**

Supervised Persons may not accept membership on the board of directors of publicly traded companies unless first approved, in writing, by the CCO. Approval will be based upon a determination that the board service would not conflict with the interests of CAIS Advisors and its Clients. In circumstances in which public board service is authorized, publicly traded securities issued by the company will be placed on CAIS Advisors' Restricted List. Further, CAIS Advisors shall not invest the assets of a Client in a company where an investment professional of CAIS Advisors currently serves as a director or member of an advisory board of such company.

Supervised Persons must obtain prior approval from the CCO for any outside activity which involves:

● A time commitment that would prevent Supervised Person from performing their duties for CAIS Advisors or that would otherwise be restricted or prohibited by a Client agreement or Governing Documents of a Fund sponsored by CAIS Advisors;

● A time commitment that would reasonably represent more than 10% of an Supervised Person's time, which may trigger disclosure obligations for the employee on Form ADV Part 2B;

● A level of compensation that would reasonably represent more than 10% of an Supervised Person's compensation, which may trigger disclosure obligations for the employee on Form ADV Part 2B;

● Your active participation in any business in the financial services industry (apart from participating in connection with a fund sponsored by CAIS Advisors or other Client investment) or otherwise in competition with the Adviser;

● Serving as a director, officer, or general partner of any business, corporation, or partnership (excluding family-owned businesses and charitable and non-profit organizations); or

● Serving as a director or officer of a charitable or non-profit organization where you are providing investment advice.

An outside activity may never:

● Pose a reputational risk for CAIS Advisors;

● Inappropriately influence a Supervised Persons's business dealings or otherwise create a conflict of interest vis-à-vis the interests of CAIS Advisors or its Clients/investors; or

● Involve use of CAIS Advisors' Client, investor, or proprietary information.

Notwithstanding the foregoing, Supervised Persons may not serve on the board of any company whose securities are publicly traded, or of any company in which CAIS Advisors or any Client account owns securities without the consent of the CCO.

On an annual basis, employees must review and certify any outside business activities which previously required pre-approval or were previously reported, using MCO. At all times, Supervised Persons should ensure that their outside business activities do not present a risk of conflict of interest for CAIS Advisors, or its Clients and that the Supervised Person makes it clear that they are not acting or providing advice on behalf of CAIS Advisors.

The CCO may require further information concerning any outside activity for which approval is requested, including the number of hours involved and the compensation to be received. The CCO will review each reported outside business activity and decide whether such activity must be restricted, monitored, and/or disclosed by CAIS Advisors. Supervised Persons are advised to consult the CCO with any questions as to whether an outside activity is reportable under this policy.

**Gifts and Entertainment**

CAIS Advisors recognizes the value of fostering good working relationships with individuals and firms doing business or seeking to do business with CAIS Advisors. Subject to the guidelines below, Supervised Persons are permitted, on occasion, to accept gifts and invitations to attend entertainment events. However, Supervised Persons should always act in the best interests of CAIS Advisors and its Clients and should avoid giving or accepting any Gift (defined below) or Entertainment (defined below), regardless of value, which might create an actual or perceived conflict of interest or impropriety as it relates to the Adviser's business relationships. Supervised Persons should contact the CCO to discuss any offered activity or gift that may create such a conflict. CAIS Advisors reserves the right to prohibit the acceptance or retention of a Gift or Entertainment or offer of a Gift or Entertainment, regardless of value, as it may determine in its sole discretion.

Entertainment may include such events as meals, shows, concerts, theater events, sporting events, or similar types of entertainment. An entertainment event will only be deemed to be Entertainment if a representative of the service provider or counterparty is also attending the event (otherwise, it will be deemed a gift). Entertainment also includes in-town and out-of-town trips and seminars where the service provider or counterparty offers to pay for items such as lodging, airfare, meals and/or event expenses.

For purposes of the below, a "**Business Partner**" includes all current Clients, current investors, and vendors with which CAIS Advisors conducts business, any potential Clients, potential investors, or vendors with whom CAIS Advisors could engage in business, any registered broker-dealers, and any firms under contract to do business with CAIS Advisors.

CAIS Advisors has adopted the following principles and procedures governing Gifts and Entertainment with respect to Clients, prospective Clients, service providers, counterparties and others conducting business with or seeking to conduct business with CAIS Advisors:

Supervised Persons are required to follow the standards below regarding the acceptance or giving of Gifts and Entertainment with respect to all Business Partners. Supervised Persons are expected to avoid any Gifts or Entertainment that:

● could create an apparent or actual conflict;

● is excessive or would reflect unfavorably on CAIS Advisors or its Clients; or

● would be inappropriate or disreputable in nature.

Modest Gifts and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis. Entertainment that satisfies these requirements and conforms to generally accepted business practices is also permissible.

Where there is a law or rule that applies to the conduct of a particular business or the acceptance of Gifts of even nominal value, the law or rule must be followed. Professional networking events, while not considered entertainment, would generally be considered a Gift subject to this policy.

A "**Gift**" is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or event tickets if the giver does not attend. No Supervised Person may receive any Gift, service or other thing of excessive value from any person or entity that does business with or on behalf of CAIS. No Supervised Person may give or offer any Gift of excessive value, determined to be amounts in excess of $100, to existing Clients, prospective Clients, or any entity that does business with or on behalf of CAIS Advisors without pre-approval by the CCO or their designee. Supervised Persons may not accept a Gift of cash or a cash-equivalent in any amount.

"**Entertainment**" is a meeting, meal or other activity where both the employee and the business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by CAIS Advisors directly or its parent company, such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present for the event, it will be considered a Gift. No Supervised Person may provide or accept extravagant or excessive Entertainment to or from a Client, prospective Client, or any person or entity that does or seeks to do business with or on behalf of CAIS Advisors. An employee may provide or accept a business entertainment event, such as dinner, a sporting event, golf outings, etc., provided that such activities involve no more than customary amenities and the person or entity providing the Entertainment is present.

*Disclosure of Gifts and Entertainment*

For purposes of disclosure of Gifts and Entertainment the following are exempt:

● usual and customary promotional items including the "CAIS" logo (e.g., T-shirts, caps, pens, etc.);

● attendance and participation at industry sponsored events; or

● usual and customary gifts given to or by Supervised Persons based on a personal relationship (e.g., the vendor and employee have a family relationship that preceded interaction at CAIS).

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|:---|:---|
| **Gifts to be Given or Received by Supervised Persons** | **Approval or Reporting Required** |
| Gifts given to a Business Partner, with a value of no more than $50 per gift/per person (and no more than $100 over a 12-month period per person). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No pre-approval required; reporting in MCO is required |
| Gifts given to a Business Partner, that meet, or exceed, a value of $50 per gift (not to exceed $100 over a 12-month period, per person). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-approval required; reporting in MCO is required |
| Gifts given by a Business Partner, regardless of the market value. | No pre-approval required; reporting in MCO is required. |
| **Entertainment Given or Received By Supervised Persons** | **Approval or Reporting Required** |
| Entertainment provided to, or received by, a Supervised Person valued under $300 per person per event | No pre-approval required; reporting in MCO is required |
| Entertainment provided to, or received by, a Supervised Person equal/more than $300 per person per event | Pre-approval required; reporting in MCO is required |

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Supervised Persons may not offer, accept, or solicit Gifts, gratuities, trips, or other accommodations which might create or appear to create a conflict of interest, interfere with the impartial discharge of the Supervised Persons' responsibilities to Clients or investors, or place CAIS Advisors in a difficult or embarrassing position.

Supervised Persons may not request or solicit Gifts, personal services, or particular entertainment events without approval from the CCO or their designee. No gift of cash or cash equivalents may be accepted or given.

Supervised Persons may not accept reimbursement for speaker fees or honorarium for addresses or papers given before audiences, or consulting services or advice they may render without approval from the CCO or their designee.

The Compliance Department will keep records that memorialize all Gifts and Entertainment events reported to and approved by the CCO for each calendar year.

In addition, various limitations, prohibitions, or reporting requirements may exist in providing Gifts or Entertainment to government (whether U.S. federal, state, or local or non-U.S.) officials or employees, union officials or officers or directors, officers, employees, or other representatives of Government Entities or similar non-U.S. governmental bodies or plans. Accordingly, employees must obtain approval from the CCO or their designee before giving or offering to give any Gift or Entertainment to anyone referred to in the prior sentence.

Supervised Persons are also strongly encouraged to bring any concerns or questions about the giving of Gifts or Entertainment, or receipt of Gifts or Entertainment, to the prompt attention of the CCO, even if the Gift or Entertainment is not of significant value.

*Charitable Donations to Organizations*

Supervised Persons are prohibited from making donations to charities with the intention of influencing such charities to become Clients of CAIS Advisors. CAIS Advisors prohibits Supervised Persons and the Firm from making a charitable donation to an organization that is affiliated with an investor of CAIS so as to avoid any favoritism expressed to one investor over others.

**Political Contributions**

All investment advisers registered under the Advisers Act are subject to Advisers Act Rule 206(4)-5, which prohibits advisers from engaging in pay-to-play practices (*i.e.* being compensated for investment advisory services to a government entity or official after making political contributions to the same). Rule 206(4)-5 imposes a two-year "cooling-off" period after making a contribution to an official of a government entity before an investment adviser can receive compensation for providing advice to the government entity and requires that any third-party solicitors used by such advisers also be subject to pay-to-play restrictions. Furthermore, investment advisers may not solicit or coordinate campaign contributions for officials of a government entity to which the adviser provides, or is seeking to provide, advisory services.

This policy establishes the procedures through which CAIS Advisors will comply with SEC Rule 206(4)-5 and related recordkeeping rules in Rule 204-2, regarding political activity by investment advisers who do business with government entities, and the use of placement agents.

The intent of Rule 206(4)-5 is to remove the connection between political contributions to state and local officials who may have influence over the awarding of government and public pension investment advisory business (i.e., "pay-to-play" practices).

*Pre-Approval of Personal Contributions, Coordination and Solicitation of Contributions, Fundraising*

All political activities of Supervised Persons must be kept separate from employment and expenses may not be charged to CAIS Advisors. CAIS Advisors facilities may not be used for political campaign purposes.

Supervised Persons or household related parties are prohibited from making any political contributions without preapproval from the CCO regardless of the *de minimis* exception. If approved, the Supervised Person would have to comply with the *de minimis* exception which permits contributions according to the following guidelines:

● Up to $350 per candidate per election cycle to incumbents or candidates for whom they are eligible to vote; or

● Up to $150 per candidate per election cycle to other incumbents or candidates.

On an annual basis or as necessary, the CCO, or designee, will request an attestation to confirm that there were no political contributions made without prior pre-approval during the previous year. The pre-approval requirement includes contributions by spouses, household family members, and all contributions by other parties (lawyers, affiliated companies, acquaintances, etc.) directed by the Supervised Person. The request should include (1) the individual or election committee receiving the contribution, (2) the office for which the individual is running, (3) the current elected office held (if any), (4) the dollar amount of the contribution or value of the donated item, and (5) whether or not the Supervised Person is eligible to vote for the candidate. Contributions to Political Action Committees (PACs) and political parties are not to be included in the reporting unless CAIS Advisors is engaged in or considering engaging in business with an individual or organization which would be a beneficiary of such contribution.

**6.** **Disciplinary Actions and Sanctions**

Disciplinary action resulting from violations of this Code will be determined by the CCO in coordination with CAIS Advisors' CEO. Violations may result in varying levels of reprimand, while sanctions may include verbal warnings, written reprimands, monetary fines, and other responses, up to and including termination of employment. CAIS Advisors reserves the right to address violations in the best interests of CAIS Advisors regardless of the number of violations incurred by the Supervised Person. Violations will be documented and will remain in compliance books and records and human resources files, as applicable.

**7.** **Code Notification and Employee Certifications**

Each CAIS Advisors employee is designated an Access Person and will receive a copy of this Code and training upon their designation. Additionally, each Supervised Person will be provided a copy of this Code in the event amendments occur on a quarter-end basis. After reading this Code or amendment, each Supervised Person shall make the certification contained in MCO. Supervised Persons will receive training on this Code upon hire and annually thereafter. The CCO shall keep records of training sessions on this Code and a list of attendees.

**8.** **Recordkeeping and Review**

This Code, any written prior approval for an IPO, Limited Offering, Private Placement, or other specified security transaction, a copy of each report by a Supervised Persons, a record of any violation of this Code and any action taken as a result of the violation, any written report hereunder by the CCO, and lists of all Supervised Persons required to make and/or review reports under this Code shall be preserved with the Adviser's records, as appropriate, for the periods and in the manner required by Rule 204A-1. To the extent appropriate and permissible, the CCO will keep records electronically.

The CCO shall review this Code and its operation at least annually and may determine to make amendments to this Code as a result of that review. Amendments shall be distributed as described herein.

**9.** **Confidentiality**

All procedures, reports and records monitored, prepared or maintained pursuant to this Code shall be considered confidential and proprietary to CAIS Advisors and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone.

## Exhibit 99.2

***Exhibit (r)(3)***

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|:---|:---|
| ![](exr3_001.jpg) | **Code of Ethics** |

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**Subsidiaries of**

**The Ultimus Group, LLC**

***Ultimus Fund Solutions, LLC***

***Ultimus Fund Distributors, LLC***

***Northern Lights Distributors, LLC***

***Blu Giant, LLC***

***Gemini Fund Services, LLC***

***Northern Lights Compliance Services, LLC***

 ****

 

 **

June 20, 2023 1

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| | |
|:---|:---|
| ![](exr3_001.jpg) | **Ultimus**<br> **Code of Ethics** |

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 ****

 ****

**Table of Contents**

I. Introduction 3

II. Definitions 4

III. General Principles 6

IV. Standards of Business Conduct 6

V. Prohibition Against Insider Trading 8

VI. Personal Securities Transactions 13

VII. Interested Transactions 16

VIII. Gifts and Entertainment 16

IX. Protecting the Confidentiality of Client Information 17

X. Service as a Director 19

XI. Certification 19

XII. Records 20

XIII. Reporting Violations and Sanctions 20

XIV. Ethics Training 21

Schedule A – Frequently Asked Questions about Code of Ethics 22

June 20, 2023 2

**I.**  **<u>Introduction</u>** 

This Code of Ethics (this "Code") has been adopted by certain subsidiaries of The Ultimus Group, LLC, including, Ultimus Fund Solutions, LLC, Ultimus Fund Distributors, LLC ("UFD"), Blu Giant, LLC, Gemini Fund Services, LLC, Northern Lights Compliance Services, LLC and Northern Lights Distributors, LLC ("NLD"), collectively, "Ultimus Companies" and each an "Ultimus Company".

This Code establishes rules of conduct for "Supervised Persons" of Ultimus. As explained further in the "Definitions" included with this Code (see Article II, Definitions), "Supervised Persons" include our employees and officers, as well as certain independent contractors and certain registered representatives. The general ethical principles and personal securities reporting provisions of this Code apply to all employees and other "Access Persons" of Ultimus, although many provisions of this Code are written to specifically address the duties and obligations of registered and access persons of UFD and NLD, because of its status as a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). This Code is based upon the principle that the Ultimus Companies and its Supervised Persons owe a fiduciary duty to their clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with their respective company, and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

This Code is designed to ensure that the high ethical standards long maintained by the Ultimus Companies continue to be applied. The purpose of this Code is to preclude activities that may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct.

In meeting any fiduciary responsibilities to its clients, the Ultimus Companies expect every employee to demonstrate the highest standards of ethical conduct. The Ultimus Companies' reputation for fair and honest dealing with its clients has taken considerable time to build. This standing could be seriously damaged as the result of even a single Securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Strict compliance with the provisions of the Code shall be considered a basic condition of employment and employees should understand that any breach of the provisions of this Code may constitute grounds for disciplinary action, including termination of their employment.

This Code addresses specific elements of the Ultimus Companies' fiduciary obligations. However, it cannot, and is not intended to, address all circumstances in which fiduciary obligations will arise. Accordingly, the Ultimus Companies expect all Supervised Persons to adhere strictly to the specific requirements of this Code and other firm policies and procedures, but to also think beyond them and to conduct themselves with honesty and integrity in accordance with the Ultimus Companies' fiduciary obligations.

Each Ultimus Company, through its compliance officers, legal counsel, and/or other designated personnel, is responsible for the day-to-day administration of this Code with respect to those Access Persons under the direct supervision and control of such Ultimus Company. Note that some Ultimus Companies may impose greater restrictions than those described in this Code, and those restrictions have been noted where possible within this Code. All questions regarding specific restrictions should be directed to the Chief Compliance Officer of the relevant Ultimus Company (as applicable, each such individual is referred to herein as the "Chief Compliance Officer") or to such Ultimus Company's designated legal counsel.

June 20, 2023 3

To the extent a Supervised Person is registered as a representative or an access person of UFD or NLD, such persons are encouraged to seek the guidance from such Ultimus Company's respective Chief Compliance Officer for all questions regarding the application of specific restrictions to their activities. It is each Supervised Person's responsibility to understand this Code as well as its requirements and application as they relate to both personal and work-related activities.

The Chief Compliance Officer will periodically report to senior management of the Ultimus Companies to document compliance with this Code.

The Ultimus Companies have engaged MyComplianceOffice Technologies ("MCT"), formerly Schwab Compliance Technologies, Inc., which provides an automated system for administration of the Code. The MCT system provides a means of making all reports and certifications required under the Code in an electronic format. The MCT system will send automatic reminders via email to all persons covered by the Code in order to ensure deadlines are not missed. Should you have any questions about the Code or the MCT system, please contact the Chief Compliance Officer or his/her designee.

For answers to commonly asked questions about your obligations under this Code, please refer to Schedule B for a list of "Frequently Asked Questions" and the applicable responses.

**II.**  **<u>Definitions</u>** 

For the purposes of this Code, the following definitions shall apply:

● "Access Person" means any Supervised Person who: has access to nonpublic information regarding any clients' purchase or sale of Securities, or nonpublic information regarding the portfolio holdings; provided, that individuals who are Supervised Persons solely as a result of their service as a non-employee director, manager, or officer or their engagement as an independent contractor shall not be considered "Access Persons" for purposes of this Code.

● "Account" means accounts of any Access Person and includes accounts of the Access Person's Family Members and any account in which he or she has a direct beneficial interest, such as trusts and custodial accounts subject to control by the Access Person or other accounts in which the Access Person exercises influence or control or has investment discretion; provided, that an employee's employer 401(k) account shall be excluded from the "Accounts" covered under this Code.

● "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934, as amended, in determining whether a person is the beneficial owner of a Security for purposes of Section 16 of such Act and the rules and regulations thereunder. Generally, "Beneficial Ownership" means ownership of Securities or Securities accounts by or for the benefit of a person, or such person's "Family Member," including any account in which the person or family member of that person holds a direct or indirect beneficial interest, retains discretionary investment authority or exercises a power of attorney.

● "Control" means the power to exercise a controlling influence over the management or policies of any of the Ultimus Companies. See Section 2(a)(9) of the Investment Company Act of 1940, as amended (the "Investment Company Act").

June 20, 2023 4

● "Designated Custodian" refers to the custodial firms where a direct feed or ByAllAccounts authentication can be established with our third-party vendor, MCT.

● "Family Member" means any person's spouse, child or other relative, whether related by blood, marriage, or otherwise, who either resides with, is financially dependent upon, or whose investments are controlled or partially controlled by that person. The term also includes any unrelated individual whose investments are controlled or partially controlled by that person, such as a "significant other."

● "Fund" means an investment company registered under the Investment Company Act, including open-end and closed-end investment companies and exchange traded funds.

● "Initial Public Offering" means an offering of Securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.

● "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, 505 or 506 under the Securities Act of 1933, as amended.

● "Reportable Security" means any Security, except that it does not include: (i) transactions and holdings in direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) transactions and holdings in shares of other types of open-end registered mutual funds, other than exchange-traded funds ("ETFs"); (v) transactions in units of a unit investment trust if the unit investment trust is invested exclusively in mutual funds; and (vi) transactions and holdings in a spouse's retirement plan controlled by the spouse's employer, provided the employee does not participate in the investment decisions or provide any advice with respect to the allocation of such Account.

● "Security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. See Section 202(a)(18) of the Investment Advisers Act of 1940, as amended (the "Advisers Act").

● "Supervised Person" means managers, officers and partners of Ultimus (or other persons occupying a similar status or performing similar functions); employees of Ultimus; independent contractors accessing non-public information regarding the Ultimus' clients during such contractor's engagement with Ultimus; and any other person who provides advice on behalf of Ultimus and is subject to Ultimus' supervision and control.

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● "Third Party Managed Account" refers to an Account where a third party has investment management discretion regarding Securities transactions pursuant to a written, executed investment management agreement or advisory agreement addressing the Account or otherwise. Whether an Account is considered a Third-Party Managed Account rests in the discretion of the Chief Compliance Officer or his or her designee, in consultation with the legal department, based on its assessment of the risks presented by such arrangement. No Access Person shall consider an Account to be a Third-Party Managed Account until he or she has received approval from the Chief Compliance Officer or his/her designee. The Chief Compliance Officer reserves the right to revoke approval of a Third-Party Managed Account at any time, for any reason.

**III.**  **<u>General Principles</u>** 

This Code is designed to promote the following general principles:

● The Ultimus Companies and their Supervised Persons have a duty at all times to place the interests of clients first.

● The Ultimus Companies and their Supervised Persons have a duty of loyalty to clients.

● Access persons must conduct their personal securities transactions in a manner that avoids an actual or potential conflict of interest or any abuse of trust and responsibility.

● Access persons may not use knowledge about current or pending client or portfolio transactions for the purpose of personal profit.

● Information concerning clients (including former clients) must be kept confidential, including the client's identity, holdings, and other non-public information.

● Independence in the investment decision-making process is paramount.

● Supervised Persons may not give or receive gifts or participate in entertainment beyond the parameters set forth in this Code to avoid even the appearance of favoritism or impropriety.

The Chief Compliance Officer may grant exceptions to certain provisions contained in this Code only in those situations when it is clear beyond dispute that the interests of the clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

**IV.**  **<u>Standards of Business Conduct</u>** 

The Ultimus Companies place the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in the Ultimus Companies and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures intended to achieve these goals.

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&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

In addition to adhering strictly to the specific requirements of this Code and all other Ultimus Companies policies and procedures, the Ultimus Companies expect all Supervised Persons to respect and comply with applicable federal and state securities laws and regulations. This includes prohibiting any activity that directly or indirectly:

● Defrauds a client in any manner;

● Misleads a client, including any statement that omits material facts;

● Operates or would operate as a fraud or deceit on a client;

● Functions as a manipulative practice with respect to a client; or

● Functions as a manipulative practice with respect to securities.

The Ultimus Companies and their employees are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. This involves more than acting with honesty and good faith alone. It means, where applicable, that the Ultimus Companies have an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. While the Ultimus Companies are not themselves registered investment advisers, such policies and procedures are contained in this Code. This Code also contains policies and procedures with respect to personal securities transactions of all Access Persons as defined herein. These procedures cover transactions in a Reportable Security in which an Access Person has Beneficial Ownership in or Accounts over which the Access Person exercises control as well as transactions by the Access Person's Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest** 

Conflicts of interest may come about any time there exists an incentive to favor one party over another. Given the nature of the Ultimus Companies' businesses and business relationships between Ultimus Companies, conflicts can arise in various contexts. Where possible, our objective is to avoid any conflict between the Ultimus Companies, Supervised Persons, and the client. For example, a conflict may arise when there is an opportunity to give preferential treatment to one client or portfolio relative to other clients or portfolios. A conflict can also come into play when there is an opportunity to take advantage of information, particularly regarding current or pending client or portfolio trades, for personal profit. Other conflicts may not always be clear-cut.

As an integral part of the Ultimus Companies' fiduciary obligation, Supervised Persons are obligated to avoid conflicts of interest wherever possible and to fully disclose all facts concerning any conflict that may arise. Questions regarding a potential conflict should be fully vetted with the Chief Compliance Officer or his/her designee and appropriate legal counsel before any further action is taken.

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&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Confidentiality** 

The Ultimus Companies and their Supervised Persons share a duty to ensure the confidentiality of client information, including account numbers, client holdings, and securities transactions. Supervised Persons may not misuse or disclose such information, whether within or outside of the Ultimus Companies, except to authorized persons who require the information for legitimate business purposes or to fulfill their responsibilities. To ensure this duty is fulfilled, the Ultimus Companies have adopted this Code as well as its Employee Policies and Procedures and information securities policies, and the Ultimus Privacy Policy. All Supervised Persons are required to adhere to each of these policies, as relevant. As explained further in Section IX, all Supervised Persons are prohibited from disclosing confidential information concerning the Ultimus Companies, including any trade secrets or other proprietary information, including materials marked for internal use only.

**V.**  **<u>Prohibition Against Insider Trading</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Introduction** 

Trading Securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose Supervised Persons and the Ultimus Companies to stringent penalties. Criminal sanctions may include significant fines and/or imprisonment. The SEC can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three times the illicit windfall, and/or issue an order permanently barring you from the securities industry. Finally, Supervised Persons and the Ultimus Companies may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to Securities trading and information handling by Supervised Persons and their Family Members.

The law of insider trading is continuously developing. An individual legitimately may be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems. You must notify the Chief Compliance Officer immediately if you have any reason to believe that a violation of this Code has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Policy** 

Ultimus Companies prohibit employees and Supervised Persons from effecting securities transactions while in the possession of material, non-public information. Employees are also prohibited from disclosing such information to others. The prohibition against insider trading applies not only to the security to which the inside information directly relates, but also to related securities, such as options or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***What is <u>Material Information</u>?*** 

Information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's Securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer or his/her designee.

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Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information also may relate to the market for a company's Securities. Information about a significant order to purchase or sell Securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to the Ultimus Companies' client Securities holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***What is <u>Nonpublic Information</u>?*** 

Information is non-public when it has not been disseminated in a manner making it available to investors generally. Information is public once it has been publicly disseminated, such as when it is reported on the Dow Jones or other news services or in widely disseminated publications, and investors have had a reasonable time to react to the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Identifying Inside Information*** 

Before executing any trade for yourself or others, you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

● Report the information and proposed trade immediately to the Chief Compliance Officer.

● Do not purchase or sell the Securities on behalf of yourself or others.

● Do not communicate the information inside or outside the Ultimus Companies, other than to the Chief Compliance Officer.

● After the Chief Compliance Officer has reviewed the issue and consulted with legal counsel as necessary, the Ultimus Companies will determine whether the information is material and nonpublic and, if so, what action the Ultimus Companies will take.

You should consult with the Chief Compliance Officer before taking any action. This degree of caution will protect you, our clients, and the Ultimus Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Contacts with Public Companies*** 

Although the Ultimus Companies do not typically have contact with public companies, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Tender Offers*** 

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's Securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Supervised Persons of the Ultimus Companies and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Restricted/Watch Lists*** 

Although the Ultimus Companies do not typically receive confidential information from portfolio companies, they may, if they receive such information take appropriate procedures to establish restricted or watch lists in certain Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Guidelines** 

The foregoing is just a synopsis of the insider trading prohibition. Because the law in this area is complex, Ultimus has adopted the following guidelines which are designed to prevent violations of the insider trading rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***When Ultimus is an Insider*** 

Ultimus may be deemed an insider when it comes into possession of inside information through its various activities. Ultimus will remain an insider as long as it has inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Treatment of Customer Information*** 

Ultimus considers confidential all information concerning its customers including, by way of example, their financial condition, prospects, plans and proposals. The fact that Ultimus has been engaged by a company as well as the details of that engagement may also be confidential. Ultimus' reputation is one of its most important assets. The misuse of customer information can damage that reputation as well as customer relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***What to do if you learn Inside Information*** 

It is not illegal to learn inside information. Ultimus may learn material non-public information from its customers and is permitted to use that information in a lawful manner to advise and assist them. It is, however, illegal for you to trade on such information or to pass it on to others who have no legitimate business reason for receiving such information.

If you believe you have learned inside information, contact your supervisor immediately so that Ultimus may address the insider trading issues and preserve the integrity of Ultimus' activities. Do not trade on the information or discuss the possible inside information with any other person at Ultimus. If you become aware of a breach of these policies or of a leak of inside information, advise your supervisor immediately.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Investigation of Trading Activities.*** 

From time to time, FINRA Regulation and the SEC request information from Ultimus concerning trading in specific securities. Requests for information should be referred directly to your supervisor. You may be asked to sign a sworn affidavit that, at the time of such trading, you did not have any inside information about the securities in question. Your employment may be terminated if you refuse to sign such an affidavit. Ultimus may submit these affidavits to the FINRA Regulation or the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Steps You Can Take to Preserve the Confidentiality of Material Non-Public Information*** 

If you access inside information, the following are steps you must take to preserve the confidentiality of inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Material inside information should be communicated only when there exists a justifiable reason to do so on a "need to know" basis inside or outside Ultimus. Before such information is communicated to persons within Ultimus, your department, or another person you believe needs to know, contact your supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Do not discuss confidential matters in elevators, hallways, restaurants, airplanes, taxis, or any place where you can be overheard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Do not leave sensitive memoranda on your desk or in other places where they can be read by others. Do not leave a computer terminal without exiting the file in which you are working.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Do not read confidential documents in public places or discard them where they can be retrieved by others. Do not carry confidential documents in an exposed manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. On drafts of sensitive documents use code names or delete names to avoid identification of participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Do not discuss confidential business information with spouses, other relatives, or friends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Avoid even the appearance of impropriety. Serious repercussions may follow from insider trading and the law proscribing insider trading can change. Since it is often difficult to determine what constitutes insider trading, you should consult with your supervisor whenever you have questions about this subject.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Confidentiality Procedures*** 

The designated supervisors are responsible for implementing and enforcing Ultimus' procedures to protect the confidentiality of actual or potential inside information. Ultimus' activities are considered confidential and may only be shared with those outside the department on a need-to-know basis. Some procedures for maintaining confidentiality include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain all paper files in a locked and secured area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limit access to computer files to only authorized persons with passwords to control access to the files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Employees must refrain from discussing in public areas or with others outside Ultimus (including family members, friends, etc.) any activities that are not publicly known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use code names or delete names on sensitive drafts that identify projects or clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.***  ***Restricted List*** 

Ultimus may maintain a restricted list when necessary and publish the restricted list to employees of Ultimus. The restricted list may include any issues where Ultimus has material, non-public information. Ultimus will record the date and time when an issue is added to and removed from the restricted list.

The type of restriction will be included on the restricted list. Restrictions will generally include the following classes of securities of the issuer: common stock, preferred stock, options, and any security convertible into the common stock of the issuer. Debt issues will be included where appropriate. The designated supervisor will monitor daily trading to identify transactions in securities of issuers on the restricted list and take action as necessary which may include inquiring regarding the solicited or unsolicited nature of transactions; canceling transactions; or taking other appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.***  ***Your Own Securities Trading*** 

If you maintain brokerage accounts and you have not already done so, please advise your supervisor immediately. This includes accounts in which you have a financial interest or direct the trading.

**CONCLUSION**

Ultimus has a vital interest in its reputation, the reputation of its associates, and in the integrity of the securities markets. Insider trading destroys that reputation and integrity. Ultimus is committed to preventing insider trading and to punishing any employee who engages in this practice or fails to comply with the above steps designed to preserve confidentiality of inside information. These procedures are a vital part of Ultimus' compliance efforts and must be adhered to.

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**VI.**  **<u>Personal Securities Transactions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Policy** 

The following principles governing personal investment activities by Access Persons have been adopted:

● The interests of client accounts will at all times be placed first;

● All personal Securities transactions will be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

● Access Persons must not take inappropriate advantage of their positions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Covered Accounts** 

The specific procedures relating to maintaining Accounts that can transact business in Reportable Securities are set forth below and apply not only to Access Persons themselves, but also to their Family Members. It is the responsibility of the Access Person to adhere to the "Reporting Requirements" set forth in Section VI.E below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Designated Custodians*** 

Except as set forth below, Access Persons must maintain personal brokerage and trading accounts with a custodian where a direct feed or ByAllAccounts authentication can be established with MCT. Accounts trading in shares of open- end investment companies (i.e., mutual funds) (excluding ETFs) may also be custodied directly with the respective fund company. If you are a new Access Person, you must transfer your Account to a custodian where a direct feed or ByAllAccounts authentication can be established with MCT within thirty (30) days from becoming an Access Person unless otherwise approved by the Chief Compliance Officer or his/her designee. You are responsible for costs associated with transferring your personal Account. All new brokerage and trading Accounts must be established with a custodian where a direct feed or ByAllAccounts authentication can be established with MCT.

The Chief Compliance Officer, at his/her discretion, may approve the maintenance of a personal brokerage or trading account through a custodian that is not a "Designated Custodian"; provided, that any Access Person who receives such approval shall be responsible for authenticating such Account in the MCT system to ensure that transaction information on any such Accounts are electronically downloaded into the MCT system for review and monitoring purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Pre-Clearance Required for Participation in IPOs*** 

No Access Person shall acquire any Beneficial Ownership in any Securities in an Initial Public Offering for his or her Account, as defined herein without the prior written approval of the Chief Compliance Officer or his/her designee after being provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Supervised Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Pre-Clearance Required for Private or Limited Offerings*** 

No Access Person shall acquire Beneficial Ownership of any Securities in a Limited Offering or private placement without the prior written approval of the Chief Compliance Officer or his/her designee who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting Requirements** 

Every Access Person shall provide initial and annual holdings reports and quarterly transaction reports relating to their Account(s) to the Chief Compliance Officer or his/her designee that must contain the information described below. Access Persons are responsible for reporting on any new Account(s) within thirty (30) days of the assignment of an account number to such Account from the brokerage firm/custodian and the availability of an account statement. No transactions may occur in any new Account prior to its approval by the Chief Compliance Officer or his/her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Initial Holdings Report*** 

Every Access Person shall, no later than ten (10) days after the person becomes an Access Person, file an initial holdings report through MCT containing the following information:

● The title and exchange ticker symbol or CUSIP number, type of Security, number of shares and principal amount (if applicable) of each Security in which the Access Person had any direct or indirect Beneficial Ownership when the person becomes an Access Person;

● The name of any broker, dealer or bank, account name, account number and location with whom the Access Person maintained an Account in which any Securities were held; and

● The date that the report is submitted by the Access Person.

The information submitted must be current as of a date no more than thirty (30) days before the person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Annual Holdings Report*** 

Every Access Person shall, no later than January 30th each year, file an annual holdings report containing the same information required in the initial holdings report as described above. The information submitted must be current as of a date no more than thirty (30) days before the annual report is submitted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Quarterly Transaction Reports*** 

Every Access Person must, no later than thirty (30) days after the end of each calendar quarter, file a quarterly transaction report containing the following information:

● With respect to any transaction during the quarter in a Reportable Security in which the Access Person had any direct or indirect Beneficial Ownership:

○ The date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount (if applicable) of each Reportable Security;

○ The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

○ The price of the Reportable 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 report is submitted by the Access Person.

The quarterly transaction report must also contain the name of the broker, dealer or bank with whom the Access Person established any account during the period in which Securities are held and the date the Account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Exempt Transactions*** 

An Access Person may not need to submit an initial holdings report, an annual holdings report, or a quarterly transaction report with respect to transactions effected for Securities held in any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Monitoring and Review of Personal Securities Transactions*** 

The Chief Compliance Officer or his/her designee will monitor and review all reports required under this Code for compliance with Ultimus' policies regarding personal Securities transactions and applicable SEC rules and regulations. The Chief Compliance Officer may also initiate inquiries of Access Persons regarding personal Securities trading. Access Persons are required to cooperate with such inquiries and any monitoring or review procedures employed by Ultimus. Any transactions for any accounts of the Chief Compliance Officer will be reviewed and approved by other compliance or legal personnel responsible for oversight of this Code. The Chief Compliance Officer shall routinely, via the MCT system, identify all Access Persons who are required to file reports pursuant to this Code and will inform such Access Persons of their reporting obligations. The Chief Compliance Officer may exempt temporary or part-time employees or independent contractors from certain reporting requirements of this Code if they are determined not to be an Access Person.

● **Employee Transactions in employer 401(k) Account—** While an employee participating in the 401(k) plan ordinarily is not required to report transactions occurring in such employee's respective 401(k) account, the Chief Compliance Officer or his/her designee reserves the right to monitor such accounts for any abusive trading practices that would violate this Code

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**VII.**  **<u>Interested Transactions</u>** 

No Supervised Person shall recommend any Securities transactions for a client.

**VIII.**  **<u>Gifts and Entertainment</u>** 

Giving, receiving or soliciting gifts or entertainment in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Ultimus has adopted the policies set forth below to guide Supervised Persons in this area.

Registered representatives and access persons of NLD and UFD are subject to the Gifts and Entertainment policies and procedures of the broker dealers. Please refer to the relevant section(s) in those manuals and direct any questions to the appropriate compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Policy** 

The Ultimus Companies' policy with respect to gifts and entertainment is as follows:

● Supervised Persons should not accept or provide any gifts, entertainment or favors that might influence the decisions the Supervised Persons or the recipients must make in business transactions involving the Ultimus Companies, or that others might reasonably believe would influence those decisions. Entertainment that satisfies these requirements and conforms to generally accepted business practices is permissible.

● Modest gifts and favors which would not be regarded by others as improper, may be accepted or given on an occasional basis.

● Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts or entertainment of even nominal value, the law or rule must be followed.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting Requirements** 

● Any Supervised Person who accepts, directly or indirectly, anything of value (other than attendance fees or travel related reimbursements in connection with the participation at an industry related conference or seminar) from any person or entity that does business with or on behalf of the Ultimus Companies, including gifts and gratuities, must disclose such acceptance within the MCT reporting system.

● This reporting requirement applies to all entertainment, regardless of whether you are accompanied by the person or representative of the entity that does business with the Ultimus Companies; however, this reporting requirement does not apply to bona fide dining if, during such dining, you are accompanied by the person or representative of the entity that does business with the Ultimus Companies.

● This gift reporting requirement is for the purpose of helping the Ultimus Companies monitor the activities of its employees. However, the reporting of a gift does not relieve any Supervised Person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift, please consult the Chief Compliance Officer.

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**IX.**  **<u>Protecting the Confidentiality of Client Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Confidential Client Information** 

In the course of providing its services, the Ultimus Companies may gain access to non-public information about its clients. Such information may include a person's status as a client, personal financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients, advice provided by the Ultimus Companies to clients, and data or analyses derived from such non-public personal information (collectively referred to as "Confidential Client Information"). All Confidential Client Information, whether relating to the Ultimus Companies' current or former clients, is subject to this Code's policies and procedures. Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Non-Disclosure of Confidential Client Information** 

All information regarding the Ultimus Companies' clients is confidential. Information may only be disclosed when the disclosure is consistent with the Ultimus Companies' policies and the client's direction. The Ultimus Companies does not share Confidential Client Information with any third parties, except in the following circumstances:

● As necessary to provide service that the client requested or authorized, or to maintain and service the client's account. The Ultimus Companies will require that any financial intermediary, agent or other service provider utilized by the Ultimus Companies (such as broker-dealers or sub-advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by the Ultimus Companies only for the performance of the specific service requested by the Ultimus Companies;

● As required by regulatory authorities or law enforcement officials who have jurisdiction over the Ultimus Companies, or as otherwise required by any applicable law. In the event the Ultimus Companies is compelled to disclose Confidential Client Information, the Ultimus Companies shall provide prompt notice to the clients affected, so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained, the Ultimus Companies shall disclose only such information, and only in such detail, as is legally required; or

● To the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

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&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Employee Responsibilities** 

All employees are prohibited, either during or after the termination of their employment from disclosing Confidential Client Information to any person or entity outside of the Ultimus Companies, including Family Members, except under the circumstances described above. A Supervised Person is permitted to disclose Confidential Client Information only to such other Supervised Persons who need to have access to such information to deliver services to the client.

Supervised Persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with the Ultimus Companies, must return any and all such documents to the Ultimus Companies.

Any Supervised Person who violates the non-disclosure policy described above will be subject to disciplinary action, including possible termination, whether or not he or she benefited from the disclosed information.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Security of Confidential Client Information** 

The Ultimus Companies enforce the following policies and procedures to protect the security of Confidential Client Information:

● The Ultimus Companies restrict access to Confidential Client Information to those Supervised Persons who need to know such information to provide the Ultimus Companies' services to clients.

● Any Supervised Person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day.

● All electronic or computer files containing any Confidential Client Information shall be secured from access by unauthorized persons in accordance with the Ultimus Companies' cybersecurity policy and procedures.

● Any conversations involving Confidential Client Information, if appropriate at all, must be conducted by Supervised Persons in private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Privacy Policy** 

The Ultimus Companies have adopted a privacy policy to comply with SEC Regulation S-P, which requires the adoption of policies and procedures to protect the "nonpublic personal information" of natural person clients. "Nonpublic personal information," under Regulation S-P includes personally identifiable financial information and any list, description, or grouping that is derived from personally identifiable financial information. Personally identifiable financial information is defined to include information supplied by individual clients, information resulting from transactions and information obtained in providing products or services. The policies and procedures adopted by the Ultimus Companies serve to safeguard the information of natural person clients.

June 20, 2023 18

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Enforcement and Review of Confidentiality and Privacy Policies** 

The Chief Compliance Officer, in conjunction with the Ultimus Companies' legal department, is responsible for reviewing, maintaining and enforcing the Ultimus Companies' confidentiality and privacy policies and is also responsible for conducting appropriate employee training to ensure adherence to these policies. Any exceptions to this policy require the written approval of the legal department.

**X.**  **<u>Service as a Director</u>** 

Except with respect to Supervised Persons solely as a result of their service as a non-employee director, manager, or officer, or their engagement as an independent contractor, no Supervised Person shall serve on the board of directors of any publicly traded company without prior authorization by the Chief Compliance Officer or a designated supervisory person based upon a determination that such board service would be consistent with the interest of the Ultimus Companies' clients. Where board service is approved the Ultimus Companies shall implement a "Chinese Wall" or other appropriate procedure to isolate such person from making decisions relating to the company's securities.

**XI.**  **<u>Certification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Certification** 

All Supervised Persons will be provided with a copy of this Code and must initially certify in writing to the Chief Compliance Officer that they have: (i) received a copy of this Code; (ii) read and understand all provisions of this Code; (iii) agreed to abide by this Code; and (iv), reported all account holdings as required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Amendments** 

All Supervised Persons shall receive any amendments to this Code and agree to abide by this Code as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Certification** 

All Supervised Persons must annually certify in writing to the Chief Compliance Officer that they have: (i) read and understood all provisions of this Code, as amended; (ii) complied with all requirements of this Code; and (iii) submitted all holdings and transaction reports as required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Further Information** 

Supervised Persons should contact the Chief Compliance Officer regarding any inquiries pertaining to this Code or the policies established herein.

June 20, 2023 19

**XII.**  **<u>Records</u>** 

The Chief Compliance Officer, in conjunction with the Ultimus Companies' legal department, shall maintain and cause to be maintained in a readily accessible place the following records:

● A copy of any code of ethics adopted by the Ultimus Companies that is or has been in effect during the past five years;

● A record of any violation of any code of ethics adopted by the Ultimus Companies and any action that was taken as a result of such violation for a period of five years from the end of the fiscal year in which the violation occurred;

● A record of all written acknowledgements of receipt of the Code and amendments thereto for each person who is currently, or within the past five years was, a Supervised Person which shall be retained for five years after the individual ceases to be a Supervised Person;

● A copy of each report made pursuant to Investment Company Act Rule 17j-1, including any brokerage confirmations, account statements or data feeds made in lieu of these reports;

● A list of all persons who are, or within the preceding five years have been, Access Persons; and

● A record of any decision and reasons supporting such decision to approve a Supervised Persons' acquisition of Securities in Initial Public Offerings and Limited Offerings within the past five years after the end of the fiscal year in which such approval is granted.

**XIII.**  **<u>Reporting Violations and Sanctions</u>** 

All Supervised Persons shall promptly report to the Chief Compliance Officer or his/her designee all apparent violations of this Code. Any retaliation for the reporting of a violation under this Code will constitute a violation of this Code.

The Chief Compliance Officer shall promptly report to senior management all apparent material violations of this Code. When the Chief Compliance Officer finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of the securities laws or rules, he/she may, in his/her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

Senior management shall consider reports made to it hereunder and shall determine whether or not this Code has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the employee's employment. In accordance with the Defend Trade Secrets Act of 2016 and other applicable law, nothing in this Code restricts disclosure of trade secrets to the government in relation to the investigation of a known or reasonably suspected violation of applicable law.

If a Supervised Person does not wish to report an apparent violation or unethical behavior to the Chief Compliance Officer, such Supervised Person can utilize the Ultimus Whistleblower/AlertLine ("AlertLine").

June 20, 2023 20

Unethical behavior can include violations of federal, state or local laws; any material violation of this Code; billing for services not performed or for goods not delivered; and other fraudulent financial reporting. Illegal or dishonest activities may be related to: diversity, equal opportunity and respect in the workplace; employee relations (inappropriate behavior/unfair employment practices); health and safety; misuse or misappropriation of assets or information; violations of SEC and FINRA rules and policies; and/or policy and process integrity.

The AlertLine is not a substitute for meaningful communication between the Supervised Person and their manager. The Chief Compliance Officer or the Supervised Person's manager is often the best and safest option for discussing concerns of an ethical nature. If, however, a Supervised Person believes that to be inappropriate in their case, they can report ethical misconduct or simply get more information by using the link available on the Ultimus Intranet homepage, logging on directly to <u>https://ultimusfundsolutions.ethicspoint.com</u> or by calling the AlertLine at **1-844-711-0263.**

The AlertLine is confidential, easy to use, and is operated by a third-party provider, which specializes in this type of service. Supervised Persons will have two options for reporting concerns: 1.) Online by logging on to the website at <u>https://ultimusfundsolutions.ethicspoint.com</u> and filling in important information fields regarding the nature of the report, or 2.) Call the AlertLine number at **1-844-711-0263** to speak with a live operator, who will ask relevant questions. Calls are toll-free and both methods are available 24 hours a day, seven days a week. Regardless of which method an employee chooses, the AlertLine system will prepare a report and forward it to the appropriate person for review and, if necessary, investigation.

**XIV.**  **<u>Ethics Training</u>** 

The Chief Compliance Officer or his/her designee will provide training to all Supervised Persons on at least an annual basis regarding the topics included in this Code. It shall be the responsibility of the Chief Compliance Officer to ensure that evidence of any communication and training conducted, including specified dates and attendees. Such training can be provided in-person or electronically, at the Chief Compliance Officer's discretion.

June 20, 2023 21

**Schedule A**

**Frequently Asked Questions About Code of Ethics**

**<u>Persons Subject to Code</u>:**

*1.* *Why are some Code requirements applicable to "Supervised Persons" while others refer to "Access Persons"? As an Ultimus employee, what applies to me?* 

Under applicable regulatory requirements, certain provisions of the Code are required to be applicable to "Supervised Persons" while others are focused on "Access Persons". You are a "Supervised Person" if you are an employee or officer of Ultimus, an independent contractor working with Ultimus who obtains confidential information regarding the Ultimus' clients as part of your engagement, or you provide advice on behalf of Ultimus and you are subject to Ultimus' supervision and control. "Access Persons" are a subset of this group who are given access to nonpublic information regarding any client's purchase or sale of Securities. In reality, because of the close affiliation of subsidiaries within The Ultimus Group, LLC, almost every "Supervised Person" will also be considered an "Access Person". Non-employee directors/managers and registered representatives of UFD or NLD are the primary examples of individuals who would be considered "Supervised Persons" but not "Access Persons".

**Bottom Line:** If you are an Ultimus employee, <u>all</u> provisions of the Code apply to you.

**<u>Accounts Covered by Code</u>:**

*1.* *What accounts do I need to disclose on MCT?* 

Any Account of an employee or their Family Members and any Account in which he or she has Beneficial Ownership, such as trust and custodial accounts or other accounts in which you exercise investment discretion should be disclosed. Please note that for this purpose, "Family Member" includes not only relatives by blood, marriage, or otherwise, but also an unrelated individual who either resides with, is financially dependent upon, or whose investments are controlled by you, such as a "significant other". Any questions regarding the coverage of non-Family Members will be reviewed on a case-by-case basis.

There are limited exceptions to this definition that include your employer 401(k) account and any account that you do not exercise control over, as further explained in Section VI.E.5 of the Code. For example, if you are the beneficiary of a trust but have no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management, such "blind trust" account would be excluded from the disclosure requirement.

Ultimus does not need information about your non-brokerage accounts, which would include accounts held directly at a mutual fund, college savings plan accounts, checking and savings accounts maintained at a bank, credit union or trust company, unless these accounts maintain Security holdings.

June 20, 2023 22

*2.* *What if I am a beneficiary on an account?* 

If you are named as a beneficiary on an account or trust but have no knowledge or control of the specific actions taken by the trustee and no right to intervene in the trustee's management, you would not have to disclose the trust account. If you have more contact with the account or trust, you may need to disclose the account on MCT. These situations will be reviewed on a case-by-case basis.

*3.* *How do I disclose a personal brokerage or trading Account in MCT?* 

On your first day of employment, you will receive an email from MCT prompting you to login and complete the required attestations as a new employee. One of your attestations will require you to disclose any accounts you or any Family Member have.

*4.* *Are there restrictions on the custodians that can hold my trading Account?* 

Yes, please refer to Section VI.B.1 which contains Ultimus' policy on custodians. Please note that the Chief Compliance Officer has discretion to make exceptions in his or her sole discretion.

*5.* *Why do my personal brokerage and trading Accounts have to be held at specific custodians?* 

It is so that Ultimus can obtain automated daily feeds of trade activities in Accounts, which assists us in administering the Code effectively and efficiently.

*6.* *If my Family Member or I have Accounts at firms where a direct feed or ByAllAccounts authentication cannot be established, will they have to be moved?* 

Yes, the Account must be transferred within 30 days from initial commencement of employment unless otherwise authorized by the Chief Compliance Officer or his/her designee.

*7.* *What happens if a direct feed or ByAllAccounts authentication cannot be maintained for any reason, including but not limited to issues related to multi-factor authentication (MFA) requirements?* 

If a direct feed or ByAllAccounts authentication cannot be maintained, you must transfer the Account within 30 days of the date of the last feed received by MCT to a custodian where a direct feed or ByAllAccounts authentication can be maintained unless otherwise authorized by the Chief Compliance Officer or his/her designee.

*8.* *If my current brokerage firm charges me a fee to move my Account, will Ultimus pay that fee?* 

No, you will have to pay any fees associated with transferring your Account.

**<u>Pre-Approval</u>:**

*1.* *Can I buy shares of an Initial Public Offering (IPO)?* 

You may not acquire shares of an IPO unless you receive prior written approval from the Chief Compliance Officer or his/her designee through the MCT system. You are required to provide full details of the proposed transaction and certify that this opportunity did not arise through activities on behalf of a client. Please note, this restriction applies to spouses, children, and other Family Members and their Accounts. This also applies to private or Limited Offerings.

June 20, 2023 23

**<u>Reporting Requirements</u>:**

*1.* *What are my quarterly reporting obligations?* 

On an ongoing basis, you will be prompted to certify your understanding and compliance with the reporting requirements of the Code on a quarterly basis. Reporting through MCT to confirm your covered Accounts and investments/transactions is also completed on a quarterly basis.

**<u>Schwab CT Administration</u>:**

*1.* *What is my MCT password?* 

If you have forgotten your MCT password, please click on the "forgot password" link on the MCT login page and a new password will be emailed to you. Your compliance department will not have your password.

*2.* *How do I know if I've completed all my compliance affirmations in MCT?* 

The Home page of MCT will show you any outstanding items. Should an item be listed, you must click on that item and complete any required actions.

**<u>Code Violations</u>:**

*1.* *What are the repercussions of a violation of the Code of Ethics?* 

Each violation of the Code is considered in relation to the facts and circumstances to determine the materiality of a particular violation. The Chief Compliance Officer will report to senior management all apparent material violations of the Code. Senior management shall consider any Code violations and determine what sanctions, if any, should be imposed. Possible sanctions include reprimands, monetary fines or assessments, or suspension or termination of an employee's employment with Ultimus.

**<u>Additional Questions</u>:**

*1.* *Who can I contact for additional information on Ultimus' Code of Ethics requirements?* 

Should you have any questions please contact the appropriate compliance department:

Corporate Compliance Contacts (for all non-Distributor related Compliance questions):

● Kristin McCann (631) 470-2636

● Gaetana Klement (631) 470-2793

Distributor Compliance Contacts:

● Steve Preston (513) 587-3409

● Gary Danahy (402) 896-7290

● Greg Evans (513) 869-4294

June 20, 2023 24

## Ex-Filing

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

***Exhibit (s)***

**Calculation of Filing Fee Tables**

**FORM N-2**

(Form Type)

N/A

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security**<br> **Type** | **Security<br> Class Title** | **Fee Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered** | **Proposed Maximum<br> Offering Price<br> Per Unit** | **Maximum Aggregate<br> Offering Price** | **Fee Rate** | **Amount of<br> Registration Fee** | **Carry Forward<br> Form Type** | **Carry Forward<br> File Number** | **Carry Forward<br> Initial effective<br> date** | **Filing Fee<br> Previously Paid In<br> Connection with<br> Unsold Securities<br> to be Carried<br> Forward** |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Fees to Be Paid | Equity | Common Shares of Beneficial Interest<br>| 457(o) | (1) | (1) | $1000000000(2) | $138.10 | $138100 |  |  |  |  |
| Fees Previously Paid | – | – | – | – | – | – | – | – |  |  |  |  |
| Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities |
| Carry Forward Securities | – | – | – | – | – | – | – | – | – | – | – | – |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $1000000000 |  | $138100 |  |  |  |  |
| Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  |  |  |  |  |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $138100 |  |  |  |  |

---

(1) This registration statement relates to an aggregate offering
of $1,000,000,000 of common shares of beneficial interest of the Fund.

(2) Estimated solely for purposes of calculating the registration
fee pursuant to Rule 457(o) under the Securities Act of 1933.

## Exhibit 99.2

***Exhibit (t)***

**<u>POWER OF ATTORNEY</u>**

Each of the undersigned, being a trustee of CAIS Sports, Media and Entertainment Fund (the "Trust"), does hereby appoint Neil Blundell, Terrence McCarthy and Kent Barnes, and each of them, his true and lawful attorneys and agents, each with full power and authority (acting separately and without the other) to execute in the name and on behalf of the undersigned as such trustee a Registration Statement on Form N-2, including any pre-effective amendments and/or any post-effective amendments thereto and any subsequent Registration Statement of the Trust pursuant to Rule 462(b) of the Securities Act of 1933, as amended (the "1933 Act"), and any other filings in connection therewith, and to file the same under the 1933 Act and/or the Investment Company Act of 1940, as amended, or otherwise, with respect to the registration of the Trust or the registration or offering of the Trust's common shares of beneficial interest, as applicable; granting to such attorneys and agents and each of them, full power of substitution and revocation in the premises; and ratifying and confirming all that such attorneys and agents, or any of them, may do or cause to be done by virtue of these presents.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

*[Remainder of Page Intentionally Blank]*

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney as of the 26th day of September, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Richard Arney | Trustee |
| Richard Arney |  |
| /s/ Joseph Carrier | Trustee |
| Joseph Carrier |  |
| /s/ Kevin Mirabile | Trustee |
| Kevin Mirabile |  |

---